Jimmie’s Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Jimmie’s Fishing Hole uses a periodic inventory system.

3. Using LIFO, calculate ending inventory and cost of goods sold at June 30

The following information applies to the questions displayed below.]

Jimmie’s Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Jimmie’s Fishing Hole uses a periodic inventory system.

4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. (Round your intermediate and final answers to 2 decimal places.)

The following information applies to the questions displayed below.]

Jimmie’s Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Jimmie’s Fishing Hole uses a periodic inventory system.

4. Using weighted-average cost, calculate ending inventory and cost of goods sold at June 30. (Round your intermediate and final answers to 2 decimal places.)

The following information applies to the questions displayed below.]


The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations.

Required:

1. Record transactions for each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

A developmental researcher has observed that in a random sample of 60 toddlers, 27 preferred blue toys, 19 preferred red toys, and 14 preferred green toys. Perform a chi-square test of the null hypothesis that, in the entire population of toddlers, the preference for these three colors is equally divided.

American Surety and Fidelity buys and sells securities expecting to earn profits on short-term differences in price. For the first 11 months of 2018, gains from selling trading securities totaled $4 million, losses were $11 million, and the company had earned $5 million in investment revenue. The following selected transactions relate to American's trading account and equity securities investment account during December 2018, and the first week of 2019. The company's fiscal year ends on December 31. No trading securities were held by American on December 1, 2018.

*Why the differerent forms of connectivity and flows are different facets of globalization?
*What do Flusty(2004) means by "different globalities represents different forms of globalization"?
*Why we see different dynamics depending on the globality?

QUESTION ONE:

In 2004, the IASB and FASB signed a MoU (Memorandum of Understanding) to achieve convergence of their Conceptual Frameworks.

Required:

Discuss to what extent you believe that a Conceptual Framework is needed. Critically discuss the efforts made by international regulators to amend the contents and elements of this Framework in order to enhance its usefulness.

QUESTION 2

The European Commission has in its latest update issued on 13 December 2016 stated the following: “Large public-interest entities (listed companies, banks, insurance undertakings and other companies that are so designated by Member   States) with more than 500 employees should disclose in their management report relevant and useful information on their policies, main risks and outcomes relating to at least:

• environmental matters,
• social and employee aspects,
• respect for human rights,
• anti-corruption and bribery issues,
• diversity in their board of directors.

There is significant flexibility for companies to disclose relevant information (including reporting in a separate report), as well as they may rely on international, European or national guidelines (e.g. the UN Global Compact, the OECD Guidelines for Multinational Enterprises, ISO 26000, etc.).”

Required:

With reference to the above EC extract, discuss to what extent you believe that it is important for firms to provide information on non-financial performance. Explain how such information could be disclosed in public-interest entities’ annual reports.

QUESTION 3

‘IAS19, Employee Benefits, was introduced to improve the quality of reporting for companies who sponsored defined benefit pension schemes. However, the unintended consequences of the introduction of IAS 19 may have a significant impact on both future pensioners and for the State.’

Required:

Discuss to what extent you agree with the above comments.

QUESTION 4

‘IFRS 9, Financial Instruments, which will replace IAS 39, Financial Instruments: Recognition and Measurement, is effective for periods beginning on or after 1 January 2018…[and] will lead to significant changes in the accounting for financial instruments.’

Barclays plc, Annual report 2015, p261.

Required:

Discuss to what extent you believe that these ‘significant changes’ will result in improvements in the transparency and usefulness of the financial statements of banks and other financial institutions.

QUESTION 5‘This article has considered how [Social and Environmental Accounting] SEA is perceived and constructed within three very different frames of reference. It has highlighted the tensions and contradictions among the various social actors that have an interest in this field. In doing so we hope that we have provided a more complete picture than accounts that focus on a single frame of reference. SEA is an interpretively complex field. These competing perspectives – business case, stakeholder accountability and critical theory – have important implications for the social realities we construct, embed or seek to change’ (Brown & Fraser, 2006).

Brown, J., & Fraser, M. (2006). Approaches and perspectives in social and environmental accounting: an overview of the conceptual landscape. Business Strategy and the Environment, 15(2), 103-117.

Required:

As stated in the above quote, Brown and Fraser (2006) identify three perspectives on Social and Environmental Accounting. You are required to critically evaluate the key assumptions of the three case studies presented, and discuss their differences providing relevant ‘real-life’ examples.

QUESTION 6‘The [IASBs] due process procedures were not the objective, transparent, and representative measures they are claimed to be. Rather, the due process provided a forum within which powerful and self-interested constituents and constituent coalitions could contribute to and capture the standard-setting process in order to secure favourable regulation …’ (Cortese et al., 2010. 85)

Cortese, C. L., Irvine, H. J., & Kaidonis, M. A. (2010). Powerful players: How constituents captured the setting of IFRS 6, an accounting standard for the extractive industries. Accounting Forum, 34, 2, pp. 76-88.

Required:

In light of the above quote, critically evaluate the role of the IASB, considering the issues and benefits of their processes.

QUESTION 7

‘It is 25 years since LCP started publishing the analysis of FTSE 100 pension disclosures. Much has changed since then. In 1993, virtually all FTSE 100 companies offered final salary pensions to their new hires; now not a single one does. For some companies, the financial position of the pension scheme vitally affects the health of the company.’

LCP 2018, p2. LCP, Accounting for Pensions - Spring 2018.

Required:

Discuss to what extent you believe that the introduction of IAS19, Employee Benefits, has been responsible for the decline and abolition of the defined benefit schemes of many companies.

QUESTION 8

The IASB has based IFRS9, Financial Instruments, on a mixed model approach. This model requires companies to normally report equity-based and debt-based financial instruments under different methods.

Required:

Carefully explain the aims of IFRS9 and discuss the nature and application of the classification ‘tests’ involved in applying this ‘mixed-model’ reporting.

[In your answer you should also discuss whether adoption of a ‘single model’ approach would usefully simplify the reporting of financial instruments.]

QUESTION 9

Benston, Bromwich and Wagenhofer (2006) argued that as the SEC moves towards a principles-based approach a major ‘…the shortcoming is the dismissal of a true-and-fair override that we argue is a necessary requirement for any standard-setting approach’.

Required

Discuss the extent to which the true and fair override is necessary for standard-setting and financial reporting.

QUESTION 10

Bengtsson (2011) argued that “the global financial crisis contributed to a Repoliticization of accounting standard-setting… since the crisis, a rebalancing of power has occurred, where political actors have gained influence at the expense of other stakeholders”.

Required:

Discuss the influence that the Global Financial Crisis had on the IASB and the extent to which you agree that there has been a rebalancing of power since the crisis.

QUESTION 11

‘… accounting played a part in the pension change [from a defined benefit to a defined contribution scheme]. For example, the way pensions were accounted for (by)…IAS 19 (Accounting for Employee Benefits), leading to particular disclosures in the balance sheet, motivated the change. Companies were concerned about the impact of the liabilities disclosed on the face of the balance sheet arising from pension deficits and the image this portrayed of financial stability’. p34.

[Josiah, J. et al (2014), Corporate Reporting Implication in Migrating from Defined Benefit to Defined Contribution Pension Schemes: A Focus on the UK. Accounting Forum, 38(1) 18-37.]

Required:

Discuss to what extent you believe that accounting regulators are responsible for many organisations changing their provision of employee pensions from defined benefit to defined contribution schemes. In addition, explain what you consider may be the financial and social implications of this move to defined contribution schemes for employees on retirement.

QUESTION 12

IFRS 9, Financial instruments, which became applicable on 1^st January 2018 is based on a ‘mixed measurement’ model for the reporting of both equity-based and debt-based assets and liabilities.

Required:

1. Discuss what you understand by this ‘mixed measurement model’ and explain the nature of the two tests that assist in determining the reporting of different categories of financial assets and liabilities.
2. Explain how and why IFRS9 has introduced changes to the reporting of companies’ ‘own credit adjustments’ (debt valuation adjustments) for financial liabilities.

1. The firm’s Cash Book showed a Dr. balance of S$7,522 on 31st January 2004. The Bank statement showed a different balance. The following differences were discovered.

1. A cheque of S$364 issued to a creditor was not reflected in the bank statement.
2. Cheques totalling S$147 deposited on 30th January were not credited.
3. Bank paid S$240 to insurance company per standing order.

4. Bank charges, S$86.

5. A cheque of S$132 from K Sly deposited on 27th January was returned unpaid. This was not recorded in the Cash Book.

Questions(Explanation required):

1.Update the Cash Book
2.Prepare a Bank Reconciliation Statement as at 31st January 2004

You want to prepare the balance sheet for Usher, Inc., as of December 31, 2005. Use the following information. All information pertains to fiscal 2005 unless otherwise stated.
Retained earnings at December 31, 2004 is $234,000
Sales (all credit sales) are $2.5M
Days to sell inventory is 20
Cash on hand is 1% of sales
All sales are paid 30 days after purchase
Noncurrent assets are $ 1M
Long-term debt to equity ratio is 1
All liabilities, other than long-term debt, are short term liabilities
20,000 shares outstanding issued at $10 in 2004
No dividends are paid
Gross margin is 40%
Net profit margin is 8%
Assume there are 360 days in the year

Social media is considered an important marketing communication channel. and it's a crucial element of a company's branding strategy. In the past few years, there has been a shift from text-centric to visually-oriented experiences in social media platforms. Business-to-consumer, or B2C, companies like CompanyOne leverage social media platforms—mostly Facebook, Twitter, Instagram, YouTube, and Pinterest—to target and engage their customers. I also want you to recommend two social media platforms, including those listed here,

discuss how CompanyOne can leverage them to enhance its branding strategy.”

Contribute your thoughts in the Slate, Inc.’s project team discussion area, and discuss your ideas with your team members.

Include 2 references one is a scholar and one nonscholary.

Class MBA 640. University of Maryland Global Campus.

Business Admistration.

Richard, Barry and Andrew decided to enter into a partnership agreement as from 1^st July 2018, some of the provisions of which were as follows.

1.       Richard to contribute $24000 cash, inventory the fair value of which was $51000, plant and machinery $94320, accounts receivable totalling $15240

2.       Barry to contribute $45000 cash and act as manager for the business at an annual salary of $38400 to be allocated to him at the end of each year.

3.       Andrew to contribute $19800 cash, land $144000, premises $288000, furniture and fittings $48600, and motor vehicles $37800. A mortgage of $216000 secured over the premises was outstanding and the partnership agreed to assume the mortgage.

4.       Profits or losses of the firm to be divided between or borne by Richard, barry and Andrew in the proportion of 2:1:3 respectively.

5.       Interest to be allowed at 8% p.a. on the capital contribution by the partners. Interest at 10% p.a. to be charged on partners’ drawings.

6.       During the year ended 30 June 2019, the income of the partnership totaled $144960, and the expenses (excluding interest on capital and drawings and Barry’s salary) amounted to $51600.

7.       Richard withdrew $14400 on 1 October 2018 and $9600 on 1 January 2019; Barrie withdrew $4800 only on 1 April 2019; Andrew withdrew $12000 on 30 June 2019.

Required

A) Prepare general journal entries necessary to open the records of the partnership.

B) Prepare the balance sheet of the partnership immediately after formation.

C) Prepare a Profit Distribution account for the year ended 30 June 2019.

Richard, Barry and Andrew decided to enter into a partnership agreement as from 1^st July 2018, some of the provisions of which were as follows.

1.       Richard to contribute $24000 cash, inventory the fair value of which was $51000, plant and machinery $94320, accounts receivable totalling $15240

2.       Barry to contribute $45000 cash and act as manager for the business at an annual salary of $38400 to be allocated to him at the end of each year.

3.       Andrew to contribute $19800 cash, land $144000, premises $288000, furniture and fittings $48600, and motor vehicles $37800. A mortgage of $216000 secured over the premises was outstanding and the partnership agreed to assume the mortgage.

4.       Profits or losses of the firm to be divided between or borne by Richard, barry and Andrew in the proportion of 2:1:3 respectively.

5.       Interest to be allowed at 8% p.a. on the capital contribution by the partners. Interest at 10% p.a. to be charged on partners’ drawings.

6.       During the year ended 30 June 2019, the income of the partnership totaled $144960, and the expenses (excluding interest on capital and drawings and Barry’s salary) amounted to $51600.

7.       Richard withdrew $14400 on 1 October 2018 and $9600 on 1 January 2019; Barrie withdrew $4800 only on 1 April 2019; Andrew withdrew $12000 on 30 June 2019.

Required

A) Prepare general journal entries necessary to open the records of the partnership.

B) Prepare the balance sheet of the partnership immediately after formation.

C) Prepare a Profit Distribution account for the year ended 30 June 2019.

PLEASE DO NOT COPY OTHERS ANSWERS