Case Revenue free essay sample

In looking over the past several years of quarterly earnings reports at the Home Security Division, she noticed that the first-quarter earnings were always poor, the second-quarter earnings were slightly better, the third-quarter earnings were again slightly better, and the fourth quarter always ended with a spectacular performance in which the Home Security Division managed to meet or exceed its target profit for the year. She also was concerned to find letters from the companys external auditors to top management warning about an unusual use of standard costs at the Home Security Division. When Ms. Cummins ran across these letters, she asked the assistant controller, Gary Farber, if he knew what was going on at the Home Security Division. Gary said that it was common knowledge in the company that the vice president in charge of the Home Security Division, Preston Lansing, had rigged the standards at his division in order to produce the same quarterly earnings pattern every year. According to company policy, variances are taken directly to the income statement as an adjustment to cost of goods sold. Favorable variances have the effect of increasing net operating income, and unfavorable variances have the effect of decreasing net operating income. Lansing had rigged the standards so that there were always large favorable variances. Company policy was a little vague about when these variances have to be reported on the divisional income statements. While the intent was clearly to recognize variances on the income statement in the period in which they arise, nothing in the companys accounting manuals actually explicitly required this. So for many years, Lansing had followed a practice of saving up the favorable variances and using them to create a nice smooth pattern of earnings growth in the first three quarters, followed by a big â€Å"Christmas present† of an extremely good fourth quarter. (Financial reporting regulations forbid carrying variances forward from one year to the next on the annual audited financial statements, so all of the variances must appear on the divisional income statement by the end of the year. ) Ms. Cummins was concerned about these indings and attempted to bring up the subject with the president of Merced Home Products but was told that â€Å"we all know what Lansings doing, but as long as he continues to turn in such good reports, dont bother him. † When Ms. Cummins asked if the board of directors was aware of the situation, the president somewhat testily replied, â€Å"Of course they are aware. † Required: * 1. How did Preston Lansing probably â€Å"rig† th e standard costs—are the standards set too high or too low? Explain. * 2. Should Preston Lansing be permitted to continue his practice of managing reported earnings? 3. What should Stacy Cummins do in this situation? Accounting queston how to rig standard cost for favorable variances? Here is my question, A VP of a company is rigging standard cost each year to show a large favorable variance. How does he do that? In the first quarter earnings are poor, a little better in second and third quarter and really great in the fourth quarter. How is he doing this? * 3 years ago * Report Abuse Additional Details the vice president had rigged the standards at his division in order to produce the same quarterly earnings pattern every year. According to company policy, variances are taken directly to the income statement as an adjustment to cost of goods sold. Lansing had rigged the standards so that there were always large favorable variances. How did Preston Lansing probably â€Å"rig† the standard costs – are the standards set too high to too low? Explain. Thanks for any help.. this is all the information I have. 3 years ago by Daniel Member since: June 19, 2009 Total points: 426 (Level 2) * Add Contact * Block Best Answer Chosen by Voters The standards are set too high. When the products are run at a lower cost than the standard, then this produces a favorable variance. The COGS and variance should net to the correct cost though (this is the reason the system creates the variance). The bigger problem here is that any inventory is likely to be overvalued because of wrong standards. Finished goods inventory is valued at the standard cost. So if there is a lot of inventory at an inflated cost, then the COGS is being reduced on the income statement too much because of this. If the inventory were to be revalued at its correct standard cost, there would be a large expense to the income statement. I would say he has been building inventory, more and more each quarter. Source(s): www. cost-accounting-info. com Standards Rigging Standards Case 10-27 /Rigging Standards 1) How did Preston Lansing Probably ‘rig’ the standard costs-are the standards set too high or too low? Explain The standards are set too high. When the products are run at a lower cost than the standard, then this produces a favorable variance. The cost of goods sold and variance should net to the correct cost though and this is the reason the system creates the variance. Lansing set a loose standard which the standard quantities and standard price are high, flowing this situation favorable variances will ordinarily result from operations. When the standard cost set artificially high, the standard cost of goods sold also will be artificially high, and then the division’s net operating income will be depressed until the favorable variances are recognized. If Lansing saves the favorable variances, he can release just enough in the second and third quarters to show some improvement and then he can release all of the rest in the last quarter, by creating Is this essay helpful? Join OPPapers to read more and access more than 650,000 just like it! get better grades the annual Christmas present. The problem is any inventory is to be overvalued because of wrong standards. Finished goods inventory is valued at the standard cost. If there is a lot of inventory at an inflated cost, then the cost of goods sold is being reduced on the income statement too much because of this. If the inventory were to be revalued at its correct standard cost, there would be a large expense to the income statement. It is better to build a inventory each quarter. ) Should Preston Lansing be permitted to continue his practice of managing reported earning? He should not permit to continue this practice, because it distorts the quarterly earnings for both the division and the company. The distortions of the division’s quarterly earnings are troubling because the manipulations may mask real signs of trouble and it may mislead external users of the financial statements. Lansing sho uld not be rewarded for manipulating earnings because the permissive attitude of top Posting 2 CASE 9–26 Ethics and the Manager [LO3] Lance Prating is the controller of the Colorado Springs manufacturing facility of Prudhom Enterprises, Inc. The annual cost control report is one of the many reports that must be filed with corporate headquarters and is due at corporate headquarters shortly after the beginning of the New Year. Prating does not like putting work off to the last minute, so just before Christmas he prepared a preliminary draft of the cost control report. Some adjustments would later be required for transactions that occur between Christmas and New Years Day. A copy of the preliminary draft report, which Prating completed on December 21, follows: Tab Kapp, the general manager at the Colorado Springs facility, asked to see a copy of the preliminary draft report. Prating carried a copy of the report to Kapps office where the following discussion took place: * Kapp: Wow! Almost all of the variances on the report are unfavorable. The only favorable variances are for supervisory salaries and industrial engineering. How did we have an unfavorable variance for depreciation? * Prating: Do you remember that milling machine that broke down because the wrong lubricant was used by the achine operator? * Kapp: Yes. Prating: We couldnt fix it. We had to scrap the machine and buy a new one. Kapp: This report doesnt look good. I was raked over the coals last year when we had just a few unfavorable variances. * Prating: Im afraid the final report is going to look even worse * Kapp: Oh? Prating: The line item for industrial engineering on the report is for work we hired Sanchez Engineering to do for us. The original contract was for $160,000, but we asked them to do some additional work that was not in the contract. We have to reimburse Sanchez Engineering for the costs of that additional work. The $154,000 in actual costs that appears on the preliminary draft report reflects only their billings up through December 21. The last bill they had sent us was on November 28, and they completed the project just last week. Yesterday I got a call from Mary Jurney over at Sanchez and she said they would be sending us a final bill for the project before the end of the year. The total bill, including the reimbursements for the additional work, is going to be†¦Kapp: I am not sure I want to hear this. * Prating: $176,000Kapp: Ouch! Prating: The additional work added $16,000 to the cost of the project.

Taming Of The Shrew Essays (972 words) - The Taming Of The Shrew

Taming Of The Shrew The Taming Of The Shrew by William Shakespeare is probably one of Shakespeare's earliest comedies. Its plot is derived from the popular 'war of the sexes' theme in which males and females are pitted against one another for dominance in marriage. The play begins with an induction in which a drunkard, Christopher Sly, is fooled into believing he is a king and has a play performed for him. The play he watches is what constitutes the main body of The Taming Of The Shrew. In it, a wealthy land owner, Baptista Minola, attempts to have his two daughters married. One is very shrewish, Katherine, while the other is the beautiful and gentle Bianca. In order to ensure Katherine is married, Baptista disallows Bianca to be espoused until Katherine is wed, forcing the many suitors to Bianca to find a mate for Katherine in order for them to vie for Bianca's love. Many critics of the play condemn it for the blatant sexist attitude it has toward women but closer examination of the play and the intricacies of its structure reveal that it is not merely a story of how men should 'put women in their place'. The play is, in fact, a comedy about an assertive woman coping with how she is expected to act in the society of the late sixteenth century and of how one must obey the unwritten rules of a society to be accepted in it. Although the play ends with her outwardly conforming to the norms of society, this is in action only, not in mind. Although she assumes the role of the obedient wife, inwardly she still retains her assertiveness. Most of the play's humour comes from the way in which characters create false realities by disguising themselves as other people, a device first introduced in the induction. Initially this is accomplished by having Christopher Sly believe he is someone he is not and then by having the main play performed for him. By putting The Taming Of The Shrew in a 'play within a play' structure, Shakespeare immediately lets the audience know that the play is not real thus making all events in the play false realities. Almost all characters in the play take on identities other than their own at some point of time during the play. Sly as a king, Tranio as Lucentio, Lucentio as Cambio, Hortensio as Litio and the pedant as Vicentio are all examples of this. Another example of this is Katherine as an obedient wife. In The Taming Of The Shrew, courtship and marriage are not so much the result of love but rather an institution of society that people are expected to take part in. As a result of the removal of romance from marriage, suitors are judged, not by their love for a woman, but by how well they can provide for her. All suitors compare the dowry each can bring to the marriage and the one with the most to offer 'wins' the woman's hand in marriage. This competition for marriage is like a game to the characters of the play. While discussing the courtship of Bianca with Gremio, Hortensio says "He that runs fastest gets\ The ring" (Act I, scene i, l. 140-141) likening receiving permission to wed Bianca to winning a race. In the game, however, women are treated like objects that can be bought and sold rather than as human beings. This is expected since the society is a patriarchal one. For example, Lucentio, Tranio and Petruchio are all defined with reference to their fathers and all the elderly authority figures, like Baptista and Vicentio, are men. The taming of Katherine is not a women's shrewishness being cured as much as it is a woman being taught the rules of the 'patriarchal game'. Katherine has learned how to be assertive and with this knowledge is able to control men, and a woman controlling a man is considered 'against the rules' of the game. The play ends with Katherine proving that she is truly cured of her 'shrewishness' and is the most obedient of the three newlywed wives at the end of the play. This is demonstrated in her soliloquy when she lectures the other wives on the proper way in which a woman should behave: I am ashamed that women are so simple To offer war where they should kneel for peace, Or seek rule, supremacy, and sway, When they are bound to serve, love, and obey. (Act V, scene ii,

The Fall of Rome

The Fall of Rome From its early days as a monarchy, through the Republic and the Roman Empire, Rome lasted a millennium ... or two. Those who opt for two millennia date the Fall of Rome to 1453 when the Ottoman Turks took Byzantium (Constantinople). Those who opt for one millennium, agree with Roman historian Edward Gibbon. Edward Gibbon dated the Fall to September 4, A.D. 476 when a so-called barbarian named Odoacer (a Germanic leader in the Roman army), deposed the last western Roman emperor, Romulus Augustulus, who was probably partly of Germanic ancestry. Odoacer considered Romulus so paltry a threat he didnt even bother to assassinate him, but sent him into retirement.* The Roman Empire Lasted Beyond the Fall The Byzantine Emperor vs. the Western Emperor:  At the time of the coup and for the two preceding centuries, there had been two emperors of Rome. One lived in the east, usually in Constantinople (Byzantium). The other lived in the west, usually somewhere in Italy, although not necessarily the city of Rome. The emperor whom Odoacer deposed had lived in Ravenna, Italy. Afterwards, there was still one Roman emperor, Zeno, who lived in Constantinople. Odoacer became the first barbarian king of the western empire.The Roman People Lived On:  While this bloodless coup in 476 is a frequently accepted date for the Fall of Rome and the beginning of the Middle Ages, it was not, at the time, a major turning point. Many events and tendencies led up to it and there were many people who continued to think of themselves and who continue to be thought of as Romans.Europes Kingdoms (From the Ashes of the Roman Empire): The following resources relate to the end of the Roman Empire and the Fall of R ome. This includes theories about the Fall of Rome (including lead) and several of the Roman emperors whose actions hastened the end of the Roman Empire in the West. There is a section with information on important men whose origins were far from the city of Rome. Causes of the Fall of Rome Theories on the Fall of Rome Non-Romans Who Impacted the Fall of Rome GothsGoths Origins?Michael Kulikowsky explains why Jordanes, our main source on the Goths, who is himself considered a Goth, should not be trusted.AttilaProfile of Attila, who is known as the Scourge of God.The HunsIn the revised edition of The Huns, E. A. Thompson raises questions about the military genius of Attila the Hun.IllyriaDescendants of the early settlers of the Balkans came into conflict with the Roman Empire.JordanesJordanes, himself a Goth, abridged a lost history of the Goths by Cassiodorus.OdoacerThe barbarian who deposed the emperor of Rome.Sons of NubelSons of Nubel and the Gildonic WarIf the sons of Nubel hadnt been so eager to do away with one another, Africa might have become independent of Rome.StilichoBecause of personal ambition, Praetorian Prefect Rufinus prevented Stilicho from destroying Alaric and the Goths when they had a chance.AlaricAlaric TimelineAlaric didnt want to sack Rome, but he did want a place for his Goths to stay and a suitable title within th e Roman Empire. Although he didnt live to see it, the Goths received the first autonomous kingdom within the Roman Empire. Rome and Romans Fall of Rome Books:  Recommended reading for a modern perspective on the reasons for the fall of Rome.End of the Republic:  Content related to the men and events from the Gracchi and Marius through the turbulent years between Julius Caesars assassination and the start of the principate under Augustus.Why Rome Fell:  476 CE, the date Gibbon used for the fall of Rome based on the fact that it was then that Odoacer deposed the emperor of Rome, is controversial- as are the reasons for the fall.Roman Emperors Leading to the Fall:  You could say Rome was on the verge of falling from the time of its first emperor or you could say Rome fell in 476 CE or 1453, or even that it hasnt yet fallen.   End of the Republic *I think its relevant to point out that the last king of Rome was also not assassinated, but merely expelled. Although ex-king Tarquinius Superbus (Tarquin the Proud) and his Etruscan allies tried to get the throne back by warlike means, Tarquins actual deposition was bloodless, according to the legends the Romans told about themselves.

Sojourner Truth Quotes

Sojourner Truth Quotes Sojourner Truth was born a slave and became a popular spokesperson for abolition, womens rights, and temperance. A history-maker from the start - she was the first black woman to win a court case against a white man when she won custody of her son after running away - she became one of the eras best known figures. Her famous Aint I a Woman? speech is known in several variants, because Sojourner Truth herself did not write it down; all copies of the speech come from secondhand sources at best. It was delivered at the Womens Convention in Akron, Ohio on May 29, 1851, and was first published in the Anti-Slavery Bugle on June 21, 1851. Truths public life and remarks contained many quotations that have endured throughout time. Selected Sojourner Truth Quotations And aint I a woman?There is a great stir about colored men getting their rights, but not a word about the colored women; and if colored men get their rights, and not colored women theirs, you see the colored men will be masters over the women, and it will be just as bad as it was before. So I am for keeping the thing going while things are stirring; because if we wait till it is still, it will take a great while to get it going again. Equal Rights Convention, New York, 1867It is the mind that makes the body.If the first woman God ever made was strong enough to turn the world upside down all alone, these women together ought to be able to turn it back, and get it right side up again! And now they is asking to do it, the men better let them.Truth burns up error.Where did your Christ come from? From God and a woman! Man had nothing to do with Him.Religion without humanity is poor human stuff. Two Versions, One Speech Truths most famous speech, Aint I A Woman, was passed down through history in a decidedly different version than the one she originally delivered. During the American Civil War, her remarks regained popularity and was republished in 1863 by Frances Dana Barker Gage. This version was translated into a stereotypical dialect of slaves from the South, whereas Truth herself was raised in New York and spoke Dutch as a first language. Gage also embellished Truths original remarks, exaggerating claims (for instance, claiming that Truth had had thirteen children when the real Truth had five). Gages version includes a framing device depicting a hostile crowd won over by Truths almost miraculous speech. It also contrasts the regular English spoken by bystanders with the heavy dialect of Gages version of Truth: Dat man ober dar say dat womin needs to be helped into carriages, and lifted ober ditches, and to hab de best place everywhar. Nobody eber helps me into carriages, or ober mud-puddles, or gibs me any best place! And raising herself to her full height, and her voice to a pitch like rolling thunders, she asked And ant I a woman? Look at me! Look at me! Look at my arm! (and she bared her right arm to the shoulder, showing her tremendous muscular power). I have ploughed, and planted, and gathered into barns, and no man could head me! And ant I a woman? I could work as much and eat as much as a man - when I could get it - and bear de lash a well! And ant I a woman? I have borne thirteen chilern, and seen em mos all sold off to slavery, and when I cried out with my mothers grief, none but Jesus heard me! And ant I a woman?  Ã‚   In contrast, the original transcription, written down by Marius Robinson (who attended the convention where Truth spoke), depicts Truth as speaking standard American English, without markers of an accent or dialect. The same passage reads: I want to say a few words about this matter. I am a womans rights. I have as much muscle as any man, and can do as much work as any man. I have plowed and reaped and husked and chopped and mowed, and can any man do more than that? I have heard much about the sexes being equal. I can carry as much as any man, and can eat as much too, if I can get it. I am as strong as any man that is now. As for intellect, all I can say is, if a woman have a pint, and a man a quart – why cant she have her little pint full? You need not be afraid to give us our rights for fear we will take too much, – for we cant take more than our pintll hold. The poor men seems to be all in confusion, and dont know what to do. Why children, if you have womans rights, give it to her and you will feel better. You will have your own rights, and they wont be so much trouble. I cant read, but I can hear. I have heard the Bible and have learned that Eve caused man to sin. Well, if woman upset the world, do gi ve her a chance to set it right side up again. Sources History of Woman Suffrage, ed.  Elizabeth Cady Stanton,  Susan B. Anthony, and  Matilda Joslyn Gage, 2nd ed., Rochester, NY: 1889.Mabee, Carleton, and Susan Mabee Newhouse.  Sojourner Truth: Slave, Prophet, Legend. NYU Press, 1995.

Answering 10 questions regarding the Greeks from myth to reason Assignment

Answering 10 questions regarding the Greeks from myth to reason - Assignment Example The Greek political life demonstrates the best features of freedom through the perception that democracy can be considered a civic freedom, whereby there is direct participation of citizens. However, Greek political life demonstrates the best features of freedom through a requisite idea that freedom depends on restraining powers of the government. In this case, the capability of these reasons is related to the development of constitutionalism, while the limitation is the decline of civil freedom. Most of the Greek political experience was borrowed by the western worlds through the interaction related to trade, thereby making the political experience substantial to the western world in order for them to shape their political system in a way that could foster democracy. The process commenced when some thinkers rejected mythical explanations for the natural phenomena, whereby they broke the mythopoetic perception of the Near East, and conceived a new way of viewing the nature and society that was based on the western scientific philosophical traditions (Marvin, Chase, Jacob, and Jacob, 74). The Sophists and Socrates advanced the tradition of reason and humanism through the standards of living at the early stages, due to an obligation of banding themselves together into communities that had moral standards and laws. Both Plato and Aristotle were considered the greatest Greeks-Socrates, and they also shared philosophical attitudes such as scepticism, and a mistrust of possibility of absolute knowledge. Moreover, both of them applied this skepticism in their life to foster the rise of moral and political philosophy in Greece in an atmosphere of scepticism. However, unlike Aristotle, Plato was more positive, and he reproduced his master’s teachings and decided to carry them to a stage further. The Greek drama, art and historiography contributed to the tradition of reason and humanism through the

Summary of the six main charcters in the poisonwood bible Essay

Summary of the six main charcters in the poisonwood bible - Essay Example He refused to let his family migrate from Kilanga at a time when whites were facing persecutions, putting the family through fear of persecution and psychological torture. She is wife to Nathan. She is protective. Her detailed actions include ensuring that the family is safe from harm, both from illnesses or hostilities. By being protective, she appears to put the interests of her family before her own. She is also realistic. Despite not having accomplished their mission in the Congo, she assessed the situation rightly and recognized the danger that their being there posed. She responded by requesting her husband to return with the family to Mississippi, a request that he severally denied. She is also cognizant of the misgivings of her husband’s mission and the missions of other whites in the Congo. She is the eldest daughter of Nathan and Orleanna. She is truculent by character. She confronted the request to marry Tata Ndu the chief by throwing a fit. She is also depicted as being selfish. She is involved in a relationship with a mercenary whose intentions are clear to her – overthrow the government to gain access to resources. She continued her relationship with Axelroot despite knowing his evil role, so her family could move from the Congo. She is also daughter to Nathan. She is shown as a tolerant individual. Despite her racial background and interactions with white suitors, she chose to marry Anatole, the black teacher. She is realistic. Leah is able to recognize the fact that political, economic and racial injustices are occurring in the Congo, and remains sensitive to them. She is twins with Leah, and unwilling to speak. She is intelligent. She participated in high-level research on deadly diseases, including ebola and AIDS. She initially suffers an inferiority complex. In the beginning, before she could recover from her handicap, she feels

Road to Independence Revolution Essay Example for Free

Road to Independence Revolution Essay â€Å"War is when the government tells you who the bad guy is. Revolution is when you decide for yourself.†(Unknown) In the case of the American Revolution, the colonists decided for themselves and truly believed in the cause. The Colonists knew that â€Å"change† had to take place because of the unfair treatment they experienced. The American Revolution was a time where Colonists fought for what they believed in, independence, and when they broke away from England. Boycotts, holding Congresses, and forming patriotic groups were the three most effective actions Colonists took, that led to the American Revolution. The boycotts were an effective action the Colonists took, leading up to the Revolution. During the boycotts, Colonists refused to buy British and European goods in order to protest against the British acts. Aware of the growing opposition, Parliament repealed all the Townshend Acts, except the one on tea. As a result, Colonists ended their boycotts, and started to trade with British merchants again. Few years later, the Continental Congress decided to boycott all British goods and trade. No British product could be brought into or consumed in the colonies, and no colonial goods could be shipped to Britain. To protest the Stamp Act, thousands of Americans refused to buy British and European goods. They also signed nonimportation agreements in which they pledged not to buy or use goods imported from Britain. As a result of boycotts, the Parliament canceled the remaining acts. In addition to the boycotts, Colonists also formed Congresses. Debating Proposals at the Continental Congresses led to the American Revolution. The colonial leaders need to unify the colonies against the British policies, led to the formation of congresses. The first congress was the Stamp Act Congress, assembled in October 1765. The Stamp Act placed tax on almost all printed materials in the colonies everything from newspapers and pamphlets to wills and playing cards. All printed materials had to have a stamp, which was applied by British officials. In October representatives from nine colonies met in New York at the Stamp Act Congress. They sent a petition to the king declaring that only colonial institutes shoul d be allowed to apply taxes. In March 1766, Parliament gave in to the colonists’ demands and repealed the Stamp Act. In September 1774, 55 men sent as delegates from all colonies except Georgia, to the city of Philadelphia for the First Continental Congress. These men had come to establish a political body to represent American interests and challenge British control. In this Congress, the delegates called to repeal 13 acts stating they violate the colonists rights. In addition, they voted to boycott all British goods and trade. One major decision was to endorse the Suffolk Resolves, which called the people of Suffolk Country, Massachusetts to fight against the redcoats. These armed groups were called militias. On May 10 1775, the Second Continental Congress assembled. That was the first Congress in which independence was discussed. It authorized the printing of money, and set up a post office. It also established committees to communicate with Native Americans and with other countries. Most important, the Congress created the Continental Army to fight against Britain in a more organized way than t he colonial militias did. The Congress chose George Washington to be the Army’s commander. The Second Continental Congress began to govern the colonies. King George III refused to receive the Olive Branch Petition a formal request; it assured the king of the colonists desire for peace. In addition to Congresses, colonists also formed patriotic groups to fight against Britain. Forming patriotic groups was an effective action that led to the American Revolution. Patriots formed two groups to fight against the redcoats, the Committees of Correspondence and the Sons of Liberty. The Son of Liberty was formed to protest the Stamp Act. In 1772, Samuel Adams formed the Committees of Correspondence to form communication between colonies of bad acts by British troops. The Committees of Correspondence spread throughout the colonies, bringing together protesters from all over the colonies. It also circulated writings about British injustice. Colonial leaders used news of the killing in the Boson Massacre as propaganda information designed to influence opinion -against British. As time went by, the group grew much larger than the nine people it started out with. The forming of patriotic groups helped to fight against the redcoats. These patriotic groups, like the Liberty, made Britain colonial officials nervous. Forming these patriotic groups was a major step in gaining Independence. Boycotts, holding Congresses, and forming patriotic groups were the three most effective actions Colonists took leading up to the American Revolution. The Boycotts were an effective action the Colonists took, leading up to the Revolution. Debating Proposals at the Continental Congresses led to the American Revolution. Forming patriotic groups was an effective action that led to the American Revolution. A spirit of Independence became obvious early in the history of the American people. Far from the established rules and limitations they had faced in their home countries, the new settlers began to make their own laws and develop their own ways of doing things.