SMC203Y1 Final: SMC203 1/2 of the final exam terms

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ultramarinebat526

21 Apr 2012

School

UTSG

Department

St. Michael's College Courses

Course

SMC203Y1

Professor

Jessy P.

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Document Summary

1) john calvin- 1509-1564, originally catholic but converted to protestantism in his 20"s. Christian theologian that writes about various doctrinal issues within christianity. This is the belief that everything is pre-determined. Humans have fallen from god"s grace and they are sinful. Cannot be saved unless you live a virtuous and holy life. Calvinism is significant because it resulted in the spread of protestantism in geneva (1536). However, he also created a lot of conflict within the christian community for being a tyrant and he was expelled after two years. He later came back and won the right to excommunicate people and to also weed out. This movement is also significant because it shows the differing degrees of protestantism based on how strict it can be. Calvinism is one of the most disciplined sects. Good works and moral behavior is the center of religious life.

Related Questions

. The late Supreme Court JusticeAntonin Scalia argued that because courts are not electedrepresentative bodies, they have no business determining certaincr4itical social issues. He wrote:

Judges are selected precisely fortheir skill as lawyers; whether they reflect the policy views of aparticular constituency is not (or should not be) relevant. Notsurprisingly then, the Federal Judiciary is hardly a cross-sectionof America. Take, for example, this Court, which consists of onlynine men and women, all of them successful lawyers who studied atHarvard or Yale Law School. Four if the nine are natives of NewYork City. Eight of them grew up in east-and west-coast States.Only one hails from the vast expanse in-between. Not a singleSouth-westerner or even, to tell the truth, a genuine Westerner(California does not count.) Not a single evangelical Christian (agroup that comprises about one quarter of Americans), or even aProtestant of any denomination. To allow [an important socialissue] to be considered and resolved by a select, patrician, highlyunrepresentative panel of nine is to violate a principle even morefundamental than no taxation without representation: no socialtransformation without representation.

Do you agree?

scarletsalmon597

Audit standards require that successor auditors communicate withpredecessor auditors prior to accepting an engagement. Predecessorauditors, however, cannot share confidential client informationwithout the permission of the client. Once permission is granted,communication can begin and includes conversations about the clientto help the successor auditor determine if client acceptanceappears appropriate. For example, conversations will includediscussion about management integrity, any disagreements withmanagement, communication with those charged with governance, andthe reason for the auditor change. Smith Jones, CPA, was thepredecessor auditor for Awesome Adventures, Inc. Jones was toldthat the firm was terminated and Awesome Adventures was to retainRich Fortune, CPA. Rich Fortune contacted Smith Jones in order tohave a predecessor-successor conversation. Smith Jones indicatedthat Awesome Adventures was a long-time client of the firm and thatthe dispute which led to the termination of its servicessignificantly revolved around audit fees. Jones indicated thatmanagement put unusual time deadlines on the CPAs, and theysometimes felt rushed to complete the audit. 1. What step did RichFortune fail to perform? 2. Rich Fortune appears to have askedSmith Jones about management integrity, disagreements withmanagement, and the reason for the auditor change. What did RichFortune fail to ask Smith Jones? 3. What should Rich Fortune dowith the information about the unnecessary time pressure?

Danville Bottlers is a wholesale beverage company. Danville uses the FIFO inventory method to determine the cost of its ending inventory. Ending inventory quantities are determined by a physical count. For the fiscal year-end June 30, 2016, ending inventory was originally determined to be $3,265,000. However, on July 17, 2016, John Howard, the company's controller and a CPA, discovered an error in the ending inventory count. He determined that the correct ending inventory amount should be $2,600,000. Danville is a privately owned corporation with significant financing provided by a local bank. The bank requires annual audited financial statements as a condition of the loan. By July 17, the auditors had completed their review of the financial statements which are scheduled to be issued on July 25. They did not discover the inventory error. John's first reaction was to communicate his finding to the auditors and to revise the financial statements before they are issued. However, he knows that his and his fellow workers' profit-sharing plans are based on annual pretax earnings and that if he revises the statements, everyone's profit-sharing bonus will be significantly reduced.

1. Why will bonuses be negatively affected? What is the effect on pretax earnings?

2. What journal entry should be made in the current year to correct the prior year inventory error?

3. If the error is not corrected in the current year and is discovered by the auditors during the following year's audit, how will it be reported in the company's financial statements?

4. Discuss the ethical dilemma John Howard faces.

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SMC203Y1 Final: SMC203 1/2 of the final exam terms

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