Questions and Answers of Principles Financial Accounting

Excel Problem Walmart Inc. has made historical sales data available for 45 stores located in different regions throughout the United States. Go to the student download page at
Excel Problem Walmart Inc. has made historical sales data available for 45 stores located in different regions throughout the United States. Go to the student download page at
For each of the following scenarios, list the purpose(s) of the visualization and the type(s) of visualization that would best fulfill the purpose(s). Justify your choice.a. A stock analyst is
Excel Problem Walmart Inc. has made historical sales data available for 45 stores located in different regions throughout the United States. Go to the student download page at
The Maryland Transit Administration publishes the cost per passenger for citizens using local bus, light rail, metro rail, mobility paratransit, MARC (Maryland Area Regional Commuter train),
In the state of Maryland, Montgomery County passed a law that requires all retail establishments to charge a five-cent tax on each paper or plastic carryout bag. Retailers retain 1 cent of the 5
Walmart Inc. has made historical sales data available for 45 stores located in different regions throughout the United States. Go to the student download page at http://www.pearsonhighered.com/romney
Search the Internet and find two visualizations. One visualization should be an example of a poorly designed visualization, but that is not misleading or unethical. The other visualization should be
The following case was developed by the Ernst & Young Academic Resource Center, which is sponsored by the Ernest & Young Foundation.Part 1:Background You are the chief technology officer (CTO) of an
Select the correct answer(s) for the following multiple-choice questions. Note that there may me more than one correct answer. Correct answers are bolded 1. Which of the following statements is (are)
For each of the following independent cases of employee fraud, recommend how to prevent similar problems in the future. Adapted from the CMA Examinationa. Due to abnormal inventory shrinkage in the
An auditor found that Rent-A-Wreck management does not always comply with its stated policy that sealed bids be used to sell obsolete cars. Records indicated that several vehicles with recent major
A bank auditor met with the senior operations manager to discuss a customer’s complaint that an auto loan payment was not credited on time. The customer said the payment was made on May 5, its due
An accountant with the Atlanta Olympic Games was charged with embezzling more than $60,000 to purchase a Mercedes-Benz and to invest in a certificate of deposit.Police alleged that he created
The Journal of Accountancy periodically publishes an article called “What Is Your Fraud IQ?” It consists of 10 or more multiple-choice questions dealing with various aspects of fraud. The
To learn more about Benford’s Law (discussed in Focus 8-3), do the following:a. Read the article “Using Excel and Benford’s Law to Detect Fraud” by J. Carlton Collins in the April 2017 issue
Research the following two topics and write a 3-page paper discussing what you found.a. There are several fraud analytics software packages on the market. Investigate them and try to determine what
Match the following terms with the appropriate definition or example:1 aggregate data a process of analyzing data to make certain the data has the properties of high quality data:accuracy,
Excel Project: Data Pivoting You are a data analyst for the city of Burlington, Vermont. Download the data file “P6-2BurlingtonVermontData.xlsx” from the student download page at
Excel Project: Aggregating Data at Different Levels You are an internal auditor for the city of Burlington, Vermont. Download the data file “P6-3BurlingtonVermontData.xlsx” from the student
Excel Project: Parsing Data Go to the student download page at http://www.pearsonhighered.com/romney and download the file labeled “P6-4CustomerData.xlsx”. For this problem, assume that your
Excel Project: Fixing Cryptic Data using Data Concatenation You work at a non-profit that seeks to help people start businesses in third world countries so they can lift themselves out of poverty.
Excel Project: Formatting Data Consistently You are preparing to analyze data about the Washington DC Public Schools from January 2009 to February 2019. Go to the student download page at
Excel Project: Auditing a Data Extract You work as an auditor for the city of Washington DC and have been asked to audit employee purchasing card (p-cards) expenses. You have been asked to validate
For the S&S Case discussed in this chapter, you receive the following output containing basic descriptive statistics for some of the columns in the full dataset (the chapter example problem contained
Excel Project: Creating Data Errors This problem asks you to create a data set with specified errors.REQUIREDa. Create a fake dataset that has at least 20 rows and 6 columns. The dataset can relate
Search the internet for an example of a business project failure caused by a failure in some part of the ETL process. Based on the example you find, discuss the principles discussed in this chapter
The following case was developed by the Ernst & Young Academic Resource Center, which is sponsored by the Ernest & Young Foundation.For this case, you have received a data file,
Prepare flowcharting segments for each of the following operations:a. Processing transactions stored on a sequential medium such as a magnetic tape to update a master file stored on magnetic tape.b.
a. Prepare a document flowchart to reflect how ANGIC Insurance Company processes its casualty claims.b. Prepare a BPD to reflect how ANGIC Insurance Company processes its casualty claims.
Prepare a BPD that documents Beccan’s business processes.
a. Prepare a context diagram and at least two levels of DFDs for this process.Level 0 Data Flow Diagram for a course registration system:Level 1 Data Flow Diagram for a registration system:b. Prepare
Prepare a program flowchart to help Melanie program this process.
Match the flowchart or DFD segments in the right column to an appropriate description in the left column.
Replicate Figures 3.14, 3.15, and 3.17 found in the Comprehensive Problem Solution at the end of the chapter. Use Visio, Microsoft Word, Microsoft Excel, or some other documentation software package.
You are the systems analyst for the Wee Willie Williams Widget Works (also known as Dub 5, which is a shortened version of 5 Ws). Dub 5 produces computer keyboard components.It has been producing
Retrieve the Chapter 4 Relational Database (in Microsoft Access format) from http://www.pearsonhighered.com/romney or create the tables in Table 4-5 in a relational DBMS product.REQUIREDWrite queries
The tables in Table 4-17 reveal the structure of a database for the following queries.Build the database and enter data from these tables in a relational DBMS package, build the database and import
From the database created in the comprehensive problem (also available at http://www.pearsonhighered.com/romney), perform queries based on the tables and query grid. Your instructor may specify
4.11 Answer the following multiple-choice questions. (Correct solutions bolded)1.With respect to data warehouses, databases, and files, which of the following statement(s) is (are) true?2. With
The first step of an analytics mindset is to ask the right questions. How do you learn how to ask the right questions? How would you teach someone else how to ask the right questions?
This chapter discusses several different ways to structure data warehouses, data marts, and data lakes. Discuss the diagrams listed in the book, or diagram your own structures, for data warehouses,
Companies are automating many accounting tasks. Is automation good or bad?Consider this question from the view of accounting students, accounting practitioners, other business professionals, and
The end of this chapter suggests that data analytics are not always appropriate for a decision context. Identify three unique business situations for which data analytics may not be appropriate.
Match the following terms with the appropriate definition or example:1 analytics mindset a Information that results from the examination of data to understand the past, answer the question “what
For each of the following examples, indicate whether the data is structured, semistructured, or unstructured or a mix of each. Explain your answer.1.A company runs many social media campaigns to
Consider the following scenario. You are a tax professional meeting with a new client to help them make strategic tax planning decisions. You know that clients can choose a variety of tax positions
Consider the following scenario. You are a new staff internal auditor for a national restaurant chain. Your manager assigns you to visit a new restaurant that is performing poorly. In preparing for
For each of the following situations, indicate whether the analysis is an example of a descriptive analytic, diagnostic analytic, predictive analytic, or prescriptive analytic.1. An accounting firm
Excel Project: ETL in Excel You are to analyze production patterns for a company producing lawn equipment. The company wants to understand which regions and managers produce the most units. They also
Excel Project: Well Designed Visualizations The following visualization (viz) shows all state taxes and fees collected for the state of New York from 2014 to 2018, inclusive.REQUIREDFor this viz, do
Describe ways that you could change the viz to present the data in unethical ways. How could using one of these unethical viz presentation techniques hurt the institution using this data and damage
5.10 Automation is significantly changing the accounting profession. Research an example of how a company has automated an accounting task during the last year. Prepare a memo that summarizes the
The following case was developed by the Ernst & Young Academic Resource Center, which is sponsored by the Ernest & Young Foundation. Robotic process automation is growing in importance in the
Why is transforming data necessary and why does it take so much time? What ways can you think of to reduce the time needed to transform data?
What are the strengths and weaknesses of each of the four data validation procedures discussed in this chapter? What are other possible ways to validate data?
Compare the net cash flows generated by the two companies through operational activities. Which company emerges stronger on this count? How?
Continue with the case of ITC Ltd. Analyse its results to examine the chronological performance of the company and assess the 2003–04 EPS. Attempt the following requirements towards this
Refer to the extracts from the Annual Report 2001–2002 of Larsen and Toubro Limited regarding its ‘Assets Held under Finance Leases’ as illustrated in this chapter. Analyse the case and attempt
Refer to the extracts from the annual reports 2002–03 and 2003–04 of Colgate-Palmolive (India) Ltd. regarding intangible assets as illustrated in this chapter. Analyse the cases and attempt the
Refer to the extracts from the Annual Report 2002 of Nestlé India Ltd. regarding ‘Impairment of Assets’ and from 2004 regarding ‘Reversal of the Impairment Loss’ as illustrated in this
Using the data given in the case, compute the value of the closing inventory of Pulkit Enterprises as on 30th June 2006 following the LIFO method. Towards this:1. Prepare the statement of inventory
Using the data given in the case, compute the value of the closing inventory of Pulkit Enterprises as on 30th June 2006 following the WAC method.
Refer to the extracts from the Annual Report 2001–2002 of Colgate-Palmolive (India) Limited regarding its investments as illustrated in this chapter. Analyse the case and attempt the following
Refer to the extracts from the annual report 2005–06 of Hindalco Industries Ltd. regarding its investment in its joint venture IDEA Cellular Ltd. as illustrated in this chapter. Analyse the case
Form group of 3 to 4 members. Having understood the financial statements, together with notes thereto, of Nestle India Ltd., and after learning the tools and techniques of financial analysis in the
The treatment of outflows on account of dividend and interest is highly debatable as to their activity classification. Give a serious thought to the issue and express your opinion about the best
Continue with the case of Hindustan Lever Ltd. Analyse the news items to predict the future outlook of the company and to strategise its improvement. Attempt the following requirements towards this
Reliance Industries Ltd. is the biggest private sector company in India. The following fact sheet about the company and its peer group, as extracted from Capitaline Plus database is reproduced in the
Form a small group. Concentrate on BSE Sensex companies and compile the voluntary disclosures made by each of them. Draft a crisp research paper highlighting your findings and use thereof to various
Brown India Limited manufactures office tables. Normal capacity of the factory is 60,000 tables per annum. Following are the cost and inventory details for the year 2005–06.Required:Carry out the
Shoppers’ Departmental Stores Ltd. furnishes the following details of purchase, sale etc. of its garments section for the year 2005–06.Determine the value of inventory of the garments section as
Ram Lakhan Company Ltd. produces one unit of product B by using one unit of raw material A. During 2005–06 A costed the company ₹4,200. Conversion cost was ₹850. As on 31st March 2006, being
Usha Corporation Ltd. sought the advice of an investment advisor for deployment of surplus funds of around Rs. 45 lakh in the stock market. The advisor advised to invest in Bhonsle India Ltd. and
KABU Enterprises Ltd. buys a building for the purpose of investment. It issues 1,00,000 equity shares of its company, which are quoted on the day of the deal at Rs. 155 per share at the NSE. The
Bharti Investments Ltd. holds 8000 shares of Phonetel Corporation Ltd. It acquires 7000 shares of Subharti Ltd. from Idea Investments Ltd. in exchange for these shares. Determine the cost of shares
Usha Corporation Ltd. purchases 12,000 10% secured redeemable bonds of the face value of Rs. 100 each of Andhra Pradesh Power Finance Corporation Ltd. on 1st January for a consideration of Rs.
If Usha Corporation Ltd. were to continue with the classification of its investment in Bhonsle as current investments, and the fair market value as on the balance sheet date was Rs. 42,07,500, at
In May 2004, Veeru Travels Ltd. promoted Basanti and Veeru Tonga Travels Ltd., an unlisted joint venture company in association with Basanti Tonga Ltd. It invested Rs. 2.50 crores by way of its
Refer to Exercise 1 of Usha Corporation Ltd. The company had intended to keep the shares as current investments. However, looking at the long-term prospects of Bhonsle, it now wants to reclassify
Jai Investment and Finance Ltd. had acquired 3,000 shares of Gabbar and Sambha Ltd. in September 2004. They were being carried in the 31-03-2006 balance sheet at Rs. 17,85,000. Gabbar and Sambha Ltd.
Let us continue with the above illustration of Jai Investment and Finance Ltd. Assume that the company disposed off its holding to Imam Saheb Ltd. on a cum-right basis @ Rs. 846 per share. Imam Saheb
Ram Lal Sewa Samiti Ltd. purchased 30000 shares of Sippy and Sons Ltd. at a cost of Rs. 312 per share in the month of December 2005. It again purchased 30000 shares of the same company at a cost of
Suppose you were a:a. Shareholderb. Prospective investorc. Investment adviserd. Corporate raidere. Senior employeef. Lending institution:• Already having lent • Approached to
Refer to the extracts from the annual report 2000–2001 of Indo Rama Synthetics (India) Limited regarding qualifications in its auditors’ report, management’s viewpoint and directors’
Refer to the extracts from the annual report 2001–2002 of Hindustan Motors Limited regarding qualifications in its auditors’ report, management’s viewpoint and directors’ explanations on
You have gone through and understood the information available from the annual reports of the company regarding non-provision and ultimately provision after seven years of the diminution in the value
You have gone through the explanation offered by the directors behind their intention in deciding to extend the accounting year 1999–2000 by three months in their report for the year 1999–2000,
In Chapter 15 you were exposed to details of Non-provisioning of Expenses and Doubtful/Disputed Debts by Hindustan Motors Ltd., explanations thereon in the notes to accounts, their treatment in the
You were exposed in Chapter 13 to details of Contingent Liabilities Not Provided For by Liberty Shoes Ltd. during the year 2001–02 as per their annual report. The following additional information
You have gone through the following information about Hindustan Lever Ltd., as provided in this chapter, for the year ended 31 December 2001:1. Profit and Loss Account 2. Note 2: Other Income 3.
Liberty Shoes Ltd. issued 3,45,000, 0% FCDs of ₹100 each amounting to ₹3,45,00,000 during Feb. 94. The FCDs were convertible into equity shares of ₹10 each at par. The FCDs were outstanding as
Continue with the case of Liberty Shoes Ltd. on BEPS and DEPS. However with effect from 1st Feb 2001 these FCDs are carrying an interest rate of 10% p.a. As per the annual reports, the PAT for the
Given hereunder are the details of net profit, equity capital and rights issue etc. of Emm Ell India Ltd. for the years 2005-06 and 2006-07. Determine the BEPS for both the years. and Nos. of Shares
Kiran Textiles Ltd. supplies you with the following details for the year 2006-07. Determine its BEPS and DEPS. Net Profit No. of equity shares outstanding (FV10) Equity shares under options granted
Continue with the case of Maruti Suzuki Ltd. You had carried out the Multi-step income statement analysis, Horizontal analysis and Common-sized analysis of the company in Chapter 16.Now extend your
Continue with the case of Maruti Suzuki Ltd. Also refer to the illustration of Grasim Industries Ltd. in this chapter. Carry out a comparative analysis of the two companies. Towards this purpose
Continue with the case of Shiva Industries Ltd. as above.Required1. Determine the rate of depreciation as per WDV.2. Determine the annual depreciation and accumulated depreciation for all the years
Continue with the case of Shiva Industries Ltd. as above. Now assess the impact of SLM and WDV on profits and tax liability of the company.
Continuing with the case of Shiva Industries Ltd., assume that the company adopted WDV in the first year but decided to shift to SLM in the 5th year. Analyse the impact of this change on the

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