Wednesday, June 19, 2013

An overall description of a database

...Including the names of data elements, their characteristics, and their relationship to one another, would be defined by using a:

Answer: Data Definition Language (DDL) 

Used to define a database, including creating, altering, and deleting tables and establishing various constraints.



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Saturday, June 1, 2013

Which of the following techniques...


Question: Which of the following techniques consistently gives the best answer when evaluating investment projects that are mutually exclusive?
  • The payback method
  • The internal rate of return
  • Net present value
  • The accounting rate of return


Answer: Net Present Value

The net present value consistently provides the best solutions even when considering mutually exclusive projects.
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Keller Company has implemented...

Question: Keller Company has implemented an enterprise risk management system and has responded to a particular risk by adding internal controls. Such a response is characterized by COSO's Enterprise Risk Management Framework as:


  • Acceptance
  • Avoidance
  • Reduction
  • Sharing


Answer: Reduction
Reduction involves reducing the likelihood or impact by implementing controls or managing the risk.







Question: Which of the following committees of the board...


  • Which of the following committees of the board of directors generally has the responsibility of overseeing CEO succession?


Answer: The nominating/corporate governance committee

  • The nominating/corporate governance committee is responsible for overseeing CEO succession.


Monday, May 27, 2013

Accounting Standards Setting Process

The accounting standards setting process are the steps and rules controlled by the Financial Accounting Standards Board. The board engages the users of the financial statements as the investors and the creditors so as to create an understanding of their perspectives in relation to the intended standards. The users are then informed and educated on the proposed standards as their argument on possible effects on the financial reporting is considered. The collaborative involvement of these participants in the due process is mainly to input critiques and diverse opinions in the standard setting process to increase the validity of the standards setting process.

Accounting Standards: True 

Friday, March 22, 2013

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Monday, January 21, 2013

What tools can be used for financial statement analysis? What do these tools tell you about financial performance? What kinds of business decisions can be made using these tools?


Please use an example from your accounting experiences if possible.
Financial statement analysis is a process of finding a company’s’ strengths and weaknesses by analyzing the company’s’ balance sheet and profit and loss statement. An analysis is used to make investment and credit decisions, asses cash-flow prospects, report enterprise resources, claims to those resources, and changes in them, to report economic resources, obligations, and owners’ equity, to report enterprise performances and earnings, to evaluate liquidity, solvency and flow of funds, to evaluate management stewardship and performance, and to explain and interpret financial information. The tools that can be used for financial statement analysis are financial ratios. Financial ratios evaluate the relationship between financial statement elements and are most useful when compared to previous years’ results, competitor company results, industry averages, or benchmarks. The ROA ratio measures the percentage return on the asset employed by a company, and the ROA can be broken down into two components: the profit margin ratio and the asset turnover ratio. A company can improve its return on assets ration by increasing its PMR and/or ATR. Profitability ratios measure the results of the company’s’ business operations overall performance and the strength of the firm. When analyzing a company’s’ financial rations; it can be determined whether that company has a high or low ROA due to a larger or smaller turnover ratio. Analyzing two companies side by side can determine which come has the higher profit margin ration and can decide which of the two companies to invest in or merge with.

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