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business
introduction to accounting
Questions and Answers of
Introduction To Accounting
What are the different ways digital technology advancements disrupt the management accounting function?
What are the different ways digital technology advancements disrupt the financial accounting function?
What are the different ways digital technology advancements disrupt the tax function?
What are the different ways digital technology advancements disrupt the audit function?
What are the different ways digital technology advancements disrupt the AIS function?
What are the different ways digital technology advancements disrupt the business partnering or advisory function of accounting?
How can digital technology transform financial reporting from static information provision to active engagement?
What is a future ft accountant according to the International Federation of Accountants (IFAC)?
Identify four changed accounting roles and activities as a result of digital technology advancements.
Explain what outcomes each of IFAC’s seven future ft accounting roles focus on delivering (i.e. the Co-Pilot, the Navigator, the Brand Protector, the Storyteller, the Trusted Professional, the
How do digital technology advancements disrupt data availability? How does this disruption of data availability create competitive threats and loss of relevance risks for the accounting profession?
Identify three or more approaches accountants and accounting leaders have taken to adapt to digital disruption.
Do you believe accountants and the accounting profession have been successful at adapting to digital disruption, undertaking digital business transformation, and operating in digital business
Is there or can there be an end to digital technology advancements?
Is there or can there be an end to digital business transformation?
How do digital technology advancements disrupt the work accountants do?
Why isn’t a good IT / IS department sufficient, i.e. why do accountants have to develop digital technology, digital transformation, and digital business competencies on top of everything else they
How do digital technology / digital transformation / digital business competencies enhance the performance of all other accounting roles and activities?
Could an accountant work at a more mature digital business like Google or Amazon without digital technology / digital transformation / digital business competencies?
Could an accountant lead the fnance function at a more mature digital business like Google or Amazon without digital technology / digital transformation / digital business competencies?
Which IFAC future-ft accounting roles and ACCA future career zones best ft with your current accounting work aspirations or intentions?
Which three IFAC future-ft accounting roles require the greatest breadth and depth of digital technology competencies?
Which two IFAC future-ft accounting roles require the strongest strategic digital technology competencies?
Which two IFAC future-ft accounting roles require the strongest technical digital technology competencies?
Which IFAC future-ft accounting role requires the strongest accelerated change and transformation and accelerated innovation competencies?
What is the relationship between new or enhanced accounting roles and new or enhanced competencies required of accountants?
Why is the technology learning competency so important to development of technical and strategic digital technology competencies?
Could an accountant lead cross-functional teams at a more mature digital business like Google or Amazon without strong digital technology / digital transformation / digital business competencies?
Could an accountant review a business case and provide recommendations regarding the introduction of virtual assistants, customer service robots, and cobots without having knowledge / skills /
How is digital business strategy different from traditional strategy?
What is the relationship between accounting roles and managerial roles?
Which accounting role in digital business strategy is the most critical to building and maintaining that capability? Why?
Which digital business strategy-related accounting competency is likely to have the greatest positive impact on an accountant’s career?
How is digital innovation different from traditional innovation?
Which accounting role in digital innovation is the most critical to building and maintaining that capability? Why?
How is digital learning different from traditional learning?
Which accounting role in digital learning is the most critical to building and maintaining that capability? Why?
Which digital learning competency of accountants is likely to have the greatest positive impact on an accountant’s career?
Which of the capabilities discussed in this chapter is the most important to succeeding at digital transformation and digital business?
How is digital customer engagement diferent from traditional customer engagement?
Which accounting role in digital customer engagement is the most critical to building and maintaining that capability? Why?
Which accounting related digital customer engagement competency is likely to have the greatest positive impact on an accountant’s career?
How is digital stakeholder engagement diferent from traditional stakeholder engagement?
Which accounting role in digital stakeholder engagement is the most critical to building and maintaining that capability? Why?
How is digital customer experience diferent from traditional customer experience?
Which accounting role in digital customer experience is the most critical to building and maintaining that capability? Why?
Which accounting related digital customer experience competency is likely to have the greatest positive impact on an accountant’s career?
Which of the capabilities discussed in this chapter is the most important to succeeding at digital transformation and digital business?
What is the difference between enterprise architecture, IT architecture, and technology architecture?
What role does enterprise architecture play in digital business capability?
Which accounting role in enterprise architecture management is the most critical to building and maintaining that capability? Why?
Which accounting enterprise architecture management competency is likely to have the greatest positive impact on an accountant’s career?
What is the difference between technology sourcing and technology procurement?
Which accounting role in technology sourcing is the most critical to building and maintaining that capability? Why?
What is the difference between data management and data analytics?
Which is more important, data management or data analytics? Why?
Which data management and data analytics related accounting competency is likely to have the greatest positive impact on an accountant’s career?
Which of the capabilities discussed in this chapter is the most important to succeeding at digital transformation and digital business?
What is the difference between cybersecurity, IT security, and ICT security?
What is the difference between cybersecurity management and cybersecurity?
What is the difference between privacy and information privacy?
What is the relationship between information privacy and digital ethics?
What is the relationship between cybersecurity, information privacy, and digital ethics?
What are the top three digital ethics issues at the moment?
Which is more important, cybersecurity, information privacy, or digital ethics?
Which accounting role in information privacy and digital ethics is most important to an organization’s information privacy and digital ethics capability?
Which cybersecurity management related accounting competency is likely to have the greatest positive impact on an accountant’s career?
Which of the capabilities discussed in this chapter is the most important to succeeding at digital transformation and digital business?
What is the diference between traditional leadership, e-leadership, and digital leadership?
What is the diference between risk management and digital risk management?
What is the relationship between risk management and governance?
What is the relationship between information privacy and digital ethics?
What is the difference between change and transformation? How do accelerated change and accelerated transformation differ?
What are the three most dangerous risk exposures for organizations at the moment?
If you were a hacker or cybercriminal, which risk surface or attack point would you consider best to attack and why?
What are three ways digital technologies are being leveraged to enhance digital risk management?
Which accounting role in digital risk management and governance is most important to an organization’s risk management and governance effectiveness?
Which risk management and governance-related competency is likely to have the greatest positive impact on an accountant’s career?
Which of the capabilities discussed in this chapter is the most important to succeeding at digital transformation and digital business?
Gfeller Enterprises began fiscal 2019 with the following shareholders’ equity information:Common stock shares issued 39,598,900, $0.01 par value, paid-in capital in excess of par
Refer to E17.16. What is Gregson’s ending inventory using absorption costing?Data from E17.16Gregson Enterprises, in its first year of operations, reported the following information:What is
Refer to E17.17. What is Gregson’s ending inventory using variable costing?Data from E17.17Refer to E17.16. What is Gregson’s variable contribution margin and profit?Data from E17.16.Gregson
Refer to E17.18. What is Gregson’s ending inventory using throughput costing?Data from E17.18Refer to E17.16. What is Gregson’s throughput margin and profit?Data from E17.16.Gregson Enterprises,
Ethan Carlson, a sole proprietor, is budgeting for the coming year. He will start the year with a $50,000 balance in his capital account from money he saved to start this project. During the year
Klamm Company needs to borrow $100,000. It plans to sign an installment note with a 6 percent interest rate and make monthly payments for the next eight years. How much is the monthly payment
The following list of accounts was provided by Churyk Transportation Corporation, which has an April 30 fiscal year-end. Using these accounts, prepare a balance sheet for Churyk Transportation
The following list of accounts is from the general ledger of Mantzke Company. Prepare an income statement, the AOCI, and retained earnings portion of the statement of shareholders’ equity, and a
The following balance sheet of Bennett Company for fiscal 2019 contains several errors. Identify and determine how to correct each error. BENNETT COMPANY Statement of Finances For the Period Ending
Keys, Inc., compared the cost of its marketable securities to their market value at the end of 2019. This comparison follows:Management would like to classify these securities as available-for-sale
The cost of Carnes Enterprises available-for-sale securities are $500,000 and the market value is $750,000 at the end of fiscal 2019. Carnes’s tax rate is 20 percent. How would this information be
Refer to the annual report of a company you are interested in, and answer the following questions:A. What is the total amount of current assets, and what types of assets are classified as current?B.
Write a paper describing in detail how the income statement, comprehensive income statement, statement of shareholders’ equity, and balance sheet are related.
What are the three primary components of the statement of shareholders’ (owners’) equity and what information is disclosed in each component?
Bolling, Inc., has determined that the cost of its available-for-sale securities is greater than the market value by $80,000. If Bolling is subject to a 20 percent tax rate, what is the impact of
Prepare the long-term asset section of the balance sheet.Use the following information:Tidrick Manufacturing Company has just completed its first year of operation on December 31, 2019. It has the
Prepare the long-term liability section of the balance sheet.Use the following information:Tidrick Manufacturing Company has just completed its first year of operation on December 31, 2019. It has
Engstrom Company began fiscal 2019 with a $40,000 deficit balance in retained earnings. During 2019 its net income was $167,890 and it has declared but not paid dividends of $50,000. What is the
Prepare the current asset section of the balance sheet.Use the following information:Tidrick Manufacturing Company has just completed its first year of operation on December 31, 2019. It has the
For each of the following accounts, determine its classification on the balance sheet using the following classifications. Use OOE for other owners’ equity items that are not contributed capital or
Refer to the annual report of Pepsico, Inc. (www.pepsico.com), and answer the following questions:A. What is the total amount of current assets, and what types of assets are classified as current?B.
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