Discussion Questions- Case 8 2) An over count of ending inventory would lead to a decrease in costs of goods sold which leads to an increase in net income. Anytime a company wants a higher net income there is the potential for over counting of inventory. This potential problem is especially significant in the audit of the Lakeside stores because manager’s of the each store get a bonus based on the store’s net income. They are also the same people who count the inventory. It would be very tempting
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the fourth recession in 30 years. After past recessions budget experts recommended establishing a “rainy-day fund” (saving funds during boom times in order to cushion the shocks of economic busts). Wisconsin established the fund but never put money into it. -During the 1990-1991 recession Wisconsin’s fiscal stress was ranked the lowest among the 50 states. During the 2001 recession Wisconsin was among the states that were experiencing the highest levels of fiscal stress. -This stress was due
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of Rs0.923 billion for the first half of the current fiscal year‚ switching to black from a loss of Rs0.102 billion in the corresponding half of the preceding year. On a quarter-to-quarter basis‚ the cement producer’s profits accumulated to Rs0.562 billion in the second quarter of fiscal 2013 against Rs0.361 billion profit in the corresponding previous quarter‚ up an impressive 56%. Gross profit ratio was 27% as compared to 17% during last year. An improvement in cement prices helped the Company
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good collaborative momentum that is serving us well as we press forward to wrap up the fiscal year (FY) with a strong finish. In my last message to you‚ I described the priority projects that OIT planned to concentrate on in FY15. We specifically set out to fulfill a two-fold objective: strengthening our infrastructure and elevating the service we deliver to our customers. As I look back on this past fiscal year‚ I am very pleased with the headway we made in reaching those strategic goals. Thanks
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of the total number of employees associated with P&G. P&G’s cost-cutting strategy The elimination would come over the next year and a half as part of a cost-cutting plan‚ as reported in amanufacturing magazine. The job cuts include eliminating 4‚100 non manufacturing positions in fiscal 2013‚ which comes on top of 1‚600 job cuts in its current fiscal year. P&G estimates that overhead job cuts will give up to $3 billion in savings. The consumer product maker giant‚ who makes products
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Prospects of Garment Industry in Bangladesh: 1. Financial Prospect: Over the last fifteen years or so the garments industries have emerged as the largest source of earning foreign currency. Industry Sector: 2.5 In the industry sector‚ which contributed 29.7 percent of GDP‚ growth rate slowed down from 6.8 percent of FY08 to 5.9 percent in FY09. Within this sub-sector knitwear‚ rice milling‚ dairy products‚ leather products‚ footwear‚ embroidery‚ wooden furniture‚ paper and paper products‚ nonmetallic
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Kirkland’s Inc. and Pier 1 Imports are among the major players represented in the retail home décor industry‚ where there is a constant demand to provide the right merchandising mix and marketing program for consumer attraction. However‚ in recent years there has been a decline in the retail home décor industry. Consumers have cut spending in anticipation of the continuing rise in gas prices‚ unemployment rates‚ interest rates‚ consumer debt and taxation. In the midst of a sluggish‚ unstable economy
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has an estimated population of 140 million (circa 2005)‚ living in an area of about 55‚000 square miles. In spite of numerous constraints‚ the economy has been on a steady growth path for the last 15 years‚ mainly due to private sector dynamism. Since 1990‚ it has grown at an average rate of 5% per year. The Asian Development Bank projects that real GDP growth will increase to 6% in 2006 and 2007 (ADB‚ 2005). Bangladesh’s total GDP stood at $275 billion in 2004‚ and per capita GDP was $2‚000 (adjusted
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Cash vs. Accrual Accounting It’s important for you to understand the basics of the two principal methods of keeping track of a business’s income and expenses: cash method and accrual method (sometimes called cash basis and accrual basis). In a nutshell‚ these methods differ only in the timing of when sales and purchases are credited or debited to your accounts. If you use the cash method‚ income is counted when cash (or a check) is actually received‚ and expenses are counted when actually paid
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proved to stand out that I want to explore; Line-Item Budgets and Zero-Base Budgeting. Companies use line-item budgets most because they are one of the most popular forms of budgets to use. Line-Item budgets use information based on the previous fiscal year or period. This format shows everything going out (spending) of the organization. Line by line things are‚ “increased or decreased based on present financial conditions‚ future goals‚ current and future financial conditions‚ and the current year’s
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