Riordan Manufacturing – Accounting Cycle Description Introduction Riordan Manufacturing‚ Inc. is an industry leader in the field of plastic injection molding. Using cutting edge art design capabilities‚ this Fortune 1000 Enterprise Company maintains facilities in San Jose‚ California‚ Albany‚ Georgia‚ Pontiac‚ Michigan and Hangzhou‚ China‚ and has annual earnings of $46 million. A company does not attain and maintain this type of success by accident. Part of Riordan’s success is due to its
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The Accounting Cycle Five Cycles of Accounting The accounting cycle consists of five components: revenue‚ expenditures‚ financing‚ conversion‚ and fixed assets (Bagranoff‚ Simkin‚ & Strand‚ 2008). There are many business activities within a company that will take place in each of these cycles. The revenue cycle incorporates sales and cash receipts. Expenditures are the decrease in cash assets to acquire goods or services necessary to operate. The conversion cycle is a continual process that
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system that has to be analyzed. CAATS are also techniques that increase the efficiency and effectiveness of the function of the auditors (Bagranoff‚ 2008). CAATS can be use for the following purposes to validate the integrity of applications and validate the integrity of data. 1. Validate application integrity: As per Bagranoff‚ the objective of application integrity is to determine if the source code has been compromised.” The application can be validated through
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References: Bagranoff‚ N. A.‚ Simkin‚ M. G.‚ & Norman‚ C. S. (2010). Core concepts of accounting information systems (11th ed.). New York‚ NY: John Wiley & Sons.
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Due to increasing economic and financial growth‚ many types of audit have been incorporated throughout the development process of internal activities. Audits can be performed manually or they can incorporate technology. According to Hunton and Bagranoff (2004)‚ there are four main types of audit: 1) Attestation; 2) Findings and Recommendations; 3) SAS 70; and 4) SAS 94. Each type brings something unique to the table and can be used in different situations. Attestation. The Attestation audit present
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References: Bagranoff‚ N.‚ Simkin‚ M.‚ & Norman‚ C. (2008). Core concepts of accounting information systems. New York: John Wiley & Sons‚ Inc. University of Phoenix Simulation Exercise (2013). Retrieved from www.phoenix.edu.
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References: AFS Financial Solutions. (2001-2009). Softrax Solutions. Retrieved from http://www.softrax.com/solutions/enterprise-integration/ (2009). Press Releases Allscripts‚ Intuit Team to Speed Patient Bill Payment for Physicians Nationwide Bagranoff‚ N. A.‚ Simkin‚ M. G.‚ & Norman‚ C. S. (2008). Core Concepts of Accounting Information Systems (10th ed.) Financing Cycle. (n.d.). Corporate Finance by Vernimmen.com. Retrieved December 19‚ 2009‚ from‚ www.vernimmen.com/html/glossary Hall‚ J 4th Ed.
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Cited: Bagranoff‚ N. A.‚ Simkin‚ M. G.‚ & Norman‚ C. S. (2010). Core concepts of accounting information systems (11th ed.). New York‚ NY: John Wiley & Sons.
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Hardware and Software Selection Paper Ashlee Aviguetero‚ Bobbi Duck‚ Tracy Finch‚ and Julie Stoltz University of Phoenix ACC340 Jeffrey Prinster March 23‚ 2009 Accounting Cycle Description Paper An organization’s accounting information system includes collecting information then dividing the information into cycles. This paper will identify the five accounting cycles and specifically how Riordan Manufacturing uses the expenditure cycle. The strengths and weaknesses of the internal controls
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References: O’Brien‚ J.A. & Marakas‚ G.M. (2008). Management Information Systems (8th ed). New York: McGraw-Hill. Bagranoff‚ N.A.‚ Simkin‚ M.G. & Strand Norman‚ C. (2008). Core Concepts of Accounting Information Systems (10th ed). New York; Wiley & Sons.
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