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Question

•  A local engineering company has decided to buy fuel efficient used cars for its senior management team. Here are several vehicles for the Purchasing Department to consider with the estimated cost to purchase and the age of the vehicle.

• Copy this data into a spreadsheet, calculate the correlation coefficient, coefficient of determination, gradient, intercept and the regression equation. (5 marks)

 

• For the values that you have calculated in Q1a, explain what the correlation coefficient, gradient and the intercept represent for the purchasing department. (6 marks)

 

• Estimate the cost of a 5 year old and a 15 year old car using the regression equation. Have you any reservations regarding the costs obtained? (9 marks)

 

• Please produce and explain the scatter diagram based on the data above. (5 marks)

Solution

Purpose and key features of Alchimist's Financial Statements

Two other documents apart from the financial statements required for the Alchemist to become a public limited company are the 'Audit Report' of the last year as well as the 'Management Discussions'.

Auditor’s report happens to be an integral tool while reporting the finance related information to its users, especially to those who are in business.

Management's discussions are such documents which are clearly presented, have certain relevance, possess reliability and hence can be easily compared by the users of the information.

Cost of sales relating any retailer happens to be the merchandise cost showed in starting inventory in addition to the net merchandise purchased cost minus merchandise cost in the ending inventory. It doesn't include the selling expenses or the general as well as administrative expenses.

Overhead expenses include all such costs of income except for the direct labor, direct materials as well as the direct expenses. They constitute the accounting fees, legal, advertising, labor, rent, burden, insurance, repairs, legal, telephone bills, taxes, utilities as well as travel expenditures (Johnson, 1987).

Depreciation as well as amortization happens to the non-cash expense because of the fact that they are a current charge towards carrying amount concerning any fixed asset, created to further mitigate the recorded asset cost upon the useful life. While generating a budget concerning the cash flows, they normally are reduced from the expenses, henceforth implying that it does not impact the cash flows. On the contrary, depreciation possesses indirect effect upon the cash flow.

Depreciation as well as amortization happens to be the part under the capital expenditure. The disclosures concerning their adjustments provide the clue of the money spent in the current period. Furthermore, the recording becomes essential because it impacts a non-current investing asset. Therefore, it remains crucial to do the required adjustments (Miller, 1996).

Auditing & Corporate Governance

Any sound business needs well established systems as well as controls for an efficient operation. They also need to those for safeguarding their assets as well as to offer legitimate assurances about proper reporting including the completeness and accuracy of the financial statements. The stakeholders benefit by the external audit because the auditors do the assessment of the effectiveness concerning such controls for the purpose of preventing as well as mitigating the probable risk of the material misstatement within such areas where in the auditor desires to utilize those controls for the adjustment of nature, timing as well as the extent concerning their testing (Hermanson, 2003).

Usually any audit committee, in the capacity of a large independent body, would be assigned with the representation of the interest of the shareholders. Companies might not certainly possess the audit committee as well as such interchange might be dealt having an external audit committee. They usually remain responsible for manage the audit as well as performing the evaluation regarding the independence as well as performance related to auditors.

The aim for the separation of all the roles remains to bolster the board's independence as well as to unburden the CEO so that focus would be more upon running the firm rather than management of the board. It is definite that, if Michelle assumes the combined role of the CEO as well as the chairman, it would be difficult for her, managing the multitude of external forces, along with the regularly altering regulations.

Non-Executive Directors serve the board make sure that the board accomplish the statutory duties towards the firm, its legislators, its regulators as well as its stakeholders. They portray a highly significant role in the performance of the board by bringing complementary skills in addition to the already existing one upon getting to understand the problems of the firm, and offer outside objectivity, henceforth challenging the Executives thereby ensuring healthy debates concerning prime issues.

A sales director directs as well as oversees the policies, objectives as well as initiatives regarding sales within any organization. While deciding the annual package for somebody in the capacity of a sales director, multiple factors should be taken into consideration which includes the industry, size of the company, the location, and experience in years as well as the level of education received by him.

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