Marine Pollution Solution 1 Marine Pollution Solution Betty Brown Axia College of University of Phoenix Marine Pollution Solution 2 Marine Pollution Solution “Approximately
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Oceanview ought to maximize its wealth through the decision it will make‚ or reduce its losses. Ocean view prepared a “decision tree” analysis to help them come up with decision problem. Based on the preliminary study‚ the company has four possible outcomes‚ depending on the decisions they will make: - - There is a 20% possibility that it will be the highest bid and acquire the property. In this case‚ Oceanview will wait for 6 months to decide. On the other hand‚ - There is 80% probability
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principal shareholders and controlling directors for the company. The company expands into provision of engineering services as part of their business diversification and expansion plans. The company had maintained a very lean organization with basic functional positions. DESB employed their own family members to work in the company with minimal education background and some of them did not have the necessary job experience. In May 2006‚ the company had employed Cik Amy‚ a fresh graduate from local university
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Acceptance 1. The location being in Ocean City will be favorable for all auditors conducting the audit. This will allow for ease of travel for all auditors involved. This will also lend to the knowledge the firm has of the business and all relevant operations pertaining to Oceanview Marine Company. 2. The financial statements are organized in an easy-to-read fashion. They support that Oceanview is a healthy company and has been for the past three years. The past three years have been audited annually
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* Solutions for Chapter 2 * Corporate Governance Review Questions: 2-1. Corporate governance is defined as: “a process by which the owners and creditors of an organization exert control and require accountability for the resources entrusted to the organization. The owners (stockholders) elect a board of directors to provide oversight of the organization’s activities and accountability back to its stakeholders.” The key players in corporate governance are the stockholders
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Chapter 10 Assessing Control Risk / Tests of Controls |Learning Check | 10-1. a. Assessing control risk is the process of evaluating the effectiveness of an entity’s internal controls in preventing or detecting material misstatements in the financial statements. b. Control risk should be assessed in terms of individual financial statement assertions. 10-2. In assessing control risk for an assertion‚ the auditor should perform the following five steps:
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Jordan Company Solution Jordan Company has two departments‚ X and Y. Overhead is applied based on direct labor cost in Department X and machine-hours in Department Y. The following additional information is available: Budgeted Amounts Direct labor cost Factory overhead Machine-hours Actual data for Job #10 Direct materials requisitioned Direct labor cost Machine-hours Department X $180‚000 $225‚000 51‚000 mh Department X $10‚000 $11‚000 5‚000 mh Department Y $165‚000 $180‚000 40‚000 mh Department
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planning auditors should consider for clients who use computers and describe how a computer can be used as an audit tool. | 16‚ 17‚ 18‚ 19‚ 20‚ 21‚ 22 | 57‚ 60 | 5. Review audit documentation for proper form and content. | 23‚ 24‚ 25 | 50‚ 61 | SOLUTIONS FOR REVIEW CHECKPOINTS 4.1 A CPA can use the following sources of information to help decide whether to accept a new audit client. Financial information prepared by the prospective client: * Annual reports to
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Masafi Company. The company was found in 1976 and now it is a unique brand that has become a generic name for bottled and mineral water in the entire Gulf region. Such a status was acquired because of their high quality products known all over the world for their pure natural freshness. Today Masafi Company can offer a great number of products‚ ranging from bottled mineral water to soft facial tissues‚ cups‚ juices and chips. Gulfbusiness website writes that the main aim of Masafi Company is to
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Mr. Donald Phillips‚ President Oceanview Marine Company 36 Clearwater Lake Road Ocean City‚ Florida 33140 Dear Mr. Phillips: This letter is to confirm our understanding of the terms of our engagement as the auditors of Oceanview Marine Company for the year ended December 31‚ 2014. We will audit the company’s balance sheet for December 31‚ 2014‚ and the related statements of income‚ retained earnings‚ and cash flows for the year then ended. The purpose of our audit is to form an opinion as to whether
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