...Course Schedule Session 1 (January 12, 2013) Module 1 Topic The Accounting Environment: What is Accounting and Why is it Done? Activities Readings: Chapter 1 LO 1, 2, 3, 4, 5, 6 pages 1 - 23 Assignments: Lyryx Online Homework Assignment: Lab 1, Chapter 1 E1-3 (LO 2), E1-8 (LO 6) P1-6 (LO 1,2), P1-9 (LO1, 2, 6) P1-13 (LO 6), P1-16 (LO 1,2, 3) Due by Sunday, January 20 at 11:00 pm Tests/Exams: (None) Session 2 (January 19, 2013) Module 2 Topic Financial Statements: A Window on an Entity Activities Readings: Chapter 2 LO 1, 2, 3, 4, 5 pages 32 - 60 Assignments: Lyryx Online Homework Assignment: Lab 2, Chapter 2 Chapter 2 E2-1 (LO 2), E2-19 (LO 1, 5) E2-10 (LO 1, 3), P2-18 (LO 3, 4) E2-18 (LO 5), E2-20 (LO 1, 4) CASE: P1-19 (p. 31 LO2,3) Due by Sunday, January 27 at 11:00 pm Tests/Exams: (None) Session 3 (January 26, 2013) Module 3 Topic The Accounting Cycle Activities Readings: Chapter 3 LO 1, 2, 3, 5, 6 pages 88 - 140 Assignments: Lyryx Online Homework Assignment: Lab 3, Chapter 3 Chapter 3, Part 1 E3-5 (LO 2, 5), E3-8 (LO 2) E3-9 (LO 5), E3-2 (LO 2, 5) CASE: Kenaston Convenience Store Due by Sunday, Feburary 3 at 11:00pm Tests/Exams: (None) Session 4 (February 2, 2013) Module 4 Topic The Accounting Cycle (Adjusting Entries) Activities Readings: Chapter 3 LO 4, 5,6 pages 94-140 Assignments: Lyryx Online Homework Assignment: Lab 4, Chapter 3 Chapter 3 Part 2 E3-1(LO 4), E3-7 (LO 4) E3-16...
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...Acct 306 Case Project Summer 2014 On January 1, 2014, NeedMoreRoom, Inc. (NMR) entered into a lease agreement with WeRentSpace, Inc. (WRS) to rent space for its corporate offices. Based on the lease agreement, the lease is properly classified as an operating lease. The lease has a 10-year lease term (expires on December 31, 2023), and there is no option to renew nor is the ability to negotiate for renewal provided in the lease agreement. In addition, the lease agreement contains two provisions that require NMR to incur certain one-time costs at the end of the lease term. The provisions include the following: 1. “Lessor requires the lessee to perform general repairs and maintenance on the leased premises.” 2. “Lessor requires the lessee to remove all leasehold improvements such that the premises are reinstated to original condition.” At the beginning of the lease, NMR placed into service various leasehold improvements (e.g., temporary walls, HVAC, carpeting) that have useful lives of 10 years and no residual value. Required: a. How should NMR account for the first obligation noted above? b. How should NMR account for the second obligation noted above? Hint: The proper accounting treatment for each obligation is one of the following: -account for it as a minimum lease payment -account for it as an asset retirement obligation -account for it as an expense when it is incurred For each obligation, explain which of the three options is the proper accounting treatment. Also, prepare...
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...ACC 3213: Intermediate Financial Accounting III, Fall 2013 Class Time/Room: Section 1: MW 12:00 – 1:50 PM A&E 0293 Section 2: MW 6:00 – 7:50 PM Science S205 Instructor: Kim Shima, PhD, MAcc, CPA Office: VBT 352 Phone/Voice Mail: 885-7176 E-mail*: kim.shima@csueastbay.edu Office Hours: MW 2:00-3:30 PM or by appointment Prerequisites: Acct 3212 or its equivalent with C- or better. Course Materials: Intermediate Accounting, 7th ed., Spiceland, Sepa, and Nelson CONNECT program (available with book purchase) PPT slides available on Blackboard site Basic Four Function Calculator (cell phones, iPods, and graphing calculators may not be used as a calculator on exams) Course Description and Objectives: This is the last course in a three-course sequence on intermediate financial accounting. The objectives of this course are to reinforce the fundamental knowledge developed in ACCT 3211 and ACCT 3212 and to continue to build the understanding on the theory and practice of financial reporting. During this course, we will cover topics such as income taxes, pensions and other post-retirement benefits, shareholders equity, share-based compensation, earning per share, accounting changes and error corrections, and the statement of cash flows (revisited). Homework and three exams are used to evaluate students’ understanding of the material. Special note: although the emphasis of this course is US GAAP, we are...
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...balances: Owner’s Capital $30,000; Owner’s Drawings $2,000; Service Revenue $50,000; Salaries and Wages Expense $27,000; and Supplies Expense $7,000. The closing entries are as follows: (1) | Close revenue accounts. | | (2) | Close expense accounts. | | (3) | Close net income/(loss). | | (4) | Close drawings. | | Post the closing entries in the order presented in the problem and use the numbers as a reference. Salaries and Wages Expense | | | | | Supplies Expense | | | | | Service Revenue | | | | | Owner’s Drawings | | | | | Income Summary | | | | | | | | | | | | | Owner’s Capital | | | | | | | | | | | | | Brief Exercise 4-7 | | The following selected accounts appear in the adjusted trial balance columns of the worksheet for Goulet Company. Identify the accounts that would be included in a post-closing trial balance. Accumulated Depreciation | | | Depreciation Expense | | | Owner’s Capital | | | Owner’s Drawings | | | Service Revenue | | | Supplies | | | Accounts Payable | | | | | | Brief Exercise 4-8 | | The steps in the accounting cycle are listed in random order below. List the steps in proper sequence, assuming no worksheet is prepared, by placing numbers 1–9. (a) | | Prepare a trial balance. | | | (b) | | Journalize the transactions. | | | (c) | | Journalize and post closing entries. | | | (d) | | Prepare financial statements...
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...Case Study 2—Internal Control Due by Sunday of Week 5, 11:59 p.m., mountain time LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The president wants to be aware of any new regulations required of his company if they go public, so he met with a colleague of yours at a local restaurant. The president of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the president of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as treasurer and controller, which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash. The accountant has recently started using pre-numbered invoices and wants to buy an indelible ink machine to print their checks. The president is waiting to hear from you if this is a necessary...
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...Case Study 2—Internal Control Due by Sunday of Week 5, 11:59 p.m., mountain time LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The president wants to be aware of any new regulations required of his company if they go public, so he met with a colleague of yours at a local restaurant. The president of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the president of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as treasurer and controller, which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash. The accountant has recently started using pre-numbered invoices and wants to buy an indelible ink machine to print their checks. The president is waiting to hear from you if this is a necessary...
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...CHAPTER 4 Completing the Accounting Cycle ASSIGNMENT CLASSIFICATION TABLE Study Objectives *1. Prepare a worksheet. *2. Explain the process of closing the books. *3. Describe the content and purpose of a post-closing trial balance. *4. State the required steps in the accounting cycle. *5. Explain the approaches to preparing correcting entries. *6. Identify the sections of a classified balance sheet. *7. Prepare reversing entries. Questions 1, 2, 3, 4, 5 6, 7, 11, 12 8, 9 Brief Exercises 1, 2, 3 4, 5, 6 7 Exercises 1, 2, 3, 5, 6, 17 4, 7, 8, 11, 19 4, 7, 8 A Problems 1A, 2A, 3A, 4A, 5A 1A, 2A, 3A, 4A, 5A 1A, 2A, 3A, 4A, 5A 5A 6A B Problems 1B, 2B, 3B, 4B, 5B 1B, 2B, 3B, 4B, 5B 1B, 2B, 3B, 4B, 5B 5B 10, 11, 12 13 8 9 10, 19 12, 13 14, 15, 16, 17, 18 10, 19, 20 10, 11 12 3, 9, 14 15, 16, 17 18, 19 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B *Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendix *to the chapter. 4-1 ASSIGNMENT CHARACTERISTICS TABLE Problem Number 1A 2A 3A 4A 5A 6A 1B 2B 3B 4B 5B Description Prepare worksheet, financial statements, and adjusting and closing entries. Complete worksheet; prepare financial statements, closing entries, and post-closing trial balance. Prepare financial statements, closing entries, and postclosing trial balance. Complete worksheet; prepare classified balance sheet, entries, and post-closing trial balance. Complete all steps in accounting cycle. Analyze errors and...
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...Leventhal School of Accounting BUAD 305: ABRIDGED CORE CONCEPTS OF ACCOUNTING INFORMATION Course Syllabus for Fall Semester 2011 |Sec. |Time |Location | |14766R |8:00-9:50 AM TTH |HOH 303 | |14772R |12:00-1:50 PM TTH |HOH 421 | |14774R |2:00-3:50 PM TTH |HOH 421 | Professor: Chrislynn Freed, CPA* Course website: http://blackboard.usc.edu/ Office: School of Accounting Building, Room 115 Office Phone: 213-740-4867 (also voicemail number) Email Address: cfreed@marshall.usc.edu My Office Hours: Tuesday & Thursday: 7:15-7:45AM; 10:00-11:00 AM; and 4:00-5:00 PM; or by appointment (also please feel free to send me an email at any time. I will respond as quickly as I can.) IA Office Hours: Mondays: 1:00-3:00PM; Wednesdays: 4:15-6:15PM Emergencies: Call (213) 740-4321 (for personal emergency) or (213) 740-9233 or tune to KUSC Radio at 91.5 on your FM dial USC Information: (213) 740-2311 Emergency Info: Call (213) 740-9233 or listen to KUSC Radio at 91.5 on your FM dial * regulated by the state of Florida I. COURSE DESCRIPTION, GOAL AND LEARNING OBJECTIVES; COURSE FORMAT This course is not a traditional financial-managerial accounting course. Instead, this course will take a new approach to accounting education. The emphasis...
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...Assignment front sheet Qualification Unit number and Title Pearson BTEC Level 5 HND Diploma in Business HNBS 102: Managing Financial Resources and Decisions Student Name Assessor Date issued 29/09/2015 Internal Verifier MUHAMAMD SAJID Task 1 / Task 2 F Khan Task 3 / Task 4 Week 8 Week 14 Assignment title Learning Outcome Corporate finance in decision making Assessment In this assignment you will have the opportunity to Criteria present evidence that shows you are able to: Task no LO1 Understand the sources of finance available to a Business 1.1 identify the sources of finance available to a business 1 1.2 assess the implications of the different sources 1 1.3 1 2.1 evaluate appropriate sources of finance for a business project analyse the costs of different sources of finance 2.2 explain the importance of financial planning 2 2.3 2 2.4 assess the information needs of different decision makers explain the impact of finance on the financial statements 3.1 analyse budgets and make appropriate decisions 3 3.2 explain the calculation of unit costs and make pricing 3 3.3 assess the viability of a project using investment appraisal techniques 3 4.1 discuss the main financial statements 4 4.2 compare appropriate formats of financial statements for different types of business 4 4.3 interpret financial statements using appropriate ratios and comparisons, both internal and external. 4 LO2 Understand the implications of finance as a resource...
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...Journal of Forensic & Investigative Accounting Vol. 4, Issue 2, 2012 The Obvious Fraud: A Short, Problem-Based Case Study to Highlight Inappropriate Fraud Examination Techniques David O’Bryan Jeffrey J. Quirin* INTRODUCTION Assume you are an internal auditor for a large, multinational, manufacturing organization with a division in Mexico. One of your responsibilities is to investigate allegations made on the company’s fraud hotline. When you arrive at work one morning you learn an anonymous tip was left on the hotline that alleges fraud involving the division manager. “Pat’s significant other is a fraudulent vendor,” was the anonymous tip left on your company’s fraud hotline. Pat is a division manager at your company. “Wow. I can’t believe this guy is so blatant,” you’re thinking as you review some accounts payable invoices while following up on this anonymous tip. The invoice that caught your attention is shown in Table 1. A quick search of the AP file reveals a total of three invoices like the one in Table 1, all for identical amounts but on different dates. The division manager, Pat, has the authority to approve payment of invoices for less than $10,000. It is obvious to you that the manager has a created a shell company. You happen to know that Pat’s significant other is named Kim, hence the name Kimco Marketing. There is no documentation to support these transactions other than the invoices, all of which are purportedly for marketing services. * The authors are, respectively...
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...it sent again. Please Print: (This information will remain confidential and will not be re-distributed to any third parties.) Completed by: __________________________________________________ Organization: _____________________________________________________ Phone: ______________________________________________ Email: _________________________________________________________ INSTRUCTIONS To make this survey the greatest value to you and to all other participants, please follow these instructions carefully: QUESTIONS 2 & 3: Please provide information for these two questions based on your location. This information is used to present data in different formats in the results. PAY PERIOD: Report salaries for the pay period nearest to July 1, 2009. REPORTING PAY: Base rates are defined as actual straight time pay. Do not include overtime premiums, shift differentials, bonuses or any other incentives or variable pay components. Straight time salaries are usually automatically adjusted when cost of living allowances (COLA) become effective, therefore, COLA adjustments should be included in the rates you report. JOB MATCHING PERCENTAGE: Read the position descriptions carefully and compare to jobs in your organization. If responsibilities of jobs in the survey coincide with your positions by 70% or better,...
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...rP os t 9-306-064 REV: FEBRUARY 12, 2008 ROSABETH MOSS KANTER RYAN L. RAFFAELLI op yo Innovation at Timberland: Thinking Outside the Shoe Box In December 2005, CEO Jeff Swartz and COO Ken Pucker headed for a meeting in Timberland’s Stratham, New Hampshire, world headquarters, to celebrate achievements and ensure that plans were in place for several important product launches in the spring. The approach of a new year gave them a chance to reflect on progress made and consider opportunities ahead. tC Jeff and Ken walked past the festive, holiday-decorated company store, with its promotion of ornaments to support Share Our Strength, a hunger relief organization. At the entrance of the company’s cafeteria, they stopped at a display featuring a campaign to stop the genocide in Darfur and an adjacent wall of customized Timberland boots designed by City Year to celebrate sixteen years of partnership in the community. Since 1989, Timberland had served as National Leadership Sponsor to the national youth service corps. All of these reflected the values that constituted Timberland’s soul. Now soles (the in-shoe variety) were on the leaders’ minds. No Over the past 3-4 years, Timberland had booted up a formal system to produce greater innovation—in some ways, a return to the past. The company’s early growth had come from bootstrapping significant inventions in footwear, including one of the world’s first waterproof boots. More recently, Timberland’s...
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...TRIMESTER III S.No. | Code No. | Title of the Course | 1. | HMPRBA 301 | Strategic Management | 2. | HMPRBA 302 | Entrepreneurship Development | 3. | HMPRBA 303 | Corporate Governance | 4. | HMPRBA 304 | Management of Public & Private Participation | 5. | HMPRBA 305 | Marketing Research | 6. | HMPRBA 306 | Financial Management | 7. | HMPRBA 307 | Operations & Supply Chain Management | 8. | HMPRBA 308 | Innovation Management | 9. | HMPRBA 309 | Current Business Affairs & Soft Skills | 10. | HMPRBA 310 | Minor Project (8 weeks) & Viva - Voce | HMPRBA-301: Strategic Management The objective of this course is to acquaint students with the concepts, methods and tools of strategic management and their application in industry. UNIT I: Strategic Management-Basic process of strategic management; Benefits and limitations of strategic management; Goals and objectives, Business Vision, Mission and Objectives. UNIT II: Environment and Resources Analysis: Environmental Analysis, Industry and Competitive Analysis, the External Factor Evaluation (EFE) Matrix, Competitive Profile Matrix (CPM), Internal Analysis; Internal Factor Evaluation (IFE) Matrix, Porter’s Five Forces Model, SWOT Analysis and VRIO framework. UNIT III: Strategy Formulation: Porters Value chain - Generic competitive strategies - Portfolio Analysis and its limitation - BCG matrix and GE matrix - Building competitive - advantage for a firm - Strategy versus tactics...
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...APPENDIX Checklists A Checklist A-1 Reviewing a Budget 1. Is this budget static (not adjusted for volume) or flexible (adjusted for volume during the year)? 2. Are the figures designated as fixed or variable? 3. Is the budget for a defined unit of authority? 4. Are the line items within the budget all expenses (and revenues, if applicable) that are controllable by the manager? 5. Is the format of the budget comparable with that of previous periods so that several reports over time can be compared if so desired? 6. Are actual and budget for the same period? 7. Are the figures annualized? 8. Test one line-item calculation. Is the math for the dollar difference computed correctly? Is the percentage properly computed based on a percentage of the budget figure? 333 334 APPENDIX A Checklists Checklist A-2 Building a Budget 1. What is the proposed volume for the new budget period? 2. What is the appropriate inflow (revenues) and outflow (cost of services delivered) relationship? 3. What will the appropriate dollar cost be? (Note: this question requires a series of assumptions about the nature of the operation for the new budget period.) 3a. Forecast service-related workload. 3b. Forecast non–service-related workload. 3c. Forecast special project workload if applicable. 3d. Coordinate assumptions for proportionate share of interdepartmental projects. 4. Will additional resources be available? 5. Will this budget accomplish the appropriate managerial objectives for...
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...John Wiley & Sons, Inc. David L. Kurtz University of Arkansas Louis E. Boone University of South Alabama BUSINESS 14TH EDITION Contemporary . . . at the speed of business “The 14th edition of Contemporary Business is dedicated to Joseph S. Heider, who brought me to John Wiley & Sons. Thank you, Joe.” —Dave Vice President & Executive Publisher Acquisitions Editor Assistant Editor Production Manager Senior Production Editor Marketing Manager Creative Director Senior Designer Text Designer Cover Designer Production Management Services Senior Illustration Editor Photo Editor Photo Researcher Senior Editorial Assistant Executive Media Editor Media Editor George Hoffman Franny Kelly Maria Guarascio Dorothy Sinclair Valerie A. Vargas Karolina Zarychta Harry Nolan Madelyn Lesure 4 Design Group Wendy Lai Elm Street Publishing Services Anna Melhorn Hilary Newman Teri Stratford Emily McGee Allison Morris Elena Santa Maria This book was set in Janson TextLTStd-Roman 10/13 by MPS Limited, a Macmillan Company, Chennai, India and printed and bound by R. R. Donnelley & Sons. The cover was printed by R. R. Donnelley & Sons. This book is printed on acid free paper. ∞ Founded in 1807, John Wiley & Sons, Inc. has been a valued source of knowledge and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. Our company is built on a foundation of principles that include responsibility to the communities we serve and where we live...
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