Accounting Assignment

4. If a shareholder wanted to know how money flowed into and out of the company, which financial statement would the shareholder use? A. income statement B. statement of cash flows C. statement of retained earnings D. balance sheet   5. The debit side of an account A. is the left side of the account B. can be either side of the account depending on how the accountant set up the system C. is the right side of the account D. depends on whether the account is an asset, liability, or stockholders' equity   6. The process of initially recording a business transaction is called A. journalizing B. correcting C. balancing D. posting

Part (a). You are working as an accountant in XYZ Limited (a mid-size accounting firm with a reasonable range of clients). Currently, you ask the employees to provide the relevant information to initiate the planning phase of the audit. Further, you plan to draw the data from analytical reviews and substantive testing from the operational database. However, the management of your client wants you to draw the data from the data warehouse. The management argues that the data extracted from the operational database will disrupt the operations. Further, the management points out that operational data are copied weekly into the data warehouse, and all data you need are contained there.      Required: We have discussed the operational database and data warehouse under the topic "ERP Core Applications" in the Week 10 Interactive Tutorial. Based on this discussion, outline your response to the management's proposal and mention any concerns you might have.    Part (b). Production planning and…

The section of the annual report titled "Management Discussion and Analysis" is: Multiple Choice Required by the Securities and Exchange Commission (SEC). Not required, but it may be included by management. Required by generally accepted accounting principles (GAAP). Reported to the Securities and Exchange Commission (SEC), but it is not included in the annual report.

During a meeting a CEO makes the following statement.

Fill in each blank space with the missing answer : THERE 9 BLANK SPACE EMPTY SAW WE NEED 9 WORDS TO COMPLETE THE PARAGRAH

For each requirement, state how it is intended to help to address the risk of fraud in publicly traded organizations. a. Boards need to consist of at least 3 independent directors of 1/3 of the board which is higher. b. Boards need to hold regular executive sessions of independent directors without management present.

To prepare the gross margin, include operating expenses, calculate your income, include income taxes, calculate net income and lastly finalize we need to generate a trial balance report, calculate your revenue, determine the cost of goods sold, calculate your income statement with business details and the reporting period. A) Balance Sheet B) Cash Flow Statement Income Statement D Break-even analysis

Which of the following best describes the difference between financial accounting and tax accounting?     Financial accounting is what managers use for internal, decision making purposes while tax accounting is used for creditors, investors, and the general public.     They are both used for income tax reporting purposes, and they are both required by the SEC to be issued and made public so that they can be used by creditors, investors, and the general public     Financial accounting is used for income tax reporting purposes and tax accounting is used by managers for internal, decision making purposes.     Financial accounting is used by creditors, investors, and the general public, while tax accounting is used for income tax reporting purposes     None of these answers is correct

Topic: STRATEGIC FINANCIAL AND RISK MANAGEMENT STRATEGIC KNOWLEDGE AND INFORMATION MANAGEMENT Required: Please explain the photo attached

accounting   Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Do not provide Excel Screet shot rather use tool table Answer completely. The Lowlands publishing company has decided to launch a new magazine for financial special-ists with the brand new title The Daily Financial Times. The problem is that this has not been done before. The Lowlands management does not have a clue how many copies will be sold and they think it will be somewhere between 60 000 and 120 000 copies. The magazine sells for €4 and the variable cost to print is €1.20. Unsold magazines are destroyed. Required: 1. Prepare a results matrix (or pay-off table) for different levels of demand: 60 000, 80 000, 100 000 and 120 000. 2. Suppose Lowlands management wants to avoid being blamed afterwards for having selected the wrong production plan, what production level should they then choose? 3. What strategy should be chosen if management wants to…

True or False: Write T if the statement is correct. If it is not, write F and state the reason briefly. (Please refer to the picture)

Give the meaning and purpose of each of the following: a. income statement b. cash flow statement c. balance sheet

$ To the Internal Revenue Service (IRS), the reasonableness of total itemized deductions depends on the taxpayer's adjusted gross income. Large deductions, which include charity and medical deductions, are more reasonable for taxpayers with large adjusted gross incomes. If a taxpayer claims larger than average itemized deductions for a given level of income, the chances of an IRS audit are increased. Data (in thousands of dollars) on adjusted gross income and the average or reasonable amount of itemized deductions follow. Adjusted Gross Income Itemized Deductions ($1,000s) 22 ($1,000s) 9.6 27 9.6 32 10.1 48 11.1 65 11.5 85 19.7 120 25.5 (a) Develop a scatter diagram for these data with adjusted gross income as the independent variable. 30- 25 20 15 Itemized Deductions ($1,000s) 10 5- 0 20 40 60 80 100 120 140 Adjusted Gross Income ($1,000s) thousand Itemized Deductions ($1,000s) 30 25 20 15 10 · . 5 0 20 40 60 80 100 120 140 Adjusted Gross Income ($1,000s) Itemized Deductions ($1,000s)…

Net income from following statement

A project manager is creating a report of the final status of a closed project tothe stakeholders. Which of the following is NOT used in a final project reportto communicate the status of a project?A. Variance informationB. Lessons learnedC. Scope baselineD. Status of deliverables   You are the project manager for a railroad construction project. Your sponsorhas asked you for a forecast for the cost of project completion. Which of thefollowing is the BEST metric to use for forecasting?A. ETC and VACB. EV and ACC. SV and CVD. SPI and CPI    Information about the project must be distributed to all stakeholders. Whichof the following process outputs is used to report the status and cost ofproject activities?A. Issue logsB. Work performance informationC. Status reportsD. Project records

Capstone analytical review of Chapters 2, 3, and 4. Calculate liquidity and profitability measures and explain various financial statement relationships for a realty firm DeBauge Realtors Inc. is a realty firm owned by Jeff and Kristi DeBauge. The DeBauge family owns 100% of the corporation’s stock.The following summarized data (in thousands) are taken from the December 31, 2019, financial statements: For the Year Ended December 31, 2019: Commissions revenue $426, Cost of services provided $177, Advertising expense $84, Operating income $165, Interest expense $15, Income tax expense $48, Net income $102. At December 31, 2019: Assets Cash and short-term Investment $90, Accounts receivable, net $120, Property, plant, and equipment, net $375, Total assets $585, Liabilities and Stockholders’ Equity, Accounts payable $270, Income taxes payable $15, Notes payable (long term) $150, Paid-in capital $60, Retained earnings $90, Total liabilities and stockholders’ equity $585. At December 31,…

The following data was gathered during one of the recent audits of Cash Disbursement Section. One of the findings was on the outdated Delegation of Authority to policy. In preparing a report of the findings, identify the elements of an audit findings for each data (in order). 1. The delegation authority is updated biannually and not when changes in personnel or responsibilities of authorized individuals occur. 2. The delegation of authority policy list three individuals who are no longer with the company. Additionally, four individuals were identified who are new in their positions that should have disbursement authority, but are not listed in the policy. 3. Disbursements may be made that are not in accordance with management's or BOD's direction. 4. Authority over the disbursement of funds should only be delegated to individuals whose responsibility justify such authority. O Cause, Effect, Condition, Criteria O Condition, Effect, Cause, Criteria O Cause, Condition, Effect,…

{Auditing} 40. In June 2005, IESBA issued a revised Code of Ethics for Professional Accountants. What does the term IESBA stands for? a. Integrity and Ethics Standards Board for Accountants b. Institutional Ethics Standards Board for Auditor c. Internal Ethics Standards Board for Auditor d. International Ethics Standards Board for Accountants

Pleas

Please assist with question a), Thank you. a) The business needs to have a sense of its future cashflows and therefore requires the preparation of the following: A schedule of budgeted cash collections for the trade receivables (sales on account) for each of the months October to December. A schdule of expected cash disbursements for accounts payable (purchases on account) for each of the months October to December. A cash budget, with a total column, for the quarter ending December 31, 2021, showing the expected cash receipts and payments for each month and the ending cash balance for each of the three months, given that no financing activities took place.

Accounting Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Do not provide Excel Screet shot rather use tool table Answer completely.

When reviewing a Profit and Loss report in QuickBooks Online, which report option will quickly show a client income and expenses incurred over the past two years?   A. Collapse / expand B. Compare another period > Year-to-date (YTD) C. Compare another period > Previous year (PY) D. Group by E. Sort

The statement that shows the sources and uses of funds is: a. Fund Flow Statement b. Cash Flow Statement c. Income Statement d. Cost Sheet

Need help with Case D. Thank You

The income statement, the statement of owner's equity, the balance sheet, and the statement of cash flows IS THE PART OF O a. Financial ACCOUNTING O b. Commercial accounting O C. Management Accounting O d. None of these