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Identify at least three weaknesses in Eid Corporation’s revenue cycle activities. Describe the problem resulting from each weakness. Recommend control procedures that should be added to the system to correct the weakness.

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Under the expenditure cycle ordering materials, supplies and services are the first activity. Explain the following ordering threats with suitable example with each of these. a) Purchasing at inflated prices b) Unreliable Suppliers c) Kickbacks Question 2: (03 Marks) What are the advantages of the REA data model over the traditional AIS model? Question 3: […]

Identify at least three weaknesses in Eid Corporation’s revenue cycle activities.

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Under the expenditure cycle ordering materials, supplies and services are the first activity. Explain the following ordering threats with suitable example with each of these. a) Purchasing at inflated prices b) Unreliable Suppliers c) Kickbacks Question 2: What are the advantages of the REA data model over the traditional AIS model? Answer: Question 3: Under […]

How are engineered estimates, account analysis, and two-point methods used to estimate cost functions?

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The Cost Function • Q1: What are the different ways to describe cost behavior? • Q2: What process is used to estimate future costs? • Q3: How are engineered estimates, account analysis, and two-point methods used to estimate cost functions? • Q4: How does a scatter plot assist with categorizing a cost? • Q5: How […]

What is the role of accounting information in strategic management?What information is relevant for decision making?

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The Role of Accounting Information in Q1 – What is the process of strategic management and decision making? Q2 – What types of control systems do managers use? Q3 – What is the role of accounting information in strategic management? Q4 – What information is relevant for decision making? Q5 – How does business risk […]

Differentiate between Variable and Absorption costing with a suitable numerical example and explain what would be the changes in Net Operating Income under both the costing methods.

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Assignment Question(s): Q1. Differentiate between Variable and Absorption costing with a suitable numerical example and explain what would be the changes in Net Operating Income under both the costing methods. Q2. ABC prepares budgets for the quarter ending June 30. Sales in units: April 20,000, May 50,000, June 30,000, July 25,000. Selling price is SR […]

What is the zakat due in case of watering without cost? What is the zakat due in case of watering with cost?

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A Zakat giver has an agricultural production at a market value of SAR 300,000. The zakat giver has no accounting books to count the actual production expenses. Assume the zakat receptacle reached the Nisab. Required: What is the zakat due in case of watering without cost? What is the zakat due in case of watering […]

What is the zakat due in case of watering with cost?What is the zakat due in case of watering without cost?

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1.A Zakat giver has an agricultural production at a market value of SAR 300,000. The zakat giver has no accounting books to count the actual production expenses. Assume the zakat receptacle reached the Nisab. Required: a.What is the zakat due in case of watering without cost? b.What is the zakat due in case of watering […]

Describe the legislation that altered the self-regulation process of the accounting profession. Additionally, describe how an auditor’s personal and professional experience could influence the workplace culture.

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Visit the Library  to research the accounting system of self-regulation. Describe at least one major historical event in the business world that occurred in the past 20 years and discuss how this affected today’s accounting system of self-regulation. Describe the legislation that altered the self-regulation process of the accounting profession. Additionally, describe how an auditor’s […]

Discuss the pros and cons of each approach. Choose the method you think is preferable and justify your choice.

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IFRS has strict rules that if a liability is a current liability at the end of the accounting period then it is a current liability on the balance sheet. GAAP gives more leeway in that if a company has the ability and the positive intent to refinance a current liability then it can list it […]

Summarize the impact of ASU 2016-02, Leases on the recording of leases. Analyze the impact of the standard on the reporting of your chosen company’s leases. Analyze the impact of lease concessions or lease modifications on the reporting of your chosen company’s leases.

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 Impact of Financial Accounting Standards Board (FASB) Accounting Standards Update ASU 2016-02, Leases Overview Accounting is the language of business, and it is not a dead language! The FASB is responsible for ensuring that all relevant and material financial information is properly codified in the Generally Accepted Accounting Principles (GAAP).The use of off-balance-sheet financing distorts […]

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