RLG100Y1 Lecture : Notes on Faith Without Fear Film

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12 Dec 2010

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Faith without fear irshad manji: speaking out against injustice, using the beauty of islam to speak out, creator and conscious, she believes that islam has become corrupted by muslims, past = violence & silence of present history. Jihad sees muhammad as their role model and views westerners today as the pagans of before- who were against muhammad"s followers who had to fight . Islamic extremism prophet said that women were the cause of division among men thus they need to be conservative so that they could be controlled.

Related Questions

Ollie Mace has recently been appointed controller of S. Dilley & Company, a family-owned manufacturing firm founded 28 years ago. The firm manufactures automotive parts. Its four major operating divisions are heat treating, extruding, small parts stamping, and machining. Last year's sales from each division ranged from $150,000 to over $3,000,000. Each division is physically and managerially independent, except for the constant surveillance of S. Dilley, the firm's founder.

The AIS for each division has evolved according to its needs and the abilities of its accounting staff. Mace is the first controller in the firm's history to have responsibility for overall financial management. Dilley expects to retire in a few years and wants Mace to improve the AIS before he retires so that it will be easier to monitor performance in each division. Mace decides to redesign the financial reporting system to include the following features:

1. It should give managers uniform, timely, and accurate reports of business activity. Monthly reports should be uniform across divisions and be completed by the fifth of the following month to provide enough time to take corrective actions to affect the next month's performance. Company-wide financial reports should be available at the same time.

2. Reports should provide a basis for measuring the return on investment for each division. Thus, in addition to revenue and expense accounts, reports should show assets assigned to each division.

3. The system should generate meaningful budget data for planning and decision making purposes. Budgets should reflect managerial responsibility and show costs for major product groups.

Mace believes that a new chart of accounts is required to accomplish these goals. He wants to divide asset accounts into six major categories, such as current assets and plant and equipment. He does not foresee a need for more than 10 control accounts within each of these categories. From his observations to date, 100 subsidiary accounts are more than adequate for each control account.

No division now has more than five major product groups. Mace foresees a maximum of six cost centers within any product group, including both the operating and non-operating groups. He views general divisional costs as a non-revenue- producing product group. Altogether, Mace estimates that approximately 44 expense accounts plus 12 specific variance accounts would be adequate.

Required:

The question aks to Design a chart of accounts for S. Dilley & Company. Explain how you structured the chart of accounts to meet the company's needs and operating characteristics. Keep total account code length to a minimum, while still satisfying all of Mace's desires.

Raddington Industries producestool-and-die machinery for various manufacturers. Two years ago,the company expanded vertically by acquiring Regis Steel Company,one of its suppliers of alloy steel plates. In order to manage thetwo separate businesses, the operations of Regis Steel are reportedseparately as an investment center.

Raddington monitors its divisions onthe basis of both unit contribution and return on averageinvestment (ROI), with the investment defined as average operatingassets used. Raddington has a policy of basing all employee bonuseson divisional ROI. All investments in operating assets are expectedto earn a minimum return of 11 percent before income taxes.

Regisâs cost of goods sold isconsidered to be entirely variable, whereas the divisionâsadministrative expenses are not dependent on volume. Sellingexpenses are a mixed cost, with 40 percent attributed to salesvolume. Over the last two years, Regisâs ROI has ranged from 11.8percent to 14.7 percent. During the fiscal year ended November 30,2012, Regis contemplated a capital acquisition with an estimatedROI of 11.5 percent; however, division management decided againstthe investment because it believed that the investment woulddecrease Regisâs overall ROI.

The 2012 income statement for Regis ispresented next. The divisionâs operating assets were $15,750,000 onNovember 30, 2012, a 5 percent increase over the 2011 year-endbalance.

Regis Steel Division OperatingStatement For the Year Ended November 30, 2012 ($000 omitted)
Sales revenue	$25,000
Cost of goods sold	16,500
Gross profit	$ 8,500
Administrative expenses	3,955
Selling expenses	2,700
Income from operations before incometaxes	$ 1,845

Required

A.Calculate the unit contribution for Regis Steel Division if1,484,000 units were produced and sold during the year endedNovember 30, 2012.

B.Calculate the return on investment (ROI) for Regis SteelDivision for 2012.

C.Calculate the residual income, using the average operatingassets employed, for 2012 for Regis Steel Division.

D.Explain why the management of Regis Steel Division would havebeen more likely to accept the contemplated acquisition if residualincome rather than ROI were used as a performance measure.

E.Regis Steel Division is a separate investment center withinRaddington Industries. Identify several items that Regis Steelshould control if it is to be evaluated fairly by either the ROI orthe residual income performance measure.

ETHICAL DILEMMA

The management of the Auto Parts Division of the SantanaCorporation receives a bonus if the division's income achieves aspecific target. For 2013 the target will be achieved by a widemargin. Mary Beth Williams, the controller of the division, hasbeen asked by Philip Stanton, the head of the division's managementteam, to try to reduce this year's income and "bank" some of theprofits for future years. Mary Beth suggests that the division'sbad debt expense as a percentage of net credit sales for 2013 beincreased from 3% to 5%. She believes that 3% is the more accurateestimate but knows that both the corporation's internal auditors aswell as the external auditors allow some flexibility when estimatesare involved.

Presented below is a sequence of steps that provide a frameworkfor analyzing ethical issues. These steps can help you apply yourown sense of right and wrong to ethical dilemmas.

Step 1: Determine the facts of the situation. This involvesdetermining the who, what, where, when, and how.

Step 2: Identify the ethical issue and the stakeholders.Stakeholders may include shareholders, creditors, management,employees, and the community.

Step 3: Identify the values related to the situation. Forexample, in some situations confidentiality may be an importantvalue that may conflict with the right to know.

Step 4: Specify the alternative courses of action.

Step 5: Evaluate the courses of action specified in step 4 interms of their consistency with the values identified in step 3.This step may or may not lead to a suggested course of action.

Step 6: Identify the consequences of each possible course ofaction. If step 5 does not provide a course of action, assess theconsequences of each possible course of action for all of thestakeholders involved.

Step 7: Make your decision and take any indicated action.

RLG100Y1 Lecture : Notes on Faith Without Fear Film

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