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accounting information systems

Questions and Answers of Accounting Information Systems

Define an account. What are the parts of a T-account?
What is a debit entry? What is a credit entry?
What are the debit and credit rules? How do these rules relate to the accounting equation?
Explain the double entry rule. How (if at all) does this rule change in the case of a compound entry?
What is a general journal (in a manual accounting system)? List the advantages of initially recording a business' transactions in a general journal.
What is journalising? Briefly describe the journalising process.
What is posting? Briefly describe the posting process. Where are entries posted to?
What are adjusting entries? Why are they necessary?
What is an adjusted trial balance? Why is it used?
What are closing entries? Describe how(a) revenue accounts,(b) expense accounts and(c) the withdrawals account are closed.
How does the lower portion of the income statement for a company differ from that of a sole proprietorship? Where does a company report its income taxes payable on its financial statements?
During the month of July, Sands Insurance entered into the following transactions:Required:a Prepare journal entries to record the preceding transactions.b List the source documents normally used in
How is the owner's equity of a company shown on its balance sheet?
Albert Mitchell started Worldwide Travel Service on 1 April of the current year, and the business engaged in the following transactions during April:Required:a Prepare journal entries to record the
Bothwell Plumbing entered into the following transactions during the month of May:Required:a Prepare journal entries to record the preceding transactions.b List the source documents normally used to
Aline Taxi Service entered into the following transactions during September:Required:a Prepare journal entries to record the preceding transactions.b List the source documents normally used to record
Nomura Sales, a medical supplies wholesaler, entered into the following transactions (the business uses the perpetual inventory system):Required:Prepare journal entries to record the preceding
Taylor Art Supplies Company sells various art supplies to local artists. The business uses a perpetual inventory system, and the cost of its inventory of art supplies at the beginning of August was
On June 30 of the current year, Washington Background Music Company showed the following trial balance:The following adjustments are needed (Note: ignore GST):i Office supplies used during the month
At the end of the current year, Rulem Hair Styling provides you with the following information (Note: ignore GST):a Depreciation expense on styling equipment totals \(\$ 1360\) for the current year.b
On 1 October of the current year, Bourdon Company paid \$396 for a two-year comprehensive insurance policy on the business' building.Required:a Prepare the journal entry to record each of the
On 1 October of the current year, Sagir Appraisal Company received \(\$ 1980\) in advance from the Land-Ho Real Estate Agency for six months' rent of office space.Required:a Prepare the Sagir
The Cobbler Company shows the following revenue, expense and withdrawals account balances on 31 December of the current year, before closing:Required:Prepare closing entries. Account titles A. B.
The following are various accounts related to the income statement and owner's equity of Lynn Company (a sole proprietorship) for the current year.Required:From the information given, prepare the 31
How would you describe a private enterprise?
What distinguishes a service business from a merchandising or manufacturing business?
How is a merchandising business different from a manufacturing business? How are the two types of business the same?
Suppose you were an entrepreneur. Where might you go for business capital?
Describe the factors affecting the business environment and the impact of each of these factors.
What distinguishes a sole proprietorship from a company and a partnership?
What types of regulations must businesses comply with in different jurisdictions?
Given what you have learned from this chapter, how would you define accounting?
How would you describe the similarities and differences between management accounting and financial accounting? Why are they different, and why are they similar?
How do management accounting reports help managers with their activities?
What are generally accepted accounting principles?
How do financial accounting reports help external users?
Why have various business groups found it necessary to establish codes of ethics?
What does sustainability mean?
In addition to knowledge of accounting, what other skills and knowledge prepare a university graduate to enter the profession of accountancy?
What is auditing?
What are three professional organisations of accountants and who are their members?
Think of a recent discovery, technological innovation, world event, regulation or other factor affecting the business environment (one not mentioned in this chapter). What effect has this factor had
What are the broad skills, as outlined by the accounting community, which are necessary for practising accounting and for effectively conducting business?
Explain the characteristics of a critical thinker.
What is the difference between being independent and being objective?
Why is it important to evaluate the credibility of a source of information?
How do general knowledge and organisational and business knowledge support decision making?
Describe the stages of problem solving. What pitfalls might you encounter at each stage?
Describe how accounting information is used in each of the stages of problem solving.
What is 'judgement', and how does it apply in business? Give three examples.
Give an example of a service business and of a manufacturing business. Explain the similarities and differences between the two.
How might knowledge of a business' cash receipts and payments affect a bank's decision about whether to loan the business money? What financial statement would the loan officer want to look at to
What factors would you consider in deciding whether to operate your business as a sole proprietorship, a partnership or a company?
Suppose you are Samuel Cook, CEO of Unlimited Decadence Corporation, maker of chocolate bars. Unlimited Decadence currently operates in south-eastern Australia, and you are considering opening a
What are some examples of business information in which both internal and external users have an interest?
Suppose you are a manager of The Foot Note, a small retail store that sells socks. Give an example of information that would help you in each of the management activities of planning, operating and
What are Generally Accepted Accounting Principles, and how do they affect the accounting reports of businesses in Australia? Why might the owner or owners of a business be concerned about a proposed
A friend of yours, Timorous ('Tim' for short) Ghostly, who has never taken an Accounting subject, has been assigned a short speech in his public speaking class. In this speech, Tim must describe the
How do codes of ethics help businesspeople make decisions?
Consider the following opposing sides of an issue:a All businesses, even those in other countries, should have to follow Generally Accepted Accounting Principles.b All businesses should not have to
Suppose your job is beginning to eat into your personal time. During the last six months, you have noticed that you have been taking files home with you to work on after dinner and on the weekends.
You have just been promoted in your job working for an established Australian fashion label, Aussie Designs. Your new boss wants your opinion about whether to open a new branch office in Brisbane.
Suppose your brother, the owner of The Last Custard Stand (a specialty dessert shop), has asked you for a substantial loan to help him expand his business.Required:What would you like to know about
Refer to 1.42. At your request, your brother provides you with the following information:Required:How could this information be presented differently to make it more meaningful for you in reaching
The office photocopier has just stopped working and is beyond repair. The big question now is what to do with it. Your boss is offering a cash prize for each of the following:∎ the longest list of
Your new co-worker just came in and made the following statement: 'Every Friday is casual day around here; people wear casual clothes to work on Fridays. Jan, over there, is wearing jeans and a
You and your cousin, Harvey, have decided to form a partnership and open a landscaping business in town. But before you do, you and Harvey would like to 'iron out' a few details about how to handle
Read a daily newspaper every day in the next week. What evidence do you find that supports the need for business codes of ethics?
Is a business suit the most appropriate article of clothing to wear to a business meeting? Required:Answer the question based on what you believe to be true (answer 'yes', 'no' or 'not sure').
Consider, again, the plight of the manager at Unlimited Decadence Corporation, whose boss wants to manufacture and sell the new Empty Decadence chocolate bar, perhaps using it to replace the Decadent
The changing business environment provides many challenges for today's businessperson but also opportunities.Required:What opportunities do you see that result from this environment? How would you
What is the billing/accounts receivable/cash receipts (B/AR/CR) process?
What are the differences between a post-billing system and a pre-billing system?
What is the \(A \mathrm{P} / \mathrm{CD}\) process:
What are e-inroices and e-parments:
Describe an employee self-service system.
Find and describe an instance of payroll fraud (you may use the Internet, newspapers, or other news sources). How was the fraud committed? How was it detected? What was the control weakness that
What is 3D printing? What are some of its advantages?
What are some of the characteristics and advantages of a just-in-time (JIT) system?
In addition to the industries mentioned in Technology Summary 15.2, find two industries currently using 3D printing for either prototyping or manufacturing. Technology Application 15.2 3D PRINTING
What, in your own words, does BR entail?
Why is the bierarcbical coding system a good fit for the GL system?
Why is XBRL so important to efficient Web-based BR?
When financial reporting fraud is committed, what is generally the target of the "help"?
Discuss fully the difference between the "contexts" of Figure 16.1 and Figure 16.4.Figure 16.1Figure 16.4 Treasurer 2. Investing & financing CHIEF FINANCIAL OFFICER Budgeting Managerial reporting 6.
This chapter assumed that the controller was the source of all adjusting entry journal vouchers. Mention at least one alternative source for each of the following adjustments (and explain your
Many business events are recorded in the GL from feeder processes. The first list below identifies eight business events. The second list specifies five feeder processes. Match the events with the
Identify a company that has been accused of fraudulent financial reporting by the SEC (or another government agency). Discuss the allegations of the charge and the outcome to the company.
What does TELOS stand for? How is it helpful?
Indicate who you would include on a systems analysis project tean in each of the following situations, and discuss fully the reasons why you would include each member you suggest.a. A college's
Comparing relevance and reliability, which information quality is most important? Support your answer with examples.
Find the most current listing of the AICPA’s or CPA Canada’s Top Technology Initiatives Survey.. Compare the listing to prior years’ listings. Identify and discuss trends among the years. Your
Define e-business.
What is a data flow diagram (DFD)?
What is a database?
Before starting this problem, you should consult the customer master data record layout in Figure 5.2.Using the database software indicated by your instructor:a. Create the “structure” for the
What is a foreign key? How are foreign keys related to primary keys?
What is COSO?
What, if anything, is wrong with the following control hierarchy? Discuss fully. Highest level of control Lowest level of control Pervasive control plans The control environment Application
Investigate the internal controls in one of the following (ask your instructor which): a local business, your home, your school, or your place of employment. Report (in a manner prescribed by your

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