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Accounting
Discuss the major differences between the planning, analysis, and design phases of a systems study.
What is a steering committee? Discuss its role in a systems study performed by a consulting firm.
A systems study team should understand three levels of corporate goals: general systems goals, top management systems goals, and operating management systems goals. If you had to select one of these
What is the purpose of a systems feasibility evaluation? Should this activity precede or follow the preparation of a systems specifications report for computer vendor evaluation? Explain.
Discuss some of the annual cash benefits and annual cash costs that a company might have when it creates an online ordering system on the World Wide Web.
What is prototyping? Under what circumstances should prototyping be used? Under what circumstances should it not be used?
What is the purpose of a systems specifications report? In what ways, if any, do the data included in this report differ from the data accumulated by the design team during their feasibility
When implementing a new computer system, two activities required are (1) Establish controls and (2) Convert data files. What is the rationale for performing activity 1 before activity 2?
Three methods for implementing a new system in an organization are direct conversion, parallel conversion, and modular conversion. Discuss the advantages and disadvantages of using each of these
What is a PERT chart? What is a Gantt chart? Discuss the advantages and disadvantages of using PERT network diagrams versus Gantt charts for planning and controlling the activities involved in
What is the purpose of follow-up in a systems study? Describe some of the specific activities that the management implementation team would perform in their follow-up work.
Discuss the two major ways that a company’s software can be acquired. Which of these ways for acquiring software do you recommend? Explain your reasoning.
What is business process outsourcing and why do firms outsource their IT functions?
The Valaria V Company manufactures and distributes low-priced bottled wines to retailers. You are hired as a management consultant to help this company solve some of its systems problems. Describe
Stevenson Apparel is a manufacturer of fashion clothing that has just opened its first large retail store for selling in-season clothes at regular prices. The company’s competitive strategy depends
Jay Beck works for the NSR Consulting Firm. His friend, Hank Henley, is the general manager and majority stockholder of the Pacific Worldwinds, a professional football team. Hank asked Jay to design
Cook Consultants is currently in the process of completing the systems implementation activities for converting The Samuel Company’s old system to a new one. Because of unexpected delays in
With the help of your instructor, identify a particular information system that is not working very well and perform a preliminary investigation of it. In your work, be sure to talk to (1) At least
Wright Company employs a computer-based data processing system for maintaining all company records. The current system was developed in stages over the past five years and has been fully operational
The managers at Kenbart Company have decided that increased emphasis must be placed on profit planning and comparing results to
Kerr Cosmetics distributes cosmetic products to large retailers across the country. The firm was started in 1975 by its first president, Stephen Kerr, who still serves as chairman of the board. Over
Distinguish between the roles of an internal and an external auditor. Cite at least two examples of auditing procedures that might reasonably be expected of an internal auditor but not an external
How does information technology auditing differ from financial auditing? Make a list of the skills you think are important for financial auditors and for IT auditors. Do you think all auditors should
Describe the differences between general-use software and generalized audit software. How might you use spreadsheet software, database software, and word processing software in conducting an audit of
IT auditors need people skills as well as technical skills. One such skill is the ability to interview effectively. Discuss some techniques or tools that might help an interviewer get the best
The Pan Pacific Computer Company purchases independent computer components, which it then uses to manufacture custom-made computer hardware. Because it deals with a number of vendors, it has
How does an auditor evaluate the control procedures of an automated AIS? How is the element of uncertainty handled in the audit examination?
Jose Rodriguez was the only internal auditor of a medium-sized communications firm. The company used a computer for most of its accounting applications, and recently, several new software packages
The Sarbanes-Oxley Act of 2002 may impact auditing more than any legislation enacted since the Securities and Exchange Acts in the 1930’s. It will also likely significantly increase the cost of an
This chapter described several third party assurance seals, including CPA WebTrust, BBB Online, and TRUSTe. Explain the differences among them. Identify at least one other third party assurance seal
The Espy Company recently had an outside consulting firm perform an audit of its information systems department. One of the consultants identified some business risks and their probability of
Visit www.isaca.org, the website for the Information Systems Audit and Control Association, and examine two case studies of organizations that use COBIT. Explain how these entities obtain value by
Information systems auditors sometimes use tools or information they can download from the Internet. These tools or information may include software, audit guides, or computer security advisories.
Continuous auditing has the potential to reduce labor costs associated with auditing. It also can provide audit assurance closer to the occurrence of a transaction, which improves the reliability of
Merriman, Davenport, and Walker, P.C. is a regional public accounting firm located in Norfolk, Virginia. The firm specializes in audits of small to mid-size businesses and serves clients throughout
Kara and Scott Baker own a small retail company, Basic Requirements, with one store located in a small college town and a website through which customers can make purchases. The store sells
Tiffany Martin is an audit manager in a medium-sized public accounting firm. Tiffany graduated from college seven years ago with a degree in accounting. She obtained her CPA certification soon after
Jack Herron is an IT auditor with McGee LLP, a large national public accounting firm. His manager, Amanda McDermott, has assigned him to the Linz Company audit. The McGee financial auditors have
What are intranets? What are extranets? Why are intranets and extranets important to accountants?
What are blogs? How are they used? Who is using them?
What is hypertext markup language? How does it differ from XML and XBRL?
What is the relationship between XBRL and IDEA?
Describe some important uses of electronic commerce and explain why it is important to accountants.
What are electronic payments? How are they different from credit card payments?
What is electronic data interchange? Why do companies use EDI?
Most retail-sales websites require customers to use their credit cards to make purchases online. How comfortable are you in providing your credit card number in such applications? Why do you feel
What is click fraud? Who benefits and who loses when click fraud occurs?
What is spamming? How is spam related to accounting information systems? Should all spamming be illegal? Why or why not?
What are Internet firewalls and proxy servers? How are they created? How do businesses use them for Internet security?
What is data encryption? What techniques are used for data encryption?
Describe and contrast the three types of authentication. Can you think of a business situation where someone would need to use a combination of all three levels to gain access to information?
What are digital signatures? Why do businesses use them? How can businesses use a digital certificate for Internet security?
Analysts claim that businesses can increase sales on the Internet, but not profits. What evidence does this chapter provide to support or refute this claim? Discuss.
The Internet uses many acronyms. Within the context of the present chapter, what words were used to form each of the following?a. ECb. EDI c. email d. HTTP e. IDS f. ITADAg. IP addressh. blogi. URL
In Discussion Question 15-1 above, you discussed intranets and extranets, and identified the importance of each to accountants. Now, assume that you are a partner in a medium-sized, local CPA firm.
Visit the XBRL home page at www.XBRL.org, and read the section entitled ‘‘what is XBRL.’’ Then, do each of the following:a. Select the option ‘‘Latest News’’ from the home page, which
Write a one-page paper on each of the following topics as they relate to XBRL:a. What is the history of XBRL? What professional accounting organization helped in the early stages of this concept?b.
A number of accounting journals now post back issues, or even publish their entire journals, online. Access the Journal of Accountancy website at www.aicpa.org (or another website selected by your
The following stated policies pertain to the e-commerce website for Small Computers, Inc., a (fictitious) personal and handheld computer manufacturer and seller.Privacy Statement• We will only use
Recall, from Chapter 8, the Hammaker Manufacturing Company (HMC) is located in Burke, Virginia, and manufactures specialty parts for Corvettes. The company implemented a new AIS with the help of a
DeGraaf Office Supplies is a national retailer of office supplies, equipment, and furnishings. The company opened its first store in 1932, in Columbus, Ohio. Currently, DeGraaf has 300 stores
Barra Concrete specializes in creating driveways and curbs for the residential market. Its accounting software uses exclusive OR (XOR) operations to convert the individual bits of a plaintext message
Make the journal entry (or entries) necessary to record the following transaction: Sold merchandise costing $7,500 for $12,000. Of the $12,000, $3,000 was received in cash and the remainder was on
In analyzing the accounts of Loma Corporation, the adjusting data listed below are determined on December 31, the end of an annual fiscal period.(a) The prepaid insurance account shows a debit of
For each situation, reconstruct the adjusting entry that was made to arrive at the ending balance. Assume statements and adjusting entries are prepared only once each year.1. Prepaid
At the top of the following page is the trial balance for Boudreaux Company as of December 31. Consider the following additional information:(a) Boudreaux uses a perpetual inventory system.(b) The
The following accounts were taken from the trial balance of Cristy Company as ofDecember 31, 2008:Sales .................$90,000Interest Revenue ............. 5,000Equipment ...............
Lennon’s Tannery Corporation reports revenues and expenses of $196,400 and $80,200, respectively, for the period. Give the remaining entries to close the books assuming the ledger reports
Loring Tools, Inc., failed to make year-end adjustments to record accrued salaries and recognize interest receivable on investments over the last three years as follows:What impact would the
On December 31, Wright Company noted the following transactions that occurred during 2008, some or all of which might require adjustment to the books.(a) Payment of $3,100 to suppliers was made for
The bookkeeper for Allen Wholesale Electric Co. records all revenue and expense items in nominal accounts during the period. The following balances, among others, are listed on the trial balance at
Data for adjustments at December 31, 2008, are as follows:(a) Taipei International uses a perpetual inventory system.(b) An analysis of Accounts Receivable reveals that the appropriate year-end
Account balances taken from the ledger of Royal Distributing Co. on December 31, 2008, follow:Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
On January 16, two credit sales were made, one for $200 and one for $300. Terms for both sales were 3/15, n/30. Cash for the $200 sale was collected on January 25; cash for the $300 sale was
Bad debt expense is estimated using the percentage of accounts receivable method. Total sales for the year were $500,000. The ending balance in Accounts Receivable was $100,000. An examination of
The company offers a 1-year warranty to its customers. Warranty expenditures are estimated to be 4% of sales. Sales occur evenly throughout the year. The following information relates to the
In exchange for land, the company received a 12-month note on January 1. The face amount of the note is $1,000, and the stated rate of interest is 13%, compounded annually. The 13% rate is equal to
Bad Debts and the Direct MethodPrepare the Operating Activities section of the statement of cash flows using the directmethod.
High Fidelity Corporation sells stereos under a 2-year warranty contract that requires High Fidelity to replace defective parts and provide free labor on all repairs. During 2007, 1,050 units were
The cash account of Delta, Inc., disclosed a balance of $17,056.48 on October 31.The bank statement as of October 31 showed a balance of $21,209.45. Upon comparing the statement with the cash
On July 1, 2008, Balmforth Company used receivables totaling $200,000 as collateral on a $150,000, 16% note from Rocky Mountain Bank. The transaction is not structured such that receivables are being
On January 1, 2008, Fountain Valley Realty sold a tract of land to three doctors as an investment. The land, purchased 10 years ago, was carried on Fountain Valley’s books at a value of $190,000.
Sage Company had a $300,000 balance in Accounts Receivable on January 1.The balance in Allowance for Bad Debts on January 1 was $36,000. Sales for the year totaled $1,700,000. All sales were credit
Bunsen Company’s cash collections average $10,000 per day. Because Bunsen’s customers are scattered across the country, the average interval between when a customer writes a check and when the
Caitlin Enterprises decides to finance its operations by transferring its receivables with recourse to Larsen Financial, Inc. The provisions of the agreement bar Caitlin and its creditors from
Historically, warranty expenditures have been equal to 6% of sales. Total sales for the year were $500,000. Actual warranty repairs made during the year totaled $32,000. Make the necessary summary
The company received a bank statement at the end of the month. The statement contained the following:Ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
On November 1, Magily Company sold goods on account for $5,000. The terms of the sale were 3/10, n/40. Payment in satisfaction of $2,000 of this amount was received on November 9. Payment in
From the notes of the 2004 annual report for Harley-Davidson, Inc., we find the following information relating to Allowance for Bad Debts: Balance at the beginning of the year . . . . . . . . . .
Use the financial information for Wal-Mart Stores, Inc., given on page 378, to answer the following questions:1. For the most recent year given, compute Wal-Mart's average collection period.2. For
Use the information below from Caterpillars income statement and balance sheet to answer these questions:1. Compute the companys 2004 average collection period for
Accounts Receivable of the Foxwood Manufacturing Co. on December 31, 2008, had a balance of $450,000.Allowance for Bad Debts had a $3,600 debit balance. Sales in 2008 were $1,720,000 less sales
In 2007 Hampton Office Supply began selling a new computer that carried a 2-year warranty against defects. Based on the manufacturer's recommendations, Hampton projects estimated warranty costs (as a
Club Med, Inc., operates Club Med resorts in the United States, Mexico, the Caribbean, Asia, the South Pacific, and the Indian Ocean Basin. Club Med routinely receives payment in advance from
Letterman Corporation’s bank statement for the month of April included the following information:Bank service charge for April . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .
The following information was included in the bank reconciliation for Rytton, Inc., for June. What was the total of outstanding checks at the beginning of June? Assume all other reconciling items are
Valley, Inc., purchased inventory costing $75,000. Terms of the purchase were 4/10,n/30.Valley uses a perpetual inventory system. In order to take advantage of the cash discount, Valley borrowed
Ainge Company sold goods on account with a sales price of $40,000 on August 17.The terms of the sale were 3/10, n/30.Instructions:1. Record the sale using the gross method of accounting for cash
Flame Control Company is a publicly traded company based in a heavily forested state in the western United States. Flame Control manufactures equipment used in fighting forest fires. During the past
You are taking both an intermediate accounting class and a corporate finance class. Your finance professor has been very critical of the accounting profession and the never-ending series of
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