Charts are flexible visual aids and an invaluable resource in Excel. While accountants use them to illustrate key data such as financial statement analysis, they have many other accounting-related uses. Identify and discuss at least three ways accountants could use charts with a focus on providing
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Charts are flexible visual aids and an invaluable resource in Excel. While accountants use them to illustrate key data such as financial statement analysis, they have many other accounting-related uses. Identify and discuss at least three ways accountants could use charts with a focus on providing benefit to the reader.
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- Accounting professionals apply many technology tools to aid them in their everyday tasks and decision making. The General Ledger tool in Connect automates several of the procedural steps in the accounting cycle so the accounting professional can focus on the impacts of each transaction on the full set of financial statements. use this tool in helping students see the advantages of technology and, in particular, the power of the General Ledger tool in accounting practice, including financial analysis and “what-if” scenarios. Is Apple’s current-year return on assets better or worse than competitors’ average of 10% return?Benji Borke has prepared the following list of statements about accounting information systems.Identify each statement as true or false. 1. The accounting information system includes each of the steps of the accounting cycle, the documents that provide evidence of transactions that have occurred, and the accounting records. select an option TrueFalse 2. The benefits obtained from information provided by the accounting information system need not outweigh the cost of providing that information. select an option TrueFalse 3. Designers of accounting systems must consider the needs and knowledge of various users. select an option TrueFalse 4. If an accounting information system is cost-effective and provides useful output, it does not need to be flexible. select an option…Discuss the following: 1. All accountants are assumed at a minimum be proficient in the AIS user role and at least one other role like (manager or designer or evaluator). Why they expect this proficiency from the accountants? 2. What is the significant contribution of the Accounting Information System in the business value chain?
- Indicate whether each of the following statements is true or false. 1. When designing an accounting system, you need to think about the needs and knowledge of both the top managers and various other users. TrueFalse 2. When the environment changes as a result of technological advances, increased competition, or government regulation, an accounting system does not have to be sufficiently flexible to meet the changes in order to save money. TrueFalse 3. In developing an accounting system, cost is relevant. The benefits obtained from the information disseminated must outweigh the cost of providing it. TrueFalseMatch each of the principles and phases in the development of an accounting system with the statement that best describes them. 1. Information must be understandable, relevant, reliable, timely, and accurate. FlexibilityCost effectivenessUseful output 2. Benefits of information must outweigh the cost of providing it. Cost effectivenessUseful outputFlexibility 3. The system should accommodate a variety of users and changing information needs. Cost effectivenessFlexibilityUseful output 4. The accounting system must consider the needs and knowledge of various users. FlexibilityCost effectivenessUseful output 5. The system should be capable of meeting the changes in the demands made upon it.…Many accounting professionals work in one of the following three areas.A. Financial accounting B. Managerial accounting C. Tax accountingIdentify the area of accounting that is most involved in each of the following responsibilities. Planning transactions to minimize taxes
- Chapter 3 of the text focuses on The Accounting Framework, which includes a discussion of the qualitative characteristics of financial information. While much of this discussion is beyond what a student taking an introductory course really needs to be concerned with, there are a few considerations that all business students should have a basic understanding; Discuss a scenerio where Cost vs. Benefit, Materiality or Prudence would be considered. Your example should focus on one of the three characteristics.Accounting professionals apply many technology tools to aid them in their everyday tasks and decision making. The General Ledger tool in Connect automates several of the procedural steps in the accounting cycle so the accounting professional can focus on the impacts of each transaction on the full set of financial statements. use this tool in helping students see the advantages of technology and, in particular, the power of the General Ledger tool in accounting practice, including financial analysis and “what-if” scenarios. What is Apple’s return on assets for the current year?What are the top three skills in the given below that will be the most valuable in the Accounting? Choose three skills needed for Accounting. And why? Complex Problem Solving, Critical Thinking, Creativity, Communications Skills, Coordinating with others/Collaborating on a Team, Emotional Intelligence, Judgement and Decision Making, Intercultural Competency and Diversity, Equity and Inclusion, and Cognitive Flexibility / Agility
- SHOW YOUR SOLUTION IN GOOD ACCOUNTING FORM AND IN EXCEL FORMDescribe how information reduces risk when you make a personal or work-related decision. What are information rules? How do they simplify the process of making decisions? What is the difference between data and information? Give one example of accounting data and one example of accounting information. List the five functions of an MIS. What are the components of a typical business report? Describe the three types of computer applications that help employees, managers, and executives make smart decisions. What purpose do audits and GAAPs serve in today’s business world? How do the major provisions of the Sarbanes-Oxley Act affect a public company’s audit procedures? What is the principal difference between a balance sheet and an income statement? How are current assets distinguished from fixed assets? Why are fixed assets depreciated on a balance sheet? How does the use of money solve the problems associated with a barter system of exchange? For a business firm, what type of activities…The qualitative characteristics that make accounting information useful for decision-making purposes are as follows. Relevance Neutrality Verifiability Faithful representation Completeness Understandability Predictive value Timeliness Comparability Confirmatory value Materiality Free from error Instructions Identify the appropriate qualitative characteristic(s) to be used given the information provided below. a. Qualitative characteristic being employed when companies in the same industry are using the same accounting principles. b. Quality of information that confirms users’ earlier expectations. c. Imperative for providing comparisons of a company from period to period. d. Ignores the economic consequences of a standard or rule. e. Requires a high degree of consensus among individuals on a given measurement. f. Predictive value is an ingredient of this fundamental quality of information. g. Four qualitative characteristics that are…
