A large quantity and large variety of products are produced in

For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that i

DaniilM [7]

Answer:

1. To reduce the company's tax bill, Jack uses total cost to value inventory instead of using product cost as required by law.

Competence: accounting records must follows applicable laws, regulations and standards, you must IRA and GAAP rules when preparing financial statements and tax reports.

2. Since Emilie works in the accounting department, she is aware that profits are going to fall short of analysts' projections. She tells her aunt to sell stock in the company before the earnings release date.

Confidentiality: accounting records must b confidential unless you are authorized to disclose them, and you are not authorized to disclose the information to your aunt.

3. Veronica pays a Mexican official a bribe of $50,000 to allow the company to locate a factory in that jurisdiction so that the company can take advantage of the cheaper labor costs. Without the bribe, the factory cannot be located in that location.

Integrity: you must abstain from performing illegal activities, and bribery is illegal.

4. There is a failure in the company's backup system after a system crash. Month-end reports will be delayed. Kayla, the manager of the division experiencing the system failure, does not report this upcoming delay to anyone since she does not want to be the bearer of bad news.

Credibility: you must report all relevant and important information regardless of whether that information will make you bad or not.

4 0

3 years ago

3. Coarse chopping is usually used for vegetables that will be

Paraphin [41]

Option D is the correct answer. Stewed.

Vegetables can be chopped coarsely when Stew has to cook. Stew is a food that is cooked slowly in liquid in a closed pan.

So when coarse vegetables are cooked on medium flame in the liquid with the lid closed, they are dissolved properly. And there is no need to chop them thin.

3 0

3 years ago

Read 2 more answers

You invest in a project that has a depreciable asset. The asset is depreciable under the 5year MACRS category. The depreciation

Juli2301 [7.4K]

Answer:

$28,800

Explanation:

Data provided in the question:

The asset is depreciable under the 5 year MACRS category

Depreciation percentages for all six years are:

0.20, 0.32, 0.192, 0.115, 0.115, 0.058

Worth of the asset = $150,000

Now,

Depreciation to be claimed in the year 3 will be

= Worth of the asset × Depreciation percentages for the year 3

here, from the given percentages of the depreciation

the Depreciation percentages for the year 3 is 0.192

= $150,000 × 0.192

= $28,800

7 0

3 years ago

Listed below are some items found in the financial statements of Tony Gruber Co. Indicate in which financial statement(s) the fo

ss7ja [257]

Answer:

The correct financial statement for the respective items is:

a) Service Revenue - Income statement.

b) Equipment - Statement of financial position.

c) Advertising expense - Income statement.

d) Accounts receivable - Statement of financial position.

e) Owner’s capital - Statement of financial position.

f) Salaries and wages payable - Statement of financial position.

Explanation:

a) Service Revenue - Service revenue refers to the sales generated from the services provided/offered by the business to its customers. Service revenue is an item of the income statement and appears on the credit side amongst revenues/incomes list.

b) Equipment - Equipment in accounting is used to refer tangible items such as plant, property and motor vehicle which are expected to be used for production for longer than one accounting period. They are tangible items and form part of the statement of financial position under the non-current assets.

c) Advertising expense - Advertising expense refers to operating expense incurred by the business in advertising its products/services. It is an item of the of the income statement and appears on the debit side amongst expenses list.

d) Accounts receivable - The term accounts receivable refers to all the payments a business is expecting for goods or services it provided to its customers on credit. It is a part of the statement of financial position and appears under the current accounts.

e) Owner’s capital - Also known as the owner's equity, owners capital refers to all the investment the owner has put into the business.This maybe in the form of funds or assets. It is a part of the statement of financial position and appears under the Capital and retained earnings / losses accounts.

f) Salaries and wages payable - Salaries and wages payable refers to salaries and wages due/owed to the business's employees for prior periods.It is part of the statement of financial position and appears under the current liabilities accounts.

6 0

3 years ago

What is brand repositioning?

timofeeve [1]

Brand repositioning is when a company changes their status in the marketplace. Like changes to the marketing mix including product, price, location, and promotion. Repositioning happens to fulfill consumer wants and needs

Hope this helps!

3 0

3 years ago