Problem Exercise I
From your course textbook, Accounting Information Systems, complete the following problems given at the end of the chapters specified:
* Accounting Information Systems: An Overview—1.5
* Overview of Business Processes—2.4 and 2.7
Clearly label the problems. Prepare your assignment in a Microsoft Word document. Save the document as SU_ACC3010_W1_A3_LastName_FirstInitial.doc.
Submit your assignment to the W1: Assignment 3 Dropbox by Sunday, August 7, 2011.
Cite any sources using the APA format on a separate page.
Note: Explain the calculations, if any, you perform to solve the problems.
Assignment 3 Grading Criteria | Maximum Points |
Correctly completed all the problems assigned. | 25 |
Appropriately applied the concepts learned to answer the questions. | 5 |
Presented a structured document free of spelling and grammatical errors. | 5 |
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XBRL is XML-based.
One use of XBRL is to define and exchange financial information, such as a financial statement. XBRL is a standards-based way to communicate and exchange business information between business systems.
XBRL (eXtensible Business Reporting Language) is an enabling, disruptive technology: enabling in that Internet reporting will cut through inefficiencies and create new opportunities; disruptive in that business models based on inefficiencies are threatened. Here are what I consider the most significant, large-scale effects of XBRL in the coming years, followed by my top 10 "killer applications" with XBRL.
Assume that you have purchased a small retail nursery. Your nursery sells various types and sizes of trees, bedding plants, vegetable plants, and shrubs. It also sells fertilizer and potting soil. Based on what you have learned from the chapter, design a coding scheme for your nursery.
Chp 2. Pg 12.
Chp 2 pgs 4-6
Classify each of the following items as belonging in the revenue, expenditure, human resources/payroll, production, or financing cycle.
* a.Purchase raw materials
* b.Pay off mortgage on a factory
* c.Hire a new assistant controller
* d.Establish a $10,000 credit limit for customer XYZ Company
* e.Pay for raw materials
* f.Disburse payroll checks to factory workers
* g.Record goods received from vendor
* h.Update the allowance for doubtful accounts
* i.Decide how many units to make next month
* j.Complete picking ticket for goods ordered by a customer
* k.Record factory employee timecards
* l.Sell concert tickets
* m.Draw on line of credit
* n.Send new employees to a business ethics course
* o.Pay utility bills
* p.Pay property taxes on office building
* q.Pay federal payroll taxes
* r.Sell DVD player
* s.Collect payment on customer accounts
* t.Obtain a bank loan
* u.Pay sales commissions
* v.Send an order to a vendor
* w.Put purchased goods into the warehouse