1. Which of the following is conducted as a follow up to a system’s recent implementation? A) Troubleshooting B) a systems survey C) a post-implementation review D) systems maintenance Points Earned: 1.0/1.0 Correct Answer(s): C 2. After the conversion is completed‚ the systems development project team writes the project completion report. A) True B) False Points Earned: 0.0/1.0 Correct Answer(s): True 3. Which of the following is not a task required to complete structured systems analysis
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corrections: the obligation to provide investors with high-quality financial statements that fairly present the company’s financial position versus the pressure to maintain a high stock price for investors. The case may be completed using either U.S. GAAP or IFRS. Keywords: adjusting entries; financial statement adjustments; accounting cycle; ratio analysis; IFRS. BACKGROUND INFORMATION rosty Co. is a publicly traded‚ medium-sized manufacturing firm that produces refrigerators‚ freezers‚ ice makers
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be modified A. The auditors would issue a disclaimer of opinion. This happens when the auditor has no means to base the entire opinion‚ which is what happened above. The auditor has determined that the financial statements are in accordance with GAAP‚ but the auditor makes a disclaimer as to part of the audit because he or she was not able to test certain accounts due to being denied access to the accounts. The auditor has nothing to base their opinion on‚ for those accounts‚ and therefore issues
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CA1-1: It is TRUE that GAAP is the term used to indicate the whole body of FASB literature. It is FALSE Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. It is TRUE that the primary governmental body that has influence over the FASB is the SEC. It is FALSE the FASB has a government mandate and therefore does not have to follow due process in issuing a standard. CA1-2 It is True the objective
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REVENUE RECOGNITION MCDONALD ’S CORPORATION INTRODUCTION McDonald’s and Burger King have been in competition for over 50 years. Similar companies can choose different revenue recognition methods that can cause them to appear different. This report’s purpose is to explain McDonald’s revenue recognition policies and methods in comparison to Burger King’s. DISCUSSION FOR ACCOUNTING POLICIES AND METHODS McDonald’s and Burger King’s revenues mainly consist of two things‚ sales and franchise fees
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Accounting Homework assignment Ch1-2 Chapter 1 CA1-1 1. GAAP is the term used to indicate the whole body of FASB authoritative literature. Ans: True 2. Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. Ans: False – All company that is claiming compliance with GAAP must follow all standards and interpretations especially disclosure requirements
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a. What is the nature of General Mills’ business? That is‚ based on what you know about the company and on the accompanying financial statements‚ how does General Mills make money? General Mills‚ Inc. has three segments. U.S. Retail sells ready-to-eat cereals‚ meals‚ yogurt‚ organic foods‚ etc. The International segment includes retail business in Canada‚ Europe‚ Latin America and the Asia/Pacific region. Bakeries and Foodservice sells to retail and wholesale bakeries‚ and convenience stores. The
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References: Business Planning (http://Articles:BPLANS.com/Writing-A-Business-Plan Generally Accepted Accounting Principles (GAAP): Standards & Rules for Accountants Ryan Goodrich‚ BusinessNewsDaily http://www.businessnewsdaily.com/5486-generally-accepted-accounting-principles-gaap.html Accounting & Internal Control Procedures by Osmond Vitez‚ Demand Media http://smallbusiness
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laser-eye clinics Wayne founded corporation 3rd largest supplier of optical equipment‚ 25% market share‚ 425 employees Users: 30% owned by Wayne and family. 40% of stock owned by employees. Venture Capitalist‚ bankers‚ outside investors Debt Covenant Meet GAAP Only adjust for material amount Internal control problem: 1. lack of trained personnel 2. key controls appear to be functioning but not performed on a timely basis 3. RMM high => rely primarily on substantive Client: 1. audited for 5 years 2. management
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· The basic assumptions of accounting · The principles of accounting · The constraints of accounting A conclusion stating how you think sound financial reporting depends on principles‚ assumptions‚ and constraints. Refer to the U.S. GAAP in your response. Do not purchase materials that are not returnable. You do not want to spend good money on material and find that the curriculum is nothing like advertised. Many quality programs will allow you a trial period before you have
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