Free

Accounting ds - Coursework Example

Comments (0) Cite this document
Summary
Accounting Information Systems refers to a structure that aids companies in the collection, storage, processing, management, retrieval and reporting of their financial data for it to be used by managers, accountants, business analysts, auditors, consultants, CFOs and regulatory…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.7% of users find it useful
Accounting ds
Read TextPreview

Extract of sample "Accounting ds"

ACCOUNTING DS Q1 Share the something you learned from the Accounting Information Systems chapter? Accounting Information Systems refers to a structure that aids companies in the collection, storage, processing, management, retrieval and reporting of their financial data for it to be used by managers, accountants, business analysts, auditors, consultants, CFOs and regulatory and tax agencies (Simkin, 2014).
Accounting information system is composed of data, people, software, procedures and instructions, internal controls and information technology infrastructure. Accounting Information system is shaped by volumes of data, the type of business, the type of data management needs, business size and other factors. A number of businesses use computerized systems to handle each step in their process of accounting. Companies usually improve their AISs to remain competitive in the industry and comply with the Sarbanes-Oxley Act of 2002 (Simkin, 2014).
There are three types of Accounting Information Systems, namely manual systems, legacy systems and modern, integrated IT systems. An organization’s choice of the system to use depends on its size, business needs, and types of business and how sophisticated the business is (Simkin, 2014).
A well and carefully designed AIS usually makes a business to run smoothly on daily basis, however, a poorly-designed one hampers its operations. Just like in the cases of Lehman brothers and WorldCom, the data in AIS can be used in uncovering the story of what actually went wrong. A successful business normally has an efficient and accurate accounting information system that is well maintained.
Q2 A company purchased a cash register on January 1 for $5,400. This register has a useful life of 10 years and a salvage value of $400. What would be the depreciation expense for the second year of its useful life using the double-declining-balance method?
A Useful life of 10 years results depreciation rate of 1/10 or 10% for straight line
Doubling-declining balance method is therefore 10% x 2 = 20%
Depreciation for year 1
Depreciation= book value* 20%
= 5400*0.20 = $1080
Depreciation for year 2
5400-1080 (4320) * 0.20 = $864
Therefore the depreciation expense is $864 (Option C)
Assume that straight line method was used, what would be the answer?
Depreciation= ($5400-400)/10= $500
Q3 Explain the steps in preparing the bank reconciliation
Firstly, we record the ending balances from the bank statement. Secondly, prepare a detailed list of all the deposits in transit. Then we sum the two items. Thirdly, we prepare a detailed list of all the outstanding checks, checks written or sent but not cleared. We then correct any errors before getting the difference between the ending balance and the total outstanding to get adjusted bank balance. Fourthly, we adjust the general ledger balance by adding any interest received, subtracting NSF checks, correcting any errors and subtracting any service charges to get the adjusted general ledger balance. Finally, we compare the adjusted general ledger balance to the adjusted bank balance and the two items should agree.
Q4 A company purchased a truck on October 1 of the current year at a cost of $40,000. The truck is expected to last six years and has a salvage value of $2,200. The companys annual accounting period ends on December 31.
a) What is the depreciation expense for the current year, assuming the straight-line method is used?
Depreciation expense= ($40,000-2200)/6 =$6300
Monthly depreciation expense= $6300/12= $525
Depreciation for the current year= $525*3= $1575
b) What is the depreciation expense for the current year, assuming the double-declining-balance method is used?
A useful life of 6 years results depreciation rate of 1/6 or 16.67%% for straight line
Doubling-declining balance method is therefore 16.67% x 2 = 33.34%
Annual depreciation = $40,000*0.3334 = $13,336
Depreciation for current year: $13336*3/12= $3334
References
Simkin, M. G. (2014). Core concepts of accounting information systems. Place of publication not identified: John Wiley. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Accounting ds Coursework Example | Topics and Well Written Essays - 500 words”, n.d.)
Accounting ds Coursework Example | Topics and Well Written Essays - 500 words. Retrieved from https://studentshare.org/finance-accounting/1698796-accounting-ds
(Accounting Ds Coursework Example | Topics and Well Written Essays - 500 Words)
Accounting Ds Coursework Example | Topics and Well Written Essays - 500 Words. https://studentshare.org/finance-accounting/1698796-accounting-ds.
“Accounting Ds Coursework Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/finance-accounting/1698796-accounting-ds.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Accounting ds

DS proposal

...?Computing Project’s Proposal VOIP and its usage in Medical Alert Systems Number: Email Address: Project Proposal Submission Date: June 28, 2013 Version Number of the Proposal:V.04 DA Class ID: Computer Forensics CKIT519 Name of DA: RMT Class ID: Name of GDI: Ethical Checklist Completed: Yes Name of SSM: The Program: Domain: Information Technology Proposal approved by: Date of the approval: Verification of the Proposal's Domain: Sponsor's Details: Sponsor's Background: Sponsor's Agreement: The Project Aims and Objectives: In the current information system there are some flaws that have turned to be very expensive to the people who are affected by delay of information in the medical fields which translate to deaths. Already... Project’s...
6 Pages(1500 words)Dissertation

DS Final

...?VOIP and its usage in Medical Alert Systems By A DISSERTATION Submitted to The in partial fulfillment of the requirements for the degree of MASTER OF SCIENCE 01/09/2013 ABSTRACT VOIP and its usage in Medical Alert Systems By BP Conceptualization of medical alert systems and the role that technology could play in making this more effective have varied over the years. A lot of researchers have acknowledged the role that the plain old telephone system (POTS) has played in making medical alert systems successful over the years. Other researchers have however criticized the level of ineffectiveness and inefficiency associated with the use of POTS in a highly technologically demanding health system. In the wake of such levels of debate...
8 Pages(2000 words)Dissertation

In terms of Economics Why is Nintendo DS chosen

...they see their friends with a new system? 2. Show how sales growth on the DS system has proceeded in recent years—Nintendo should post SEC papers, showing their yearly performance accounts. B The bandwagon effect explained—economics 1. Explain the bandwagon effect and give an example—people keeping up with the Joneses, etc. “In microeconomics, bandwagon effect describes interactions of demand and preference. The bandwagon effect arises when peoples preference for a commodity increases as the number of people buying it increases” (Rohlfs and Varian, 2002, 137). 2. Apply the bandwagon effect to video game systems—think of the target market (children and young adults), their buying power and how...
2 Pages(500 words)Essay

Accounting

...Chosen Organization: Hewlett Packard Relationship to Organization: Friends work in the organization Reasons for Choice: I have chosen Hewlett Packardas my organization for two main reasons. Firstly, a number of my friends work in the company and this makes it easier to gain information of the organization. Secondly, the company is publicly traded hence the information for the finances of the company will be easily available. Another reason for my choice is that the company has seen a major growth in the last year and despite the economic dip HP has shown excellent results. Overview of Company: Hewlett Packard is one of the leading computer hardware manufacturers operating across the globe. The company was started in 1939... Organization:...
2 Pages(500 words)Essay

Accounting

...Munaf Usmani Academia Research May 25, PSB 12.4 Part (A) General Journal Account s and Explanation Debit Credit Apr 6 Inventory SalesTax Receivable Account Payable-Robert Ltd 840 84 924 Apr 7 Cost of Sales-Freight 44 Cash 44 Apr 8 Accounts Receivable Sales Tax Payable 990 90 Sales 900 Apr 8 Cost of Sales 600 Inventory 600 Apr 10 Accounts Payable-Robert Ltd 44 Inventory Sales Tax Payable 40 4 Apr 11 Inventory 330 Cash 330 Apr 13 Account Payable-Robert Ltd 880 Discount Availed Cash 26.4 853.6 Apr 14 Inventory Sales Tax Payable 500 50 Accounts Payable-Martina 550 Apr 15 Cash 55 Inventory Sales Tax Payable 50 5 Apr 17 Cost of Sales-Freight 33 Cash 33 Apr 18 Accounts... ...
5 Pages(1250 words)Assignment

Accounting

...On January 6, Arneson Co. sells merchandise on account to Cortez Inc. for $9,000, terms 2/10, n/30. On January 16, Cortez Inc. pays the amount due. Prepare the entries on Arnesons books to record the sale and related collection. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Date Description Debit Credit Jan. 6 Account Receivable (Cortez Inc.) 9,000              Sales   9,000 Jan. 16 Cash 8,820     Sales Discount 180              Account Receivable (Cortez Inc.)   9,000 On January 10, Mary Dawes uses her Pierson Co. credit card to purchase merchandise from Pierson Co. for $9,000. On February 10, Dawes is billed for the amount due of $9,000. On...
5 Pages(1250 words)Assignment

Accounting

...on automotive operations as this segment accounts for 89% of the Toyota’s total revenues. The report specifically states that Japan and North American are the potential market segments for the company on the basis of vehicle unit sales for the fiscal year 2011. The general tone of the management’s comments indicates that the firm would have attained much more profitability if its operations had not been affected by the Great East Japan Earthquake (Toyota, 2011). The company’s vehicle unit sales declined in its major markets including Japan and North America. However, Toyota could achieve notable improvements in Asia and other market segments as compared to the previous year. This trend indicates that Asia is developing...
2 Pages(500 words)Essay

Accounting

...value per share = ($1,400,000 - $300,000) /20,000 = $55 No, it does not. Because book value per share measures the amount that would be distributed to holders of each share of common stock if all assets were sold at their balance sheet carrying amounts after all the creditors were paid off. Book value per share is based entirely on historical costs. F) Gross margin /Sales (Gross margin=$525,000; Sales=$2,625,000) Gross margin percentage = $525,000 /$2,625,000 = 20% Section 3 solutions: A) Current Assets /Current Liabilities (Current Assets = $1,180,000; Current Liabilities = $1,450,000) Current ratio = $1,180,000 /$1,145,000 = 2.62 B) (Cash + Accounts Receivable) +/Current Liabilities (Cash = $140,000;...
3 Pages(750 words)Essay

DS Assignment 7

...risk problems seem to have been adequately dealt with such as fiscal policy evaluations as well ensuring that the interest rates remain low so as to encourage investments as well as consumption and the exchange rate. This will aid economies that had been badly affected by tapering of the Fed in the previous year provided that they take control of huge current account deficits and reduction of labor costs as well as assets’ valuation (Blair, 1999). Summary 2: Article from SAGE Work, Employment & Society: Women and recession revisited The recent financial crisis have triggered new debate on the impact of gender on the economic cycle as well as making policymakers to reconsider earlier studies by (Bullock, 1994) who tried...
2 Pages(500 words)Coursework

DS Assignment 9

...Common Sense and Science Discussion The word common sense can be defined as the information gathered from everyday knowledge (Joomee, 2012). On the other hand, science refers to a thorough research on a particular subject with concluded facts (Joomee, 2012). Moreover, it is considered that science stands lonely pinnacle in the wilderness of commonsense (Joomee, 2012). To elaborate on this, science has the capability of correcting different perceived flawed cognition. This means that science offers solution by providing unfiltered view of truth. Despite the fact that many people do spend most time believing in their common sense; it has been proved that this faith is misplaced. Moreover, science helps us in understanding... Sense and Science...
2 Pages(500 words)Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Coursework on topic Accounting ds for FREE!

Contact Us