CLAA06H3 Lecture : Hermes.docx

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amaranthhyena37

30 Apr 2012

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God of crossroads and travellers: also god of thieves and merchants. Was a god of boarders and crossing them. God of delivering messages: he is the guide of the souls into the underworld. Identified with arge phontes: the killer of argos . Satyrs usually surround pan, dionysus: usually depicted as goat and male, represents male sexuality. Maia"s infant was clever a swindler, a robber, a liar, rustler of cattle, fast talker, burglar and cracker of safes . Zeus seduces nymph maia: son = hermes. In arcadia the birth occurs: surrounded by mountains ideal because it was protected from the sea (considered dangerous) Hermes became the protector of arcadia: he is protector of shepherds. Let me pick you up and take you inside, where i"m sure i can use you. You"ll be treated with all respect, since first you will benefit me. You"d be safer inside the house, for the outdoors is always a danger.

Related Questions

DSY Cable Inc. (the âCompanyâ), a publicly traded company,manufactures and sells coaxial and fiber-optical cable. DSY iscontemplating two separate transactions for which it is evaluatingthe appropriate revenue recognition.
Transaction 1
Loon Inc., a customer of DSY, has entered into a binding writtenagreement to purchase
1,000 feet of 18 American wire gage (AWG) cable for $3 per foot.Because Loon is
constructing a new warehouse, it is unable to take delivery of thecable and has requested
in writing that DSY store the cable in its warehouse untilconstruction of Loonâs warehouse
is completed. Loonâs warehouse will be completed three months fromthe time of purchase,
at which time Loon is required to take delivery of the cable. DSYstores 18 AWG cable in
10,000-foot spools (spools of cable are considered finished goodsand ready for shipment).
DSY will not physically segregate the cable that Loon willpurchase; rather, the Company
will designate the quantity in its inventory tracking system asâsold,â thereby preventing
the use of the cable to fulfill other customer orders. In otherwords, DSY will âvirtuallyâ
segregate the inventory. DSY and its auditors have concluded thefollowing with respect to
the arrangement with Loon:
ï· Risks of ownership of the cable have passed to Loon.
ï· Loon has a substantial business purpose for requesting DSY tohold the cable at its
warehouse (waiting on completion of the warehouse).
ï· DSY does not have additional performance obligations with respectto the cable
purchased by Loon.
DSY concluded that it is appropriate to recognize revenue forTransaction 1 before the date
on which Loon takes delivery of the 1,000 feet of 18 AWG coaxialcable.
Transaction 2
Fiber Communication Inc., a customer of DSY, entered into a bindingwritten agreement to
purchase 1,500 feet of fiber-optical cable for $3 per foot. FiberCommunicationâs shipping
terms are freight on board (FOB) shipping point, and DSY collectedpayment before the
order shipped. Title transfers upon delivery to the carrier, andFiber Communication will
insure the product while it is in transit. Instead of using athird-party shipper (e.g., FedEx,
2
UPS), DSY elected to use its own logistics subsidiary, TransNetInc.* to deliver the cable to
Fiber Communication Inc.
Requirements
1. Is it appropriate for DSY to recognize revenue associated withTransaction 1 before
the date on which Loon takes delivery of the 1,000 feet of 18 AWGcoaxial cable?
Identify and research the existing guidance on revenue recognition(i.e., NOT FASB
ASC 606). Based on your research and interpretation of theguidance, develop two
or more alternative accounting treatments and discuss thealternative that you
believe is most appropriate.
2. Is it appropriate to recognize revenue upon transfer of theinventory to the carrier
in Transaction 2? Identify and research the existing guidance onrevenue
recognition. Based on your research and interpretation of theguidance, develop two
or more alternative accounting treatments and discuss thealternative that you
believe is most appropriate.
3. The new revenue recognition guidance, FASB ASC 606, Revenue FromContracts
With Customers, provides five steps to recognizing revenue; step 5requires an
entity to ârecognize revenue when (or as) the entity satisfies aperformance
obligation.â Describe in general the key principles of this step(and any applicable
implementation guidance) that would be relevant to determining howto recognize
revenue for the transactions described in this case. Please bespecific when
discussing the sections of FASB ASC 606 that are relevant to therevenue recognition
issues discussed in requirements 1 and 2. Also, be sure tocompletely discuss how
the revenue recognition for requirements 1 and 2 would be thesimilar or different
under FASB ASC 606 compared to the existing guidance on revenuerecognition.

It's a quiz for my life science class.

QUESTION 1

Organisms that have descended from the same initial group and have the ability to interbreed belong to the same

	A.	species.
	B.	family.
	C.	class.
	D.	genus.
	E.	order.

5 points

QUESTION 2

The simplest entity that exhibits all of the properties of life is called a(n)

	A.	molecule.
	B.	cell.
	C.	organism.
	D.	tissue.

5 points

QUESTION 3

In populations, adaptation usually arises through

	A.	responsiveness.
	B.	heredity.
	C.	metabolism.
	D.	natural selection.
	E.	development.

5 points

QUESTION 4

Scientists have found that ancient fossils

	A.	are less similar to present-day organisms than more recent fossils.
	B.	are just as similar to present-day organisms as more recent fossils.
	C.	are more similar to present-day organisms than more recent fossils.
	D.	are very similar to present-day organisms.
	E.	bear no resemblance to present-day organisms.

5 points

QUESTION 5

What is the term that describes the study of the relationship between living things and components of their environment?

	A.	herpetology
	B.	analogy
	C.	zoology
	D.	ecology
	E.	ichnology

5 points

QUESTION 6

Characteristics usually associated with life include all of the following except:

	A.	motility.
	B.	a high degree of organization.
	C.	lack of change from generation to generation.
	D.	reproduction.
	E.	responsiveness to stimuli.

5 points

QUESTION 7

The scientific name for the black-footed ferret is Mustela nigripes. The name Mustela indicates the _____________________ to which the organisms belongs.

	A.	phylum
	B.	class
	C.	family
	D.	species
	E.	genus

5 points

QUESTION 8

Which of the following is considered to be the most basic living unit?

	A.	organ system
	B.	molecule
	C.	organelle
	D.	cell
	E.	tissue

5 points

QUESTION 9

Which of the following concepts best describes the wide variety of dog species we observe, ranging from the domesticated golden retriever or the basset hound, to the wild dogs of Africa, to foxes?

	A.	preadaptation
	B.	special creation
	C.	inheritance of acquired characteristics.
	D.	taxonomy
	E.	evolution

5 points

QUESTION 10

If an ecologist is studying the cycling of carbon through a particular environment (which involes the movement of carbon through living things as well as through rock, air, and water), the scientist is studying at what level of ecology?

	A.	organismal
	B.	community
	C.	ecosystem
	D.	population
	E.	biosphere

5 points

QUESTION 11

Which list is organized from smallest to largest level of organization of life?

	A.	organisms, organ systems, organs, tissues, cells, organelles
	B.	organelles, cells, tissues, organs, organ systems, organisms
	C.	organelles, tissues, cells, organ systems, organs, organisms
	D.	tissues, cells, organelles, organs, organ systems, organisms
	E.	cells, tissues, organ systems, organelles, organs, organisms

5 points

QUESTION 12

When examining the hierarchy of life, which of the following terms is most inclusive?

	A.	biosphere
	B.	population
	C.	species
	D.	ecosystem

5 points

QUESTION 13

The units of inheritance are

	A.	evolutions.
	B.	heredities.
	C.	genes
	D.	twins.
	E.	metabolic activities.

5 points

QUESTION 14

Organisms that undergo asexual reproduction

	A.	require another organism to reproduce.
	B.	are usually very complex.
	C.	produce offspring that are different from each other.
	D.	do not require energy to reproduce.
	E.	produce offspring that are identical to each other and to the parent.

5 points

QUESTION 15

All the living organisms in a particular area at a particular time make up a

	A.	biosphere.
	B.	community.
	C.	biosystem.
	D.	population.
	E.	ecosystem.

5 points

QUESTION 16

The first step in the scientific method is to

	A.	identify a problem.
	B.	predict the results of an experiment.
	C.	propose a solution.
	D.	draw a conclusion.
	E.	perform an experiment.

5 points

QUESTION 17

Young multicelled organisms usually start out small, then grow in size, and increase in complexity. This process is called:

	A.	heredity.
	B.	metabolism.
	C.	development.
	D.	evolution.
	E.	heredity.

5 points

QUESTION 18

To maintain order within their cells and organs, all living things must

	A.	carry on metabolism.
	B.	reproduce.
	C.	constantly change.
	D.	be able to move.
	E.	extract energy from sunlight.

5 points

QUESTION 19

Which of the following includes Highest levels of hierarchy?

	A.	family
	B.	phylum
	C.	domain
	D.	kingdom
	E.	order

5 points

QUESTION 20

Fungi are classified into which domain?

	A.	Archaea
	B.	Eukarya
	C.	Bacteria
	D.	Fungi

erinhare264

Analytical Data for Jones Manufacturing

	Prior Period 000 omitted	% of Sales	Current Period 000 omitted	% of Sales	% Change	Industry Average as % of Sales
Sales	$10,000	100	$11,000	100	10	100
Inventory	$2,000	20	$3,250	29.5	57.5	22.5
Cost of goods sold	$6,000	60	$6,050	55	0.83	59.5
Accounts payable	$1,200	12	$1,980	18	65	14.5
Sales commissions	$500	5	$550	5	10	N/A
Inventory turnover	6.3	â	4.2	â	(33)	5.85
Average number of days to collect	39	â	48	â	23	36
Employee turnover	5%	â	8%	â	60	4
Return on investment	14%	â	14.3%	â	2.1	13.8
Debt/Equity	35%	â	60%	â	71	30

Assume that the auditor expected that the clientâs performancein the current year would be similar to its performance in theprior year.

Select the potential risk factor that matches the risk analysisdescribed.

Accounts payable increase

Average number of days to collect

Cost of goods sold decrease

Debt/equity ratio

Employee turnover

Inventory increase

Inventory turnover

Return on investments

Risk Analysis		Potential Risk Indicator
a.	Has decreased by 33 percent. This points to and confirms theproblems identified by the increase in inventory and decrease incost of goods sold. There are substantial obsolescence problems,material items are not correctly recorded. Or the inventory hasbeen intentionally increased in anticipation of some unusual eventearly next year as mentioned in the accounts payable increase.


b.	This ratio has increased substantially and is double theindustry average. The company has become highly leveraged. Theincreased leverage has three implications the auditor ought toaddress: the existence of new debt covenants that ought to beaddressed as part of the audit; a potential problem of remaining agoing concern should there be a downturn in operations or asignificant increase in interest rates; there may be concern withhow the debt proceeds have been utilized by the company.


c.	The increase could reflect credit problems or other financingproblems. Such problems could make it difficult for the company tocarry out its on-going activities. It may simply reflect thepurchase of an unusual amount of inventory just beforeyear-end.


d.	This ratio has increased by 23 percent over the previous yearand is 33 percent above the industry average. The increase in theratio could represent a number of problems: less stringent creditstandards; warranty problems; unrecorded returned items or asignificant lag in issuing credit memos associated with returneditems.


e.	There is a substantial increase both in dollar terms and as apercentage of sales, which could indicate potential problems withnew products, with obsolescence, or with competitiveness with otherproducts. It may indicate an increase of just before year-end inanticipation of rise in cost, a strike, or unusually heavy demand.Could be overstated due to misstatements of quantities or prices.This could also affect the COGS change.


f.	This ratio does not indicate a problem. In fact, the companyexceeds the industry average. An alert auditor should wonderhowever, how the company is able to maintain a superior return whenthere are problems with inventory and receivables.


g.	Has decreased to 55 percent of sales at the same time inventoryhas increased. One explanation is that costs have not been bookedfor some significant sales. There may also be a change in productmix.


h.	This is more difficult to interpret, but there is a 60 percentincrease over previous years to a rate that is double that of theindustry. This might indicate problems with morale, qualitycontrol, or other dissatisfaction with the manner in which thecompany is being run.

CLAA06H3 Lecture : Hermes.docx

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