managers feel that the budget that is set is unrealistic or unfair‚ they may feel discouraged and uncommitted to the budget‚ so having a little more room to work can prevent such discouragement from taking place. Weygandt‚ J.J.‚ Kimmel‚ P.D.‚ & Kieso‚ D.E. (2010). Accounting principles (9th ed.). Hoboken‚ NJ: John Wiley & Sons‚ Inc. 1. (a) What is budgetary control? (b) Greg Gilligan is describing budgetary control. What steps should be included in Greg’s description?
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Assignment #1: You Are an Entrepreneur Student life does not generally afford a great deal of free time to pursue your personal interests; however‚ at one point‚ you may have considered turning a personal interest or hobby into an official enterprise. Today‚ you have finally decided to turn that hobby into a business but have realized that you need start-up capital from a lender or investor. To obtain funding‚ you need to convince a lender / investor that your business is more than a hobby. You need
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in total assets (JP Morgan‚ 2014). The total assets of a company are important because it shows if the company makes enough to cover their debts (Kimmel‚ Weygandt‚ & Kieso‚ 2011). Assets are equal to liabilities and stockholders’ equity‚ and if they do not match up‚ the company could be making serious mistakes (Kimmel‚ Weygandt‚ & Kieso‚ 2011). According to J.P. Morgan Bank’s Annual Report (2014) the 2012 total assets were $1‚896‚773‚000‚000; there was a 48‚694‚000‚000 increase from 2012 to 2013.
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Sarbanes-Oxley Act ACC/290 President George W. Bush signed the Sarbanes-Oxley Act (SOX) into law on July 30‚ 2002 following the Enron and WorldCom accounting scandals. The name of the act comes from the names of its creators: Senator Paul Sarbanes (D-Maryland) and Congressman Michael Oxley (R-Ohio). The Sarbanes-Oxley Act was created to restore the public confidence in both public accounting and publicly traded securities‚ and to assure ethical business practices through heightened levels
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fraud is discovered by the company through internal mechanisms such as existing internal controls and internal audits. For example‚ the fraud at WorldCom‚ involving billions of dollars‚ was uncovered by an internal auditor (Kimmel‚ Weygandt & Kieso‚ 2009).” Therefore‚ as the authors have stated in the book titled – Financial Accounting: Tools for Business Decision Making‚ it is a good practice to have independent review of each of the company’s financial transactions since this can help any business
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Week Two Summary ACC/291 Abstract During the first two weeks‚ Learning Team “A” studied several objectives. During Week One‚ we learned how to prepare journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods‚ ways to distinguish between tangible and intangible assets‚ the means to identify the entries associated with acquisition‚ disposal‚ and sales of plant assets‚ and closed out the week
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Garrison 14e Practice Exam – Chapter 4 Print these pages. Answer each of the following questions‚ explaining your answers or showing your work‚ and then compare your solutions to those provided at the end of the practice exam. 1. Hooker Company uses the weighted-average method in its process costing system. The following data about the Packaging Department were taken from the company’s accounting records: • There were no units in the work in process inventory and 150‚000 units in the
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basis for measuring and accounting for all other items" (Kieso‚ p. 314). A company needs to have the easy access to these funds in order to pay employees‚ vendors or to fund a new venture. While cash is the most liquid of assets‚ cash equivalents "are short-term‚ highly liquid investments that are both readily convertible to known amounts of cash‚ and so near their maturity that they present insignificant risk of changes in interest rates" (Kieso‚ p. 317). Typically‚ anything more than three months
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Weygandt‚ & Kieso‚ 2009). Liquidity Liquidity ratios are an indication of the organization ability to pay back debts owed within a year or operating cycle. Because this ratio determines the organization’s ability to pay‚ liquidity ratios‚ including the current ratio use the only assets that can be liquidated quickly. In the case of Tootsie Roll Industries‚ Inc. Industries the organizations working capital in 2007 is
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Snap Fitness Cost Volume Analysis is helpful to managers in decision-making activities such as setting prices‚ determining product mix‚ and maximizing the use of production facilities. (Kimmel‚ Weygandt‚ & Kieso‚ 2009) To begin Cost Volume Analysis of a potential new Snap Fitness site‚ the following data must be considered: (1) total fixed costs‚ (2) incremental variable costs‚ (3) monthly revenue per customer‚ and (4) and desired return on investment. Projected total monthly fixed costs
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