...ACC351A – Midterm Quiz Name Refer to the supporting documentation. 1. (10%) Below is ratio data for McDonalds, a key competitor of Wendys/Arbys. Calculate the following ratios for the 2010 fiscal year for Wendys/Arbys and indicate whether they are better or worse than the industry ratios. | |MCD |Wendys/Arbys |Better/Worse | |Net Profit Margin |20.33% |0.14% |Worse | |Revenue Growth |4.52% |96.45% |Worse | |Return on Assets |11.41% |0.1% |Worse | 2. (10%) Calculate Wendys/Arbys’ Long Term Debt to Equity ratio for fiscal year ended 1/3/10 and state whether it is better or worse than the industry average of 89.6%. Do you think that Wendys/Arbys has the capacity to incur (take on) additional debt? LTD 1,500,784/2,336,339 = 64.2% Need an answer to whether Wendy’s has the capacity for further debt. 3. (10%) Wendys/Arbys’s current stock price and P/E are $4.91 and 22.3. McDonald’s current stock price and P/E are 77.32 and 15.22. Which stock is more expensive Wendys/Arbys or McDonalds and why? Which company would you invest your hard earned money in right now and why? (Brief explanation) Wendy’s stock has a higher P/E, so more expensive. Need an...
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...University 01/2010 – Present Director Assistant, Canadian Chamber of Commerce in Shanghai 06/2009 – 08/2009 • Designed 2010 Expo Guide for Canadians in Shanghai. • Coordinated events on Canada’s Day and assisted Administrative Director with related projects • Located and entered data into several databases; made phone calls, and ensured timely mail processing. • Assisted administrative team members with clerical function. Dining Service Associate, University of Minnesota – Twin Cities 09/2009 – 12/2009 • Maintained inventory of standard dining service supplies and assists manager coordinate attendants. Member, Actuarial Club in University of Minnesota – Twin Cities 01/2009 – 12/2009 • Arranged the preparation of Casualty Actuarial Society (CAS) exam Volunteer, Students Today Leaders Forever 03/2009 – 12/2009 • Assisted the donation of food to Minnesotans at risk of hunger. Volunteer, in school for the Mute and the Deaf in Zhoushan, Zhejiang Province 2006 – 2009 • Taught disabled students Mandarin. Policy-analyst, Model United Nation in Shanghai K.J. Senior High School 2006 – 2008 • Analyzed UN policies for Model UN conferences HONORS/ AWARDS Honor Program, Awarded by Associate Dean of University of Minnesota – Twin Cities Global Excellent Scholarship, Awarded by University of Minnesota – Twin Cities Dean's List, Awarded by University of Minnesota – Twin Cities st th 1 prize, World 20 Odyssey of Mind Competition in China Area 09/2008 – 12/2009 09/2008 – 12/2009 Fall 2008, Fall 2009...
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...BLAW 2210 Term Paper Career Preparation My top two career choices are corporate financial analysis in investment banking and actuary. I will be discussing the legal environment of my career choices, taxing authorities, entity structure, graduate school in order to obtain certain license, self-assessment of my chosen careers. First, I will discuss how I can work as a corporate financial analysis in investment banking. After that, I will talk about what I need prepare to be an actuary. 1.corporate financial planning and analysis The responsibility of a corporate financial planing and analysis is to support management planning and decision making by identifying, maintaining, and evaluating information,as well as recommending actions. * Legal environment * Entity structure Investment banking is concerned with the primary function of assisting the capital market in its function of capital market intermediation, i.e. the movement of financial resources from those who have them means investors, to those who need to make use of them means issuer for generating profit. Therefore, it can be inferred that investment banks are those institutions that are the counterparts of banks in the capital market in the function of intermediation in resources allocation. Investment banks carried on carious activities it helps companies and governments and their agencies to raise money by issuing and selling securities in the primary market. They assist public and private corporations...
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...Exam 1 Study Guide Main Themes from each Chapter to understand *This is not a comprehensive list of topics covered that may be included on the quiz and exam Chapter 1 * Definition of a Tax * Standards for evaluating a tax (Adam Smith) * Tax Rate Structures – define, identify, and calculate (marginal, average, effective, proportional, progressive, regressive) * Major types of US taxes – general level * You do not need to know how to calculate SS/employment tax (but do need to know how to calculate how much SS income is taxable – CH 3) * Sources of Federal Income Tax Law – general level * Income tax terminology * General income tax filing requirements and IRS procedure – know at a general level * Individual Income Tax Calculation – know the formula (p. 1-26) and how to calculate tax using the tax rate schedule (p. 1-22) – IMPORTANT!! * For vs. From Deductions – general level * Know how to use standard deduction vs. itemized deductions * Know how to use personal and dependency exemptions * Tax Planning – understand basics * You do not need to be able to do present value calculations (p. 1-30) but should understand this concept * Understand tax evasion vs. avoidance and basic ethical considerations in tax practice Chapter 2 * Understand generally how concepts, constructs and doctrines fit together * Understand, identify, and apply all of the concepts, constructs and doctrines * Tax Benefit...
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...follows. • Accounting (ACTG) 335 – Accounting Information Systems (4) • Accounting (ACTG) 360 – Management Accounting (4) • * Accounting (ACTG) 381, 382, 383 – Financial Accounting and Reporting (12) • • • • • (ACTG 281: Accounting Mechanics “Debits & Credits” is not required, but highly recommended before taking ACTG 381) Accounting Accounting Accounting Accounting (ACTG) (ACTG) (ACTG) (ACTG) 421 430 492 495 – – – – Introduction to Taxation (4) Governmental and Not-for-Profit Accounting (2) Auditing Concepts and Practices (4) Integrated Accounting Issues (4) ** 1 upper-division accounting course to be chosen from Accounting (ACTG) 422, 460, 485, 490, 493, 407. Students planning to take the CPA exam are recommended to take all of the following electives: ACTG 422, 485, 490, 493. Prerequisites: COURSE PREREQUISITE COURSE PREREQUISITE ACTG ACTG ACTG ACTG ACTG ACTG ACTG ACTG ACTG ACTG 281 335 360 381 382 383 421 430 492 495 BA 211 BA 213, BA 325 BA 213 BA 213 (ACTG 281 highly recommended) ACTG 381 ACTG 382 ACTG 381 ACTG 382 ACTG 335, ACTG 382 ACTG 360, ACTG 421, ACTG 492 ACTG ACTG ACTG ACTG ACTG ACTG ACTG 407 (Forensic Accounting) 407 (Advanced Not for Profit Actg) 422 460 485 490 493 By Application ACTG 430 ACTG 421 ACTG 360 BA 213 ACTG 383 ACTG 492 ACCOUNTING DEGREE (not Certificate) When Accounting courses tend to be offered: FALL ACTG ACTG ACTG ACTG 281 335 360 381 WINTER ACTG ACTG ACTG ACTG ACTG 281 335 360 381 382 SPRING ACTG ACTG ACTG...
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...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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...3 711 Chapter Tax Accounting TRUE-FALSE QUESTIONSCHAPTER 13 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. A partnership may adopt any tax year without IRS permission. A corporation ling its rst return must annualize its income if the tax period is less than 12 months. A taxable year may be as short as one day and may exceed 366 days. Under no circumstances may a corporation change its scal year without IRS permission. A taxpayer engaged in two or more separate and distinct businesses may use different accounting methods for both businesses. A grocery store may use the cash basis of reporting sales. In general, a CPA on the cash basis method will never have a bad debt deduction. A cash basis taxpayer may deduct prepaid business expenses currently. Both cash and accrual basis taxpayers will be taxed on a dividend when it is actually received. Computing cost of goods soldand being on the accrual basis are independent of each other. If, in the IRSs opinion, the taxpayers books do not clearly reect income, the IRS may revise them so that they do. Taxpayers must generally obtain the permission of the IRS to change accounting methods. A correction of an error in a tax return is usually considered a change in accounting method. The IRS can require a change in accounting methods if the method used by a taxpayer does not clearly reect income. IRS permission is not required for a change from FIFO to LIFO. The installment method cannot be used unless the total selling price...
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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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...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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...I. INTRODUCTION This IDoc describes use of the Unified Modeling Language (UML) to model and document Accounting Information Systems (AIS). The objective of modeling AIS is multifaceted and can be to: visualize, understand, summarize, detail, analyze, design, develop, implement, operate, secure, control, or audit the AIS. UML is a powerful modeling language and technique for all of these modeling tasks and is more robust and semantically superior to the commonly used Structured Analysis (SA) modeling tools of flowcharts (FC), data flow diagrams (DFD), and entity-relationship diagrams (ERD). Dr. White suggests that using UML diagrams as a tool to document AIS is a viable alternative to the Structured Analysis’s diagrams of FC, DFD, and ERD. What follows in Section II is a brief comparison of the two alternative approaches to systems documentation: Structured Analysis (SA) and Object Orientation (OO). Section III presents the definition and description of the major structural and behavioral elements used in UML including classifiers, instances, relationships, collaborations, activities, interactions, and states. Section 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:...
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...Recognized Courses in Accounting/Tax Research and Analysis and Accounting/Business Communications September 3, 2014 The Texas State Board of Public Accountancy requires each candidate to complete a minimum of two semester hours in accounting research and analysis or tax research and analysis from a recognized college or university. The semester hours may be obtained through a discrete course or offered through an integrated approach. If the course content is offered through integration, the college or university must advise the Board which course(s) contain the research and analysis content. Courses identified through integration must dedicate 1 semester hour, or quarter hour equivalent, to research and analysis. Courses used to meet this requirement may not be used to meet the requirement for accounting or business communications described below. Course(s) identified by a university to meet the requirements for research and analysis in accounting or taxation should primarily address the identification, organization, and integration of diverse sources of information such as authoritative literature and pronouncements, to reach a conclusion or make a decision; and should analyze accounting and taxation issues by reviewing information, using empirical data and analytical methods, recognizing data in patterned activities, forecasting, and integrating data. CPAs may be asked to conduct research and analysis when providing attest services, professional accounting...
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...Handbook of Management Accounting Research Volume 3 Edited by CHRISTOPHER S. CHAPMAN Imperial College London, UK ANTHONY G. HOPWOOD University of Oxford, UK MICHAEL D. SHIELDS Michigan State University, USA AMSTERDAM – BOSTON – HEIDELBERG – LONDON – NEW YORK – OXFORD PARIS – SAN DIEGO – SAN FRANCISCO – SINGAPORE – SYDNEY – TOKYO Elsevier The Boulevard, Langford Lane, Kidlington, Oxford OX5 1GB, UK First edition 2009 Copyright © 2009 Elsevier Ltd. All rights reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the publisher Permissions may be sought directly from Elsevier’s Science & Technology Rights Department in Oxford, UK: phone ( 44) (0) 1865 843830; fax ( 44) (0) 1865 853333; email: permissions@elsevier.com. Alternatively visit the Science and Technology Books website at www.elsevierdirect.com/rights for further information Notice No responsibility is assumed by the publisher for any injury and/or damage to persons or property as a matter of products liability, negligence or otherwise, or from any use or operation of any methods, products, instructions or ideas contained in the material herein. British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data A catalog record for...
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