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What are the typical outputs of an Accounting Information Systems? Why do system analysts begin by designing the outputs instead of system inputs?
What type of source documents does your business or a company with which you are familiar use for Accounting Information Systems? Are the documents paper-based, electronic, or other? Why does the business use those specific documents?
Describe what is meant by Incremental Analysis? Briefly describe an example from a situation you know or have read about?
What types of information must be disclosed in the management discussion and analysis? Explain.
Equipment that cost $80,000 and has accumulated depreciation of $63,000 is exchanged for similar equipment with a fair value of $35,000 and $15,000 cash is received. The exchange lacked commercial substance.
Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.
Prepare example journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods.
What do you do if you are unable to determine internal controls? Which do you think is most important?
V Company's product has a labor standard of 2 hours per unit. For 2011, it estimates its production will be 200,000 units (400,000 DLHs). It budgets total overhead at $900,000, which results in a fixed overhead rate of $1.50 per hour.
Discuss contingencies and how they're reported on financial statements. What conditions should be met before a contingency can be charged against income?
At December 31, 2008, the trial balance of Worcester Company contained the following amounts before adjustment. Based on the information given, which method of accounting for bad debts is Worcester Company using-the direct write-off method or the a..
How do you describe the continued existence of counter trade? Under what scenarios may its popularity increase still further by the year 2015?
Starling Coating produces weatherproofing coatings that protect metal from oxidation. One of Starling's patented coatings, zurtan, is composed of two inputs, magna45 and zelon. While both inputs are required, they can be substituted for each other..
It is sometimes said that in debt service funds, the accounting for interest revenue is inconsistent with that for interest expenditure. Explain. What is the rationale for this seeming inconsistency?
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