TRUE OR FALSE WITH REASONS

1. A sudden stop will be easier to navigate if the country borrows internationally in foreign
currencies and lend locally in its domestic currency.
Answer:
Reason:
2. Capital inflows are desirable because they increase investment in a country.
Answer:
Reason:
3. All financial account transactions are linked to current account transactions, since the current
and financial accounts are mirror images of each other.
Answer:
Reason:
4. When an economy is closely tied to another, larger economy, floating exchange rates are
usually desirable.
Answer:
Reason:
5. Exchange rate pegs are popular with developing countries because they increase credibility.
Answer:
Reason:

6. If a currency has a fixed exchange rate, it is not subject to the forces of supply and demand.
Answer:
Reason:
7. Contractionary fiscal policy can lead to a depreciation of the nation's currency.
Answer:
Reason:
8. An increase in interest rates causes that nation to experience an outflow of financial capital
and causes its currency to depreciate.
Answer:
Reason:
9. A depreciation of the currency can switch spending away from foreign goods and reduce the
effect of rising incomes on the current account.
Answer:
Reason:
10. It is more certain how expansionary monetary policy will affect the current account than how
expansionary fiscal policy will affect it.
Answer:
Reason:

Cash flow from assets. Use the data from the following financial statements in the popup​ window, LOADING.... The company paid interest expense of $ 17 comma 300 for 2017 and had an overall tax rate of 40 % for 2017. Find the cash flow from assets for 2017​, and break it into its three​ parts: operating cash​ flow, capital​ spending, and change in net working capital.

An Interactive Case Study On The Budgeting Process Salem Valve and Pump Company (SVP) Salem Valve and Pump Company was established by John Botu in 2002 after returning from the Gulf War and retiring as an officer in the Air Force. John bought an existing machine shop that made three main parts for water purification systems: Valves, Pumps, and Flow Controllers. He quickly formed a partnership with C. W. Smith, a well-known manufacturer of brass fittings for boats. Smith was quick to analyze the nature of problems other manufacturers were having with water purification valves. Since the tolerances needed were small, maintaining them required great labor skill and expensive machine controls. Within weeks of forming the company, Smith and his shop crew were manufacturing valves that met or exceeded the needed specifications. Botu negotiated a contract with a large international purification equipment manufacturer, and revenues soon were pouring into the new company. Knowing that the same manufacturing techniques could also apply to pumps and flow controllers, SVP created an engineering department to design new products for those markets. SVP specialized in bronze to exploit Smith’s special knowledge about working with that material. In the next five years, SVP became the leading supplier of bronze valves, pumps and flow controllers. Raw forgings and castings purchased from foundries were precisely machined and assembled in SVP’s new modern manufacturing facility. The same CNC and tooling machines were used for all three product lines. Runs were scheduled to match customer shipping requirements to eliminate finished goods inventory. The raw material suppliers (foundries) had agreed to just-in-time deliveries, and products were packed and shipped as completed. The company held small inventories of raw materials and finished goods to serve as safety stock to fill customer emergency needs. SVP has a competitive advantage over most of its competition. The company is located in a small town in Ohio that has good access to skilled labor and raw materials suppliers. The plant is located along a rail road spur, has good access to major highways, and to water transportation via the Great Lakes or the Ohio River. The CFO of SVP, John Paul Morgan, is responsible for the day-to-day financial and office support staff for SVP. Each year JP prepares a detailed budget based on the marketing and manufacturing operations staff predictions about next year’s expected sales, cost of goods sold, and required production requirements. Manufacturing Overhead and Selling and Administrative costs are projected by JP and his staff. The time period for this case is the budget period for 2019. JP has compiled the tables on your Excel worksheet after lengthy discussions with marketing, operations, engineering, and his administrative staff. You will be asked to complete the Excel worksheets given to you. These Excel worksheets will follow the schedules in Chapter 6 of your text book and will allow you to use the given data to construct all of the supporting schedules and financial statements required for the 2019 Budget. Remember Excel is a tool to assist you in building worksheets. Please do not use Excel like a typewriter!!! All worksheets after the “Given Data Worksheet” should reference cells in other worksheets or be part of a formula. This case will sharpen your Excel skills needed in the workforce today. You will graded on the correct answer, use of formulas, print format, and providing a printout of the formulas used in each worksheet turned in. As part of this Case, you will be given scenarios based on the data in your worksheets to complete Test questions as well as answer questions for your written report. Worksheets will be gathered at various points during the Fall Term and graded so that students will know the solutions to those parts to continue to the other worksheets. While the company has hundreds of different products in each of its three lines, this case will use only the average costs for each line to simplify the budgeting process. Each of the products within each line is manufactured in a similar manner so costs are going to be consistent between each product within the line of products. The Excel worksheet will show the given data to assist you in building the supporting worksheets and financial statements. You will be given quarterly data and will be required to build your supporting worksheets that show each quarter and a total for the entire year of 2019.

Handout # 1 1. Using the given data worksheet, complete the first four worksheet tabs provided. The worksheets are the Sales Projections, Production Schedule, Direct Material Budget, and Direct Labor Budget. 2. You have enough data in the Given Worksheet to complete these schedules.

If you are a Director R&D Clinical Studies

Please answer the following questions No Plagiarism please

Try to use approximately 100 words each question

Please type

4.       What were the challenges in your past and present company?

5.       Can you describe the drug development process?

6.       What step is more promising/ challenging during drug development?

7.       Which step has more ethical issues and how have you overcome them?

8.       What do you suggest to people who want to pursue a career in clinical trials?

9.       How do we approach/ what aspect do we need to consider at the first step?

10.   What is the most difficult part of drug development?

11.   What step in the drug development is most costly?

1. When the first people arrived, the new town of Las Venturas benefitted from an abundant water supply thanks to regular precipitation runoff and the nearby Buenaventura river. However, 70 years later the City of Las Venturas - that now straddles the river - faces growing water stress. Describe and explain two possible causes of this change. [2 Marks]

2. Summarize the personal water footprint you calculated as a part of the Lab #6 pre-lab activity. Based on the results of the extended estimate, what are the three most effective actions that you would be willing to take to lower your personal water footprint. Which of the blue, green, and grey components of your water footprint would each of these actions most reduce? Reflect honestly on how successful you would be likely to be in making such an attempt to reduce your water use. [4 Marks]

Who wrote “A little rebellion now and then is a good thing. The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants”

a.Patrick Henry

b.Edmund Burke

c.Samuel Adams

d.Thomas Jefferson

e.James Madison

The first government document to be considered an “operating manual” for the new United States following the conclusion of the American Revolution was

a. Articles of Confederation

b.The Constitution

c.The Declaration of Independence

d.Naturalization Act of 1790

e.Bill of Rights

Of most following documents or philosophies, which is most associated with the concept of “Division of Powers”:

a.Articles of Confederation

b.Federalism

c.The Declaration of Independence

d.Naturalization Act of 1790

e.Bill of Rights

Which of the following documents from the early years of the United States

stated that citizenship was limited to whites only

a.Articles of Confederation

b.The Constitution

c.The Declaration of Independence

d.Naturalization Act of 1790

e.Bill of Rights

Credit Card Sales Valderi’s Gallery sells quality art work, with prices for individual pieces ranging from $400 to $25,000. Sales are infrequent, typically only three to five pieces per week. The following transactions occurred during the first week of June 2015. Perpetual inventory is used.

On June 1, sold an $800 framed print ($500 cost) to Kerwin Antiques on account, with 2/10, n/30 credit terms.

On June 2, sold three framed etchings totaling $2,400 ($1,500 cost) to Maria Alvado, who used the United Merchants Card to charge the cost of the etchings. Valderi mailed the credit card sales slip to United Merchants the same day. United Merchants will send a check within seven days after deducting a one percent fee.

On June 4, sold a $1,900 oil painting ($1,000 cost) to Shaun Chandler, who paid with a personal check.

On June 5, sold a $2,000 watercolor ($1,500 cost) to Julie and John Malbie, who used their Great American Bank Card to charge the purchase of the painting. Valderi deposited the credit card sales slip the same day and received immediate credit in the company’s checking account. The bank charged a one percent fee.

On June 6, received payment from Kerwin Antiques for its June 1 purchase.

On June 7, received a check from United Merchants for the June 2 sale.

Required
Prepare journal entries to record the Valderi Gallery transactions.

You are the audit senior on the Pet Care Pty Limited (Pet Care) audit. Pet Care is a distributor of pet care products including shampoos, lotions and a small range of toys. Pet Care uses an on-line computer system. No goods are manufactured in-house; rather, Pet Care maintains a stock of raw materials and sub-contracts the manufacture of its products to third parties. Approximately 50 suppliers and sub-contractors are used and all have proven to be reliable. You have made the following notes about the inventory system: Procedures for raw materials • Separate systems, staff and warehouses are maintained for both raw materials and finished goods. • Purchase orders are automatically generated by the computer when stocks of any raw material fall below 70% of the prior month’s usage. The purchase orders contain the following details: date; supplier name and address; raw material needed. • Three copies of the purchase order are produced and distributed as follows: Copy 1—to warehouse to enable follow up of late orders. Copy 2—filed by accounts clerk in date order. Copy 3—sent to supplier. • When raw material stocks are received, the bar codes attached to the delivery boxes by the supplier are scanned into the system. A two-part Goods Received Note (GRN) is then produced: Copy 1—matched to warehouse copy of purchase order by stores staff. Copy 2—filed by accounts clerk. The scanning process is aborted if the codes do not match those on the masterfile. Procedures for finished goods • Production orders are automatically generated when finished goods fall below 60% of the prior month’s sales. The production orders contain the following details: date; sub-contractor’s name; raw materials required; finished goods needed. Asia Pacific College of Business & Law Semester 1 2020 Page 7 of 11 • Two copies of the production order are produced: Copy 1—to raw materials store for use as a picking slip, then it is packed with goods and sent to the supplier. Copy 2—filed by production controller in date order. • When the finished goods stocks are received, the bar codes attached to the delivery boxes by the supplier are scanned into the system. A two-part GRN is then produced: Copy 1—matched to production controller’s copy of production order. Copy 2—filed by accounts clerk. The scanning process is aborted if the codes to not match those on the masterfile. General notes • The computer automatically selects the supplier of both raw materials and finished goods based on: the latest price (as per their most recent invoice). their delivery times (based on the number of days between the date the purchase/ production order is raised and the date the goods are scanned by the warehouse). • Password access is as follows: Stores staff (raw materials): Purchase order printing for raw materials only. GRN printing for raw materials. Stores staff (finished goods): GRN printing for finished goods. Production controller: Production order printing, masterfile amendments. Accounts clerk: Masterfile amendments. Masterfile amendments • The stock masterfile contains details of: existing stock items including codes and warehouse location; approved suppliers and sub-contractors. • Orders will only be generated to suppliers and sub-contractors recorded on the masterfile. • Masterfile changes are made by the production controller for both raw materials and finished goods inventory. A masterfile amendment form is completed by the production controller as a record of the changes made. Asia Pacific College of Business & Law Semester 1 2020 Page 8 of 11 REQUIRED: (a) Identify six (6) weaknesses in the internal controls described. Discuss the implications of each of the weaknesses you have identified. (b) Assume your IT audit division is to perform testing of controls for the inventory systems described. Identify two tests that you would recommend they perform.

Chris and Donna are in the 37% tax bracket for ordinary income and the 20% bracket for capital gains (ignore the 3.8% additional tax on investment income for higher-income taxpayers.) They have owned several blocks of stock for many years. They are considering the sale of two blocks of stock. The sale of one block would produce a gain of $11,000. The sale of the other would produce a loss of $18,000. For purposes of this problem, ignore any restrictions on deductions or credits based on AGI. They have no other gains or losses this year.

a. How much tax will they save if they sell the block of stock that produces a loss?

b. How much additional tax will they pay if they sell the block of stock that produces a gain?

c. What will be the impact on their taxes if they sell both blocks of stock?