FINANCIAL REPORTING: FINANCIAL TRANSACTIONS‚ ACCT 642-001 Fall Semester 2014 Faculty Name: Office Location: Faculty E-mail: Phone: Office Hours: Emily L. Lindsay‚ CPA‚ CGMA‚ MSA KSB‚ Room 14 Lindsay@american.edu (preferred contact) (202) 885-1902 (office); (240) 731-9764 (cell) M/TH 9:00 AM – 10:00 AM & 11:45 AM – 12:45 PM TH 3:15 PM – 5:15 PM and other days & times by appointment. Class Time & Location: TH 5:30 PM – 8:00 PM‚ KSB T-61 COURSE DESCRIPTION: With ACCT-641‚ this course is part of a two course
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INFORMATION Course Name: Class Item Number: Class website: MyAccountingLab™ Homework website: ACCT 202 – Principles of Accounting II (5 credits) 4026 (ACCT& 202.H1N) canvas.northseattle.edu (Access through Canvas) INSTRUCTOR INFORMATION Instructor: Marla Lockhart Office: IB 2415A Contact: e-mail: mlockhart@northseattle.edu You MUST include “ACCT 202” in the subject line or I may not see it! Example: “ACCT 202 Can We Meet This Week?” (I’ll see your name in the address) Telephone: 206.934.6026 Office
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According to our textbook the closing process serves a dual purpose 1. The temporary accounts (revenues‚ expenses‚ gains and losses) are reduced to zero balances‚ ready to measure activity in the upcoming accounting period‚ and 2. These temporary accounts are closed (transferred) to retained earnings to reflect changes that have occurred during that accounting period. (Spiceland p. 79). There are three times during an accounting period when a company should perform a closing process‚ daily‚ monthly
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What can do as AIS? User Designer Auditors System advisors Information system users Accountants use information systems to generate information for decision makers. Accountants as System Designers The accounting function is responsible for the conceptual system‚ while the computer function is responsible for the physical system. Accountants as System Auditors Financial auditors (Internal or External) Attest to fairness of financial statement Attest to fairness of internal controls
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Individual Assignment – David Jones Limited 1. (a) DJS is a public company that issues shares to the general public and is a separate legal entity. (b) The income statement shows tax being deducted directly from company profit. The equity section show contributed equity instead of owners or partners’ equity. Also retained earnings after dividends or allocation to another equity account. 2. (a) Net assets and total equity have the same dollar value of $775‚704‚000. (b) Equity is the
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Description / Instructions: Practice for Week 2 Top of Form Bottom of Form Question 1 The time period for classifying a liability as current is one year or the operating cycle‚ whichever is: probable. possible. shorter. longer. Top of Form Bottom of Form Question 2 To be classified as a current liability‚ a debt must be expected to be paid: a. out of existing current assets. b. by creating
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Grading Summary These are the automatically computed results of your exam. Grades for essay questions‚ and comments from your instructor‚ are in the "Details" section below. Date Taken: 11/25/2012 Time Spent: 2 h ‚ 18 min ‚ 12 secs Points Received: 143 / 150 (95.3%) Question Type: # Of Questions: # Correct: Multiple Choice 10 9 Short 1 N/A Essay 3 N/A Grade Details - All Questions Page: 1 2 1. Question : (TCO A) Wages paid to an assembly line worker in a factory are
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1. award: 0 out of 0.00 points On June 1‚ Cline Co. paid $892‚000 cash for all of the issued and outstanding common stock of Renn Corp. The carrying values for Renn’s assets and liabilities on June 1 follow: Cash $ 178‚000 Accounts receivable 237‚000 Capitalized software costs 374‚000 Goodwill 110‚000 Liabilities (201‚000 ) Net assets $ 698‚000 Note: Parentheses indicate a credit balance. On June 1‚ Renn’s accounts receivable had a fair value of $155
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Question 4: Data integrity is essential for a company ’s operations. Describe various steps companies can use to ensure the integrity of its information. Just as the question states‚ data integrity is imperative to the success of a company’s operations. Data integrity is processing integrity which is one the five principles of systems reliability (Romney‚ & Steinbart‚ 2012‚ p. 274). For a company to be successful they must have a reliable system that is accurate‚ easily manipulated‚ timely‚
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Name: _____________________________________ Date: _________________ Third Midterm -- Chapters 8‚ 9‚ 10 & 11 100 points Key Section Possible Points True/False Multiple Choice Problems Total 25 24 55 104 Your Score Your Points ___________ Be legible!!!! (If I can’t read what you put down‚ I can’t grade it and I will not guess at what you might have written.) Mark the True/False answers in the appropriate column!! Put the letter answer to the Multiple
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