...competitive environment • organization response time is increased • organizational flexibility is reduced • It reduces time lags 3. The acquisition of treasury stock by a corporation: • requires that a gain or loss be recognized on the income statement. • increases its total assets and total stockholders’ equity. • has no effect on total assets and total stockholders’ equity. • decreases its total assets and total stockholders’ equity. 4. You work in marketing for a company that produces work boots. Quality control has sent you a memo detailing the length of time before the boots wear out under heavy use. They find that the boots wear out in an average of 208 days, but the exact amount of time varies, following a normal distribution with a standard deviation of 14 days. For an upcoming ad campaign, you need to know the percent of the pairs that last longer than six months-that is, 180 days. Use the empirical rule to approximate this percent. • 97.5% • 95% • 2.5% • 5% 5. __________involves ensuring proper strategic controls and organizational designs. • Corporate governance • Strategy implementation • Business-level strategy • Corporate-level strategy Find the Capstone Final Examination Part 2 answers here BUS 475 Capstone Final Examination Part 2 6. A post-closing trial balance will show: • only income statement accounts • zero balances for balance sheet accounts • only balance sheet accounts • zero balances for all accounts 7. The...
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...Chapter 7 – Internal Controls • Key topics: • Know the broad definition of internal control and its purposes, including the objective that is particularly relevant to an audit (i.e. reliability of financial reporting) A process, effected by the entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations (effective and efficient operations), reporting (accurate financial reporting) and compliance (compliance with laws and regulations) • Describe the 5 components of internal control, related examples of each, and how each contributes to the overall control system within an entity (CRIME) 1. Control Environment: The foundation for the other internal control components; it is defined by the standards, processes, and structures that guide individuals in carrying out their duties. Basic principles include: Commitment to integrity and ethical values, Board of directors demonstrates independence from management and exercises effective oversight of internal control, Establishment of effective structure, including reporting lines, and appropriate authorities and responsibilities, Commitment to attract, develop, and retain competent employees, and Holding employees accountable for internal control responsibilities. 2. Risk Assessment: Risk assessment is management's process for identifying, analyzing, and responding to risks from internal and external sources that threaten...
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...|Profile: Company Background | | | | | | | |Example Company Inc. (Stock Symbol ***) | | | | | |Details | | |Index Membership: | |S&P 500 | |S&P 1500 Super Comp | | | |Sector: | | ...
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...Accg100 Accounting 1A Lecture Notes Staff version Semester 1, 2014 Table of Contents Lecture Notes Week 1: Week Week Week Week Week Week Week Week Week Week 2: 3: 4: 5: 6: 8: 9: 10: 11: 12 Introduction to Accounting, Ethics, Business Entities, Financial Statements Accounting for Transactions –Part 1 Accounting for Transactions –Part 2 Accounting for Adjustments- Part 1 Accounting for Adjustments- Part 2 Completion of Accounting Cycle Accounting Systems Revision Chapters 1 - 4 Accounting for Retailers Accounting for Inventories Non-Current Assets Cash Management and Control Accounting for Receivables Tutorial Exercises Lecture Notes Week 1 Introduction to Accounting, Ethics, Business Entities, Financial Statements Required Readings: HEM: Chapters 1 and 2 All required readings must be completed before attending class What is Accounting? The process of identifying, measuring, recording and communicating economic information to assist users to make economic decisions. Users of Accounting Information The users are internal and external decision makers. Internal: owner and manager External: investors, creditors, banks and government Management Accounting Providing information to management to help them plan, control and make decisions. Users are internal. Financial Accounting Reporting information about the entity’s performance and financial position to external users to help them make decisions. The financial statements produced for the external users are known...
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...Flowcharts and Ledgers location of Cash Receipts Journal in the SUA packet of materials SUA Journals location of General Ledger in the SUA packet of materials SUA Instructions, Flowcharts and Ledgers The reason for not permitting a person who has temporary or permanent custody of an asset to account for that asset is to protect the company against __________________________. fraud. A client's accounting records are unfamiliar to a new auditor. Where would the auditor go to learn the names and numbers of the accounts being debited and credited in the client's transactions? Chart of Accounts Which of the following sequence of steps in the accounting cycle is correct? Prepare documents, record in journals, post to ledgers, and prepare unadjusted trial balance What are the names of Waren's three employees? Ray Kramer, Jim Adams, Nancy Ford The overall objective of the Systems Understanding Aid and this class is to help aid in the understanding and visualization of the entire accounting process How much sales tax applies to wholesale sales according to Illinois state law? No sales tax On January 15, Waren Sports Supply purchased on account $120,000 in from their vendor Velocity Sporting Goods. On February 10 they paid the vendor in full for this purchase. The correct journal entry is Debit Accounts Payable $120,000 Credit Cash $120,000 Which of the following...
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...360,017 139,605 133,025 38,148 28,083 20,157 19,332 15,314 3,480 1,128,401 17,591 ONTARIO QUEBEC ALBERTA BRITISH COLUMBIA MANITOBA NOVA SCOTIA SASKATCHEWAN NEW BRUNSWICK NEWFOUNDLAND P.E.I. TOTAL CANADA TOTAL UNITED STATES 75 68 27 27 8 7 5 5 3 1 226 4 73 65 26 27 7 7 4 5 2 1 217 4 footwear to style-conscious women and men. Our brand's success is built on quick identification of and response to fashion trends through our design, product development and vertically integrated operations. Le Château brand name merchandise is sold exclusively through our 230 TOTAL LE CHÂTEAU STORES 230 1,145,992 221 1,047,529 stores. All stores are in Canada, except for four locations in the New York City area. In addition, the Company has 9 stores under license in the Middle East. SALES (in ‘000) 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 150,000 100,000 200,000 SHAREHOLDERS’ EQUITY (in ‘000) 07 08 09 50,000 0 07 08 09 Le Château, committed to research, design and product development, manufactures approximately 40% of the Company's apparel in its own Canadian production facilities. NET EARNINGS (in ‘000) 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 60,000 50,000 40,000 CASH FLOW FROM OPERATIONS (in ‘000) 07 08 09 30,000 20,000 10,000 0 07 08 09 FINANCIAL HIGHLIGHTS (in thousands of dollars except per share data and ratios) FISCAL YEARS ENDED RESULTS Sales Earnings before income taxes Net earnings • Per share...
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...Accg100 Accounting 1A Lecture Notes Semester 2, 2012 1 Table of Contents Lecture Notes Week 1: Introduction to Accounting, Ethics, Business Entities, Financial Statements Week 2: Accounting for Transactions –Part 1 Week 3: Accounting for Transactions –Part 2 Week 4: Accounting for Adjustments- Part 1 Week 5: Accounting for Adjustments- Part 2 Week 6: Completion of Accounting Cycle Accounting Systems Revision Chapters 1 – 4 Week 8: Accounting for Retailers Week 9: Accounting for Inventories Week 10: Non-Current Assets Week 11: Cash Management and Control Week 12: Accounting for Receivables Week 13: Revision Tutorial Exercises Terminology Page 3 14 27 42 53 64 70 80 86 97 111 123 134 149 150 168 2 Lecture Notes Week 1 Introduction to Accounting, Ethics, Business Entities, Financial Statements Required Readings: HEM : Chapters 1 and 2 All required readings m ust be com pleted before attending class 3 What is Accounting? The process of ________________________________and ___________ economic information to assist users to make _____________. Users of Accounting Information The users are internal and external decision makers. Internal: External: Management Accounting Providing information to management to help them ____, ______ and ____________. Users are ________. Financial Accounting Reporting information to ________users to help them make decisions about the entity’s __________ and ____________. The reports produced for the external users...
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...Statements | Classifications in a Balance Sheet | Income Statement, Statement of Retained Earnings, and Statement of Cash Flows | GAAP and Key Accounting Principles | Balancing the Accounting Equation Accounting: The Language of Business Back to Top Do Not Underestimate the Power of Accounting! I vividly recall my first experience driving in a foreign country. The road signs were written in the language of the local country which I was unable to read or understand. Even as an experienced driver not being able to read the road signs, limited my travel. Accounting is the language of business. One common business language guided by the rules established by the U.S. Securities and Exchange Commission (SEC) known Generally Accepted Accounting Principles (GAAP) gives financial investors the confidence needed to risk billions of dollars purchasing company stock. Accounting allows people from around the globe to understand the financial health of a given company. Without accounting as the language of business, capitalism and free markets in the United States could not thrive. Companies that list their stock on the stock exchange must prepare their financial statements according to generally accepted accounting principles. There are other authorities that issue guidelines such as Financial Accounting Standards Board (FASB). Management is responsible for ensuring internal controls are in place to insurance the accuracy of the financial statements. Do you use accounting? If you deal with...
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...The University of Illinois at Chicago College of Business Administration Department of Accounting...
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... | Copyright © 2011 by University of Phoenix. All rights reserved. Course Description This course introduces accounting concepts in a business environment. Students learn to create and apply accounting documents in making better business decisions. Other topics include plant assets, liabilities, accounting for corporations, investments, statements of cash flows, financial statement analysis, time value of money, payroll accounting, and other significant liabilities. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: University policies: You must be logged into the student website to view this document. Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2010). Financial accounting (7th ed.). Hoboken, NJ: John Wiley & Sons. All electronic materials are available on the...
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...6. Managing the security of information 6.1 Control over data integrity, privacy and security 6.1.1 Information Classification: is the conscious decision to assign a level of sensitivity to data as it is being created, amended, enhanced, stored, or transmitted. The classification of the data should then determine the extent to which the data needs to be controlled / secured and is also indicative of its value in terms of Business Assets. The classification of data and documents is essential if you are to differentiate between that which is a little (if any) value, and that which is highly sensitive and confidential. When data is stored, whether received, created or amended, it should always be classified into an appropriate sensitivity level. For many organizations, a simple 5 scale grade will be sufficient as follows: Document / Data Classification | Description | Top Secret | Highly sensitive internal documents e.g. pending mergers or acquisitions; investment strategies; plans or designs; that could seriously damage the organization if such information were lost or made public. Information classified as Top Secret has very restricted distribution and must be protected at all times. Security at this level is the highest possible. | Highly Confidential | Information that, if made public or even shared around the organization, could seriously impede the organization’s operations and is considered critical to its ongoing operations. Information would include...
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... | Copyright © 2011 by University of Phoenix. All rights reserved. Course Description This course introduces accounting concepts in a business environment. Students learn to create and apply accounting documents in making better business decisions. Other topics include plant assets, liabilities, accounting for corporations, investments, statements of cash flows, financial statement analysis, time value of money, payroll accounting, and other significant liabilities. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: University policies: You must be logged into the student website to view this document. Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Where to Go to Class Main: This is the main...
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...schedule. Select this course to access course materials. You can also access the course from Cobra.parkland.edu. COURSE COMMUNICATION: All course email will be using your CobraLearning account, so please check it regularly. I will generally check my email daily Monday through Friday. COURSE DESCRIPTION: Financial Accounting: (IAI BUS 904) Financial statements as related to investors, creditors and managers, includes cash, receivables, inventory, noncurrent assets, investments, liabilities and equities. F,S,Su COURSE OBJECTIVES: Construct, interpret and analyze the income statement, balance sheet, stockholder’s equity statement and cash flow statement for service business and merchandising business Construct, interpret and analyze period-end adjustments (accruals and deferrals), periodic and perpetual inventory methods, receivables, cash, long-term assets, liabilities (short-term, long-term and contingent), stockholder’s equity and various financial statement ratios. ATTENDANCE: Prompt and regular attendance is expected. You are expected to be at class on time and to be present for the full period. If you are having trouble, do not hesitate to ask me for help or go to the free Peer Tutoring Lab. ACADEMIC HONESTY Cheating includes copying assignments from the internet or other student’s assignments (from this or previous semesters),...
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...ACCT504 Week 1 Objectives (JAN15) 1 of 2 https://devry.equella.ecollege.com/file/c3a70b64-5599-41cb-be31-a270... Print Given an annual report, the student should be able to read, understand, analyze, and explain a A company’s Balance Sheet to other decision makers and use the knowledge and skills to make business decisions. Key Concepts Understand the environment of financial reporting in the United States and explain the importance of generally accepted accounting principles. Explain the meaning and purpose of a balance sheet and the items that appear in the balance sheet. Determine the interrelationship among the basic financial statements. Analyze the relationship between certain items in the balance sheet and the income statement with the help of ratio analysis. Evaluate the way that different assets, liabilities, and stockholders' equity items are presented in a balance sheet. Given an annual report, the student should be able to read, understand, analyze, and explain a B company’s Income Statement to other decision makers and use the knowledge and skills to make business decisions. Key Concepts Explain the meaning and purpose of an income statement and the items that appear in the income statement. Determine the interrelationship among the basic financial statements. Analyze the relationship between certain items in the balance sheet and the income statement with the help of ratio analysis. Evaluate the way that different revenues, expenses...
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...requires legal documentation. B. An individual engaged in the active conduct of a business must elect not to be taxed as a partnership. C. If two people (or business entities) work together to carry on any business or financial operation with the intention of making a profit and sharing that profit as co-owners, a partnership exists for federal income tax purposes. D. The partnership form of business creates double-taxation because individual partners are taxed, and the partnership is also taxed as a separate legal entity. Want to download the Final Exam answers..?? Click ACC 497 Final Exam BUSINESS ENVIRONMENT AND CONCEPTS Section 2: Economic Concepts Essential to Obtaining an Understanding of an Entity's Business and Industry 4. What effect would a decrease in interest rates by the Federal Reserve most likely have in the nation’s manufacturing sector, all other factors remaining constant? A. An increase in both production and employment B. A decrease in both production...
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