User Account

All Pages

Draft a memo to AMC that explains how XBRL works

Assignment Help Accounting Basics
Reference no: EM131704670

Anderson Manufacturing (XBRL-enabled Software)

The Anderson Manufacturing Company (AMC) is located in Las Vegas, Nevada, and manufactures specialty parts for high-end sports cars. The company currently has an accounting information system, but over time, has found that it would like its system to do more. For example, the finance department finds an increasing need for reporting financial data about the company in alternate report formats that the current system cannot perform. Rather than revise its existing accounting system piecewise, the company's managers have begun to think about acquiring a new one. But which one? There are many packages available with various degrees of capability. To help it make a decision, AMC hires Kuechler Associates, a consulting firm that specializes in software acquisitions and implementation. One of KA's areas of expertise is implementing ERPs. One of its suggestions is that AMC consider selecting XBRL-enabled software to help it with its financial reporting needs.

Requirements

1. What does it mean when software is "XBRL-enabled?"

2. Identify at least five advantages that KA might discuss with the company regarding an XBRL enabled software solution. Identify any disadvantages that might also be relevant for AMC.

3. Assume that you are KA's research assistant. Draft a memo to AMC that explains how XBRL works. Remember to keep in mind your audience. This should be an executive-level piece of correspondence.

4. As the research assistant, develop a PowerPoint presentation for AMC explaining exactly what benefits it could realize with an XBRL-enabled software solution. Be creative, and use diagrams and examples where appropriate.

Reference no: EM131704670

Questions Cloud

Discuss what treatment are used to treat the disorder : explain what a panic disorder is, the theories that may cause the disorder, and what treatment are used to treat the disorder
Suppose that a firm in a perfectly competitive industry : If the market price for the good they produce is $34.05, how many units of this good will the firm produce?
Which fund should record the fixed assets : Which fund should record the fixed assets of a central purchasing and stores department organized to serve all municipal departments?
Explain an artist might choose to repaint a subject : Explain why you think an artist might choose to repaint a subject. In what ways is it the same painting. In what ways does it become different
Draft a memo to AMC that explains how XBRL works : Assume that you are KA's research assistant. Draft a memo to AMC that explains how XBRL works. Remember to keep in mind your audience
Discuss what is a bedfellow and a fence sitter : How do coalitions get started, and how do they grow, What is a bedfellow and a fence sitter
Compute the elasticities for independent variable : Your supervisor has asked you to compute the elasticities for each independent variable. Assume the following values for the independent variables:
Discuss critical analysis of the website reveal : What does your critical analysis of the website reveal to you about Cindy Jackson's sense of her social self, her self-concept, her self-esteem
Discuss the accounting measurement implications : Which of the following statements is true regarding the accounting measurement implications of the current financial resources measurement focus.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are the total amounts of direct manufacturing costs

martinez companys relevant range of production is 7500 units to 12500 units. when it produces and sells 10000 units its

  Careers in accounting

Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions

  What is smiths sales revenue

The smith company uses the cash basis of accounting. What is Smith's Sales Revenue under the accrual basis of accounting

  Laner company has the following data for the production and

laner company has the following data for the production and sale of 2000 units. sales price per unit800 per

  Current prime rate-new balance

Up Your Alley Paving has a $37,500 line of credit which charges an annual percentage rate of prime rate plus 6%. Their starting balance on August 1 was $5,400. On August 7 they borrowed $2,400. On August 10 the business made a payment of $700, and..

  Describe major revenue sources

Describe your department/agency/division budget and Describe the main focus or purpose(s) of the document - Describe major appropriations and changes from the previous year

  List the strengths and weaknesses of the budgeting and

1. list the strengths and weaknesses of the budgeting and control system at madden international.2. why might you

  A total of 16100 units were started and 15300 units were

byklea corporation uses the weighted-average method in its process costing system. this month the beginning inventory

  Accounts receivable from sales transactions were 45338 at

accounts receivable from sales transactions were 45338 at the beginning of the year and 63068 at the end of the

  Net tax savings percentage

If the gift tax rate is 40% and she has never made a gift in excess of $10,000 before this, what amount of gift tax will she pay? What is their net tax savings percentage as a family unit if Sean sells the land?

  Define social responsibility

1. Define social responsibility. 2. List the three main reasons for government regulation of businesses.

  Using the appropriate interest table

What is the future value of $9,000 at the end of 5 periods at 8% compounded interest?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd