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The order-writing department at the Winston Beauchamp Company is managed by Alan Most. The department keeps two types of computer files:(1) a customer file of authorized credit customers and (2) a product file of items currently sold by the company. Both of these files are direct-access files stored on magnetic disks. Customer orders are handwritten on order forms with the Winston Beauchamp name at the top of the form, and item lines for quantity, item number, and total amount desired for each product ordered by the customer.
When customer orders are received, Alan Most directs someone to input the information at one of the department's computer terminals. After the information has been input, the computer program immediately adds the information to a computerized "order" file and prepares five copies of the customer order. The first copy is sent back to Alan's department; the others are sent elsewhere. Design a system flowchart that documents the accounting data processing described here. Also, draw a data flow diagram showing a logical view of the system.
Evaluate and discuss how the under billings should have been accounted for in the original financial statements.Should the under billings be treated as gain contingencies? Explain your position.
What is the minimum that partner Morse's creditors would receive if they have filed a claim for $50,000?
If an individual taxpayer acquires a mortgage to buy his principle residence and then, several years later, refinances that mortgage with a new mortgage, the interest on that new mortgage is:
A company allows its customers to use bank credit cards to charge purchases. When customers use the credit cards, the net amount is deposited in the company's checking account.
A financial advisor tells you that you can make your child a millionaire if you just start saving early. You decide to put an equal amount each year into an investment account that earns 8% interest per year, starting on the day your child is born..
Please create a decision tree that shows the logical sequence of the decision problem with recommendation of whether ByComputers should initially invest in bonds or stocks?
On April 3, 2008, Mark filed his 2007 income tax return, which showed a tax due of $80000. On June 1, 2010, he filed an amended return for 2007 that showed an additional tax of $10000. Mark paid the additional amount. On May 18, 2011, Mark filed a..
The return an investor earns on a bond over a period of time is known as the holding period return, defined as interest income plus or minus the change in the bond's price, all , all divided by the beginning bond price.
If the beginning balance in OAA is $3,900, and the following transactions occur, what is the ending OAA balance?
Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for:
Barkley Company uses a periodic inventory system and has the following account balances: Beginning Inventory $50,000, Ending Inventory $70,000, Freight-in $12,000, Purchases $450,000, Purchase Returns and Allowances $8,000, and Purchase Discounts ..
Explain the auditor's responsibility for discovery of subsequent events occurring after completion of fieldwork but before issuance of the audit report.
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