Q11. It would be better if all companies in the World used the same accounting principles. What are the reasons for the existence of national differences in accounting practices? Explain. Q12. Explain the broad objectives for accounting disclosure systems in investor-oriented capital markets and list out the issues involved in corporate governance. Q13. Yang Yang Corporation, the Chinese affiliate of a U.S manufacturer, has the balance sheet shown below: Assets CYN Liabilities and Stockholders Equity CYN Cash 7,000 Accounts Payable 23,000 Accounts Receivable 16,000 Long Term Debt 29,000 Inventories 24,000 Stockholders Equity 36,000 Fixed Assets net 41,000 ___ Total Assets 88,000 Total Liabilities and Stockholders Equity 88,000 The current exchange rate is $0.3 = CYN1. Required: If Chinese Yuan depreciated by 20%, what would be the translation effects under temporal method? Q14. Al Hind Corporation manufactures a product that is marketed in North America and Asia. Its total manufacturing cost to produce 1,000 units of product X is 23,000 detailed as follows: Raw materials 5,000 Direct labour 10,000 Overhead 8,000 Total 23,000 The Company bases its selling price on a cost-plus formula. Required: a) What would be Al Hind Corporations selling price per unit if it wants a gross profit of 50 percent above cost? (1.5 Mark) b) Al Hind Corporation wants to be price competitive on an international basis. To accomplish this, it must be able to price its product no higher than $27.50. Using the target costing methodology, what would be Al Hind Corporation's allowable costs? Assume that the company still wants a profit margin of 25% percent of its allowable costs (2 marks). What does your calculation imply about its manufacturing costs?

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