Subject accouting information system please solve all questions Economic enterprises, both for profit and nonprofit, generate revenues through businessprocesses that constitute their revenue cycle. In its simplest form, the revenue cycle is thedirect exchange of finished goods or services for cash in a single transaction between a sellerand a buyer.Distinguish between a packing slip, a shipping notice and a bill of lading.b. All the companies must have separate department for warehousing and shipping for theirbusiness operation. Discuss.Discuss how the nature of the necessary internal control features is affected by switchingfrom a manual system to a large scale computer based accounting system.

A thriving RCM method is crucial for a care observe to take care of monetary viability and still…

Economic enterprises, both for profit and nonprofit, generate revenues through business processes that constitute their revenue cycle. In its simplest form, the revenue cycle is the direct exchange of finished goods or services for cash in a single transaction between a seller and a buyer. a. Distinguish between a packing slip, a shipping notice and a bill of lading. p. All the companies must have separate department for warehousing and shipping for their business operation. Discuss. Discuss how the nature of the necessary internal control features is affected by switching from a manual system to a large scale computer based accounting system.

Economic enterprises, both for profit and nonprofit, generate revenues through business processes that constitute their revenue cycle. In its simplest form, the revenue cycle is the direct exchange of finished goods or services for cash in a single transaction between a seller and a buyer. a. Distinguish between a packing slip, a shipping notice and a bill of lading. p. All the companies must have separate department for warehousing and shipping for their business operation. Discuss. Discuss how the nature of the necessary internal control features is affected by switching from a manual system to a large scale computer based accounting system.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter9: Deductions: Employee And Self- Employed-related Expenses

Section: Chapter Questions

Problem 15DQ: Paul wholly owns and operates an office supplies business and a printing/shipping business through...

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Hepworth Credit Corporation is a wholly owned subsidiary of a large manufacturer of computers. Hepworth is in the business of financing computers, software, and other services that the parent corporation sells. Hepworth has two departments that are involved in financing services: the Credit Department and the Business Practices Department. The Credit Department receives requests for financing from field sales representatives, records customer information on a preprinted form, and then enters the information into the computer system to check the creditworthiness of the customer. (Other actions may be taken if the customer is not in the database.) Once creditworthiness information is known, a printout is produced with this information plus other customer-specific information. The completed form is transferred to the Business Practices Department. The Business Practices Department modifies the standard loan covenant as needed (in response to customer request or customer risk profile). When this activity is completed, the loan is priced. This is done by keying information from the partially processed form into a personal computer spreadsheet program. The program provides a recommended interest rate for the loan. Finally, a form specifying the loan terms is attached to the transferred-in document. A copy of the loan-term form is sent to the sales representative and serves as the quote letter. The following cost and service activity data for the Business Practices Department are provided for the month of May: All materials and supplies are used at the end of the process Required: 1. How would you define the output of the Business Practices Department? 2. Using the FIFO method, prepare the following for the Business Practices Department: a. A physical flow schedule b. An equivalent units schedule c. Calculation of unit costs d. Cost of ending work in process and cost of units transferred out e. A cost reconciliation
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Solve all questions Economic enterprises, each for profit and noncommercial, generate revenues through business processes that represent their revenue cycle. In its simplest kind, the revenue cycle is that the direct exchange of finished merchandise or services for take advantage one dealing between a trafficker and a customer. a. Distinguish between a packing slip, a shipping notice and a bill of shipment. b. All the businesses should have separate department for storage and shipping for his or her business operation. Discuss. c. Discuss however the character of the mandatory control options is laid low with shift from a manual system to an oversized scale laptop based mostly method of accounting.
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Paul wholly owns and operates an office supplies business and a printing/shipping business through separate entities. The office supplies business and printing/shipping business share centralized purchasing to obtain volume discounts and share a centralized accounting office that performs all necessary accounting for both businesses (including preparing financial statements, paying bills, collecting receivables, and preparing payrolls for both businesses). Paul maintains a website that promotes both businesses. The businesses operate in separate spaces in the same building (next to each other), but share an office and a shipping/receiving space at the rear of the building and an opening in the shared inside wall that allows customers to move between the businesses without going outside. Each business owns its own equipment and employs its own staff. May Paul aggregate these businesses for purposes of the QBI deduction? Explain.
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