Chapter 5 solutions
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Chapter 5 solutions

Course Number: ACC 304, Winter 2011

College/University: Cal Poly Pomona

Word Count: 775

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Problem 3 Making choices and exercising judgment Compare and contrast Smartdraw, Microsoft Visio and one other flowcharting program (if you completed reflection and self-assessment 5.2, you could use one of the programs you identified there). Prepare a paper and / or PowerPoint presentation that includes a recommendation regarding your preferred flowcharting software; justify your recommendation. Smartdraw is...

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3 Problem Making choices and exercising judgment Compare and contrast Smartdraw, Microsoft Visio and one other flowcharting program (if you completed reflection and self-assessment 5.2, you could use one of the programs you identified there). Prepare a paper and / or PowerPoint presentation that includes a recommendation regarding your preferred flowcharting software; justify your recommendation. Smartdraw is inexpensive and easy to use; it is very intuitive and can be mastered fairly quickly. Additionally, users can take advantage of a free trial for a limited period before purchasing the software. Visio is a Microsoft product, often included in the Microsoft Office Suite. While more expensive and more complex than Smartdraw, it does interface more easily with other components of the suite. Download.com also lists FlowBreeze, published by BreezeTree software. According to the web site, users can create flowcharts simply by typing text. Flowcharts can be customized after text entry as well. The software seems intuitive, and also offers a free download. It is also less expensive than Visio. Overall, among those three packages, my personal preference is Smartdraw, primarily for its ease of use and intuitive nature. 5-12 McGraw-Hill Companies, 2010 Problem 5 Flowchart creation Create a flowchart based on each of the following independent situations (one flowchart per situation). a) Using Figure 5.2 (partial flowchart for Coris Catering Service) and the narrative provided in the chapter, complete the flowchart. Coris Catering Service: delivery through bank deposit Cori Client Bank Deliver food. Receive delivery. Bill client. Invoice Remittance advice & payment Pay invoice. Prepare deposit. Receive deposit. 5-12 McGraw-Hill Companies, 2010 b) Using Figure 5.3 (partial flowchart for University Bookstore) and the narrative provided in the chapter, complete the flowchart. Campus bookstore: receiving through stocking Publisher Receiving Dept. B Accounting Dept. Stocking Ship books. Receive books. Receiving report B Invoice Receiving report Bill client.. P.O. originates in purchasing dept. Purchase order A Sort & stock books. A Date Merge documents. Receive payment. Pay invoice. 5-12 McGraw-Hill Companies, 2010 c) Horacio is a college student at Feng Shui University. He rents an apartment from the University for $600 a month. On the 15th of every month, Horacio writes a check for the rent. He mails the check to the Housing Services office on campus; in turn, Housing Services sends an e-mail receipt back to Horacio. The mailroom staff in Housing Services a makes copy of the check for Horacios file and sends the original, with all the other rent checks for the month, to the bank. Once a month, the treasurer of Housing Services reconciles the bank statement. Prepare a flowchart of the preceding scenario. Feng Shui University rent payment process Horacio Housing Svcs. mailroom Original checks Bank Housing Svcs. treasurer Write check. Prepare bank statement Copy check Bank statement Copied check Reconcile bank statement Name Customer database Send checks to bank. 5-12 McGraw-Hill Companies, 2010 d) Consider the process you use to register for classes every term. At Cal Poly Pomona (my university), students see an advisor to determine which classes they need and check their e-mail for their registration appointment time. They then compare the list of needed classes with the offerings for the upcoming term and their personal scheduling constraints and preferences. The students register online or over the phone. The university generates a fee bill, which may include parking, and e-mails it to the student. Students can pay their fee bills electronically with a credit card or in person with cash or check. Prepare a flowchart of the Cal Poly Pomona registration process and of your universitys registration process (two separate flowcharts). Cal Poly Pomona registration process Student University Consult advisor Confirm appointment Student database Register for needed classes. Fee bill Pay fees. 5-12 McGraw-Hill Companies, 2010 e) Visit the web site of the International Accounting Standards Board. Summarize the process the Board uses to develop International Financial Reporting Standards (IFRS), then create a systems flowchart of the process. The IASB uses a process very similar to the FASB process. Through research, agenda items are identified for the board to consider. The board receives proposals about how to deal with an issue; they may choose to publish a discussion paper, but they are not required to do so. After public consultation, the board issues an exposure draft. They receive input from various groups, including audit technical partners, special interest groups, local standard setting bodies and regulators. After another period of public consultation, the board publishes a new standard, which may be adopted by local jurisdictions. Every standard is subject to a two-year postimplementation review process. Start Discussion paper Conduct research Optional Board agenda Consult public Receive proposals Exposure draft Consult public New IFRS Reviewed after two years End 5-12 McGraw-Hill Companies, 2010

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