Comment on the desirability of computerizing Company MS’s financial reporting system.

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Answer 1

Question

Chapter 4, Problem 4TIF

1. (a)

To determine

Comment on the desirability of computerizing Company MS’s financial reporting system.

1. (b)

To determine

Comment on the elimination of the end-of-period spreadsheet in a computerized accounting system.

1. (c)

To determine

Comment on the computer programmer’s lack of accounting knowledge.

2.

To determine

Explain the reason behind the supplies could not have a credit balance to the programmer.

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The following is an excerpt from a telephone conversation between Ben Simpson, president of Main Street Co., and Tami Lundgren, owner of Reliable Employment Co.: Ben: Tami, you're going to have to do a better job of finding me a new computer programmer. That last guy was great at programming, but he didn't have any common sense. Tami: What do you mean? The guy had a master's degree with straight A's. Ben: Yes, well, last month he developed a new financial reporting system. He said we could do away with manually preparing an end-of-period spreadsheet and financial statements. The computer would automatically generate our financial statements with "a push of a button." Tami: So what's the big deal? Sounds to me like it would save you time and effort. Ben: Right! The balance sheet showed a minus for supplies! Tami: Minus supplies? How can that be? Ben: That's what I asked. Tami: So, what did he say? Ben: Well, after he checked the program, he said that it must be right. The minuses were…

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b). James, your big brother just graduated with a second class degree in software engineering.He has been employed by Total Ghana. On the first day of work, as part of his orientation, he wasintroduced as the new manager in charge of the fleet management software department. During lunch time he had a call from your mum about his new job. James told mum he is the manager offleet management software department. Your mum called you on phone and asked you to explainthe following: (i) who is a manager? (ii) what are his functions? (iii) are the any levels?

Answer 2

Question

Chapter 4, Problem 4TIF

1. (a)

To determine

Comment on the desirability of computerizing Company MS’s financial reporting system.

1. (b)

To determine

Comment on the elimination of the end-of-period spreadsheet in a computerized accounting system.

1. (c)

To determine

Comment on the computer programmer’s lack of accounting knowledge.

2.

To determine

Explain the reason behind the supplies could not have a credit balance to the programmer.

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Answer 3

Question

Chapter 4, Problem 4TIF

1. (a)

To determine

Comment on the desirability of computerizing Company MS’s financial reporting system.

1. (b)

To determine

Comment on the elimination of the end-of-period spreadsheet in a computerized accounting system.

1. (c)

To determine

Comment on the computer programmer’s lack of accounting knowledge.

2.

To determine

Explain the reason behind the supplies could not have a credit balance to the programmer.

Expert Solution & Answer

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See solution

Answer 4

Question

Chapter 4, Problem 4TIF

1. (a)

To determine

Comment on the desirability of computerizing Company MS’s financial reporting system.

1. (b)

To determine

Comment on the elimination of the end-of-period spreadsheet in a computerized accounting system.

1. (c)

To determine

Comment on the computer programmer’s lack of accounting knowledge.

2.

To determine

Explain the reason behind the supplies could not have a credit balance to the programmer.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 4TIF

1. (a)

To determine

Comment on the desirability of computerizing Company MS’s financial reporting system.

1. (b)

To determine

Comment on the elimination of the end-of-period spreadsheet in a computerized accounting system.

1. (c)

To determine

Comment on the computer programmer’s lack of accounting knowledge.

2.

To determine

Explain the reason behind the supplies could not have a credit balance to the programmer.

Answer 6

Chapter 4, Problem 4TIF

1. (a)

To determine

Comment on the desirability of computerizing Company MS’s financial reporting system.

Answer 7

Chapter 4, Problem 4TIF

1. (a)

To determine

Comment on the desirability of computerizing Company MS’s financial reporting system.

Answer 8

1. (b)

To determine

Comment on the elimination of the end-of-period spreadsheet in a computerized accounting system.

Answer 9

1. (b)

To determine

Comment on the elimination of the end-of-period spreadsheet in a computerized accounting system.

Answer 10

1. (c)

To determine

Comment on the computer programmer’s lack of accounting knowledge.

Answer 11

1. (c)

To determine

Comment on the computer programmer’s lack of accounting knowledge.

Answer 12

2.

To determine

Explain the reason behind the supplies could not have a credit balance to the programmer.

Answer 13

2.

To determine

Explain the reason behind the supplies could not have a credit balance to the programmer.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 4 - Why do some accountants prepare an end-of-period...Ch. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQ Ch. 4 - Prob. 4DQ Ch. 4 - Why are closing entries required at the end of an...Ch. 4 - Prob. 6DQ Ch. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQ Ch. 4 - Which step of the accounting cycle is optional?Ch. 4 - Prob. 10DQ

Comment on the desirability of computerizing Company MS’s financial reporting system.

Comment on the desirability of computerizing Company MS’s financial reporting system.

Comment on the elimination of the end-of-period spreadsheet in a computerized accounting system.

Comment on the computer programmer’s lack of accounting knowledge.

Explain the reason behind the supplies could not have a credit balance to the programmer.

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Chapter 4 Solutions