THIS QUESTION IS ALREADY POSTED, BUT I WOULD LIKE A DIFFERENTANSWER PLEASE, Thank you! Your CPA firm has been contracted by the state to serve as theinternal audit function for The Commission on Workforce Development. The Commission wasestablished several years ago by the state legislature to “increase the job skills of individualsreceiving public assistance and help them to obtain employment to be able to support themselves and theirdependents.” To accomplish this objective, the Commission enters into contracts with privatesector contractors to train individuals in computer data entry, local area network administration, cableand telecommunications installation, auto mechanics, and other fields where there is an acknowledgedneed for employees. The program works as follows: The Commission staff identifies individuals eligible forenrollment in the program through referrals from case workers in local county and city welfaredepartments. The Commission staff then determines whether the individuals need general skills,specific skills, or both and assigns them to entities with which the state has contracted fortraining services. The Commission also determines the specific fields in which training will beprovided through periodic assessments of employer needs across the state. For purposes of thisassessment, the state is divided into five regions. Training offerings are set for each region based onsurveys of employers’ current and expected needs. Contractors are responsible for a) providing individuals withthe general work skills, if needed (literacy, basic math, etc.) and b) providing all individualswith specific work skills (training in auto mechanics, typing, network administration, etc.).Contractors are also responsible for helping all trained individuals to obtain employment. Your firm uses a business process approach to internalauditing. A. Identify four key activities/processes involved in theoperations of the Commission (there are more than four). Prioritize them in terms of significance to theboard’s operations (1 = most significant, 4 = least significant). B. For the activity/process you ranked the most significant,identify and evaluate three risks. For each risk, identify a control that would help mitigate therisk. . . .

Solve Robotics Inc.is a U.S. company that reconfigures existing robots and sells them to U.S. manufacturers of computer circuit boards. One of their key suppliers isMiTacbased in Taiwan. On November 20, 2012Solve Robotics Inc.purchased 7,000 manufacturing arm robots fromMiTac for 29,000,000 TWD (New Taiwan Dollar). The agreed upon settlement date is January 15, 2013.Select Exchange Rate Data:Taiwan Dollar – Spot RateDirect Exchange Rate20-Nov-120.035531-Dec-120.037515-Jan-130.0365The initial transaction (November 20, 2012) is recorded below.DirectAmountCurrencyExchange RateNovember 20, 2012Purchased Robots29,000,000Taiwan Dollar$ 0.0355DateAccountDebitCreditNovember 20, 2012Purchas es$ 1,029,50029,000,000Accounts Payable$ 1,029,500$ 0.0355$ 1,029,500Q1. The purchasing clerk initially posted the entry using just two decimal places (.04). Why did the Solve Robotics Inc. C.F.O. require the clerk to correct the entry (correct entry above) and use the actual spot rate (.0355) on November 20th?Q2. What would the U.S. dollar amount been if the entry was not corrected? Show your work. Q3. The November 20, 2012 is defined as the __________________ date.Q4. Does Solve Robotics Inc. need to make an accounting entry at year-end (balance sheet date)? Explain why or why not. Include in your explanation the impact of the entry on the Income Statement (if any).DirectAmountCurrencyExchange RateDecember 31, 2012Adjust for currency gain/loss at fiscal year end29,000,000Taiwan Dollar$ 0.0375DateAccountDebitCreditAt 12/31/12At 11/20/12December 31, 2012Transaction Loss$ 58,00029,000,00029,000,000Accounts Payable$ 58,000$ 0.0375$ 0.0355$ 1,087,500$ 1,029,500The above entry was made at year-end.Q5. What is the year ending accounts payable balance (as related to the MiTac purchase)?The following entry was made on the settlement date.DirectAmountCurrencyExchange RateJanuary 15, 2013Settlement of transaction from 11/20/1229,000,000Taiwan Dollar$ 0.0365DateAccountDebitCreditAdj. A/P BalanceCash ImpactAt 12/31/12At 1/15/13January 15, 2013Accounts Payable$ 1,087,50029,000,00029,000,000Transaction Gain$ 29,000$ 0.0375$ 0.0365Cash$ 1,058,500$ 1,087,500$ 1,058,500Q6. What was the income statement impact in 2012? Q7. What was the income statement impact in 2013?Q8. Why or why not would you recommend Solve Robotics Inc. to hedge similar transactions in the future?

The following data relating to units shipped and total shipping expense have been assembled by Archer Company, a manufacturer of large, custom-built air-conditioning units for commercial buildings: Month Units
Shipped Total Shipping
Expense   January 10 $ 5,650           February 7 4,080           March 7 3,980       April 5 3,150           May 4 2,510           June 18 8,820         July 3 2,220         Required: 1. Estimate a cost formula for shipping expense using the high-low method. y= + x

       2. Not available in Connect. 3.

What factors, other than the number of units shipped, are likely to affect the company’s total shipping expense? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)      Weight of the units shipped Distance travelled Number of workers used to manufacture the goods shipped Size of the units shipped Fixed costs to produce the units

What are the basic steps in the recording process?View Solution:
What are the basic steps in the recording process