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The order-writing department at the Winston Beauchamp Company is managed by Alan Most. The department keeps two types of computer files:(1) a customer file of authorized credit customers and (2) a product file of items currently sold by the company. Both of these files are direct-access files stored on magnetic disks. Customer orders are handwritten on order forms with the Winston Beauchamp name at the top of the form, and item lines for quantity, item number, and total amount desired for each product ordered by the customer.
When customer orders are received, Alan Most directs someone to input the information at one of the department's computer terminals. After the information has been input, the computer program immediately adds the information to a computerized "order" file and prepares five copies of the customer order. The first copy is sent back to Alan's department; the others are sent elsewhere. Design a system flowchart that documents the accounting data processing described here. Also, draw a data flow diagram showing a logical view of the system.
Betty Products Inc. manufactures three products on two machines. In a typical week 40 hours are available on each machine. The profit contribution and production time in hours per unit follows:
On July 1, 2009, Cheryl pays the entire real estate tax of $5,475 for the year ending December 31, 2009. a. How much of the property taxes may Phil deduct?
Explain how the use of ratios can help in analyzing the profitability, liquidity, efficiency and capital structure of business.
What's the difference between random error resulting from manual processing and systematic error resulting from IT processing?
On January 2, 2011, Jansing Corporation acquired a new machine with an estimated useful life of five years. The cost of the equipment was $40,000 with a residual value of $5,000.
Justify the time it takes to put together a budget for a human resource project. Support your justification by creating a hypothethical example of a human resource project. Relate specific elements of your example to support your justification.
A non profit company sells a pair of shoe that has a cost of $2.00 for the price of $102.00. The gross profit is 100%. The tax libility is 37%. What is the formula to reduce the tax liability to 0%
Describe the accounting treatment for discontinued operations. How should an analyst treat discontinued operations?
Buffy, Inc. qualifies to use the installment-sales method for tax purposes and sold an investment on an installment basis. The total gain of $90,000 was reported for financial reporting purposes in the period of sale.
The Acme Company has an $8,000,000 balance in accounts receivable. Their CPA believes that there are very few misstatements. Which of the following would the CPA use to audit the account?
The direct method might be easier to understand but it is also more expensive and more time consuming for the company why is that? and Whats the best method to use for businesses?
What is meant by an entity's functional currency and what are the economic indicators indentified by the FASB to provide guidance in selecting the functional currency? Why is this an important question?
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