...themselves with this information in preparation for the analysis that will be required during the Case Examination. Candidates should note that they will not be allowed to bring any written material, including the advance copy of this Backgrounder, into the examination centre. A new copy of this Backgrounder, together with additional information about the company and a supplement of formulae and tables, will be provided at the writing centre for the Case Examination. Only the following models of calculators are authorized for use during the Case Examination: 1. Texas Instruments 2. Hewlett Packard 3. Sharp TI BA II Plus (including the professional model) HP 10bII+ (or HP 10bll) EL-738C (or EL-738) Candidates are reminded that no outside research on the industry related to this case is required. Examination responses will be evaluated on the basis of the industry information provided in the Backgrounder and the question paper (Additional Information). © 2013 The Society of Management Accountants of Canada. All rights reserved. ®/™ Registered Trade-Marks/Trade-Marks are owned by The Society of Management Accountants of Canada. No part of this document may be reproduced in any form without the permission of the copyright holder. Backgrounder Practice Case Examination – M3A1 Aqua Fish Canada Inc. (AFC) Backgrounder May 2002 to April 2011 Overview Aqua Fish Canada Inc. (AFC) is a privately owned, Canadian company involved in aquaculture in the Maritimes. Aquaculture is...
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...Glossary Notes: Note 1: CICA Part I applies to publicly accountable enterprises, CICA Part II ASPE applies to private enterprises; CICA Part III ASNFPO applies to not-for-profit organizations. CICA Part IV ASPP applies to pension plans. For governments and government organizations, see under Public Sector Accounting (PSA) Handbook for details of what applies. Note 2: Part II and V Definitions may not be identical — check the CICA Handbook — Accounting. A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Abnormal earnings Also referred to as unexpected earnings. Differences between the expected value of earnings and the actual realized. Absorption costing Absorption costing is a method of assigning costs to inventory. It includes fixed overhead costs in addition to variable overhead costs added to direct materials and direct labour to calculate unit cost. Accelerated amortization Accelerated amortization is a method of allocating the cost of an asset in which the annual amortization amounts are larger in an asset’s early years and decrease over time. An example of accelerated amortization would be the double-declining balance method. Access controls Procedures designed to restrict access to online terminal devices, programs, and data. Access controls consist of ”user authentication” and ”user authorization.” Account Place within an accounting system where the increases and decreases in a specific asset, liability, owner’s equity, revenue, or expense are recorded...
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...Glossary Notes: Note 1: CPA Canada Handbook Part I applies to publicly accountable enterprises, CPA Canada Handbook Part II ASPE applies to private enterprises; CPA Canada Handbook Part III ASNFPO applies to not-for-profit organizations. CPA Canada Handbook Part IV ASPP applies to pension plans. For governments and government organizations, see under Public Sector Accounting (PSA) Handbook for details of what applies. Note 2: Part II and V Definitions may not be identical — check the CPA Canada Handbook – Accounting. A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Abnormal earnings Also referred to as unexpected earnings. Differences between the expected value of earnings and the actual realized. Absorption costing Absorption costing is a method of assigning costs to inventory. It includes fixed overhead costs in addition to variable overhead costs added to direct materials and direct labour to calculate unit cost. Accelerated depreciation Accelerated depreciation is a method of allocating the cost of an asset in which the annual depreciation amounts are larger in an asset’s early years and decrease over time. An example of accelerated depreciation would be the double-declining balance method. Access controls Procedures designed to restrict access to online terminal devices, programs, and data. Access controls consist of ”user authentication” and ”user authorization.” Account Place within an accounting system where the increases and decreases in a specific...
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...Medicare is the primary insurer for 54 million Americans. Medicare is a single-payer health care program, covering all eligible beneficiaries under a single, publicly financed insurance plan. Government spending on Medicare in 2013 was $583 billion, or 14 percent of the federal budget (Centers for Medicare and Medicaid Services, 2014). Hospitals, healthcare providers, and suppliers participating in the Medicare program must meet minimum health and safety standards. The standards are defined in the Code of Federal Regulations, Title 42. The Centers for Medicare & Medicaid Services (CMS) defines Conditions of Participation (CoPs) and Conditions for Coverage (CfCs) that set the standards that health care organizations must meet to begin, and continue participating in Medicare. CMS currently has approved seven accrediting organizations that can accredit a heath care organization as having “deemed status”. The national accrediting organization surveys a health care organization and certifies that they satisfy the health and safety standards component of the Medicare certification (Centers for Medicare & Medicaid Services, 2015). The State Survey Agency (SA) does not routinely conduct a certification survey for survey a health care facility that has established accreditation from an Accrediting Organization, and received the “deemed status”. These facilities are overseen by the Accrediting Organization, instead, which ensures compliance with the specific Medicare CoPs and CfCs. However...
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...09/05/2016 Welcome! Welcome! • Intermediate Financial Accounting (ACCT 3200) • M-W-F 2:30-4:20 in AE 208 • Important Dates – – – – – Intermediate Financial Accounting Friday May 13, 2016 – First Midterm (25% of grade) Monday May 23, 2016 – No class Friday May 27, 2016 – final date to withdraw Friday June 3, 2016 – Second Midterm (25% of grade) Friday June 17, 2016 – Final Exam (1:30-4:30) (45% of grade) • Quizzes will be announced the class prior Copyright © John Wiley & Sons Canada, Ltd. 1 Copyright © John Wiley & Sons Canada, Ltd. Welcome! Welcome! A little about me… 2 A little about YOU!… Copyright © John Wiley & Sons Canada, Ltd. 3 Copyright © John Wiley & Sons Canada, Ltd. 4 1 09/05/2016 INTERMEDIATE ACCOUNTING How to be successful in this class TENTH CANADIAN EDITION Kieso • Weygandt • Warfield • Young • Wiecek • McConomy • This is a summer session class = quick • This is a 3rd year class = challenging – Quick + challenging = be organized • Do the assigned homework (min. 1:1) • Read the chapter beforehand • Come to class CHAPTER 1 The Canadian Financial Reporting Environment • Exams will have – Multiple choice & matching questions – Short answer questions – Problems – mini cases Prepared by: Dragan Stojanovic, CA 5 Copyright © John Wiley & Sons Canada, Ltd. As edited by Jeff Kent, CPA,CA M.B.A. The Canadian Financial Reporting Environment CHAPTER 1 The...
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...MODULE 4, ASSIGNMENT 3 August 2014 ALL STAR Foods Canada Ltd. Overview ALL STAR Foods International (ALL STAR) is a large international manufacturer of snack foods, including potato chips, nacho chips, and pretzels, that are sold under the Tasty Crunch brand name. ALL STAR has operations throughout North America and Europe, and its international head office is located in Chicago. Consolidated net sales are in excess of US$1 billion, and ALL STAR’s shares are traded publicly on the New York Stock Exchange. In Canada, ALL STAR operates through its wholly owned subsidiary, ALL STAR Foods Canada Ltd. (ASFC or the Company). ASFC has facilities located across Canada and sales in excess of CDN$150 million. Its head office is located in Toronto, Ontario. Over the past several years, ASFC’s sales have grown slowly and its financial results have been relatively weak. Consequently, ALL STAR initiated a major restructuring of ASFC at the beginning of 2010. This resulted in the replacement of almost all the senior management staff. Bruce Tate, a senior manager in ALL STAR’s operations in the United States, was appointed President of ASFC. His mandate was to double the size of the Canadian operations and to generate a pre-tax profit margin in excess of 10% within a period of five years. Management Team and Responsibilities By December 2010, Bruce and all six vice-presidents of ASFC were relatively new to the Company. An organizational chart for ASFC is presented as Appendix A. Background...
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...CHAPTER 1 The Accounting Environment: What Is Accounting and Why Is It Done? QUESTIONS Q1-1. A variety of answers are possible but the essential elements are the production and communication of information so that stakeholders can make decisions. Q1-2. Financial accounting is concerned with providing information to those outside an entity such as investors, lenders, and CRA. Managerial accounting provides information to those inside the entity such as managers and other decision makers. Table 1.3 provides differences: Table 1.3 DIFFERENCES BETWEEN FINANCIAL AND MANAGERIAL ACCOUNTING | |Financial Accounting |Managerial Accounting | |Stakeholders |External to the entity. Includes investors, |Internal to the entity. Managers and other | | |lenders, taxation authorities (such as the |employees. | | |Canada Revenue Agency), competitors, and many | | | |others. These stakeholders usually don’t have | | | |direct access to information about the entity | | | ...
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...School of Administrative Studies Faculty of Liberal & Professional Studies York University Winter 2015 Course Outline AP/ADMS 3585 3.0 Intermediate Accounting I Course Director : | Alla Volodina | | Section : | M | | Course website: | | | Date/Time: | Wednesday 7:00 pm to 10 pm | | Location : | ACE 009 | | Instructor Office Hours: | By appointment | E-Mail Address : | adms3585@yorku.ca | Calendar Description This course, in conjunction with AP/ADMS 3595 3.00, develops thorough knowledge and understanding of generally accepted accounting principles and financial statement analytical skills by examining various technical areas of financial accounting. Prerequisite: AP/ADMS 2500 3.00. Prior to Fall 2009 Prerequisite: AK/ADMS 2500 3.0. Course credit exclusion: AK/ADMS 3585 3.00. Learning Outcomes After completion of the course, apart from mastering the technical knowledge of the revenue and asset side of the financial statements, students should also 1. Understand the importance of ethics in the accounting profession and realize potential conflicts of interest that one may encounter in the profession. 2. Begin to learn how to see the inter-relationship between accounting issues, analyse them, and integrate the findings to draw reasonable conclusions. 3. Begin to learn the basics of case writing and communicate effectively. 4. Understand the importance of teamwork and learn how to develop work plans and resolve conflicts. The...
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...School of Administrative Studies Faculty of Liberal & Professional Studies York University Fall 2014 Course Outline – All in class sections AP/ADMS 3585 3.0 Intermediate Accounting I Course Director : Section : Course website: Date/Time: Liona Lai, CA CPA, PH.D A and C Alla Volodina, CA CPA B Location : Instructor Office Hours: E-Mail Address : A: Friday 11am to Wednesday 7-10pm 2pm C: Friday 2pm to 5pm ACE 009 ACE 009 Liona Lai: Friday 9:45 am to 10:45am ATK 212; Alla Volodina: by appointment adms3585@yorku.ca Calendar Description This course, in conjunction with AP/ADMS 3595 3.00, develops thorough knowledge and understanding of generally accepted accounting principles and financial statement analytical skills by examining various technical areas of financial accounting. Prerequisite: AP/ADMS 2500 3.00. Prior to Fall 2009 Prerequisite: AK/ADMS 2500 3.0. Course credit exclusion: AK/ADMS 3585 3.00. Learning Outcomes After completion of the course, apart from mastering the technical knowledge of the revenue and asset side of the financial statements, students should also 1. Understand the importance of ethics in the accounting profession and realize potential conflicts of interest that one may encounter in the profession. 2. Begin to learn how to see the inter-relationship between accounting issues, analyse them, and integrate the findings to draw reasonable conclusions. 3. Begin to learn the basics of case writing and communicate effectively. 4. Understand the importance...
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...What is a liability? The answer might seem rather obvious: an amount owed from one entity to another. If the liability bears interest, how is interest expense measured? The simple answer is that interest expense is equal to interest paid. However, life can get a lot more complicated: Does a liability exist if there is no legal liability, but the company has announced a particular commitment or plan of action? How is a liability measured if the obligation is for services, not a set amount of money? How can a liability be measured if the amount of cash to be paid is uncertain? How should a liability be valued if the stated interest rate does not reflect the market interest rate? How is interest expense measured if the stated interest rate does not reflect the market interest rate? When is interest part of the cost of an asset instead of an expense? Liability financing is an integral part, perhaps even a dominant part, of the capital structure of many companies. For example, Shaw Communications Inc. reported total assets of $8.9 billion in 2009. Of this amount, only $2.5 billion is financed through shareholders' equity, with the balance, $6.4 billion, provided by debt in various forms. A sizeable portion of the debt is unearned revenue and deposits ($0.8 billion, or 9% of total assets) and long-term debt is 35% of total assets. Interest expense is reported at $237 million, eating up a significant portion of the reported $956 million in operating earnings. Appropriate...
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...reputation in oversea market Introduction Currently, all the internal and external factors (such as the growing intense competition of aquaculture industry, AFC's Site 4 quality issue, Site 3 employees issue, and seasonal gap of this industry) put AFC in negative position. This report will explain the curent situation for AFC, analyze alternatives quantitatively and qualitatively, and provide the proper recommendation to help AFC meet its strategic goals. Situation Analysis • Mission and Vision Vision: AFC feeds the global community Mission: AFC provides a sustaintable source of fresh, disease-free fish to domestic and export markets through aquaculture farming. AFC strives to exceed environmental and quality standards and regulations,provide a safe...
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...reputation in oversea market Introduction Currently, all the internal and external factors (such as the growing intense competition of aquaculture industry, AFC's Site 4 quality issue, Site 3 employees issue, and seasonal gap of this industry) put AFC in negative position. This report will explain the curent situation for AFC, analyze alternatives quantitatively and qualitatively, and provide the proper recommendation to help AFC meet its strategic goals. Situation Analysis • Mission and Vision Vision: AFC feeds the global community Mission: AFC provides a sustaintable source of fresh, disease-free fish to domestic and export markets through aquaculture farming. AFC strives to exceed environmental and quality standards and regulations,provide a safe...
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...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 deals with what has traditionally been called “intermediate financial accounting”. The emphasis of ACTG 3120 is on the liabilities and equities side of the balance sheet while ACTG 3110 focused on the asset side of the balance sheet. ACTG 3110 stresses the underlying conceptual foundation upon which all private enterprise rests. ACTG...
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...Office of the National Coordinator for Health Information Technology (ONC) Federal Health Information Technology Strategic Plan 2011 – 2015 Table of Contents Introduction Federal Health IT Vision and Mission Federal Health IT Principles Goal I: Achieve Adoption and Information Exchange through Meaningful Use of Health IT Goal II: Improve Care, Improve Population Health, and Reduce Health Care Costs through the Use of Health IT Goal III: Inspire Confidence and Trust in Health IT Goal IV: Empower Individuals with Health IT to Improve their Health and the Health Care System Appendix A: Performance Measures Appendix B: Programs, Initiatives, and Federal Engagement Appendix C: HIT Standards and HIT Policy Committees Information Flow Appendix E: Statutes and Regulations Appendix F: Goals, Objectives, and Strategies Appendix G: Acronyms ONC Acknowledgements Notes 3 6 7 8 21 28 36 49 51 65 67 70 74 77 77 78 Goal V: Achieve Rapid Learning and Technological Advancement 43 Federal Health IT Strategic Plan 3 Introduction he technologies collectively known as health information technology (health IT) share a common attribute: they enable the secure collection and exchange of vast amounts of health data about individuals. The collection and movement of this data will power the health care of the future. Health IT has the potential to empower individuals and increase transparency; enhance the ability to study care delivery and payment systems; and ultimately achieve...
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...A Technical View of System Analysis and Design Abstract System Analysis and Design is a process. Analysis is the part that involves the study of the units working together. Design is an essential phase in the development process based on the user needs. System Analysis and Design is an approach towards reinforcing the analysis and design of information systems with the objective of improving the system performance by automation. This paper explores the Managers outlook and importance of System Analysis and Design as well as the exploration into organizations that utilize System Development and Design. We uphold that continual and extensive use of current System Analysis and Design Methodologies will assist in the development of an effective system. Key Words: System Analysis, System Design, Methodologies Introduction Computers are now becoming part of virtually every activity in an organization. This paper explores the relationship between the organizations and managers of IS projects and the usefulness and need for IS project managers to become more knowledgeable to be able to effectively anticipate and deal with conflicts that arise as a consequence of information systems creation or modifications in organizations. The development of a system basically involves two major parts: System Analysis and System Design. System Analysis is defined as the study of a business problem domain or area to recommend improvements and specify the business requirements...
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