A cost report involves information about spending and expenditure on different activities of the business. Through this cost report, it is easy to inform the client and disclose the projected and actual costs of the project. And, it is useful to get information about the profitability of the project. Given Information: Person T got agreed to go along with reporting the favorable variance which is $21,000 for industrial engineering in the final report but the bill was not received yet. Therefore, it can mislead and exclude the final cost of the contract. This practice violated the credibility standard of the profession which is considered by the (IMA) Institute of Management Accountants Statement. Because the credibility standard of IMA requires that the management or other accountant professionals need to disclose all the relevant information. The acts of person T in response to the given situation.

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Answer 1

Question

Chapter 9, Problem 9.24C

To determine

Introduction: A cost report involves information about spending and expenditure on different activities of the business. Through this cost report, it is easy to inform the client and disclose the projected and actual costs of the project. And, it is useful to get information about the profitability of the project.

Given Information: Person T got agreed to go along with reporting the favorable variance which is $21,000 for industrial engineering in the final report but the bill was not received yet. Therefore, it can mislead and exclude the final cost of the contract. This practice violated the credibility standard of the profession which is considered by the (IMA) Institute of Management Accountants Statement. Because the credibility standard of IMA requires that the management or other accountant professionals need to disclose all the relevant information.

The acts of person T in response to the given situation.

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Answer 2

Question

Chapter 9, Problem 9.24C

To determine

Introduction: A cost report involves information about spending and expenditure on different activities of the business. Through this cost report, it is easy to inform the client and disclose the projected and actual costs of the project. And, it is useful to get information about the profitability of the project.

Given Information: Person T got agreed to go along with reporting the favorable variance which is $21,000 for industrial engineering in the final report but the bill was not received yet. Therefore, it can mislead and exclude the final cost of the contract. This practice violated the credibility standard of the profession which is considered by the (IMA) Institute of Management Accountants Statement. Because the credibility standard of IMA requires that the management or other accountant professionals need to disclose all the relevant information.

The acts of person T in response to the given situation.

Expert Solution & Answer

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Answer 3

Question

Chapter 9, Problem 9.24C

To determine

Introduction: A cost report involves information about spending and expenditure on different activities of the business. Through this cost report, it is easy to inform the client and disclose the projected and actual costs of the project. And, it is useful to get information about the profitability of the project.

Given Information: Person T got agreed to go along with reporting the favorable variance which is $21,000 for industrial engineering in the final report but the bill was not received yet. Therefore, it can mislead and exclude the final cost of the contract. This practice violated the credibility standard of the profession which is considered by the (IMA) Institute of Management Accountants Statement. Because the credibility standard of IMA requires that the management or other accountant professionals need to disclose all the relevant information.

The acts of person T in response to the given situation.

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Answer 4

Question

Chapter 9, Problem 9.24C

To determine

Introduction: A cost report involves information about spending and expenditure on different activities of the business. Through this cost report, it is easy to inform the client and disclose the projected and actual costs of the project. And, it is useful to get information about the profitability of the project.

Given Information: Person T got agreed to go along with reporting the favorable variance which is $21,000 for industrial engineering in the final report but the bill was not received yet. Therefore, it can mislead and exclude the final cost of the contract. This practice violated the credibility standard of the profession which is considered by the (IMA) Institute of Management Accountants Statement. Because the credibility standard of IMA requires that the management or other accountant professionals need to disclose all the relevant information.

The acts of person T in response to the given situation.

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Answer 5

Chapter 9, Problem 9.24C

To determine

Introduction: A cost report involves information about spending and expenditure on different activities of the business. Through this cost report, it is easy to inform the client and disclose the projected and actual costs of the project. And, it is useful to get information about the profitability of the project.

Given Information: Person T got agreed to go along with reporting the favorable variance which is $21,000 for industrial engineering in the final report but the bill was not received yet. Therefore, it can mislead and exclude the final cost of the contract. This practice violated the credibility standard of the profession which is considered by the (IMA) Institute of Management Accountants Statement. Because the credibility standard of IMA requires that the management or other accountant professionals need to disclose all the relevant information.

The acts of person T in response to the given situation.

Answer 6

Chapter 9, Problem 9.24C

To determine

Introduction: A cost report involves information about spending and expenditure on different activities of the business. Through this cost report, it is easy to inform the client and disclose the projected and actual costs of the project. And, it is useful to get information about the profitability of the project.

Given Information: Person T got agreed to go along with reporting the favorable variance which is $21,000 for industrial engineering in the final report but the bill was not received yet. Therefore, it can mislead and exclude the final cost of the contract. This practice violated the credibility standard of the profession which is considered by the (IMA) Institute of Management Accountants Statement. Because the credibility standard of IMA requires that the management or other accountant professionals need to disclose all the relevant information.

The acts of person T in response to the given situation.

Answer 7

Chapter 9, Problem 9.24C

To determine

Introduction: A cost report involves information about spending and expenditure on different activities of the business. Through this cost report, it is easy to inform the client and disclose the projected and actual costs of the project. And, it is useful to get information about the profitability of the project.

Given Information: Person T got agreed to go along with reporting the favorable variance which is $21,000 for industrial engineering in the final report but the bill was not received yet. Therefore, it can mislead and exclude the final cost of the contract. This practice violated the credibility standard of the profession which is considered by the (IMA) Institute of Management Accountants Statement. Because the credibility standard of IMA requires that the management or other accountant professionals need to disclose all the relevant information.

The acts of person T in response to the given situation.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 9 - Prob. 9.1Q Ch. 9 - Prob. 9.2Q Ch. 9 - Prob. 9.3Q Ch. 9 - Prob. 9.4Q Ch. 9 - Prob. 9.5Q Ch. 9 - Prob. 9.6Q Ch. 9 - Prob. 9.7Q Ch. 9 - Prob. 9.8Q Ch. 9 - Prob. 9.9Q Ch. 9 - Prob. 9.10Q

Solution Summary: The author explains that a cost report is useful to inform the client and get information about the profitability of the project. Person T's failure to disclose the entire information violated the credibility standard of IMA.

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Chapter 9 Solutions