CHAPTER 7 CONTROL AND ACCOUNTING INFORMATION SYSTEMS SUGGESTED ANSWERS TO DISCUSSION QUESTIONS 7.1 Answer the following questions about the audit of Springer’s Lumber & Supply a. What deficiencies existed in the internal environment at Springer’s? The "internal environment" refers to the tone or culture of a company and helps determine how risk consciousness employees are. It is the foundation for all other ERM components‚ providing discipline and structure. It is essentially the same
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Team A Week Three Reflection ACC290 May 13‚ 2013 Team A Week Three Reflection This past week‚ our team has been going over and reflecting on four main objectives. These main objectives are differentiating between accrual basis and cash basis accounting‚ the process of creating adjusting entries‚ and adjusted trial balances. We will also collectively discuss our opinions of what would be the most important skills learned in an accounting position. In accordance to week three’s objectives‚ I
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Management Information System (MIS) In my words‚ Management Information System is a digital‚ or computer based tool‚ which provides managers of all levels‚ as well as regular employees‚ with information crucial to perform their tasks more effectively. Management Information Systems are used especially by managers and they help them with different areas of their work: gathering needed information decision making feedback evaluation of processes Management Information Systems combine information
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| Refining Solutions It is essential to refine ideas and solutions to find the highest quality solution to a problem. The creative thinking process is used to produce ideas but the critical thinking process is used to evaluate and refine ideas and solutions. Applying criticism to ideas and solutions reduces the risk for error and makes good ideas even better (Ruggiero‚ 2009). In this paper Arguments will be evaluated and revised resulting in a refined and final solution to the problem. Original
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This pack comprises ACC 497 Week 3 Individual Assignment Financial Statements Paper Part II Resources: Appendix A‚ The Home Depot‚ Inc. Annual Report in Fundamentals of Financial Accounting Write a 1‚050- to 1‚750-word paper in which you address the following: Does management’s assessment of the financial condition agree with your assessment from the Financial Statements Paper Part I? Explain your response. Support your answer using trend analysis‚ vertical analysis‚ or ratio
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installment basis. The total gain of $75000 was reported for financial reporting purposes in the period of sale. The installment period is 3 years; one-third of the sale price is collected in 2012 and the rest in 2013. The tax rate was 35% in 2012‚ and 30% in 2013 and 30% in 2014. The accounting and tax data is shown below. Financial Accounting Tax Return 2012 (40% tax rate) Income before temporary difference $ 175‚000 $ 175
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1.0 Introduction Information system‚ which is the most important technique in this information age‚ is playing an increasingly pivotal role in modern business organisations. The information age is relying on the information and communication technology (ICT)‚ and it is using widely in every corner of the modern organisation (Hussain‚ 2009). Organisations may use ICT to transform business process and make them more efficient and accurate (Hussain‚ 2009). Moreover‚ ICT may be use to create‚ store
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Accounting System Paper Jamira Perry HCS/405 July 18‚ 2011 Diana Schilling Accounting System Paper When it comes to accounting‚ people only think that it is associated with inside banking. There is more to accounting than inside banking because accounting has elements as well as any other system. It may differ from other types of systems because it is just what it says and that is accounting. Some people don’t like the accounting situation because it consists of math and that
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Information Security Management INF: 325‚ Telecommunications & Networking Concepts Ashford University Often Information Technology Directors overlook that information security is more of a people issue rather than a technology issue. We rely heavily on people’s awareness‚ ethics and behavior‚ and an understanding of what they want to achieve is essential to accomplish the goals of business. This includes the employees that deliver services and the customers that take advantage
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621-Financial and Managerial Accounting July 11‚ 2015 Problem 2-3 Indicate the net effect on assets‚ liabilities and owners’ equity resulting from each of the following transactions: Assets=Liabilities+owners’ Equity 1. Capital stock was issued for $100‚000 cash This will increase assets by $100‚000 and increase equity by $100‚000 2. Bonds payable of $25‚000 were refunded with capital stock. The liabilities will be decreased by 25‚000 and increase equity by 25‚000 3. Depreciation on plant and equipment
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