Assignment 3 Alex LoVerde
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Kennesaw State University *
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1322
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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
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.
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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.
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prepare a cashflow from finanacing activities thnku
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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
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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
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.
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construct a cashflow diagram thankyou
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find cashflow from operations
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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.
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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)
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Sub:-Accounting
What is the role of management accountants in capital budgeting and investment decisions?
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Title: Financial Metrics Self-Assessment
Objective: To evaluate your understanding of financial metrics used to evaluate business performance.
Instructions:
Review the following financial metrics: Return on Investment (ROI)
Residual Income
Profit Margin
Asset Turnover
Minimum Required Income
For each financial metric, answer the following questions: ● Whatisthedefinitionofthefinancialmetric?
● Howisitcalculated?
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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
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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.
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Below you have the three types of financial management decisions. Match each type of decision to a business transaction that would be relevant.
Capital budgeting
A. Deciding whether to issue new equity and use the proceeds to retire outstanding debt
Capital structure
B. Deciding whether to expand a manufacturing plant
Working capital management
C. Modifying the firm's credit collection policy with its customers
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Mastery Problem: Financial Statement Analysis
Question Content Area
Liquidity and Solvency Measures
Your friend, another accountant, has bet you that with your knowledge of accounting and just the computations for common analytical measures, you can figure out many aspects of a company's financial statements. You take the bet!
Match each computation to one of the liquidity and solvency measures in the table. (Hint: Begin by looking for simple computations and identifying the amounts in those computations. Look for other measures that use those amounts.)
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Direction: Solve what is being asked and show your complete and neat solution. (ROUND OF PV FACTORS TO 4 DECIMAL PLACES, ROUND OF FINAL ANSWER TO TWO DECIMAL PLACES. IN MCQs CHOOSE THE BEST ANSWER)
D.) The frequency of spending or the rate or turnover of money
a. Demand for money
b. Velocity of money
c. Transaction demand
d. Speculative demand
E.) Is a contractual financial product sold by financial institutions that is designed to accept and grow funds from an individual and then, upon annuitization, pay out a stream of payments to the individual at a later point in time.
a. Annuity
b. Demand
c. Speculation
d. Investment
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Who will be a user of financial statements, and what will they be used for?
Question 17 options:
Lenders will use financial statements to decide whether to invest in a company.
Investors will use financial statements to decide whether to lend money to a company.
The marketing department is interested in the operating income figures in the financial statements.
Managers will use financial statements to make decisions about their company.
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how to manage cashflow during a project
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Which of the accounting controls ensure that a company's resources are used efficiently and economically?
Select one:
a. All of the available choices
b. Making use of any payment discounts that are available
c. Paying bills on time
Od. Bidding for suppliers
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4.What decisions do managers take that is focused on the financial wellbeing of the company and sometimes includes acquisition of assets, financing and raising funds and capital?
A. Financial Decision
B. Investment Decision
C. Capital Budget Decision
5. What are decisions that mangers usually make?
A. Investment, Financial, Dividend Decisions
B. Investment, Capital, Dividend Decisions
C. Investment, Financial, Capital Decisions
6.Which of the following cannot be considered as an example of Investment Decision?
A. Investment in Plant and Machinery
B. The decision to enter a new market
C. Giving dividends
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1. Explain the concept of finance.2. How is finance related to other functional areas in a business organization (marketing, production, accounting, etc.)?3. What are the three types of financial management decisions? For each type of decision, give an example of a business transaction that would be relevant.4. Why do you need to understand finance?5. What goal should always motivate the actions of the firm’s financial manager?
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Related Questions
- 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_forwardTRUE-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_forwardprepare a cashflow from finanacing activities thnkuarrow_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_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
- construct a cashflow diagram thankyouarrow_forwardfind cashflow from operationsarrow_forward3. ____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) allocate funds to their best use (allocational efficiency)arrow_forwardSub:-Accounting What is the role of management accountants in capital budgeting and investment decisions?arrow_forwardTitle: Financial Metrics Self-Assessment Objective: To evaluate your understanding of financial metrics used to evaluate business performance. Instructions: Review the following financial metrics: Return on Investment (ROI) Residual Income Profit Margin Asset Turnover Minimum Required Income For each financial metric, answer the following questions: ● Whatisthedefinitionofthefinancialmetric? ● Howisitcalculated?arrow_forward
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SEE MORE QUESTIONS
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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
Publisher:Cengage Learning