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financial accounting

Questions and Answers of Financial Accounting

Discuss the major issues in implementing BI.
Discuss the major issues in implementing BI. Discuss.
What is BI governance?
What is intelligence gathering?
Describe the major types of BI users.
List some of the implementation topics addressed by Gartner's report.
List some other success factors of BI.
What is descriptive analytics? What are the various tools that are employed in descriptive analytics?
What is OLAP and how does it differ from OLTP?
List the alternative data warehousing architectures discussed in this section.
Why is the ETL process so important for data warehousing efforts?
Who is Edward Tufte? Why do you think we should know about his work?
What is the meaning of and motivation for balance in BSC?
Why should retailers, especially omni-channel retailers, pay extra attention to advanced analytics and data mining?
What are the sources of data that retailers such as Cabela's use for their data mining projects?
What do you think is the most prominent application area for data mining? Why?
What are some of the criteria for comparing and selecting the best classification technique?
What is social media analytics? What are the reasons behind its increasing popularity?
How can you measure the impact of social media analytics?
What are the most popular application areas for sentiment analysis? Why?
How does NLP relate to text mining?
What is the reason for normalizing word frequencies? What are the common methods for normalizing word frequencies?
What are the most popular application areas for sentiment analysis? Why? Discuss.
What are some of the main challenges the Web poses for knowledge discovery?
What are the three types of data generated through Web page visits?
What is clickstream analysis? What is it used for?
What are the critical success factors for Big Data analytics?
What is meant by dynamic segmentation?
1. How can location-based analytics help retailers in targeting customers? 2. Research similar applications of location-based analytics in the retail domain.
1. Search online for other applications of consumer-oriented analytical applications. 2. How can location-based analytics help individual consumers? 3. How can smartphone data be used to predict
How can one move from a technology provider cluster to a user cluster?
Define Web 2.0.
Describe the impacts of ADS systems.
Management accountants need a wide variety of skills for their roles in organizations. These skills can be classified as either technical or nontechnical.Required:For each of the following skills,
Management accountants need a wide variety of skills for their roles in organizations. These skills can be classified as either technical or nontechnical. Requirement For each of the following
As CEO of Aqua Marine, Carrie Easton knows it is important to control costs and to respond quickly to changes in the highly competitive boat-building industry. When Rose Consulting proposes that Aqua
Ferguson Gas wants to move its sales order system online. Under the proposed system, gas stations and other merchants will use a secure site to check the availability and current price of various
Wilson revises her estimates of the benefits from the new system's lower labor costs as calculated in P1-28A. She now thinks the savings will be only $935,000. Requirements 1. Compute the expected
Maria Dees is the new controller for Harmony Tennis, a designer and manufacturer of tennis attire. Shortly before the December 31 fiscal year-end, Harmony Sapp (the company president) asks Dees how
As CEO of Riverside Marine, Rachel Moore knows it is important to control costs and to respond quickly to changes in the highly competitive boat-building industry. When Gerbig Consulting proposes
Union Gas wants to move its sales order system online. Under the proposed system, gas stations and other merchants will use a secure site to check the availability and current price of various
Consider the Union Gas proposed entry into the online ordering system in P1-33B. Bronson revises her estimates of the benefits from the new system's lower labor costs. She now thinks the savings will
Caesars Palace® Las Vegas, owned and operated by Caesars Entertainment Corporation (CZR), opened in 1966. The Nevada hotel-and-casino complex has been featured in several movies including Rain Man,
1. What skills do employers value highly? What does that tell you about "what accountants do" at their companies? 2. Many accounting majors start their careers in public accounting. Do you think most
Jane is an accountant at Merelix, a large international firm where she works on potential acquisitions. When Merelix is preparing to acquire a company, Jane is involved in filing the necessary
Faced with rising pressure for a $15 per hour minimum wage rate, the farming industry is currently exploring the possible use of robotics to replace some farm workers. The Lettuce Bot is one such
McIntyre Industries manufactures iPhone case covers. Sarabeth Anderson, the CEO, is trying to decide whether to adopt a lean thinking model. She expects that adopting lean production would save
Sustainability involves more than just the impact of actions on the environment. The triple bottom line recognizes that a company has to measure its impact on its triple bottom line for its long-term
Management accountants need a wide variety of skills for their roles in organizations. These skills can be classified as either technical or nontechnical. Requirement For each of the following
Faced with rising pressure for a $15 per hour minimum wage rate, the farming industry is currently exploring the possible use of robotics to replace some farm workers. The Lettuce Bot is one such
Pittinger Industries manufactures iPhone case covers. Jeanne Thompson, the CEO, is trying to decide whether to adopt a lean thinking model. She expects that adopting lean production would save
Sustainability involves more than just the impact of actions on the environment. The triple bottom line recognizes that a company has to measure its impact on its triple bottom line for its long-term
Barb Perot is the new controller for EduTechno Software, which develops and sells educational software. Shortly before the December 31 fiscal year-end, Tony Cattrall, the company president, asks
McKay Frames manufactures picture frames. Suppose the company's January records include the items described below. What is McKay Frames' total manufacturing overhead cost in January? Oil for
Salon Hair is a retail chain specializing in salon-quality hair-care products. During the year, Salon Hair had sales of $38,850,000. The company began the year with $3,500,000 of merchandise
Given the following information for a retailer, compute the cost of goods sold. Ending inventory ............................................................................................. $
You are a new accounting intern at Mason Bikes. Your boss gives you the following information and asks you to compute the cost of direct materials used (assume that the company's raw materials
Robinson Manufacturing found the following information in its accounting records: $519,800 of direct materials used, $223,500 of direct labor, and $775,115 of manufacturing overhead. The Work in
Suppose Motor Shack incurred the following costs at its Ann Arbor, Michigan, store: Newspaper advertisements ........................................................................... $
Suppose the smart phone manufacturer Kobo Electronics provides the following information for its costs last month (in millions): Delivery expense to customers via UPS
The current asset sections of the balance sheets of three companies follow. Which company is a service company? Which is a merchandiser? Which is a manufacturer? How can you tell?
An airline manufacturer incurred the following costs last month (in thousands of dollars): a. Airplane seats
Outdoor Amenities is a manufacturer of backyard and deck furniture. Its products are in high demand, and it carries no inventory. Following is a list of selected account balances from its trial
Gamma Electronics manufactures and sells a line of smart phones. Unfortunately, Gamma Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were
Neil Webster is the sole proprietor of Prestigious Pugs, a business specializing in the sale of high-end pet gifts and accessories. Prestigious Pugs' sales totaled $1,105,000 during the most recent
Justine Industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the following: The Raw Materials Inventory account had a beginning balance of
Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year using the amounts described next. Assume that the Raw Materials Inventory contains
Prepare the income statement for West Nautical Company in E2-26A for the most recent year. Assume that the company sold 34,000 units of its product at a price of $12 each during the year.Data from
Bubbly Soda spends $2 on direct materials, direct labor, and variable manufacturing overhead for every unit (12-pack of soda) it produces. Fixed manufacturing overhead costs $7 million per year, the
Classify each of The J. M. Smucker Company's costs as one of the six business functions in the value chain. a. Cost of a prime-time TV ad featuring Smucker's® Fruit & Honey™ Fruit Spreads b.
Suppose Electronics Shack incurred the following costs at its Forest Lake, Minnesota, store. Newspaper advertisements ............................................................................. $
Suppose the smart phone manufacturer Sabre Electronics provides the following information for its costs last month (in millions): Delivery expense to customers via UPS
An airline manufacturer incurred the following costs last month (in thousands of dollars). a. Airplane seats
Backyard Amenities is a manufacturer of backyard and deck furniture. Its products are in high demand, and it carries no inventory. To follow is a list of selected account balances from its trial
Swift Electronics manufactures and sells smartphones. Unfortunately, the company recently suffered serious fire damage at its home office. As a result, the accounting records for October were
Sam Peters is the sole proprietor of Charismatic Cats, a business specializing in the sale of high-end pet gifts and accessories. Charismatic Cats' sales totaled $1,060,000 during the most recent
Laurel Industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the following: The Raw Materials Inventory account had a beginning balance of
Compute the Cost of Goods Manufactured and Cost of Goods Sold for Golden Bay Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only
Prepare the income statement for Golden Bay Company using the data in E2-38B for the most recent year. Assume that the company sold 39,000 units of its product at a price of $15 each during the year.
Crackling Soda spends $1 on direct materials, direct labor, and variable manufacturing overhead for every unit (12-pack of soda) it produces. Fixed manufacturing overhead costs $3 million per year.
Ravenna Cola produces a lemon-lime soda. The production process starts with workers mixing the lemon syrup and lime flavors in a secret recipe. The company enhances the combined syrup with caffeine.
Unique Displays designs and manufactures displays used in mobile devices. Serious flooding throughout the region affected Unique Displays' facilities. Inventory was completely ruined, and the
Part One: In 2015, Patsy Jackson opened Patsy's Posies, a small retail shop selling floral arrangements. On December 31, 2016, her accounting records show the following: Sales revenue
You receive two job offers in the same big city. The first job is close to your parents' house, and they have offered to let you live at home for a year so you won't have to incur expenses for
The owner of Marshall Restaurant is disappointed because the restaurant has been averaging 7,500 pizza sales per month, but the restaurant and wait staff can make and serve 10,000 pizzas per month.
Crystal Cola produces a lemon-lime soda. The production process starts with workers mixing the lemon syrup and lime flavors in a secret recipe. The company enhances the combined syrup with caffeine.
Finney Displays designs and manufactures displays used in mobile devices. Serious flooding throughout the region affected Finney Displays' facilities. Inventory was completely ruined, and the
Part One: In 2015, Fran Lexa opened Fran's Flowers, a small shop selling floral arrangements. On December 31, 2016, her accounting records show the following: Sales revenue
You receive two job offers in the same big city. The first job is close to your parents' house, and they have offered to let you live at home for a year so you won't have to incur expenses for
The owner of Yoders Restaurant is disappointed because the restaurant has been averaging 8,000 pizza sales per month but the restaurant and wait staff can make and serve 10,000 pizzas per month. The
This case is a continuation of the Caesars Entertainment Corporation serial case that began in Chapter 1. Refer to the introductory story in Chapter 1 (see page 43) for additional background. (The
Brandon is the production manager of a large manufacturing firm. He is worried about the prospect of bonuses for the upcoming year. The company has paid out bonuses for the past ten years, so Brandon
During 2015, the price that Starbucks paid its suppliers for its coffee decreased. Despite the decrease in coffee costs, Starbucks raised the prices of its brewed coffee across the United States by
PEZ Candy Inc. produces the popular small candy that is dispensed in collectible flip-top dispensers. In the United States, PEZ candies are produced in a factory in Connecticut. The Connecticut
Classify each of Ford Motor Company's costs as either product costs or period costs. Ford Motor Company is an automobile manufacturer headquartered in Detroit, Michigan. a. Cost of chemical included
Classify each of the following costs as a period cost or a product cost. If you classify the cost as a product cost, further classify it as direct material (DM), direct labor (DL), or manufacturing
Each of the following costs pertains to Bailey Dairy Products Company, a dairy processing company. Classify each of the company's costs as a period cost or a product cost. Further classify product
Chattanooga Tire manufactures tires for all-terrain vehicles. Chattanooga uses job costing and has a perpetual inventory system.On June 22, Chattanooga received an order for 110 TX tires from ATV
Veon Homes manufactures prefabricated chalets in Colorado. The company uses a perpetual inventory system and a job cost system in which each chalet is a job. The following events occurred during
Nicole Grand stone is a new staff accountant at James & Associates. She is paid a salary of $67,600 per year and is expected to work 2,600 hours per year on client jobs. The firm's indirect cost

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