Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

You are a self-employed consultant who advises companies on the design and development of their accounting information system. You recently made a presentation to a local chapter of the Institute of Management Accountants. After the presentation, Peter approached you with some problems. Peter is the chief accountant for Top Notch T-Shirt Printing, a company that makes custom t-shirts for student clubs, professional organizations and other groups.

The process of producing t-shirts typically goes like this: (a) Receive an order in person, over the phone or via e-mail. The order includes the number, sizes and color(s) of t-shirts as well as the artwork. (b) Design or adapt the group's name and logo for the t-shirts. (c) Finalize the order with the client and establish the price; receive a 50% deposit from the client. (d) Purchase plain t-shirts. (e) Print the t-shirts. (f) Deliver the printed t-shirts and bill the client for the remaining 50%. (g) Receive the payment due from the client.

Required:

1. Peter needs to assess the risks at Top Notch T-Shirts. In order to do so he wants to visualize the general ordering, production and sales process in the company. You are required to prepare a flowchart describing the general process and information flows at Top Notch T-Shirt Printing.

2. Peter is planning to purchase a software to handle the ordering process in the company (steps (a) through (c)). In order to help Peter formulate the requirements for the new software you are requested to prepare a data flow diagram for the ordering process at Top Notch T-Shirt Printing

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M947555

Have any Question? 


Related Questions in Accounting Basics

Accountingnorthwest fur co started 2016 with 114000 of

Accounting Northwest Fur Co. started 2016 with $114,000 of merchandise inventory on hand. During 2016, $410,000 in merchandise was purchased on account with credit terms of 2/15, n/45. All discounts were taken. Purchases ...

Required 1 provide fletchers ceo with an interactive report

Required 1. Provide Fletcher's CEO with an interactive report presenting the sales and profits of SuperDepot for the last four years. Use an interactive visualization software(Power BI) to produce one or more Interactive ...

Accountingi for the month of january jims landscaping

Accounting I. For the month of January Jim's Landscaping Company has the following transactions: 1. Borrowed $5,000 from First National Bank on a note due in two years. 2. Received $12,500 cash from investors and issued ...

Problem -a firm has the following probability distribution

Problem - A firm has the following probability distribution for annual losses due to vandalism. All amounts are before any tax consideration. The firm has a tax rate of 20%. Annual Losses Probability $ 0 .75 $ 4,000 .20 ...

Assignment questionbesar ltd acquired all of the shares in

Assignment Question Besar Ltd acquired all of the shares in Kecil Ltd on 1 July 2015. At that date, equity of Kecil Ltd consisted of: Share Capital $2 000 000 Retained earnings 800 000 At 1 July 2015, all the assets and ...

Transfer pricing is the pricing of assets funds services

Transfer pricing is the pricing of assets, funds, services, etc., transferred among related organizations. Using online library resources, and the Internet, conduct research to discuss the transfer pricing regulations an ...

1 if a bartender can somehow accumulate extra liquor and

1. If a bartender can somehow accumulate extra liquor, and does not register the extra drinks, which of these activities could be spotted by the analytical methods we studied? A. The bartender steals the extra liquor B. ...

Infrastructure and gasb statement1 answer the following

Infrastructure and GASB Statement 1. Answer the following questions with regard to infrastructure: A) What is infrastructure? B) What are two methods that might be used to record infrastructure expense from year to year? ...

Company annual report study -choose any company and make a

COMPANY ANNUAL REPORT STUDY - Choose any company and make a report: Introduction (about 100 words) Conceptual framework (300 words) Ethics (not more than 150 words) Corporate governance (not more than 150 words) Legitima ...

Kent cpa is a staff auditor participating in the audit

Kent, CPA is a staff auditor participating in the audit engagement of Fort, Inc. Based upon each of the circumstances below, indicate whether or not Kent's actions impair his independence. Explain your response for each ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro