Pet World is a retail and wholesale entity that applies the periodic inventory system when inventory is purchased from their suppliers. /Pet World is 'n kleinhandel- en groothandels-entiteit wat die periodieke voorraadstelsel toepas wanneer voorraad by hul verskaffers aangekoop word.The following are the major risk(s) in the inventory and production cycle: / Die volgende is die hoof risiko(s) in die voorraad- en produksiesiklus:i) Costs may be incorrectly allocated to inventory, that will result in an inaccurate carrying amount of inventory . /Koste kan verkeerdelik aan voorraad toegedeel word, wat sal lei tot 'n onakkurate drabedrag van voorraad.ii) Revenue are not accounted for in the correct financial period. /Inkomste word nie in die korrekte finansiële periode teboekgestel nie.iii) The personnel working in the factory do not clock their times on official clock cards and are paid incorrect amounts. /Die personeel wat in die fabriek werk, klok nie hulle tye op die offisiële klokkaarte en word verkeerde bedrae betaal.iv) Inventory may be stolen and/or damaged, either in the warehouse or during the manufacturing process, which would lead to losses for the entity. /Inventory may be stolen and/or damaged, either in the warehouse or during the manufacturing process, which would lead to losses for the entity.  A. i and iii /i en iii B. ii, iii and iv /ii, iii en iv C. i and ii /i en ii D. i, ii and iii /i, ii en iii E. i and iv /i en iv F. None of these combinations  /Nie een van hierdie kombinasies nie G. i, iii and iv /i, iii en iv H. i, ii and iv /i, ii en iv

Pet World purchases all of its inventory items from different wholesale suppliers, that delivers the items to Pet World’s warehouse in Johannesburg. These items are then stored at the warehouse until it is despatched to different stores to be sold to customers. / Pet World koop al hul voorraaditems van verskillende groothandelsverskaffers aan, wat die items by Pet World se pakhuis in Johannesburg aflewer. Hierdie items word dan by die pakhuis gestoor totdat dit na verskillende winkels versend word om aan klante verkoop te word.The financial manager, Mrs Bulk, provided you with the extract of the inventory and production cycle’s system description for the “storage of finished goods function” of Pet World. /Die finansiële bestuurder, mev. Bulk, het die uittreksel van die voorraad- en produksiesiklus se stelselbeskrywing vir die "berging van voltooide goedere-funksie" van Pet World aan u verskaf.REQUIRED / VERLANGIdentify one (1) weakness in the “storage of finished goods function” of Pet World, as evident from only the information provided. Click on the information in the picture where it best illustrates a weakness in this extract. / Identifiseer een (1) swakpunt in die “berging van voltooide goedere-funksie” van Pet World, soos duidelik uit slegs die inligting verskaf. Klik op die inligting in die prent waar dit 'n swakpunt in hierdie uittreksel die beste illustreer.Remember WEAKNESS = A deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will NOT be prevented, or detected and corrected, on a timely basis.  This means, the internal control is either not there, or not working the way it should. / Onthou SWAKPUNT = ’n Tekortkoming, of ’n kombinasie van tekortkominge, in interne beheer, sodanig dat daar ’n redelike moontlikheid is dat ’n wesenlike wanvoorstelling van die entiteit se finansiële state NIE betyds voorkom, of opgespoor en reggestel sal word NIE. Dit beteken dat die interne kontrole óf nie daar is nie, óf nie werk soos dit moet nie.Hot Spot ItemsItem 1 Weakness Hot Spot Image

The information below is provided in terms of conducting the inventory count of Pet World: /Die inligting hieronder word in terme van die uitvoering van die voorraadtelling van Pet World verskaf:Choose the correct procedure(s) to be performed during the “conducting of the inventory count” phase: /Kies die korrekte prosedure(s) wat uitgevoer moet word tydens die “uitvoering van die voorraadtelling” fase: A. Count teams identify damaged and/or obsolete inventory and indicate it as such on the inventory count sheets / Telspanne identifiseer beskadigde en/of verouderde voorraad en dui dit as sodanig aan op die voorraadtellyste B. Staff members are assigned to the different functions to be performed during the inventory count (e.g. inventory count controller, supervisor and counters) / Personeellede word aan die verskillende funksies wat uitgevoer moet word tydens die voorraadtelling toegewys (bv. voorraadtelling-telkontroleerder, toesighouer en tellers) C. Conduct an inventory count planning meeting to determine the date of the count / Voer ‘n voorraadtelling beplanningsvergadering uit om die datum van die telling vas te stel is D. All the areas where inventory is kept, should be inspected by the count controller in order to ensure that all inventory items have been marked as counted / Al die areas waar voorraad gehou word, moet deur die telkontroleerder geïnspekteer word om te verseker dat alle voorraaditems as getel gemerk is E. None of the options / Nie een van die opsies nie

Tutorial 5Building on content from Lecture 5 (Restrictions on Member Decision-Making andDirectors and Other Officers)ReadingsHargovan, Chapters 14 and 19.1-19.4TasksQuestion 1Pets Pty Ltd (Pets) operates a business selling pet products (dog and cat food, kitty litter, leashes,etc) all around Australia.Pets is owned by Merve, Silvia, Roger and Oliver. Merve and Silvia together own 75% of the sharesand are Managing Director and Company Secretary respectively. Roger and Oliver own 25% of theremaining shares between them.Although they are minority shareholders, Roger and Oliver like to be informed about everything thatis happening in the business. As they have indicated that they might like to invest more money inPets, Merve and Silvia have indulged them by discussing company matters that are not within theirpower as shareholders.However, this practice has become very time consuming, especially because Merve and Silvia andRoger and Oliver disagree about many things. For example, Merve and Silvia are convinced that Petsneeds to capitalise on the new interest in pet ownership by purchasing a dog kennel that breeds pugdogs. Roger and Oliver are opposed to buying that business on grounds that it is a puppy farm. Thereis an acrimonious discussion about the topic, one of many.Merve and Silvia have recently met Brandy, who runs a small private equity business. She seespotential in Pets and has offered to refinance Pets. Specifically, she has offered to provide enoughmoney to Pets to buy out Roger and Oliver’s share of the capital and purchase the dog kennel.However, Roger and Oliver don’t want to sell their shares.Merve and Silvia wonder whether they can pass a resolution to change the constitution to forceRoger and Oliver to sell their shares to them (Merve and Silvia). They tell you that there is a‘desperate need to harmonise relationships between the shareholders and management’ and thatthey would be willing to Roger and Oliver 75% of the estimated market price, as calculated by thecompany accountant. Considering the equitable limit on minority voting power, is the constitutionalamendment within Merve and Silvia’s power? Explain your answer

You are hired as an economic consultant to The Pampered Pet Shop. The Pampered Pet Shop operates in a perfectly competitive industry. This firm is currently producing at a point where market price equals its marginal cost. The Shops total revenue exceeds its total variable cost, but is less than its total cost. You should advise the firm toGroup of answer choicescease production immediately because it is incurring a loss.lower its price so that it can sell more units of output.produce in the short run to minimize its loss, but exit the industry in the long run.raise its price until it breaks even.

Which two extinction risks may be a direct result of the pet trade?Question 12Select one:a.climate change and exotic species introductionb.habitat loss and overharvestingc.overharvesting and exotic species introductiond.habitat loss and climate change