...Course Outline ACTG 3120.3.0 : Intermediate Financial Accounting II Section: T Class: Tuesdays, 11:30am – 2:30pm Lab: Wednesdays, 5:30pm - 7:00pm Instructor Liz Farrell (416)736-5063 or (416)736-2100, ext. 66522 S345 Seymour Schulich Building efarrell@schulich.yorku.ca Office hours: Mondays, 8:00 - 8:30 am Tuesdays, 10:30 - 11:30 am Wednesdays, 8:00 - 8:30 am Secretary Filomena Petrilli 416-736-5063 S344K Seymour Schulich Building fpetrill@schulich.yorku.ca Brief Description This is an extension of SB/ACTG 3110.03, but with a primary focus on the valuation and presentation of liabilities and owners' equity. Major topics include current, long-term and contingent liabilities; leases; pensions; corporate income tax allocation; capital transactions, earnings per share and analysis of financial statements under differing accounting policies. The criteria by which both preparers and users make decisions are emphasized. Prerequisite[s] / Co-requisite[s] Note: Not available to exchange students visiting Schulich. Prerequisite: SB/ACTG 3110 3.00 Course objectives and detailed description The objective of this course is to provide students with an indepth understanding of the accounting for the liabilities and equities side of the balance sheet. This includes both international accounting standards (Part I of CICA Handbook) and the accounting standards for private enterprises (Part II of CICA Handbook). This course is the continuation of a two-course sequence (ACTG 3110/3120) that...
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...Final Exam Review Practice Case IPI Case: Required: 1. Identify Accounting System Issues * System implementation * Lack of training * I: people try to override the system, inaccurate reporting * R: The company who installed the system needs to be contacted and hold training session for employees * Glitches * I: inaccurate reporting, create room for error * R: Contact the company again and get them back and give them responsibility to fix the glitches 2. Identify Control Issues: * Understaffing people are overworked, may get sloppy * R: Hire more staff * Lack of segregation of duties, bookkeeper does the bank rec and A/R ledger * R: Get someone else to do one of those duties * Mismatch b/w what’s shipped and what’s recorded as revenue since sales reported based on what they are supposed (when order is confirmed for shipment) but Louis goes down to the shipping department and adds a few more COGS is correct but revenue is not * R: Base revenues on actual quantities shipped * Year end cut-off error – Revenue: Takes 3 weeks to get the orders out but actg department records sales based orders * R: System is changed so that revenue is recorded only when shipment is confirmed, send shipping log to the actg department so they know 3. Policy compliance * Costs capitalized to inventory * IPI’s accounting policies state that only the rental cost...
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...ACTG 351 Anne Surrey Investments Case Due: Wednesday, May 29 (at the beginning of class). Also, please be prepared to discuss the case and your solution in class on this date. Refer to the current, relevant accounting guidance to answer the questions on page 3 of the case. Required: Please be sure to reference the applicable professional guidance listed below. Your discussion should be typed, double-spaced and no more than 3 pages in length. Please prepare your case discussion in memo form (to Jim Beatty) addressing each of the questions. Applicable Professional Pronouncements: ASC 320-10-35: Investments – Debt and Equity Securities SAB 111: http://www.sec.gov/interps/account/sab111.htm Instructions for accessing the FASB Codification database: 1. Go to http://aaahq.org/ascLogin.cfm 2. User ID: AAA52999 3. Password: Fgkb9em 4. Click on link to FASB Accounting Standards Codification (from American Accounting Association webpage) 5. Search on 320-10-35 (or access via topical drop down menu) 1 Jim Beatty is the CFO of Anne Surrey Inc., an investment company that primarily invests in common stocks of both public and private companies. Anne Surrey categorizes these investments as available-for-sale. At the end of fiscal year 2010, Jim is trying to determine whether some of the investments in the public stocks that Anne Surrey owns are other-thantemporarily impaired. On an aggregate basis, the company’s equity investments are in a net unrealized gain position...
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...ACTG 351 Anne Surrey Investments Case Due: Wednesday, March 5 (at the beginning of class). Also, please be prepared to discuss the case and your solution in class on this date. Required: Refer to the current, relevant accounting guidance to answer the questions on page 3 of the case. Please be sure to reference the applicable professional guidance listed below. Your discussion should be typed, double-spaced and no more than 3 pages in length. Please prepare your case discussion in memo form (to Jim Beatty) addressing each of the questions. Applicable Professional Pronouncements: ASC 320-10-35: Investments – Debt and Equity Securities SAB 111: http://www.sec.gov/interps/account/sab111.htm Instructions for accessing the FASB Codification database: 1. Go to http://aaahq.org/ascLogin.cfm 2. User ID: AAA52999 3. Password: BbJ5LMm 4. Click on link to FASB Accounting Standards Codification (from American Accounting Association webpage) 5. Search on 320-10-35 (or access via topical drop down menu) 1 Jim Beatty is the CFO of Anne Surrey Inc., an investment company that primarily invests in common stocks of both public and private companies. Anne Surrey categorizes these investments as available-for-sale. At the end of fiscal year 2013, Jim is trying to determine whether some of the investments in the public stocks that Anne Surrey owns are other-thantemporarily impaired. On an aggregate basis, the company’s equity investments are in a...
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...ACTG 351 Columbia On-Line Networks Case Due: Wednesday, January 22 (at the beginning of class). Also, please be prepared to discuss the case and your solution in class on this date. Required: Refer to the current, relevant accounting guidance to answer the questions on page 2 of the case. Groups: For this case, you will work in groups of two to four students. I will let you pick your group if you prefer, but will assign you to a group otherwise. Please be sure to reference the applicable professional guidance listed below to support your positions. Your discussion should be typed, double-spaced (quoting guidance can be single spaced) and no more than 4 pages in length. Applicable Professional Pronouncements: ASC 605-25: Revenue Recognition: Multiple-Element Arrangements ASC 605-10-S99: SEC Materials (Inconsequential or Perfunctory) Instructions for accessing the FASB Codification database: 1. Go to http://aaahq.org/ascLogin.cfm 2. User ID: AAA52999 3. Password: BbJ5LMm 4. Click on link to FASB Accounting Standards Codification (from American Accounting Association webpage) 5. Search on 605-25 (or access via topical drop down menu) Columbia On-Line Networks TOPIC 1: Revenue Recognition In conjunction with interim audit procedures for our client, Columbia On-Line Networks (the Company), the Company’s controller provided the audit engagement team with the following information regarding a significant sales contract. MEMO To: From: ...
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...Brock University Faculty of Business ACTG 5P52 MANAGEMENT INFORMATION TECHNOLOGY E-Business/E-Commerce Applications Instructor: Dr. Alexey Nikitkov Office Hours: Tue 11:00 – 12:00 all sections Room: Taro Hall (TA) 231 or schedule an appointment Tel. : (905) 688-5550 ext. 3272 Email: anikitkov@brocku.ca Text: K.C. Laudon and C.G. Traver, Electronic Commerce – Business, technology, Society 11/e Edition, Addison Wesley Course Description: This course focuses on concepts related to electronic commerce-based solutions (primarily business-to-consumer, business-to-business, and business-to-employee). Topics include communications infrastructure supporting e-business/commerce, e-marketing, payment options, security, supply chain, and legal issues, architecture of e-commerce applications, and strategic deployment of e-business/commerce for global competitive advantage. The goal of this course is to provide students with a broad overview of all aspects of e-business. Course Objectives: Upon completing this course you should: Develop an understanding of the basic processes of e-business/commerce and the major economic, personal, and social factors, which affect e-commerce. Be able to apply the understanding of the above to solving management problems and to designing, conducting, and interpreting research applicable to business decisions about e-commerce. Develop appropriate conceptual frameworks...
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...ACTG 360 Case 2016/3/7 Precise Worldwide, Inc.(PWI), manufacturing industrial equipment and parts for sale in numerous countries, is facing a serious problem which is Henri Poulenc (a competitor) of a plastic ring substitute for the steel retaining rings presently used in certain machines sold by Precision Worldwide. The steel ring has an average normal life of about 2 months, but the plastic ring has an average normal life of about 8 months. Therefore, in my opinion, Hans Thorborg who is the general manager of the company should take several actions in response to this problem. The first action should do is being able to produce the plastic ring as well. Because the total cost of 100 steel rings is $1107.90. This cost is about 3 times of the cost of 100 plastic rings. Also, the plastic ring is also cheaper and durable than steel ring. Although the PWI would still have a lot of inventories for materials of plastic ring and completed plastic rings, PWI should demonstrate a positive attitude for resolving in terms of the qualitative factor of competition. In the other words, the cost of the existing inventory would replace by the opportunity cost for entering the current market. Furthermore, at the current rate of sale (690 rings per week), without any further production, 15,100 finished rings would be left on hand by mid-September. Therefore, PWI should continue producing and selling steel rings till mid-September. In the mid-September introduce plastic rings at least in those...
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...Olympus Accounting Fraud ACTG 6100 Professor Mark Jobe Feb. 18, 2014 Inhwa Kim M01243678 The Olympus has a pretty strong position in the camera market. This company is popular because they made the world’s first DSLR (Digital Single-Lens Reflex). Many camera users who are located in all around the world prefer the Olympus. Also, the Olympus is popular because the company made the medical devices, endoscope which is able to watch inside the organ of human body. The Olympus, which is one of the popular camera and medical devices companies, had been troubled due to a financial scandal. On August 2011, Michael Woodford, the formal president, was separated from the Olympus because of the difference in business line despite thirty years at the company. He expressed concern about possible inappropriate acquisitions and large payments to financial advisors with the chairman of Olympus and an executive vice president. He claimed that the Olympus paid an unusual fee abnormally while buying Gyrus, which is a maker of the British medical devices. After arguing this problem, he was dismissed on Oct 14, 2011. Also, in the same year, the Olympus spent about 687 million dollars as advisory fee to the Cayman Islands and another in New York. These two companies are unknown. Thomson Reuters reported that the fee of 687 million dollars, equal to 31 percent of the Gyrus acquisition price, was paid to a middle-man, whereas this is usually 1 or 2 percent. The Olympus...
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...unordered array ordered array unordered list ordered list BST randomized BST red-black tree guarantee search N lg N N N N 7 lg N 3 lg N insert N N N N N 7 lg N 3 lg N delete N N N N N 7 lg N 3 lg N search N/2 lg N N/2 N/2 1.39 lg N 1.39 lg N lg N average case insert N/2 N/2 N N/2 1.39 lg N 1.39 lg N lg N delete N/2 N/2 N/2 N/2 ? 1.39 lg N lg N ordered iteration? no yes no yes yes yes yes Can we do better? 2 Optimize Judiciously More computing sins are committed in the name of efficiency (without necessarily achieving it) than for any other single reason including blind stupidity. - William A. Wulf We should forget about small efficiencies, say about 97% of the time: premature optimization is the root of all evil. - Donald E. Knuth We follow two rules in the matter of optimization: Rule 1: Don't do it. Rule 2 (for experts only). Don't do it yet - that is, not until you have a perfectly clear and unoptimized solution. - M. A. Jackson Reference: Effective Java by Joshua Bloch. 3 Hashing: basic plan Save items in a key-indexed table (index is a function of the key). Hash function. Method for computing table index from key. hash(“it”) = 3 ?? hash(“times”) = 3 0 1 2 3 4 5 “it” Issues. 1. Computing the hash function 2. Collision resolution: Algorithm and data structure to handle two keys that hash to the same index. 3. Equality test: Method for checking whether two keys are equal. Classic space-time tradeoff. No space limitation: trivial hash function...
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...Hilario, Kedron ACTG 6310 Dr. Harrington 4 February 2015 From Sparks to Fired: Case Study 1. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) Enterprise Risk Management (ERM) – Integrated Framework (2004) is a guideline for managing risk and understanding internal controls. The eight components of the COSO ERM Framework are as followed: internal environment, objective setting, event identification, risk assessment, control activities, information and communication, and lastly, monitoring. Here we define/describe these eight components: a. The Internal Environment captures the tone of the organization and the sets the standard on how risk is viewed and addressed by the entity’s members. The entity will define such things as: risk management philosophy and risk appetite, integrity and ethical values, and the environment in which they operate. b. The Objective Setting is the objectives that exist before management identifies potential events that will affect their achievement. c. Event Identification are internal and external events affecting achievement of an entity’s objectives that are indentified, then distinguished between risks and opportunities. d. Risk Assessment is simply risks that are analyzed as a basis for determining how they should be managed. Risks are assessed on an inherent and a residual basis. e. Risk Response is avoiding, accepting, reducing, or sharing risk. Management develops a set of actions to align risks with the entity’s...
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...MANAGEMENT INFORMATION SYSTEMS Fully Accredited by the Association to Advance Collegiate Schools of Business Program Overview The PhD in Management Information Systems (PhD in MIS) provides graduates with theoretical knowledge and methodological skills to help them establish successful careers as productive researchers, scientists and scholars at leading universities and research institutes as well as industrial or business organizations. Both the technical aspects and the organizational impact of information management are stressed. The PhD in MIS provides students with: • An interdisciplinary business understanding of how technology can affect an organization’s behavior, structure, and function • A thorough grounding in the fundamental concepts of the design, development, use and application of information and communication technologies in an organizational setting • Original knowledge in IS research Our Faculty Applicants are advised to review the specific research interests of faculty in each area so they may become familiar with the range and scope of research activity and identify a potential adviser within the specialization or combined areas of study. For more information on faculty research, visit go.uic.edu/PhDMIS. NSF IGERT DOCTORAL FELLOWSHIP IN ELECTRONIC SECURITY AND PRIVACY The UIC Liautaud Graduate School of Business invites applications for a new interdisciplinary PhD concentration in electronic security and privacy. Candidates will apply for a...
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...IV discusses the organization and presentation of UML documentation of AIS as a collection of diagrams and packages. Section V contains various UML diagrams of the business revenue cycle (system) as examples of how to use UML to document a business system. Section VI contains examples of UML models of two special systems of great importance to accountants: the General Ledger system with an AJE component, and the AIS Internal Control system. Appendix 1 contains a UML glossary of italicized words found in this IDoc. II. TWO APPROACHES TO AIS ANALYSIS & DOCUMENTATION Structured Analysis (SA) Traditionally, the modeling of AIS has used three disparate types of system diagrams: (1) the flowchart (FC), (2) the data flow diagram (DFD), and (3)...
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...ACTG 2010 Group Assignment Shabih Rizvi – 214218978 Nicole Triumbari- 214218978 | General Journal | Page 1 | Date | Particulars | P.R. | Debit | Credit | November 2016 | 4 | Dr. Accounts Receivable | 102 | 100.00 | | | | Cr. Teaching Revenue | 301 | | 100.00 | | | Earned the revenue for October class | | | | | | | | | | | 8 | Dr. Cash | 101 | 250.00 | | | | Cr. Accounts Receivable | 102 | | 250.00 | | | Collected $250 from Neighbourhood school | | | | | | | | | | | 10 | Dr. Cash | 101 | 625.00 | | | | Cr. Unearned Revenue | 201 | | 625.00 | | | Received $625 in advance in teaching classes | | | | | | | | | | | 15 | Dr. Accounts Payable | 202 | 50.00 | | | | Cr. Cash | 101 | | 50.00 | | | Pays phone bill worth $650 | | | | | | | | | | | 16 | Dr. Accounts Payable | 202 | 600.00 | | | | Cr. Cash | 101 | | 600.00 | | | Pays his brother for a website design $600 | | | | | | | | | | | 18 | Dr. Cash | 101 | 50.00 | | | | Cr. Unearned Revenue | 201 | | 50.00 | | | Received $50 for photography class | | | | ...
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...Whole Foods Market [ACTG 4760 Case Project 1] [Xiaofei Liao] History of Corporate Governance at the Firm Whole Foods Market was founded in Austin, Texas. 1980, with merely 19 people. There are four founders of the company, John Mackey, Rene Lawson Hardy, Craig Weller and Mark Skiles. John and Renee dropout from college and borrowed a total of $45,000 from their families and friends to open Saferway Natural Foods. Two years later, the couple partnered with Craig and Mark, owners of Clarksville Natural Grocery, to merge Saferway with their Clarksville. This action resulted the opening of the original Whole Foods Market in 1980. Whole Foods goes public in January 1992, trading shares on the NASDAQ Stock Market as WFM. It has become a public company for 23 years since then. The Appendix A shows a list of key dates in the development history of the company. Today, there are over 410 stores of Whole Foods throughout the United States, U.K., and Canada. There are more than 88,000 team members and the company is awarded as “100 Best Companies to Work For” by FORTUNE magazine for 18 years since the list’s inception. It listed 218 in the Fortune 500 list and all the accomplishments by Whole Foods ties closely with its strong corporate governance policies, including the Board, its Committees and the individual directors. Roles and recent challenges of the Board The Board of Directors is responsible for monitoring management’s operation...
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...Name________________________________________ University of Oregon ACTG 360 Instructor: Kenneth Njoroge SPRING 2012 SAMPLE FINAL EXAM You have 2hrs to complete this final exam. You are allowed to use a single note sheet, no larger than 8.5 by 11 inches, during the exam. This sheet may be typed on both sides in any font size. Any other additional material is strictly prohibited. There are 13 pages in this quiz, including this cover sheet. The pages are photocopied on one side of the page only. There are 2 sections on the quiz. Read each question very carefully. If you are unsure about a question, clearly state your assumptions and proceed. Wisely use your time. Section 1 has 20 multiple choice questions, each worth 2 points for a total of 40 points. Only one answer is correct – clearly circle this answer. If you circle more than one answer you will fail the question. Section 2 has 4 work problems each worth 15 points for a total of 60 points. Show all your work for full credit and use the space provided to answer the questions. Ask for additional work space if required. To be efficient, if you are unsure of your answer, clearly state your assumptions and proceed. You could always return to that question if you have additional time in the end. Please print your name in the top right hand corner of this cover sheet and sign your reaffirmation of the University of Oregon Student Conduct Code below. The University of Oregon Student Conduct Code applies...
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