What if Leaders Institute appointed a Chief Communications Manager (CCM) who will be responsible for identifying, developing and monitoring all the communication channels within the organisation? Please provide detailed answer on this question. 1000 word essay

Part 2: Cameron Company is interested in establishing the relationship between utility costs and machine hours. Data has been collected and a regression analysis prepared using Excel. The monthly data and the regression output follow:

Required:
a. Using Excel, perform a regression analysis on the above data and generate a summary output.  

b. What is the equation for utility costs using the regression analysis?

c. Prepare an estimate of utility costs for a month when 3,000 machine hours are worked.

Developing accounting standards is challenging and requires coordinated efforts among various parties to successfully execute. If you were given complete authority in this matter, how would you propose that GAAP should be developed and enforced? What process would you put in place to protect all parties that are impacted?

Required information Problem 21-3A Flexible budget preparation; computation of materials, labor, and overhead variances; and overhead variance report LO P1, P2, P3, C2 [The following information applies to the questions displayed below.] Antuan Company set the following standard costs for one unit of its product. Direct materials (6 Ibs. @ $5 per Ib.) $ 30 Direct labor (2 hrs. @ $17 per hr.) 34 Overhead (2 hrs. @ $18.50 per hr.) 37 Total standard cost $ 101 The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of 75% of the factory’s capacity of 20,000 units per month. Following are the company’s budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials $ 45,000 Indirect labor 180,000 Power 45,000 Repairs and maintenance 90,000 Total variable overhead costs $ 360,000 Fixed overhead costs Depreciation—Building 24,000 Depreciation—Machinery 80,000 Taxes and insurance 12,000 Supervision 79,000 Total fixed overhead costs 195,000 Total overhead costs $ 555,000 The company incurred the following actual costs when it operated at 75% of capacity in October. Direct materials (91,000 Ibs. @ $5.10 per lb.) $ 464,100 Direct labor (30,500 hrs. @ $17.25 per hr.) 526,125 Overhead costs Indirect materials $ 44,250 Indirect labor 177,750 Power 43,000 Repairs and maintenance 96,000 Depreciation—Building 24,000 Depreciation—Machinery 75,000 Taxes and insurance 11,500 Supervision 89,000 560,500 Total costs $ 1,550,725 Problem 21-3A Part 1&2 Required: 1&2. Prepare flexible overhead budgets for October showing the amounts of each variable and fixed cost at the 65%, 75%, and 85% capacity levels and classify all items listed in the fixed budget as variable or fixed.

The production supervisor of the Machining Department for Niland Company agreed to the following monthly static budget for the upcoming year:

The actual amount spent and the actual units produced in the first three months in the Machining Department were as follows:

The Machining Department supervisor has been very pleased with this performance because actual expenditures for January–March have been significantly less than the monthly static budget of 1,006,000. However, the plant manager believes that the budget should not remain fixed for every month but should “flex” or adjust to the volume of work that is produced in the Machining Department. Additional budget information for the Machining Department is as follows:

a. Prepare a flexible budget for the actual units produced for January, February, and March in the Machining Department. Assume depreciation is a fixed cost. If required, use per unit amounts carried out to two decimal places.

b. Compare the flexible budget with the actual expenditures for the first three months.

What does this comparison suggest?

Please show work for each step.

Why deferrals are reported in government financial statements separately?

Tami Tyler opened Tami’s Creations, Inc., a small manufacturing company, at the beginning of the year. Getting the company through its first quarter of operations placed a considerable strain on Ms. Tyler’s personal finances. The following income statement for the first quarter was prepared by a friend who has just completed a course in managerial accounting at State University.

Ms. Tyler is discouraged over the loss shown for the quarter, particularly because she had planned to use the statement as support for a bank loan. Another friend, a CPA, insists that the company should be using absorption costing rather than variable costing and argues that if absorption costing had been used the company probably would have reported at least some profit for the quarter.

At this point, Ms. Tyler is manufacturing only one product—a swimsuit. Production and cost data relating to the swimsuit for the first quarter follow:

Required:

1. Complete the following:

a. Compute the unit product cost under absorption costing.

b. What is the company’s absorption costing net operating income (loss) for the quarter?

c. Reconcile the variable and absorption costing net operating income (loss) figures.

3. During the second quarter of operations, the company again produced 31,500 units but sold 34,500 units. (Assume no change in total fixed costs.)

a. What is the company’s variable costing net operating income (loss) for the second quarter?

b. What is the company’s absorption costing net operating income (loss) for the second quarter?

c. Reconcile the variable costing and absorption costing net operating incomes for the second quarter.

You oversee the $250 petty cash for your company. When an employee needs a special item that is not in inventory, you take money from petty cash to purchase that item.

One day, you are short on cash for lunch. You decide to borrow $10 each day for the next 3 days until payday for a total of $30 from petty cash. After payday, you do not have enough to repay petty cash, so you decide to record a cash short/over expense of $30.

Since this is the first time you have ever done this, is this a problem? If so, what steps should be taken to fix this problem? If not, why not?

Define in own words

CHAPTER 5 – Accounting Systems

1. Accounting system
2. Accounts payable subsidiary ledger
3. Accounts receivable subsidiary ledger
4. Cash payments journal
5. Cash receipts journal
6. Controlling account
7. e-Commerce
8. General journal
9. General ledger
10. Internal controls
11. Invoice
12. Purchases journal
13. Revenue journal
14. Special journals
15. Subsidiary ledger

Baltic Limited is a listed company based in California. On January 1, 2019, the company granted 10,000 share units to its vice president. Each share unit has a contractual service period of five years and a vesting condition based on market performance.

Each share unit is convertible into ordinary shares of Baltic Limited as follows:

• If the company’s share price increases by more than the Nasdaq Composite index over the five years, each share unit converts into 5 shares.
• If the company’s share price increases by less than or equal to the Nasdaq Composite index over the five years, each share unit converts into 1 share.

On the grant date, the company’s ordinary shares have a fair value of $10 per share.

Management believes the probability of the above scenarios occurring are 40% and 60%, and uses this information to calculate the fair value of the share unit award.

The company’s accountant has asked for your help to calculate compensation costs for these share units so that the appropriate journal entry can be recorded in 2019.

Ignore the effects of taxes.

Provide the journal entries and calculations to answer this question.

Prepare a Production Cost Report: FIFO Method

(LO 8-2, 4, 5)

Lansing, Inc. provides the following information for one of its department’s operations for June (no new material is added in Department T):

WIP inventory—Department T
Beginning inventory (15,000 units, 60% complete with respect to Department T costs)
Transferred-in costs (from Department S) $ 116,000
Department T conversion costs 53,150
Current work (35,000 units started)
Prior department costs 280,000
Department T costs 209,050
The ending inventory has 5,000 units, which are 20 percent complete with respect to Department T costs and 100 percent complete for prior department costs.
Required

Prepare a production cost report using FIFO.

The Westchester Chamber of Commerce periodically sponsors public service seminars and programs. Currently, promotional plans are under way for this year’s program. Advertising alternatives include television, radio, and newspaper. Audience estimates, costs, and maximum media usage limitations are as shown: Constraint Television Radio Newspaper Audience per advertisement 100000 18000 40000 Cost per advertisement $1400 $300 $600 Maximum media usage 10 20 10 To ensure a balanced use of advertising media, radio advertisements must not exceed 50% of the total number of advertisements authorized. In addition, television should account for at least 10% of the total number of advertisements authorized. If the promotional budget is limited to $21,200, how many commercial messages should be run on each medium to maximize total audience contact? What is the allocation of the budget among the three media? If required, round your answers to the nearest dollar. Let T = number of television spot advertisements R = number of radio advertisements N = number of newspaper advertisements Budget ($) T = R = N = Total Budget = $ What is the total audience reached? Round your answer to the nearest whole number. By how much would audience contact increase if an extra $100 were allocated to the promotional budget? Round your answer to the nearest whole number.

One of the benefits of Data Analytics is the ability to see and test the full population. In that case, why is sampling (even monetary sampling) still used, and how is it useful?

1. Explain that auditor’s public interest responsibility including the source of their responsibility they extends to which they embrace this responsibility & tangible ways that entry-level auditors can embrace this responsibility?

2. Explain the concept of professional skepticism including its underlying attributes and in addition to describing the different approaches to professional skepticism and how they are used in audit?

3. Applied question(use example):1. Use of example of testing revenue explain the steps and performance of standard analytical produces 2. Using the example of testing sales, returns and allowances explain the process of testing accountants

4. Although auditors are required to exercise professional judgment they are human and thus prune to a number of judgment traps, bias, Explain at least three of the typical judgement traps

What key questions does a Master Budget for Manufacturing Companies answer?