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Research and discuss the main audit procedures related to a client’s revenue balances, including the concept of multiple deliverables and the SAB 101 publication from SEC. Solution Main audit procedures related to a client’s revenue balances As per Generally accepted accounting principles (GAAP), auditing revenue is a two-part process: Sample and test the income statement revenue accounts Sample and test the balance sheet account: accounts receivable Here are some of the accounts receivable audit procedures that they may follow: The preceding list of audit procedures is designed to detect a variety of audit risks, which include the following: SEC Staff Accounting Bulletin: No. 101 – Revenue Recognition in Financial Statements This staff accounting bulletin summarizes certain of the staff\'s views in applying generally accepted accounting principles to revenue recognition in financial statements. The staff is providing this guidance due, in part, to the large number of revenue recognition issues that registrants encounter. Accounting for multiple-deliverable revenue arrangements Vendors often provide multiple products or services to their customers as part of a single arrangement or a series of related arrangements. These deliverables may be provided at different points in time or over different time periods. As a simple example, a vendor may enter into an arrangement with a customer to deliver and install a tangible product along with providing one year of maintenance services. In this arrangement, there are three deliverables: (1) the product, (2) installation and (3) maintenance services. Issues often arise regarding how and whether to separate these deliverables and how to allocate the overall arrangement consideration. Subtopic 605-25, Revenue Recognition – Multiple-Element Arrangements, of the Financial Accounting Standards Board’s Accounting Standards Codification (ASC) provides the guidance that should be followed in accounting for this and many other revenue arrangements with multiple deliverables..
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Region Old Fertilizer New Fertilizer
1 147 160
151 162
2 156 161
151 151
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166 138
4 158 132
149 159
5 139 164
131 164
6 146 168
118 169
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A biotech firm conducts an experiment to examine potential differences between a new organic
fertilizer and a traditional fertilizer product. A large parcel of land is broken down into regions,
and two trials with each fertilizer are used on plots of land within each region. The corn yield
obtained for each of the plots is shown in the above table.
(a) Perform an appropriate analysis of variance (ANOVA) for the data shown in the table.
Construct an ANOVA table and determine whether there is a significant difference among the
fertilizers. Is there a significant difference among regions? (Assume a significance level of ? =
0.05) Is the interaction effect significant?
(b) Assess the treatment and block means using the t-distribution.
(c) Calculate and interpret the model residuels.
(d)Summarize what has been learned from the experiment.
Solution
Diversity means life; diversity means choice. Unfortunately, around the world the
spaces for the maintenance and creation of (new) diversity are becoming more and more
confined. Biological diversity, in environments increasingly disturbed by human intervention, is
under serious threat. Globalization forces are imposing limits on the ways people shape and
reshape socioeconomic, cultural, and political diversity. At the same time, in many places efforts
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constraint of people without having time constraint implications?
Solution
resources are the inputs to accomplish a given task while considering all the constraints. they
may be financial resources, human or man power resources, technology or financial resources
also.
every organization\'s ultimate moto is to benefit to the all the stakeholders in long run. because
we have limited resources and unlimited activities to perform.
total resources can be divided into two types: natural and artifical
we should much care about natural resource, which we can use them but we cant create them.
even time is also one of the natural resource.
the resources which we can produce and utiize are called artificial resouces, like materials,
technology, money etc.
to fulfill the unlimited needs or tasks, we hato to plan to better utilization of resources. there
should be optimum utilization of resources and wastage should be minimum..
Residual risk is calculated as which of the followinga) Known .pdf
Residual risk is calculated as which of the following?
a) Known risks minus unknown risks
b) Actual risks minus probable risks
c) Probable risks minus possible risks
d) Potential risks minus covered risks
Solution
d. Potential risks include all possible and probable risks. Countermeasures cover some, but not
all risks. Therefore, the residual risk is potential risks minus covered risks..
Reseracher is comparing samples from 6 popultation Assume that the c.pdf
Reseracher is comparing samples from 6 popultation Assume that the conclusioj from an
ANOVA is that the null hypothesis is rejected. How many of the popultion means would be
significantly different from the others>
A. Three (half)
B. At least one
C. All would be different
D. More than two
(b)
Solution
Answer: B. At least one.
Researchers have noted that children that learn to play a musical in.pdf
Researchers have noted that children that learn to play a musical instrument through taking
lessons have higher average SAT scores, higher average GPA and higher average class rank.
This is an example of
A. an experiment.
B. an observational study.
C. the establishing of a causal relationship through correlation.
D. a block design, with music and no-music groups as blocks.
Please explain why
Solution
B. an observational study. THis is an observation done on the students Hence
option B.
Research the key facts and critical issues of BP before the BP oil s.pdf
Research the key facts and critical issues of BP before the BP oil spill of 2010 and summarize
them here as they relate to the past conduct of the organization.
Solution
Before the oil spill of 2010, BP ignored big systematic hazards. The company was also not very
strict regarding safety features and compliance when drilling rigs.
For rigs which was contracted out, the company was less strict regarding safety. The xompany
focused more on financial safety i.e. mitigating financial risks than on process safety i.e
mitigating process safety risks.
Clearly there was a management and leadership failure at BP..
Research W.L Gore and develop a 3-5 page paper by answering the foll.pdf
Research W.L Gore and develop a 3-5 page paper by answering the following questions:
Briefly describe the organization.
What makes W.L. Gore successful?
What is unique about the way the company is led?
What type of management style does CEO Terri Kelly use? Is this any different than the styles of
the founders?
What organizational beliefs and values does the Kelly hold important?
Can this type of culture be sustained in the long run at W.L. Gore?
Can this type of culture be implemented in the company you work(ed) for? Explain.
Solution
Briefly describe the organization.
W.L. Gore is a technological firm that creates and innovates about medical devices. Core of its
business is in four main areas: electronics, fabrics, industrial and medical products.
The company was founded in 1958 by Wilbert (Bill) Lee Gore and his wife Genevieve (Vieve)
Walton Gore in Newark.Bill Gore had spent 16 years with the DuPont Company in a number of
technical positions that included fluoropolymer research when he decided to form his own
company. While working in his basement, he set out to develop a process for insulating a series
of parallel electrical wires using polytetrafluoroethylene (PTFE), a fluoropolymer discovered in
1938 by Roy Plunkett, a chemist with DuPont.
In these four areas, you have Gore-Tex fabric is maybe W.L. Gore.
Research suggests that (1) individuals differ in their level of valu.pdf
Research suggests that (1) individuals differ in their level of values development, (2) individuals
hold different sets of instrumental values at different stages of development, and (3) peoples
value priorities do not change once they become adults. Which statements are correct?
Solution
Ans:
C) Only statements 1 and 2 are correct..
Research Methods, classify a research method in your chosen subj.pdf
\"Research Methods, classify a research method \"in your chosen subject area
Solution
classification
1.pure methods and applied methods
2. qualitative methods, and quantitative methods
in social sciences -----
sociology -Research Methods are obervation method ,various kinds of survey method ,interview
method etc,...
Research another industry that has experienced globalization or may .pdf
Research another industry that has experienced globalization or may be a good candidate for
globalization in the future and share your example with the class and explain why you selected
the industry.Choose two countries (other than the U.S.) within the same region of the world.
Assess the political risks, economic risks, and legal risks of each country. If you had to invest a
large sum of money into one of these two countries, which one would it be? Why?
Solution
1) An industry which I strongly believe will be a good candidate for globalization and will grow
at an exponential rate is the recycling industry. These days we have so many choices for goods
that we buy such as mobiles, TV, refrigerator, computers, clothes, furniture, cars, etc. The variety
of goods available for us to use is enormous, also technological changes and fashion makes
goods obsolete or out of fashion and hence this further drives up the demand for goods. We
should also note that the factors of production (inputs) used for this goods are finite. Hence,
today there is a very good potential for recycling industry to experience good growth and
experience globalization. Recycling firms can make the best use of the used, obsolete goods and
out of fashion goods for the benefit of society and save valuable/scarce economic factors of
production/inputs.
2) Let me give you the example of India and Pakistan, which belong to the same region of the
world: South Asia. Both the countries got independence and existence in the year 1947. Both the
countries have almost the same type of people (human capital) and natural resources. On one
hand we have India, a developing country attracting huge amounts of investment from foreign
companies and different countries and making a good name of itself in the whole world; on the
other hand we have Pakistan attracting a bad name in the world for all the possible wrong
reasons and with a very poor economy and very low standard of living.
We can assess the political, economic and legal risks of these two countries and make the
following conclusions:
A) Political risks: The government in India is very stable while in Pakistan is not. The
government in India is elected by the people(is a democracy) while the government in Pakistan is
also elected by the people of Pakistan, the chosen leaders have absolutely no power in
controlling the country as the whole power lies with the army and the secret service of that
nation. Also, it is very common for political leaders in Pakistan to get assassinated if they do not
work as per the will of the country.
Research and analyze the following subjectKey Point You must clea.pdf
Research and analyze the following subject
Key Point: You must clearly explain your understanding of the term Financial Repression and
then answer the questions below. Please include source(s)
Financial Repression
Some politicians and financial/economists argue that the U.S. must embark upon an era of
“financial repression” in which wealth must be kept from fleeing the country and must be taxed
heavily within the country.
a. What would be the rationale for financial repression, as defined above? Any arguments against
it?
b. As part of financial repression, it can be argued that savers should be prevented from any
significant real returns on their savings and investments. What would that accomplish?
Thank you.
Solution
Hi,
In the simple terms, Fianancial Repression is the measure taken by the government to reduce
their debt burder. These measures include steps such as holding down interest rates to below
inflation, representing a tax on savers and a transfer of benefits from lenders to borrowers.
a) The main raionale behind such a step is that US as of now has a lot of debts, The politicians
are now under a lot of pressure to reduce the debt burden. They want the money to circulated
within the economy and not move outside the country. Also imposing heavy tax to increase the
government earnings.
b) The primary purpose behind preventing from any significant real returns on their savings and
investments is to reduce the national consumption. Less real return means less savings, which
would lead to less consumption. Increasing production faster than domestic consumption
increases national savings.
Research a ompany that is publicly traded on the US stock exchanges .pdf
Research a ompany that is publicly traded on the US stock exchanges (NASDAQ, AMEX,
NYSE). Find the ticker symbol, describe the industry and business the company is in, find the
10k statements.
Solution
Southwestern Energy Company icker symbol = SWN Exchange: NYSE
Company business:
Southwestern Energy Company (including its subsidiaries, collectively, “we”, “Southwestern” or
the “Company”) is an independent energy company engaged in natural gas and oil exploration,
development and production (“E&P”). We are also focused on creating and capturing additional
value through our natural gas gathering and marketing businesses, which we refer to as
Midstream Services. We conduct substantially all of our business through subsidiaries.
Exploration and Production - Our primary business is the exploration for and production of
natural gas and oil, with our current operations principally focused within the United States on
development of two unconventional natural gas reservoirs located in Arkansas and
Pennsylvania. Our operations in Arkansas are primarily focused on an unconventional natural
gas reservoir known as the Fayetteville Shale, and our operations in northeast Pennsylvania are
focused on the unconventional natural gas reservoir known as the Marcellus Shale (herein
referred to as “Northeast Appalachia”). Recently, we acquired a significant stake in properties
located in West Virginia and southwest Pennsylvania, which we also intend to develop. These
operations in West Virginia also focused on the Marcellus Shale, the Utica and the Upper
Devonian unconventional natural gas and oil reservoirs (herein referred to as “Southwest
Appalachia”). Collectively, our properties located in West Virginia and Pennsylvania are herein
referred to as the “Appalachian Basin.” To a lesser extent, we have exploration and production
activities ongoing in Colorado, Louisiana, Texas and in the Arkoma Basin in Arkansas and
Oklahoma. We also actively seek to find and develop new natural gas and oil plays with
significant exploration and exploitation potential, which we refer to as “New Ventures,” and
through acquisitions. We also operate drilling rigs in Arkansas and Pennsylvania, as well as in
other operating areas, and provide oilfield products and services, principally serving our
exploration and production operations.
Midstream Services - We engage in natural gas gathering activities in Arkansas, Texas,
Louisiana, Pennsylvania, and West Virginia . These activities primarily support our E&P
operations and generate revenue from fees associated with the gathering of natural gas. Our
marketing activities capture downstream opportunities that arise through the marketing and
transportation of the natural gas, oil and natural gas liquids (NGLs) produced in our E&P
operations.
industry
Companies in the Independent Oil & Gas industry with significant portions of their operations
revolving around natural gas have been facing a number of headwinds recently. Warm weather
across t.
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