题目内容
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The prices of the commodities are quite stable these years.
A. things
B. goods
C. article
D. wealth
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Hummingbird Scents Co (Hummingbird) manufactures and sells luxury toiletries; they have been trading for over 20 years and the company’s year end is 30 September 2014. Hummingbird sells products to trade customers via its own website; this represents 60% of revenue. Remaining revenue is generated by contracts to supply toiletries to hotels. Below is a description of the sales system.
Hotel revenue
The hotel revenue is made up of four key customers. Hummingbird has one sales clerk, Brenda, who maintains all aspects of this revenue stream; Brenda receives customer orders, raises sales invoices and processes payments. In raising invoices, the sales system automatically inserts the online trade customer prices for products. However, each hotel customer has contracted prices which are lower than the online prices and hence Brenda manually edits the invoices prior to despatch.
Online revenue
New trade customers are set up in the sales ledger master file upon passing suitable credit checks, and a credit limit is set at this stage by the finance director. Customers place online orders up to their pre-set credit limit; they receive an email confirmation and the sales order interfaces into the despatch system. The order number is linked to the customer account number. Goods are despatched daily with a goods despatched note which is referenced to the sales order number but are not sequentially numbered. Hummingbird used to despatch goods via a reliable national courier company. However, to reduce costs they have changed to a cheaper local courier and some orders have been delivered to customers late.
Trade customers’ sales invoices are automatically generated by the system on the day the online order is placed. The prices are inserted in accordance with the website rates. Occasionally Hummingbird makes special offers or discounts sales; when this occurs the master file data has to be amended to ensure that the correct prices are used on invoices. This task is usually performed by a senior sales ledger clerk.
Revenue and receivables records
On a monthly basis statements are sent to the hotel customers; a number of trade customers have been requesting monthly statements and Hummingbird is considering this request. The company only reconciles the sales ledger control account at the end of September in order to verify the year-end balance.
Required:
(a) As the external auditor of Hummingbird Co, write a report to management in respect of the sales system described above which:
(i) Identifies and explains SEVEN deficiencies in the sales system; and
(ii) Provides a recommendation to address each of these deficiencies.
A covering letter IS required.
Note: Up to two marks will be awarded within this requirement for presentation and the remaining marks will be split equally between each part. (16 marks)
(b) Describe substantive procedures the auditor should perform. to confirm Hummingbird Co’s revenue. (4 marks)
Hair Co manufactures three types of electrical goods for hair: curlers (C), straightening irons (S) and dryers (D.) The budgeted sales prices and volumes for the next year are as follows:
Each product is made using a different mix of the same materials and labour. Product S also uses new revolutionary technology for which the company obtained a ten-year patent two years ago. The budgeted sales volumes for all the products have been calculated by adding 10% to last year’s sales.
The standard cost card for each product is shown below.
Both skilled and unskilled labour costs are variable.
The general fixed overheads are expected to be $640,000 for the next year.
Required:
(a) Calculate the weighted average contribution to sales ratio for Hair Co.
Note: round all workings to 2 decimal places. (6 marks)
(b) Calculate the total break-even sales revenue for the next year for Hair Co.
Note: round all workings to 2 decimal places. (2 marks)
(c) Using the graph paper provided, draw a multi-product profit-volume (PV) chart showing clearly the profit/loss lines assuming:
(i) you are able to sell the products in order of the ones with the highest ranking contribution to sales ratios first; and
(ii) you sell the products in a constant mix.
Note: only one graph is required. (9 marks)
(d) Briefly comment on your findings in (c). (3 marks)
Despite the road improvements of the turnpike era(1790—1830), Americans continued as in colonial times to depend wherever possible on water routes for travel and transportation. The larger rivers, especially the Mississippi and the Ohio, became increasingly useful as steamboats grew in number and improved in design.
River boats carried to New Orleans the corn and other crops of northwestern farmers, the cotton and tobacco of southwestern planters. From New Orleans, ships took the cargoes on to eastern sea ports. Neither the farmers of the west nor the merchants of the east were completely satisfied with this pattern of trade. Farmers could get better prices for their crops if the alternative existed of sending them directly eastward to market, and merchants could sell larger quantities of their manufactured goods if these could be transported more directly and more economically to the west.
New waterways were needed. Sectional jealousies and constitutional scruples stood in the way of action by the federal government, and necessary expenditures were too great for private enterprise. If extensive canals were to be dug, the job would be up to the various states.
New York was the first to act. It had the natural advantage of a comparatively level route between the Hudson River and Lake Erie, through the only break in the Appalachian Mountain chain. Yet the engineering tasks were imposing. The distance was more than 350 miles, and there were ridges to cross and a wilderness of woods and swamps to penetrate. The Erie Canal, begun in 1817 and completed in 1825, was by far the greatest construction job that Americans had ever undertaken. It quickly proved a financial success as well. The prosperity of the Erie encouraged the state to enlarge its canal system by building several branches.
The range of the New York canal system was still further extended then the states of Ohio and Indiana, inspired by the success of the Erie Canal, provided water connections between Lake Erie and the Ohio River.
What does the passage suggest was the principal route for transporting crops to the east prior to 12？
A．River to road
B．Canal to river
C．River o ocean
D．Road to canal
The prices of the commodities are quite stable these years.
A．things
B．goods
C．article
D．wealth
A．The two prices were comparatively reasonable.
B．The two prices should be the same.
C．Comparatively speaking, the two prices were laughable.
