Assignment 3 Alex LoVerde
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Accounting
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Jun 14, 2024
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Assignment #3
Alex LoVerde
(My answers are in black, ChatGPT answers are in red
)
1.
Describe basic accounting and finance techniques used by internal management.
Constraint Analysis – Identifies errors in the production of goods and services to help companies run smoothly
Cash Flow Analysis – Studies impact of individual transactions or financial decisions from a company
Capital Budgeting – Analysis of information to make decisions related to capital spending, involves computing the internal rate of return (IBR) and net present value
(NPV) Internal management utilizes basic accounting and finance techniques including budgeting, cost accounting, financial analysis, forecasting, cash flow management, performance measurement, risk management, and capital budgeting. These tools help in planning, controlling expenses, assessing performance, managing cash flow,
mitigating risks, and making informed investment decisions.
2.
Discuss the relationships between manual accounting applications and computerized accounting applications.
Manual accounting is more prone to errors than computerized accounting due to manual data entry, computerized accounting has validation and error-checking.
Manual accounting applications involve traditional paper-based methods, while computerized accounting applications utilize software and digital tools. Computerized systems offer enhanced functionality, real-time reporting, and automated calculations. While many organizations have transitioned to computerized systems for efficiency, some still use a combination of manual and computerized methods. Both systems may coexist, with computerized systems often providing better audit trails and compliance features.
3.
Describe/Define a Trial Balance, how they are used, and how many types there are.
A trial balance is a financial report with consists of credit entries and debit entries used by businesses to internally audit double entry accounting systems.
A trial balance is a financial statement that lists all the ledger accounts with their respective debit or credit balances to ensure that total debits equal total credits. It's
used to check the accuracy of the accounting records and to prepare financial statements. There are two types: the unadjusted trial balance, prepared before
adjusting entries, and the adjusted trial balance, prepared after adjusting entries have been made.
4.
Describe/Discuss the difference between fiscal and calendar years, accrual versus cash-basis accounting.
The difference between accrual vs. cash basis accounting is which tax year your income and expenses are recorded in, and in cash basis accounting your income is recorded when you receive it while in accrual income is recorded when you earn it.
Accrual accounting records revenues and expenses when they're incurred, regardless of when cash exchanges hands, providing a more accurate representation of financial health. Cash-basis accounting, however, records revenues and expenses only when cash is exchanged, offering a simpler but potentially less accurate view of financial performance.
5.
Describe a project backlog
A project backlog is a structured list of deliverables that are a part of a project’s scope.
A project backlog is a prioritized list of tasks or features that need to be completed within a project. It serves as a repository for all pending work and helps teams manage and prioritize tasks effectively.
6.
Discuss the difference between SQL and SQL-Lite.
SQL-Lite is a serverless database management system which can be embedded into
the application, while SQL is a client-server database system that consists of a database sever and client applications that connect to it.
SQL (Structured Query Language) is a standard language used for managing and manipulating relational databases. SQLite is a specific implementation of SQL that is
lightweight, self-contained, and serverless, meaning it doesn't require a separate server process to function. While both use SQL for querying and managing data, SQLite is primarily designed for embedded systems and local storage, whereas SQL can be used in a wide range of database management systems including MySQL, PostgreSQL, and Microsoft SQL Server.
7.
Discuss the Agile (Safe) and the key components - roles, key terms, methodology.
Scaled Agile Framework (SAFe) is a set of organizational and workflow patterns that implement agile practices at an enterprise scale. SAFe promotes collaboration, alignment, and delivery across large numbers of team, and was formed around agile
software development, lean product development, and systems thinking. Core values of SAFe include alignment, built-in quality, transparency, program execution, and leadership.
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Related Questions
Only typing answer
Please explain step by step without table and graph thankyou
arrow_forward
Styles
Editing
QUESTION TWO
Voice
Sensitivity
Editor
Rem
Selamat Islamic Bank Berhad (SIBB) just announced its financial report for the year ended
2016. Table below is a summary of CIBB's financial report.
(a)
Items
RM (000)
Income Statement
Operating Revenue
Net Income
Expenses
Profit after tax and zakat
3,662,444
1,540,333
700,343
543,443
Statement of Financial Position
Current Asset
Current Liability- Demand deposit
Total Debt
Total Assets
4,332,300
10,635,054
42,091,092
45,620,442
3,729,590
Total Equity Capital
Evaluate SIBB's performance based on the following financial ratios and explain what each
ratio means.
i.
The capability of management in converting assets into net earnings.
i.
The effectiveness of management to control cost, expenses and service price
O Focus
目
(United Kingdom)
ENC
arrow_forward
Give typing answer with explanation and conclusion
arrow_forward
TRUE-FALSE–Conceptual
Financial accounting is the process of identifying,
measuring, analyzing, and communicating financial
information needed by management to plan, evaluate, and
control an organiza-tion's operations.
1.
2.
Financial statements are the principal means
through which financial information is communicated to
those outside an enterprise.
3.
Users of the financial information provided by a
company use that information to make capital allocation
decisions.
An effective process of capital allocation promotes
productivity and provides an efficient market for buying and
selling securities and obtaining and granting credit.
4.
Financial reports in the early 21st century did not
provide any information about a company's soft assets.
5.
arrow_forward
Ay 4
You are briefed about a business plan to launch a new product by your own company. As financial experts, you are being requested to identify all possible cashflows and to estimate strength of each cashflow. Please present your estimation of cashflow. In case of any facts based on market research, please make your own assumption and highlight the same. You are advised to use BMC.
arrow_forward
Q 1.3: Which of the following reports would be prepared by a managerial accountant?
A
statement of cash flows
costs by product line
income statement
balance sheet
arrow_forward
What support does Finance teams need to give a customer-oriented company
a. Link size of client to customer value
b. Not interfere in any activity
c. Pricing, taxation and collection data
d. Pay salaries on time
arrow_forward
1. Mr. Salim, a Finance Manager, is concentrating on how the finance for his
company can be mobilized and where it will be available. Identify the
function performed by him by doing this activity?
Acquiring Necessary Capital
Investment Decision
Forecasting Financial Requirements
Cash management
arrow_forward
Classify the following as to whether they are normally related or not to accounting and finance functions:
1. Investment management
2. Preparation of accounting systems and procedures manual
3. Marketing
4. Cost reduction studies
arrow_forward
When a firm sells its accounts receivable to raiseshort-term cash, it is engaging in a strategycalleda. factoring.b. financial planning.c. equity financingd. debt financing.e. drafting
arrow_forward
Having to decide on the purchase of a piece of machinery to improve productivity is part of the finance manager’s responsibility in ____________.
Question 11 options:
1)
short-term financial management
2)
capital raising
3)
capital budgeting
4)
preparing the accounts
arrow_forward
Indicate whether the following statements are (True) or (False) and correct the false statements
Profit maximization is the main goal of a business organization.
The net accounting profit is the difference between the cash inflows and cash outflows of a given project.
Financial markets are intermediaries that channel the savings of individual, businesses, and governments into loans or investments.
arrow_forward
The ultimate goal of the financial system in a market economy is to
make the price of financial assets correctly reflect their true value (informational
efficiency)
achieve the financial equality among different people and organizations
make the costs of financial transactions as low as possible (operational efficiency)
allocate funds to their best use (allocational efficiency)
arrow_forward
I wnt answer tutor
arrow_forward
3. ____is the result of profit margin × total asset turnover × (total assets/shareholders’ equity)
A. return on equity B. return on investment C. current ratio D. quick ratio
Just answer...
4. 5. Which of the following items is the function of a treasurer? ____
A. cost accounting
B. internal control
C. capital budgeting
D. general ledger
Just answer.
arrow_forward
The ultimate goal of the financial system in a market economy is to
make the price of financial assets correctly reflect their true value (informational
efficiency)
achieve the financial equality among different people and organizations
make the costs of financial transactions as low as possible (operational efficiency)
arrow_forward
addresses the question of where money is raised to finance business
activities.
O Capital budgeting
O Capital structure
O working capital management
O Accounts receivable management
arrow_forward
True or false
arrow_forward
What is not a key feature of SAP Business ByDesign - Financial Management?
Multi-GAAP accounting
Cash and liquidity management
Work efficiency
Internal and external accounting concepts
choose correct answer abo
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Explain how analyzing financial information contributes to decision making needs in a company?
arrow_forward
6
Which of the following is more true of MANAGERIAL accounting systems than it is of FINANCIAL accounting systems?
Use only historical information.
Primarily based on the statement of cash flows.
Based on debits and credits.
Rules established by the FASB.
Have substantial competitive value.
arrow_forward
SEE MORE QUESTIONS
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Century 21 Accounting Multicolumn Journal
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Related Questions
- Only typing answer Please explain step by step without table and graph thankyouarrow_forwardStyles Editing QUESTION TWO Voice Sensitivity Editor Rem Selamat Islamic Bank Berhad (SIBB) just announced its financial report for the year ended 2016. Table below is a summary of CIBB's financial report. (a) Items RM (000) Income Statement Operating Revenue Net Income Expenses Profit after tax and zakat 3,662,444 1,540,333 700,343 543,443 Statement of Financial Position Current Asset Current Liability- Demand deposit Total Debt Total Assets 4,332,300 10,635,054 42,091,092 45,620,442 3,729,590 Total Equity Capital Evaluate SIBB's performance based on the following financial ratios and explain what each ratio means. i. The capability of management in converting assets into net earnings. i. The effectiveness of management to control cost, expenses and service price O Focus 目 (United Kingdom) ENCarrow_forwardGive typing answer with explanation and conclusionarrow_forward
- TRUE-FALSE–Conceptual Financial accounting is the process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control an organiza-tion's operations. 1. 2. Financial statements are the principal means through which financial information is communicated to those outside an enterprise. 3. Users of the financial information provided by a company use that information to make capital allocation decisions. An effective process of capital allocation promotes productivity and provides an efficient market for buying and selling securities and obtaining and granting credit. 4. Financial reports in the early 21st century did not provide any information about a company's soft assets. 5.arrow_forwardAy 4 You are briefed about a business plan to launch a new product by your own company. As financial experts, you are being requested to identify all possible cashflows and to estimate strength of each cashflow. Please present your estimation of cashflow. In case of any facts based on market research, please make your own assumption and highlight the same. You are advised to use BMC.arrow_forwardQ 1.3: Which of the following reports would be prepared by a managerial accountant? A statement of cash flows costs by product line income statement balance sheetarrow_forward
- What support does Finance teams need to give a customer-oriented company a. Link size of client to customer value b. Not interfere in any activity c. Pricing, taxation and collection data d. Pay salaries on timearrow_forward1. Mr. Salim, a Finance Manager, is concentrating on how the finance for his company can be mobilized and where it will be available. Identify the function performed by him by doing this activity? Acquiring Necessary Capital Investment Decision Forecasting Financial Requirements Cash managementarrow_forwardClassify the following as to whether they are normally related or not to accounting and finance functions: 1. Investment management 2. Preparation of accounting systems and procedures manual 3. Marketing 4. Cost reduction studiesarrow_forward
- When a firm sells its accounts receivable to raiseshort-term cash, it is engaging in a strategycalleda. factoring.b. financial planning.c. equity financingd. debt financing.e. draftingarrow_forwardHaving to decide on the purchase of a piece of machinery to improve productivity is part of the finance manager’s responsibility in ____________. Question 11 options: 1) short-term financial management 2) capital raising 3) capital budgeting 4) preparing the accountsarrow_forwardIndicate whether the following statements are (True) or (False) and correct the false statements Profit maximization is the main goal of a business organization. The net accounting profit is the difference between the cash inflows and cash outflows of a given project. Financial markets are intermediaries that channel the savings of individual, businesses, and governments into loans or investments.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage LearningCentury 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
- Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax CollegeIntermediate Financial Management (MindTap Course...FinanceISBN:9781337395083Author:Eugene F. Brigham, Phillip R. DavesPublisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
Intermediate Financial Management (MindTap Course...
Finance
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
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