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True/False questing on accounting information systems

4. Statement evaluation. designing and implementing accounting information systems requires judgment and critical thinking. Your job is to explain whether each statement is (i) always true, (ii) sometimes true, or (iii) never true. If you answer (ii), explain when the statement is true. a. Data in an accounting information s

Accounting Scandals - Tesco

Included is a link to a recent article discussing that even though we have had a number of high profile accounting scandals in recent history, they are still occurring at a fairly alarming rate. http://www.economist.com/news/briefing/21635978-some-13-years-after-enron-auditors-still-cant-stop-managers-cooking-books-time-some

DuPont Model

Consolidated Statements of Earnings For Fiscal Years Ended ($ millions) February 27, 2010 February 28, 2009 March 1, 2008 Revenue $ 49,694 $ 45,015 $ 40,023 Cost of goods sold 37,534 34,

Accounting Information Systems and Technologies

1. What are the essential elements of an accounting information system? 2. What does AIS mean to you? How do you incorporate AIS into your daily life? 3. Does the presence or absence of computers and other forms of information technology determine whether or not a business has an accounting information system?

US GAAP vs. IFRS: Shareholder equity section

Please help with the following problem. Briefly describe some of the similarities and differences between U.S. GAAP and IFRS with respect to the accounting for stockholders' equity.


Analysis and Interpretation of Profitability Balance sheets and income statements for Nordstrom, Inc. follow. Refer to these financial statements to answer the requirements. NORDSTROM, INC. Consolidated Statements of Earnings For Fiscal Years Ended ($ millions) 2010 2009 2008 (numbers listed underneath by order) Sal

Comprehensive Account Posting Problem

The ledger of AISExperts Inc. showed the following balances after adjustment, but before closing, on December 31, 2015, the end of the current year: Supplies 1000 Accounts payable 78000 Accounts receivable 102000 Accumulated depreciation - equipment 27000 Depreciation expense 1200 Interest revenue 1025 Cash 80500 Commo

Creating and Reporting Intangible Assets

What are the main characteristics of intangible assets? How are they presented in the balance sheet? How do you estimate their usefulness? Why is there a distinction between purchased and internally created intangibles?

Deprciation of Fixed Assets

Give two examples of fixed assets that you believe should be depreciated with different methods. Do not identify the appropriate methods.

Property Tax: Assessment Problem

Over the last few years, many people have experienced situations in which the property they purchased several years ago was assessed at a higher value than it would be in today's market. Often, when one tries to appeal the assessment, the board of assessors can actually rule that the assessed value is higher than the value at wh

Absorption, variable costing, cost variances & joint cost

Problem 1 Part A The Best Company uses absorption costing for external reporting and variable costing for internal managers. In January 2014, their first month of operation, the accountant collected the following data; Beginning inventory 0 units Standard and actual production volume 2,000 units Sales volume

CVP Memo

Instructions Review the following memorandum and provide a response to the information requested. DATE: September 12th FROM: Senior Consultant TO: Consulting Team RE: Projections for Upcoming Year A smaller 2-year old emerging venture is set to enter a new segment of its original target market, with a modified version of

Procedures in Collecting Forensic Evidence

As corporate controller for Apollo Shoes, you are tasked to find and explain any irregularities in the Apollo Shoes Case. Resource: Apollo Shoes Casebook Define the process you will use and address the following questions: What procedures will you use to collect accounting evidence? What sampling tools and techniques will yo

Movie Accounting: Forrest Gump

Forrest Gump was one of the biggest movie hits of 1994. The movie's fortunes continued to climb in 1995, as it took home Oscars in six of the 13 categories in which it was nominated, including best picture, best director and best actor. One analyst has estimated that the film could generate cash flow as much as $350 million for

Environmental Accounting: Capital Budgeting

Please answer the following questions and fill the spreadsheets in the attached file. Problem 1 Use the process and cost information provided below to assess the feasibility of the following pollution prevention projects using (only) the TCA balanced approach and the spreadsheets provided (please see the attached file).

Reporting Bonds Issued at Par LO 10-2

P10-2 Reporting Bonds Issued at Par LO 10-2 On January 1, 2014, Nowell Company issued $500,000 in bonds that mature in five years. The bonds have a stated interest rate of 8 percent and pay interest on June 30 and December 31 each year. When the bonds were sold, the market rate of interest was 8 percent. (If

Urban Outfitters: Statement of Cash Flows

Refer to the financial statements of Urban Outfitters given in Appendix C at the end of this book (or at http://www.sec.gov/Archives/edgar/data/912615/000119312512146029/d276682d10k.htm). 1. Does Urban Outfitters use the direct or indirect method to report cash flows from operating activities? Answer: Indirect Method

Depreciation at Delta Airlines: The "Fresh Start"

Estimating depreciation for matching with revenues during an accounting period requires determination of the cost, estimation of the life and residual value, and selecting a pattern for reporting depreciation over the life of the asset. Aircraft used by commercial airlines are expensive, have a finite life, and are sold and reso

Subeo versus Dragon's Den

The inventor of Subeo, a UK company that was formed in 1993 to develop small state-of-the- art underwater vehicles, is looking for a substantial investment from the dragons. You will see in the attached transcripts that a heated discussion arises about the value of Subeo's assets. Ultimately, the asset debate and related firm va

Preparing the Stockholder's Equity Section in a Balance Sheet

Witt Corporation received its charter during January 2014. The charter authorized the following capital stock: Preferred stock: 10 percent, par $10, authorized 21,000 shares Common stock: par $8, authorized 50,000 shares. During 2014, the following transactions occurred in the order given: a. Issue

Facebook's GAAP to Pro-Forma Income

In order to answer these questions, you will need to review the attached files. What information can the pro-forma earnings number provide that the GAAP earnings number does not? Give examples from Facebook of the possible differences that might exist between the two earnings numbers. What are the potential advantages and

Apple, Inc: Revenue Recognition

Obtain Apple's annual report for the 2009 financial year. The filing date is: 2009-10-27. To make sure you have the correct file, I also provided the link: http://www.sec.gov/Archives/edgar/data/320193/000119312509214859/d10k.htm Using the links provided, answer the following questions Questions: 1. Refer to the revenue r

Accounting Help

Please refer to the attachment for the questions. Do the following: 1) Prepare Income statement for company going through a bankruptcy reorganization 2) Adjusting a company coming out of reorganization to fresh start accounting 3) Reporting of debts during liquidation 4) Distribution of assets in a liquidation 5) Payments