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accounting information systems

Questions and Answers of Accounting Information Systems

Two commonly used frameworks developed by COSO are COSO 2013 internal control framework and the COSO ERM 2017 framework. What are the differences between the two frameworks?
Interview an HR manager (either by phone or in person). You should ask about the interviewee's job functions, types of decisions that are made, and information needs. Write a paper describing what
This problem is a continuation of Problem 5-1.a. “Search” the database for all customers with a specific state (choose a state that is common to at least two but not to all of your customers).
This problem is a continuation of Problem 5-1.a. Write a “program” to enter customer order amounts into the database and to have the system either warn the user if the new order places the
Using ISACA publications or the Internet, find out how COBIT 5 and the Balanced Score Card (BSC) are related.
What is ecological balance and how is it related to life cycle analysis? (For this question and Question 10-24, refer to the box ‘The concept of ecological balance’ earlier in this
Refer to question 10-34. The photocopier manufacturer last year reported selling 60 000 photocopiers using 150 000 kilograms of material and achieving sales of \($30\) million. In their
6 Ingredients produces a single cookbook. The cost of producing and selling one book at the company’s normal activity level of 8000 books per month is as follows:The normal selling price is \($22\)
Consider again the plight of Jenny, the manager at DeFlava Coffee Corporation, whose boss wants to manufacture and sell the new Decaffi Bean coffee product, perhaps using it to replace the Double
How does the format of the income statement shown in Case Exhibits 2.12, 2.13 and help internal decision makers perform cost–volume–profit (CVP) analysis?Case Exhibits 2.12Case Exhibits 2.13 $ 9
List external users who need financial accounting information about a business? List five external users and discuss the type of information that each might require.
What does GAAP mean? Why is this important when financial statements are being prepared for a business?
What is the difference between an accounting entity and a legal entity?
Define owner’s equity. What items affect owner’s equity positively? What items affect owner’s equity negatively?
What is an ‘accounting system’? Why is it important that a business has an effective accounting system?
For a service business, what is the business’s earning process, and when does the business record revenues?
What is the matching principle and what types of accounts are matched according to this principle. What is the outcome for a business?
How does an understanding of the accounting equation facilitate the preparation of financial reports?
Arrange the following items from the books of Lucy Breen, Beautician, under the correct column headings: Assets, Liabilities, Owner’s Equity, Revenue or Expense:a Equipment b Malcolm Black (a
Jamieson Enterprises was established recently. The balance of each item in its accounting equation is shown below for 6 March and for each of the following business days.Required:Assuming a single
Determine the missing elements in the accounting equation. Treat each case separately. A LOER - EP/L Case Total Assets Total Owner's Liabilities Equity Total Total Revenues Expenses Net Profit OE at
The financial balances for Steve’s Car Rentals on 31st May, 2019 are provided below in a table in accounting equation format. You are required to:a draw up the table and list the balances for May b
Define an account. Which format is better: T-account or three column?
Explain the double entry rule. How (if at all) does this rule change in the case of an entry where more than two accounts are involved?
What is a general journal? List the advantages of initially recording a business’s transactions in a general journal.
What does journalising of transactions refer to? Briefly describe the steps in the process.
How does the lower portion of the income statement for a company differ from that of a sole proprietorship? Why it is different?
How does a company report its income taxes payable on its financial statements?
In August, Healthcheck Sales, a medical supplies wholesaler, entered into the following transactions (the business uses the perpetual inventory system):Required:Prepare journal entries to record the
Ralph Antonio operates an architectural design business. The following transactions were recorded for the month of March.Required:a Prepare journal entries for the above transactions.b Post to
What is a business’s working capital, and what do its two components comprise?
What is included in ‘cash’ for a business?
Why is it so important that cash and cash flow be managed in a business?
Briefly discuss the controls that should be put in place to manage over collections of cash from accounts receivable.
Briefly discuss the controls that should be put in place to ensure cash payments are authorised and made in a timely manner.
What does ‘insufficient funds’ mean in relation to a transaction on a bank statement?
What does a ‘stock out’ mean? What are the implications of this? How can it be prevented?
To what does FIFO refer?
How is the LIFO method of costing different from the FIFO method in terms of the effect on net profit for a period?
Why is it important that a business pays accounts payable in a timely manner?
Munro Pty Ltd presented you with the following information relating to the June bank reconciliation process. You are required to reconcile the records of the business with the bank statement and:a
Johnson and Bates run a small business and are worried about their accounts receivable spiralling out of control.a Advise them of the steps they can take to manage credit and recover outstanding
In the chapter, we mentioned that if Cafe´ Revive came up short four coffee gift packs, it should increase its cost of goods sold account and decrease its inventory account by the cost of those gift
In terms of the accounting equation, where are changes in revenue and expense accounts recorded?
What are the main types of accounts included in the Income statement to determine profit or loss? Define each.
When do businesses normally recognise and record (a) revenues and (b) expenses?
What is the difference between operating expenses and non-operating expenses. Give examples of each.
Explain the difference between selling, general and administrative, and financial expenses.
What is the link between the income statement and the statement of owner’s equity?
What are the limitations of using ratio analysis to make decisions about the performance of a business?
State whether you think a business would recognise the following as revenue. When would it be recognised?a Cash sale by business $20 000 b Sale of excess equipment by a restaurant $350 c Hairdressing
State whether you think a business would recognise the following as an expense. When would it be recognised?a Depreciation $350 b Wages to be paid in the next month $1200 c Electricity bill due to be
On 1 October, Cooper’s Appliance purchased $8800 of goods including GST for resale. On 11 October, it sold $4500 of these goods that cost $4400 including GST to customers at a selling price of
The Swanlake Tax Services business was established on 1 March of the current year to help clients with their tax planning.During January, the business entered into the following
The following information is available for the Miller & Keen business for the year:Required:Prepare a schedule that calculates the cost of goods sold for the year. Beginning inventory Ending
The income statement information of Walten Furniture business for 20X2 and 20X3 is as follows.Required:Fill in (a)–(f). All the necessary information is given. (Hint: It is not necessary to find
Four independent cases related to the owner’s equity account of the Schmidt business are as follows:Required:Determine the amounts of (a)–(d). Schmidt, capital Net income Withdrawals Case 1 May
The statement of profit and loss for JT Andrews for the financial year ended 30 June 2019 reports that the business had increased its gross profit from $123 000 in 2018 to $147 000 in 2019. Its net
Neil Russell, the owner and bookkeeper for Jiffy Couriers, was confused when he prepared the following financial statements:Neil asks for your help. He says, ‘Something is not right! My business
Slick Suction’s ending inventory of vacuum cleaner parts included the following items:Required:a Calculate the value of the ending inventory under the lower-of-cost or net realisable value method.b
What is the difference between a T-form and a narrative form of balance sheet?
Identify and briefly explain five current assets that most businesses might have.
Identify and briefly explain three current liabilities that most businesses might have.
In each of the following situations, the total increase or decrease for one component of the accounting equation is missing.i Assets increased by $20 800; liabilities increased by $6400.ii
The total increase or decrease for one component of the accounting equation is missing in each of the following situations:i Assets decreased by $30 000; liabilities decreased by $19 500.ii Owner’s
Identify whether the following assets would be classified as current or non-current at the end of the reporting period.Explain your classification decision.a Cash and cash equivalents b Motor
Identify whether the following liabilities would be classified as current or non-current at the end of the reporting period.Explain your classification decision.a GST collected b Loan payable in
UNeedit Sports Store, a business owned by Penny Needham, had the following assets and liabilities as at the financial years ended 30th June, 20X1 and 20X2:Required:a What is the owner’s equity at
From the following account balances of Josland at 31 December 20X2 prepare a balance sheet in both T-format and narrative classified format. Cash at bank $113 500 Accounts receivable (net) 52 400
Many long-term loans are payable over a period of time. For example, when a business takes out a mortgage to finance a building, it pays off a fraction of that mortgage every month.Required:What
In this chapter, we said that the quick ratio is a better measure of liquidity than the current ratio because the quick ratio includes only those current assets that may be easily converted to
Obtain the Woolworths 2018 annual report and answer the following questions.Required:1 How does Woolworths report on its corporate responsibility?2 List three important points the CEO makes relating
Flightboat Ltd borrowed $60 000, issued $20 000 worth of ordinary shares, paid a dividend of $50 000 and the owner withdrew $10 000 in cash. What was Flightboat’s net cash provided (used) by
Fredski Coaching School had accounts receivable of $30 000 at the beginning of the year and $60 000 at the year end. The revenue for the year was $120 000. How much cash did Fredski collect from his
Greengrass Mowing Service had operating expenses for the year of $60 000. At the beginning of the year, Greengrass owed$15 000 on accrued liabilities. The closing balance of accrued liabilities was
Simmo Education had cost of goods sold of $42 000 for the year. The beginning inventory was $40 000 and the ending inventory was $61 000. The beginning accounts payable was $35 000 and the closing
Nadine’s Fitball Pty Ltd began on 1 July 20X0 with cash of $140 000. During the year, Fitball earned service revenue of$650 000 and collected $620 000 from customers. Fitball expenses for the year
Tube Tunnel has the following information in its ‘Cash‘ account for July:i Paid employees: $18 000 ii Paid suppliers: $8000 iii Cash sales: $44 000 iv Collected interest: $3200 v Paid interest:
Items to be included in the Mitchell’s Mechanics business’s cash flow statement for the current year are as follows:i Investment by owner: $12 000 ii Payments to employees: $32 400 iii Receipt
An analysis of the Barty Battles business’s Cash account for October shows these entries:i Beginning cash balance: $1600 ii Collections from customers: $43 000 iii Payment for purchase of storage
Poodle Pets Company has asked for your assistance in preparing its cash flow statement for 20X1. Among other items, its 20X1 income statement shows sales revenue (net) of $270 000, cost of goods sold
You have been hired by Freddy Flintstone to prepare its 20X1 cash flow statement. The business provides you with its 20X1 income statement, as follows:You determine that these numbers are correct.
Ryan Rebel Footy had net cash provided by operating activities of $8600 for 20X0. The business’s income statement showed sales (net) of $80 000, interest expense of $800 and net income of $8000.
The following information is taken from the accounting records of Ward’s business for the current year:1 Net income: $34 000 2 Increase in inventory: $9200 3 Decrease in accounts receivable: $17
Define a ‘stakeholder’. Suggest some examples of stakeholders at a university or at your own workplace.
What is sustainability reporting?
What is meant by ‘closing the loop’ in life cycle analysis?
What is the eco-efficiency ratio formula?
Explain what is meant by the term the ‘time value of money’ and provide an example.
What is the Global Reporting Initiative (GRI)? Outline its key components.
What is the difference between eco-efficiency and ecological balance?
Explain why business sustainability is a key consideration for management.
Suppose you have $100 000 to invest in the share market.a Using the triple bottom line to analyse company performance what company would you invest in, and why?b Would your decision differ if you
Explore the Integrated Reporting website: http://integratedreporting.org/Required:a What is integrated reporting?b What is the aim of integrated reporting? (Hint: try the FAQs.)
The International Integrated Reporting Framework describes six categories of capital that organisations must consider as a benchmark in preparing an integrated report. Briefly describe each capital.
Skatelove Ltd is a manufacturer of skate boards, based in Jacksonville, Florida. The skateboards have three main parts: the deck (wood and PVA glue); an aluminium truck (holding the wheels to the
Define the characteristics of relevant costs and relevant revenues.
Explain why sunk costs are irrelevant.
What is an opportunity cost? Are these costs always able to be quantified?
‘All future costs are irrelevant.’ Do you agree? Why or why not?

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