Log in
Accounting
1
answer
0
watching
83
views
30 Mar 2019

There are many vertical market industries
with special accounting information needs
apart from the industries discussed in this
chapter. Identify three additional vertical market industries. Whatare the unique characteristics of these industries that affecttheir AISs?

Core Concepts of Accounting Information Systems, 13th Edition(Page 359). Wiley. Kindle Edition.

Watch
1
answer
0
watching
83
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Beverley Smith
Beverley SmithLv2
2 Apr 2019

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related questions

Assume that you started your own law practice
10 years ago, specializing in estate planning, and you currentlyemploy five attorneys,
two legal assistants, one legal secretary, and a
bookkeeper/receptionist. The firm has always
used a manual accounting system, which
includes procedures for time and billing. How
could an automated time and billing system
help your firm? Search the Internet for a specific technology toautomatically capture a professional employee’s time spent on aparticular
client engagement. What is the name of the
software package, and what are the primary
features of this BPM software?

Core Concepts of Accounting Information Systems, 13th Edition(Page 359). Wiley. Kindle Edition.

CA20-5 WRITING (Implications of GAAP Rules on Pensions) JillVogel and Pete Dell have to do a class presentation on GAAP rulesfor reporting pension information. In developing the classpresentation, they decided to provide the class with a series ofquestions related to pensions and then discuss the answers inclass. Given that the class has all read the rules related topension accounting and reporting, they felt this approach wouldprovide a lively discussion. Here are the questions:

1. In an article in Businessweek prior to new rules related topensions, it was reported that the discount rates used by thelargest 200 companies for pension reporting ranged from 5% to 11%.How can such a situation exist, and does GAAP alleviate thisproblem?

2. An article indicated that when new GAAP rules were issuedrelated to pensions, it caused an increase in the liability forpensions for approximately 20% of companies. Why might thissituation occur?

3. A recent article noted that while “smoothing” is notnecessarily an accounting virtue, pension accounting has long beenrecognized as an exception—an area of accounting in which at leastsome dampening of market swings is appropriate. This is becausepension funds are managed so that their performance is insulatedfrom the extremes of short-term market swings. A pension expensethat reflects the volatility of market swings might, for thatreason, convey information of little relevance. Are thesestatements true?

4. Understanding the impact of the changes required in pensionreporting requires detailed information about its pension plan(s)and an analysis of the relationship of many factors, particularlythe:

(a) Type of plan(s) and any significant amendments.

(b) Plan participants.

(c) Funding status.

(d) Actuarial funding method and assumptions currentlyused.

What impact does each of these items have on financialstatement presentation?

5. An article noted “You also need to decide whether toamortize gains and losses using the corridor method, or to use someother systematic method. Under the corridor approach, only gainsand losses in excess of 10% of the greater of the projected benefitobligation or the plan assets would have to be amortized.” What isthe corridor method and what is its purpose? (Kieso 1176)

Kieso, Donald E., Jerry Weygandt, Terry Warfield. IntermediateAccounting, 16th Edition. Wiley, 2016-03-21. VitalBook file.

Due Week 9 and worth 200 points

Before approaching this assignment, be sure that you have watched the following video.

https://www.youtube.com/watch?v=frh3I2rVDzs. YouTube. PLEASE USE DATA FROM VIDEO OR MAKE UP YOUR OWN DATA

Babycakes, a specialty bakery, is the company that will be considered for all parts of your budget planning and control report. For this assignment, you will develop a three to four (3 – 4) page paper in which you address the following.

Briefly discuss the ways a realistic budget will benefit the owner of Babycakes versus having no budget at all. Be sure to use Babycakes as the company and any specific product details in your explanation.

Prepare a sales budget for the LA Babycakes store for the 4th quarter of 2016. Present the number of units, sales price, and total sales for each month; include October, November, and December, and a total for the quarter. Use one-half of the Valentine’s Day sales as the basis for a usual day in the new quarter. Use 30 days for each month. Calculate the total sales for each month for October, November, and December.

Create three (3) new products, one (1) for each of the three (3) holiday seasons in the 4th quarter. Estimate the sales units, sales price, and total sales for each month. Describe the assumptions used to make these estimates. Include an overview of the budget in the report, presenting the actual budget as an appendix with all data and calculations. Add these amounts to your sales budget.

The owner of Babycakes is interested in preparing a flexible budget rather than the static budget she currently uses. She does not understand why, when sales increase, her static budget often shows an unfavorable variance. Explain how a flexible budget will overcome this problem. Use the details of your newly prepared budget for the 4th quarter of 2016 to address her concern.

Imagine that Babycakes is facing a financial challenge that is causing the actual amount of money that it spends to become significantly more than its budgeted amount. Include a discussion of your own unique cause of the overspending. Explain the corrective actions needed to address these challenges.

Integrate relevant information from at least three (3) quality academic resources in this assignment. Note: Please do not use your textbook as an academic resource. Also, Wikipedia and other Websites that are unreliable do not qualify as academic resources.

Your assignment must follow these formatting requirements.

Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions.

Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length.

An abstract is not required.

The specific course learning outcomes associated with this assignment are:

Evaluate management control systems and examine their relationship with accounting and planning, including feedback and non-?nancialperformance measurements.

Evaluate decision-making tools for capital investments, budgeting, and budgeting controls.

Analyze financial accounting tools and techniques that convert financial accounting data into information for decision making.

Use technology and information resources to research issues in financial accounting for managers.

Write clearly and concisely about financial accounting using proper writing mechanics.

Grading for this assignment will be based on the quality of your responses, logic and organization of the paper, and language and writing skills. Please review the Rubric for the Assignment: Budget Planning and Control.

Related Documents

ACC 406 Chapter 5: Chapter 5 - Job Order Costing
amethystgoat54
ACC 406 Lecture Notes - Lecture 6: Cost Accounting, Aspirin, Financial Statement
apricotraccoon744
ACC 100
Final Exam
Study Guide
ACC 100 Study Guide - Midterm Guide: Perpetual Inventory, Flowchart, Capital Structure
bronzehound678

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in