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Part A 1) Users of accounting information The textbook, Smart, Awan & Baxter, p. 21 lists the following seven stakeholders who have an interest in accounting information:• owners and investors• managers• creditors and lenders• employees• the government• unions• the general public. a) Explain the meaning of ‘stakeholder’. b) For each of the first five listed stakeholders above (i.e. excluding u...
This project requires you to evaluate a PC-based accounting system to see how the system handles recording transactions, collecting data, and generating reports and information. The accounting system you use is up to you. Several suggestions are given below. STEP 1. Select the Software Package QuickBooks STEP 2. Explore the Software Check to see if the application has a tutorial that demonstrates some of the features of the application, a...
Revenue recognition The student will conduct a research project examining some aspect of financial accounting theory that is currently being debated in the accounting and business world. The topic for this assignment is Revenue recognition. You are required to search for journal articles in professional peer-reviewed accounting and business journals that pertain to your individual financial accounting theory topic. You are required write a paper ...
Assignment Part A Provide short answers to each of the following questions. Make sure your answers are in your own words and are your own work. Question 1 Define accounting information system in your own words. Question 2 Explain how moving to a computerised accounting system should affect a firm’s ability to generate a range of reports Question 3 Explain the difference between analysis and creating a summary. Question ...
Questions : 1. This topic includes:2. the business cycle3. profit versus cash4. the three core financial statements: the Cash Flow Statement, Income Statement and the Statement of Financial Position5. the accounting equation6. financial frameworks. Lesson 1 Financial accounting: an overview and first thoughts • 1.2 Introduction to Topic 1Pag...
Questions: To Identify The Principles Of Corporate Governance. To Explain The Mechanisms Of Corporate Governance. To Understand The Definition And Structure Of The Board Of Directors. To Find Out The Role Of The Board Of Directors. Answers: Introduction An important place has been acquired by the corporate governance in the conduct of corporate sector at the global level and the concept of corporate governance is increasingly considere...
Task: The TMA covers the accounting information systems concepts and practices in the businesses; as you work, you will gain confidence in your ability to use the accounting information systems of real company. It is marked out of 100 and is worth 25% of the overall assessment component. It is intended to assess students’ understanding of some of the learning points within chapters 1 to 4, and 12. This TMA requires you to apply the cours...
Task Instruction Use the case approach and write a memo to the Vice President, Finance. Your memo should include Address to Controller, Introduction, Root Issues, Analysis and recommendation supported by all calculations. For more clarity, you are required to allocate the costs to products and calculate the profit by products. Introduction The purpose of this report is to inspect and evaluate the existing costing system in order to ensure t...
Questions: Instructions To prepare for this assessment you will select a listed company from an Aotearoa New Zealand context and an Iwi/Māori organisation to use as case studies. Using your selected case studies your report will also critically analyse differences in financial decision-making considerations for Iwi/Māori and New Zealand organisations. Two companies are Otago polytechnic (non iwi) and Te wananga o Raukawa (iw...
Question: Accounting Processes Company Background Scallion Ltd began business on 1 July 2019, specialising in the purchase and supply of packaging materials. An accounting system was designed and a chart of accounts was established.The business uses the periodic inventory system and is registered for GST at the rate of 10%. The company also employs two office staff who work a five-day week from Monday to Friday. One office staff member is r...
Questions: Advise Canto On Whether The Above Items Should Be Accounted For As Intangible Assets Under Ifrs For Smes And Discuss The Key Differences Between Accounting For The Recognition Of Intangible Assets Other Than Goodwill Under Ifrs For Smes? Answers: Introduction Yes the mentioned items in the case should be considered as “intangible assets” under IFRS for SMEs because the domain names owned by Bento can be used by the ...
Questions: Major Case Study Waste Management In six to eight pages, supported by evidence from your text and from other research (at least two resources are required), answer the following questions: • Characterize the ethical leadership at Waste Management and how it influenced organizational ethics. • The SEC charged Andersen with failing to quantify and estimate all known and likely misstatements due to non-GAAP practices...
Task Case Study Is Prudence Still a Virtue? The concept of prudence and its use, or non-use, in financial reporting has been the cause of much angst and the subject of swirling debates in recent years. Outside of accounting and legal circles, prudence, like so many other words of another era, is a descriptor, if not a concept, on the wane. It refers to the exercise of good judgment, informed by intelligence and good character. Pru...
Task Questions 1. Requires only written answers and is based on B124 Book 1, Chapters 1, 2, 3 and 5 and Book 2, Chapters 1 and 2. (As preparation for this question, as well as all other questions in your three TMAs that require application of knowledge of key accounting terms, you should become familiar with using the Accounting Glossary under ‘Resources’ on the B124 21J website. You may use any appropriate search function, but one ...
Question: Economic crisis In 2008, the world economy crashed and so did the “Big Three” US car manufacturers. General Motors (GM) filed for bankruptcy, Ford Corporation reported a $12.7 Billion loss, and later in 2009 Chrysler went into bankruptcy protection. However, their Japanese counterpart, Toyota Motor Company, sustained its leadership in the car industry. Toyota Motor Company considered “this headwind as a valuable op...
Questions: COURSE PRE-REQUISITEThe only formal prerequisite for this course is twofold: (1) to have an understanding of the principles of accounting and (2) to have read as a warm-up session the delivered material entitled “Reading 23: Financial Reporting Mechanics” and to focus on reviewing the accounting process (from page 49 to 62). The course makes use of basic algebraic and statistical manipulations.Some basic familiarity with Excel w...
Question: Health Management Inc. Introduction Clifford Hone had a problem. His company had come up short of its earnings target. For the fiscal year ended April 30. 1995. financial analysts had projected that Health Management. Inc. (HMI). I). a New York-based pharmaceuticals distributor. would post earnings per share of $0.74. Following the close of fiscal 1995, Drew Bergman, HMI's chief financial officer (CFO) informed Hone, the company's fo...
Task: Question 1 The following trial balance was extracted from the books of Simon’s Business, a sole Trader, on 31st December 2020, the end of the financial year. Additional information as at 31st December 2020a. Inventory as at the close of business was valued at SCR460,000b. Outstanding (accrued) repairs and maintenance expenses SCR9,000c. Other operating expenses are prepaid by SCR5,000d. The allowance for receivables is to be adju...
Questions: Q1 A.Spacecraft, Inc., is a large corporation that is audited regularly by a public accounting firm but also maintains an internal auditing staff. Explain briefly how the relationship of the public accounting firm to Spacecraft differs from the relationship of the internal auditing staff to Spacecraft. B.Feller the sole owner of a small hardware business, has been told that the business should have its financial statements ...
The submission must consist of: 1. MS Word file with answers to the Accountant’s questions. 2. Excel file with adjusting entries entered resulting in adjusted trial balance and common size statement of Income for HEMI and Wajax Corporation. 3. MS Word file with a one-page report comparing HEMI to its competitor (Wajax Corporation). Case Study Information You have been hired as a Financial Consultant by Heavy Equipment and Machinery Inc. (HE...
Task This task should be written on the SAME document as your Task 2, after your work on the accounting standards. As it is not a completely new document, you don’t need to write a full introduction but do have a short paragraph explaining that you are now going to look at the users of accounting information and how the concepts and standards will impact on the needs of the users. The 9 users you need are: • Shareholders; • ...
Task General Instructions: This assignment is designed to cover all the Learning Outcomes stated in the Module Descriptor BSM834 Business Development, Marketing & Sales. Each student should produce One final document which should be uploaded to the Assessment drop box on the Moodle area by 9 December 2021 @ 0800 hrs. The work is to be carried out individually. You are required to produce a typed document, using an appropriate busin...
Task: Relationship of Assignment to Learning Outcomes (Refer Course Guide). L.O. 2. Demonstrate knowledge of generally accepted accounting practices.Although these are projected statements, they are prepared on the same basis as historical statements. Some of the transactions will help you understand the impact of accounting policies such as depreciation and accrual accounting with the latter especially evident when comparing the Income Statemen...
Question: Scenario You are working as a junior accountant for a retail group reporting to the Director of Finance. The Director of Finance needs to produce a leaflet for new members of the Board as part of an induction pack. They are experts in a range of business fields but have limited financial knowledge. The Director of Finance has asked you to prepare a first draft of the leaflet for his further consideration. Task 1 The leafle...
Questions Question 1 (40 marks) Choose the best answer for each of the following questions [20* 2 mark each]: 1.The system of preparing financial statements based on recognizing revenues when the cash is received and reporting expenses when the cash is paid is called: A.Cash basis accounting. B.Operating cycle accounting. C.Accrual basis accounting. D. Revenue recognition accounting. 2.During a period of steadily rising costs, t...
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