上海海事 外国会计选读 课件 chapter12
《跨国公司财务管理基础》教师手册与PPT ch12
CHAPTER 12INTERNATIONAL FINANCING AND NATIONAL CAPITAL MARKETSI begin this session by discussing the evolutionary process under way in world finance, which is characterized by three simultaneous developments. (1) Financial markets are becoming increasingly globalized. (2) Old kinds of debt are being made into new kinds of securities. (3) The distinction between commercial and investment banks is breaking down. Each of these developments will have a profound influence on everybody involved in the financing business.The process of globalization has been taking place for some time. U.S. banks developed worldwide branch networks in the 1960s and 1970s for loans, payments, clearings, and foreign exchange trading. U.S. securities firms also began to build up their operations abroad, starting in the 1970s at first in London with the Eurobond market, but then into other markets, including now Tokyo, Hong Kong, and Singapore. Foreign firms expanded into the U.S., first the commercial banks and later on the securities houses. Trading in individual markets has globalized. International finance is a Darwinian world – only the fittest will survive – and most financial firms have concluded that to survive as a force in any one of the world’s leading financial markets, a firm must have a significant presence in all of them.The second major development under way in world finance is the process of securitization. Twenty years ago, banks handled most of the short- and medium-term financing around the world. But corporate borrowers developed the means to obtain lower-cost funds directly from lenders, such as through commercial paper marketed by investment banks rather than by commercial banks.The third major development is the diminishing distinctions among different kinds of financial firms. Every financial firm wants to be in the most profitable product line and have the flexibility to shift to another,more promising, product line. In the U.S., the Glass-Steagall Act separates commercial banks from investment banks. Japan has a similar provision, Article 65 of the Securities and Exchange Act, separating the two kinds of banking activities. In recent years, commercial banking has not been as profitable as it was, while some kinds of investment banking have been extremely profitable. As a result, commercial banks in the U.S. and Japan have sought to break down the barriers established by Glass-Steagall and Article 65 to engage in investment banking activities. At the same time, investment banks have been encroaching into areas of activity that were traditionally the preserve of banks. One of the biggest moves was into money market mutual funds, which drew billions of dollars from banks in the late 1970s and early 1980s until banks were allowed to offer money market deposit accounts to their customers.I then discuss the differences in national financing patterns and relate these differences to some of the factors discussed in the chapter. Principal factors are differences in profitability and growth among national firms and differences in the role of banks and permissible banking activities. I note, however, that the evolutionary process discussed above is leading to a convergence of financing practices among countries.Finally, I discuss the role of international development banks in financing LDCs and private-sector alternatives.SUGGESTED ANSWERS TO “BEIJING TRIES TO OVERHAUL BANKS THROUGH IPOS”1. Would you expect loans to SOEs to be safer or riskier than other Chinese bank loans? Explain.A NSWER.From a strict credit risk standpoint, loans to SOEs are much riskier. These companies are basically bankrupt, with few assets and lots of liabilities. Moreover, the loan proceeds go mostly to pay for current operating expenses rather than to purchase assets that will eventually generate cash to repay the loans. As such, these loans are unlikely to ever be paid off. On the other hand, one could argue that the government stands behind these loans since the borrowers are owned by the state. So far, the government has been bailing out the banks directly rather than the SOEs themselves by buying up the bad loans and injecting capital into the banks to compensate for their losses.2. How can IPOs improve the sorry performance of Chinese banks?A NSWER.The problem with the banks is that they lack accountability and transparency and are subject to the whims of Communist Party officials in making lending decisions. By replacing party bosses with a board of directors accountable to shareholders, and by subjecting the banks to the scrutiny of international regulators that go along with a public listing, an IPO can improve the corporate governance of these banks and reduce the influence of Communist Party officials in lending decisions.3. What difficulties will China face in preparing their state-owned banks for IPOs?A NSWER.There are several obvious difficulties. First, the state-owned banks have little experience or expertise in credit risk assessment and loan pricing. Second, the banks still have huge portfolios of nonperforming loans that have to be sorted out and resolved before they can function like normal banks. Third, Communist Party officials are unlikely to just walk away from the power they currently exercise and turn over the governance reins to outside investors.4. What other steps can the Chinese government take to improve the performance of their banks?A NSWER.The biggest step would be for the government to reduce the role of the Communist Party in running the banks. One way to accomplish this is to have the banks report to independent boards rather than to Communist Party bosses. The government can also set financial goals for the banks that make them accountable for bank profit and reward or penalize bank executives based on achieving profit targets.5. How would a more efficient banking system benefit China?A NSWER.A more efficient banking system leads to more effective capital allocation in the economy. This would lead to fewer credit losses and more capital accumulation. It would also result in better projects being selected, yielding higher Chinese growth at a lower cost in terms of foregone consumption.6. What is the downside of introducing market forces into China’s banking system?A NSWER.The downside from the government’s standpoint is that market-oriented banks would quit making loans to SOEs, putting millions of people out of work and creating the possibility of riots and revolt by the unemployed. However, the government can mitigate this problem by making direct grantsto the SOEs for a transitional period, giving the SOEs and their workers a grace period during which to restructure their businesses. In any event, the problem of bankrupt SOEs and their excess supply of workers is independent of whether the banks are state owned or privately owned.SUGGESTED ANSWERS TO “SIEMENS NEGOTIATES A EUROCURRENCY LOAN”1.What are the net proceeds to Siemens from each of these syndicated loan proposals?A NSWER.With an up-front syndication fee of 1.125%, net proceeds to Siemens from the Bank of America loan proposal are:$500,000,000 - (0.01125 * 500,000,000) = $494.375 million.Similarly, after paying the 0.75% syndication fee with the Deutsche Bank proposal, Siemens would end up with $496.25 million.2.Assuming that six-month LIBOR is currently at 4.35%, what is the effective annual interestcost to Siemens for the first six months of each loan?A NSWER.The interest rate on the Bank of America loan is set at LIBOR + 0.25%, with LIBOR reset every six months. Given an initial LIBOR6 rate of 4.35%, the first semiannual debt service payment is0.5 * (0.0435 + 0.0025) x 500,000,000 = $11,500,000Siemen’s effective annual interest rate for the first six months is thus11,500,000/493,750,000 * 2 * 100 = 4.658%The interest rate on the Deutsche Bank loan is set at LIBOR + 0.375%, with LIBOR reset every six months. Given an initial LIBOR6 rate of 4.35%, the first semiannual debt service payment is0.5 * (0.0435 + 0.00375) * 500,000,000 = $11,812,500Siemen’s effective annual interest rate for the first six months is thus11,812,500/496,250,000 * 2 * 100 = 4.761%The corresponding effective annual rate on the Deutsche Bank proposal is 4.725% (4.35% + 0.375%).3.Which of these two loans would you select on the basis of cost, all else being equal?A NSWER.This is a capital budgeting problem. By going with the Bank of America loan proposal, Siemens would pay an additional syndication fee of $1,875,000 (0.01125 – 0.0075) * $500,000,000. In return, Siemens would save interest expense of $625,000 each year for five years. This annual interest savings is the difference between paying LIBOR6 + 0.25% vs. LIBOR6 + 0.375% (0.00375 – 0.0025) * $500,000,000.The cash flows associated with going with the Bank of America proposal instead of the Deutsche Bank loan are thus:0 1 2 3 4 5(1,875,000) 625,000 625,000 625,000 625,000 625,000These cash flows yield an internal rate of return of 24.29%, significantly higher than any reasonable estimate of the appropriate cost of capital for Siemens. Hence, the Bank of America loan proposal has the lowest effective cost.4.What other factors might you consider in deciding between these two loan proposals?A NSWER.You might also want to consider how long it would take to put together the syndicates, the banking relationship you have with each of the banks, financial advice the banks might be able to provide, whether using the Bank of America syndicate would introduce Siemens to a new group of banks that it might be able to tap later on for more loans, the covenants associated with each loans, and the willingness of the banks to renegotiate these covenants at a later date.SUGGESTED ANSWERS TO CHAPTER 12 QUESTIONS1. What are some basic differences between the financing patterns of U.S. and Japanese firms?What might account for some of these differences?A NSWER.The basic differences between the financing patterns of U.S. and Japanese firms are in the source of financing--internal versus external-- and the composition of external finance--bank borrowing versus debt securities. Historically, U.S. companies have received 60% to 70% of their funds from internal sources. By contrast, Japanese companies have relied heavily on external funds to finance their strategy of making huge industrial investments and pursuing market share at the expense of profit margins. Industry’s sources of external finance also differ widely between Japan and the U.S. Japanese firms rely heavily on bank borrowing, while U.S. firms raise much more money directly from financial markets by the sale of securities.2. What is securitization? What forces underlie it and how has it affected MNC financing policies?A NSWER.Securitization is the process of matching up borrowers and savers by way of the financial markets. By contrast, financial intermediation involves the use of financial institutions such as banks and thrifts to bring together borrowers and savers. These institutions make a large number of loans and fund them by issuing liabilities (e.g., deposits) in their own name. Securitization largely reflects a reduction in the cost of using financial markets at the same time that the cost of bank borrowing has risen. Multinational companies and other large firms have participated in the securitization process. Instead of raising money in the form of nonmarketable loans provided by financial intermediaries, they are now issuing negotiable securities to the public capital markets.3. Why is bank lending on the decline worldwide? How have banks responded to their loss ofmarket share?A NSWER.Three economic forces underlie the decline of bank lending worldwide. (1) Upward pressure on the cost of bank intermediation, especially higher capital requirements not matched by a fall in the cost of capital at a time when transactions costs for both securities placement and risk management are falling. (2) An increase in financial risk, especially in interest rate volatility. Banks responded to higher interest rate volatility by sharply cutting back on loan commitments, thereby reducing the value of a banking relationship to corporate customers. (3) Increased competition to relationship lenders from banks andother financial institutions has reduced the perceived cost of severing a banking relationship. The perception that asset quality declined at many banks and that some might be vulnerable to liquidity problems in adverse market conditions also undermined bank credibility and the value of the banking relationship.Banks have responded to their loss of market share by eliminating the unprofitable aspect of the traditional lending relationship (retention of loans on the balance sheet) while reshaping their lending activity to retain the element crucial to the borrower (access to funds). Thus origination of loans for sale has emerged as a new business line. Banks have also expanded their nonlending services that produce fee income and are not (yet) covered by capital requirements. This includes engaging in investment banking activities such as underwriting commercial paper, foreign exchange trading, giving advice on mergers and acquisitions, and arranging swaps; providing credit commitments such as NIFs; and issuing standby letters of credit to guarantee the debt obligations of customers (called credit enhancement).4.a. What is meant by the globalization of financial markets?A NSWER.The globalization of financial markets refers to the increasing integration of national financial markets. Markets for U.S. government securities and certain stocks, foreign exchange trading, interbank borrowing and lending--to cite a few examples--operate continuously around the clock and around the world and in enormous size. Foreign financial firms are increasing their participation in the world’s leading financial markets. Investors are scanning the globe to place their capital where it can realize the best risk-return combination, while companies are seeking to raise money wherever in the world they can receive the best terms and conditions. In effect, globalization reflects the process of breaking down the artificial barriers that separate domestic from foreign capital markets. True globalization will come when the price of risk and the time value of money are identical worldwide.4.b. How has technology affected the process of globalization?Recent technological improvements in such areas as data manipulation and telecommunications have greatly reduced the costs of gathering, processing, and acting on information from anywhere in the world. This has facilitated the process of arbitrage across financial markets, which has brought prices of securities with similar risks and returns closer in line with each other and turned the world into a vast interconnected market.4.c. How has globalization affected government regulation of national capital markets?A NSWER.Because the globalization of financial markets and institutions has been brought about by technology and innovation, it cannot be reversed in any material way by regulation or legislation. National systems of supervision and regulation that were created many years ago were not designed for a marketplace of worldwide dimensions in which firms with differing charters and national origins compete head-to-head with each other around the clock and around the world. Governments that try to restrict domestic financial institutions will find that foreign firms have a competitive advantage. Similarly, restrictions on domestic financial markets drives business overseas. The net result has been to increase pressure for loosening controls on domestic financial institutions and markets to enable them to be more competitive and to speed the process of financial deregulation.5. Many financial commentators believe that bond owners and traders today have an enormouscollective influence over a nation's economic policies. Explain why this might be correct.A NSWER.Bond owners and traders influence national access to capital markets. To the extent that a nation requires this access (and most do, at least at some point in time), this exerts a strong disciplinary effect on the types of economic policies a nation is likely to select. A policy perceived as being economically harmful will restrict the nation’s access to capital on favorable terms.6. Why are large MNCs located in small countries such as Sweden, Holland, and Switzerlandinterested in developing a global investor base?A rge MNCs located in these small countries often need to raise substantial capital to continue growing. Quite often, the domestic market cannot provide this amount of capital on reasonable terms because local investors already have a large exposure to the local MNC. To add additional MNC paper will make their portfolios even less diversified, leading local investors to demand an added risk premium. By going overseas, MNCs from small countries such as Sweden and the Netherlands can find investors who view stocks and bonds from Dutch and Swedish MNCs as a source of diversification. In other words, although stocks of Dutch and Swedish MNCs comprise a large fraction of local portfolios, they comprise a small fraction of global wealth. The net result is a lower cost of capital for these MNCs from small countries (and hence a higher market value). In addition, developing a global investor base gives these MNCs access to capital in the event their local markets are subject to some event (most likely political) that restricts the ability of MNCs to raise capital there regardless of price.7. Why are many U.S. MNCs seeking to improve their visibility with foreign investors, even goingso far as to list their shares on foreign stock exchanges?A NSWER.There are several reasons for companies to list their shares on foreign stock exchanges:▪Diversification of equity funding risk: A pool of funds from a diversified shareholder base insulates a company from the vagaries of a single national market.▪Increase stock price:By selling stock overseas, a company can expand its investor base, thereby lowering its cost of equity capital and increasing its market value.▪Boost foreign sales: An international stock offering can spread the firm’s name in local markets and increase its sales overseas.8. List some reasons a U.S.-based corporation might issue debt denominated in a foreign currency.A NSWER.A U.S. company might issue foreign currency debt because it▪Wants to hedge a foreign currency exposure; or▪Can borrow money at a lower effective interest rate. This is especially true for those bond issues that are combined with swaps.9. In an attempt to regain business lost to foreign markets, Swiss authorities abolished stampduties on transactions between foreigners as well on as new bond issues by foreign borrowers.However, transactions involving Swiss citizens will still attract a 0.15% tax, and bond issues by Swiss borrowers were also made more expensive. What are the likely consequences of these changes for Swiss financial markets?A NSWER.The reduced taxes on foreign investors and borrowers will slow down the loss of trading business to foreign markets, but it will not reverse it. Large Swiss companies that operate overseas (as most of them do) will try harder than ever to raise capital abroad and the big Swiss banks, well-established in London, have little reason to bring any of their Eurobond business back home. The trend for Swiss shares to increasingly trade abroad will not abate. Indeed, more Swiss companies are launching or are thinking of launching American Depository Receipts.10. What is the difference between a Eurocurrency loan and a Eurobond?A NSWER.The fundamental distinction between a Eurobond and a Eurocurrency loan stems from the financing mechanism. A Eurobond is issued by the final borrower directly, whereas a Eurocurrency loan is made by a bank. Thus, Eurobond investors hold a claim on the issuer directly, whereas Eurocurrency loans are funded by investors who hold short-term claims on banks that then act as intermediaries to transform these deposits into long-term claims on final borrowers.11. What is the difference between a foreign bond and a Eurobond?A NSWER.A foreign bond is an issue sold in the domestic bond market by a foreign company or government. As such, foreign bonds are subject to local laws and must be denominated in the local currency. By contrast, a Eurobond is sold outside the country in whose currency it is denominated. Eurobonds are also almost entirely free of official regulation.12. What is the basic reason for the existence of the Eurodollar market? What factors haveaccounted for its growth over time?A NSWER.The Eurodollar market, exists because it enables borrowers and lenders alike to avoid a variety of U.S. banking regulations and controls, and it gives them an opportunity to escape the payment of some taxes. Some of the factors that have affected the growth of the Eurodollar market include the interest equalization tax, U.S. withholding tax on interest received by foreign owners of domestic securities, Regulations M and Q, and regulations from the U.S. Office of Foreign Direct Investment (OFDI).13. Why have Eurobonds traditionally yielded less than comparable domestic bonds?A NSWER.Eurobonds are issued in bearer form, meaning they are unregistered, with no record to identify the owners. This feature allows investors to collect interest in complete anonymity and, thereby, evade taxes. Although U.S. law discourages the sale of such bonds to U.S. citizens or residents, bonds issued in bearer form are common overseas. As expected, investors are willing to accept lower yields on bearer bonds than on nonbearer bonds of similar risk.ADDITIONAL CHAPTER 12 QUESTIONS AND ANSWERS1. Suppose the Swiss government imposes an interest rate ceiling on Swiss bank deposits. What isthe likely effect on Eurofranc interest rates of this regulation?A NSWER.If the Swiss government imposes an interest rate ceiling on Swiss bank deposits, holders of Swiss francs will shift some of their deposits into the Eurofranc market to earn a higher rate. As the supply of Eurofrancs rises relative to the demand for francs, the Eurofranc interest rate should decline.2. What factors account for the rise and recent decline of the Eurobond market as a source offinancing for American companies?A NSWER.The Eurobond market, like the Eurocurrency market, exists because it enables borrowers and lenders alike to avoid a variety of monetary authority regulations and controls, and it provides them with an opportunity to escape the payment of some taxes. As long as governments attempt to regulate domestic financial markets but allow a (relatively) free flow of capital among countries, the various external financial markets will survive. If tax and regulatory costs rise, these markets will grow in importance.The Eurobond market’s slump in recent years may be largely traced to a reversal of many of these tax and regulatory costs. The 1984 repeal of U.S. withholding tax on interest paid to foreign bondholders made domestic bonds, particularly U.S. Treasuries, more attractive to foreign investors. At the same time, the U.S. began permitting well-known companies--precisely the ones that would otherwise use the Eurobond market--to bypass complex securities laws when issuing new securities, by using the "shelf registration" procedure. By lowering the cost of issuing bonds in the U.S. and dramatically speeding up the issuing process, shelf registration improved the competitive position of the U.S. capital market relative to the Eurobond market. Other nations such as Japan, France, and England also embarked on a program of deregulating their financial markets.The dollar’s weakness has also played a role in the slump in Eurobond financing. Although more foreign investors are buying U.S. securities, most of them still turn first to the Euromarket for dollar-denominated bonds. Thus, if foreigners want to diversify out of dollar bonds, the Euromarket gets hit first. Another possible reason is the substitution of Euronotes for Eurobonds.3. It had been said that if other European interest rates converged toward German rates, ECUbonds would soar in value. Explain why this would occur.A NSWER.ECU bonds are priced based on a weighted average of the interest rates of the currencies that comprise the ECU. Because of fears of higher inflation and hence currency devaluation in most European countries other than Germany, the weighted average interest rate on ECU bonds tends to exceed, often by a large margin, the German rate for a similar maturity DM issue. Hence, for other European interest rates to converge toward German rates, they would have to fall. Since bond prices move inversely to interest rates, a drop in ECU rates would boost ECU bond prices.SUGGESTED SOLUTIONS TO CHAPTER 12 PROBLEMS1. A European company issues common shares that pay taxable dividends and bearer shares thatpay an identical dividend but offer an opportunity to evade taxes: Bearer shares come with a large supply of coupons that can be redeemed anonymously at banks for the current value of the dividend.1.a. Suppose taxable dividends are taxed at the rate of 10%. What is the ratio between marketprices of taxable and bearer shares? If a new issue is planned, should taxable or bearer shares be sold?A NSWER.Under these conditions, the taxable proceeds are (1 - 0.10) = 90% of the bearer proceeds. Hence, the taxable shares will sell for 90% of the bearer shares. Bearer shares should be sold.1.b. Suppose, in addition, that it costs 10% of proceeds to issue a taxable dividend, whereas itcosts 20% of the proceeds to issue bearer stocks because of the expense of distribution and coupon printing. What type of share will the corporation prefer to issue?A NSWER.In this case, the taxable proceeds are (1 - .10)(1 - .10) = 81% of gross bearer proceeds, and net bearer proceeds are 1 - .20 = 80% of gross bearer proceeds. The firm will now prefer to issue taxable equity.1.c. Suppose now that individuals pay 10% taxes on dividends, and corporations pay no taxes,but bear an administrative cost of 10% of the value of any bearer dividends. Can you determine the relative market prices for the two types of shares?A NSWER.In this case, both issues yield 90% of gross bearer proceeds. Both types of shares will, therefore, sell for the same price and the firm will be indifferent between the two.2. Suppose that the current 180-day interbank Eurodollar rate is 9% (all rates are stated on anannualized basis). If next period’s rate is 9.5%, what will a Eurocurrency loan priced at LIBOR plus 1% cost?A NSWER.Eurodollar loans are made on a floating rate basis, with the rate set at a fixed margin over LIBOR. Thus, if next period’s annualized LIBOR is 13%, then the Eurocurrency loan will be at 14% (13% + 1%) on an annualized basis.3. Citibank offers to syndicate a Eurodollar credit for the government of Poland with thefollowing terms:Principal US$1,000,000,000Maturity 7 yearsInterest rate LIBOR + 1.5%, reset every six monthsSyndication fee 1.75%3.a. What are the net proceeds to Poland from this syndicated loan?A NSWER.Poland will receive $982,500,000, which equals the $1 billion less the 1.75% syndication fee.3.b. Assuming that six-month LIBOR is currently at 6.35%, what is the effective annual interestcost to Poland for the first six months of this loan?A NSWER.At LIBOR6 + 1.5%, Poland will pay interest at an annual rate of 7.85% (6.35% + 1.5%).4. IBM needs to raise $1 billion and is trying to decide between a domestic dollar bond issue anda Eurobond issue. The U.S. bond can be issued at a coupon of 6.75%, paid semiannually, withunderwriting and other expenses totaling 0.95% of the issue size. The Eurobond costs only0.55% to issue but would bear an annual coupon of 6.88%. Both issues mature in 10 years.4.a. Assuming all else is equal, which is the least expensive issue for IBM?A NSWER.The least expensive issue can be found by comparing the yield to maturity (YTM) for each bond, computed as the internal rate of return or IRR. For the domestic bond issue, the YTM is the solution r to the following equation:。
大连海事-财务管理研究生公司理财Chapter-11ppt课件
Summary of Sensitivity Analysis for
New Project
Scenario
Unit Sales
Cash Flow
NPV
IRR
Base case 6000
59,800
15,567
15.1%
Worst case 5500
53,200
-8,226
10.3%
Best case
• Marginal Cost
• The cost to produce one more unit • Same as variable cost per unit
• Example: What is the average cost and marginal cost under each situation in the previous example
11-15
Accounting Break-Even and Cash Flow
• We are more interested in cash flow than we are in accounting numbers
• As long as a firm has non-cash deductions, there will be a positive cash flow
• The output is a probability distribution for NPV with an estimate of the probability of obtaining a positive net present value
• The simulation only works as well as the information that is entered and very bad decisions can be made if care is not taken to analyze the interaction between variables
Unit-12-Shipping
收到你方订单后，我们将立即就此进行工作。
Proceed to 继续
If price is settled we can proceed to the next problem.
如价格问题谈妥了，我们可以继续谈下一个问题。
第6页，共46页。
• Watertight 不漏水的，防水的 waterproof • We should be much obliged if you would send us
by air a cope of the packing list for the
shipment to be dispatched by sea, and also
duplicates of the insurance policy-certificate and
commercial invoice.
第13页，共46页。
• Letter 2 1. Feel it necessary to do… 2. Invite sb’s attention to sth. 3. Shipping schedule… 4. Be disappointed to do… 5. What is more…
第14页，共46页。
第16页，共46页。
我们遗憾不能按你方要求于12月初装运此 货，因为驶往伦敦港的直达船仅在每月 20日左右抵达我港。
第17页，共46页。
We regret our inability to comply with your request for shipping the goods in early December, because the direct steamer sailing for London calls at our Port only around the 20th every month.
上海海事大学高财李丹十九章物价变动会计
PPT文档演模板
上海海事大学高财李丹十九章物价变 动会计
§ 资本保全理论与物价变动会计的选择 资本保全理论与一般物价水平会计 资本保全理论与现行成本会计
PPT文档演模板
上海海事大学高财李丹十九章物价变 动会计
11.2 一般购买力会计
•一般 •物价 •水平 •会计 •的基 •本原 •理
11.3 现行成本会计
PPT文档演模板
上海海事大学高财李丹十九章物价变 动会计
•现行 •成本 •会计
•的 •基本 •原理
•计量模式：现行成本
•
名义货币
•以现行成本为基础 •确定企业收益
•持有损益记入所有者权益
PPT文档演模板
上海海事大学高财李丹十九章物价变 动会计
•现行成本会计的 •基本程序和方法
•编制按货币一般购买力单位 •调整后的会计报表
PPT文档演模板
上海海事大学高财李丹十九章物价变 动会计
一般物价水平会计的评价
一般物价水平会计的优点： 消除一般物价水平变动的影响 增强了可比性和保持可验证性 简便易行等
一般物价水平会计的局限性： 不能完全消除物价变动的影响
PPT文档演模板
上海海事大学高财李丹十九章物价变 动会计
上海海事大学高财李丹 十九章物价变动会计
PPT文档演模板
2020/10/31
上海海事大学高财李丹十九章物价变 动会计
第十九章 物价变动会计 Price change Accouting
原始成本会计的局限性 一般购买力会计 现行成本会计
PPT文档演模板
上海海事大学高财李丹十九章物价变 动会计
11.1 物价变动会计概述
上海交大会计学课件 (2)
网络教育学院
3.8 practices in China
Bookkeeping procedures Usually used procedures in China
– Vouchers – Summarized vouchers – Categorized accounts summary – Columnar journal – Exhibit 3-1
2019/2/13
网络教育学院
3.4 using the worksheet
Worksheet
– a working paper used by an accountant to organize accounting information for preparing the financial statements and adjusting entries
2019/2/13
网络教育学院
ቤተ መጻሕፍቲ ባይዱ
3.2 adjusting the accounts
Deferrals and accruals
– Prepaid expenses, depreciation, unearned revenues – Accrued expenses, accrued revenues
Prepaid expense
– An economic benefit that has been paid for in advance of its use – Asset method – Expense method
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网络教育学院
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Depreciation
会计信息系统12版英文教辅资源 rais12_SM_CH15
CHAPTER 15THE HUMAN RESOURCES MANAGEMENT/PAYROLL CYCLESUGGESTED ANSWERS TO DISCUSSION QUESTIONS15.1This chapter noted many of the benefits that can arise by integrating the HRM andpayroll databases. Nevertheless, many companies maintain separate payroll andHRM information systems. Why do you think this is so? (Hint: Think about thedifferences in employee background and the functions performed by the HRM and payroll departments.)Payroll and HRM systems are separate in many companies because integration wasgenerally not feasible using early data processing technology. Also, different eventsgenerate data and two different professions were interested in using the data. As a result, many companies (and their employees) became accustomed to having payroll dataprocessed by the accounting function and personnel data processed by the humanrelations function. Now that modern information technology makes integration morefeasible, employees in some companies are still likely to resist suggestions for changebecause they are comfortable with the old way of doing things. In addition, employeeswithin the accounting and personnel functions probably feel some degree of "ownership"of "their" data, and this is taken away when control of these data is transferred to acentralized data base function.Reasons for integrating the personnel and HRM systems include the following:•Integration will improve decision-making by providing access to more of the relevant data needed for monitoring employee development.•It is logical, since both systems are organized around the same entity: the employee.•It should facilitate the retrieval and utilization of employee data when the data required would otherwise have to be obtained from both data bases.•It should facilitate the process of updating employee data, since a single update process would replace two separate updating processes.•It should simplify the development and implementation of more complex compensation schemes, such as flexible benefits or incentive pay.•Centralizing the administration of employee data under the control of database management software should enhance data security.•It should minimize or eliminate the cost of storing identical data in two different databases.•It should minimize or eliminate the confusion that might otherwise arise when two different databases use different data definitions, or report different values, for thesame data item.15.2Some accountants have advocated that a company’s human assets be measured andincluded directly in the financial statements. For example, the costs of hiring andtraining an employee would be recorded as an asset that is amortized over theemployee’s expected term of service. Do you agree or disagree? Why?This question should generate some debate. The issue is the trade-off between“subjectivity” in measuring the value of a company’s investment in the knowledge andskills of its employees versus the usefulness of at least attempting to explicitly measurethose assets.In the “information era” the value of a company’s employee knowledge base isincreasingly important. Attempting to measure it should facilitate more effectivemanagement of this resource by focusing more attention on it.Some companies, such as Dow Chemical and Skandia, have attempted to formallyprovide stockholders with information about the company’s intellectual capital, but such efforts have not become mainstream because of the inherent subjectivity.15.3You are responsible for implementing a new employee performance measurementsystem that will provide factory supervisors with detailed information about each of their employees on a weekly basis. In conversation with some of these supervisors,you are surprised to learn they do not believe these reports will be useful. Theyexplain that they can already obtain all the information they need to manage theiremployees simply by observing the shop floor. Comment on that opinion.Formal reports on employee performance are not intended to replace direct observation, but to supplement it. Direct observation is important, but a manager cannot observe allemployees all the time. It is also difficult to accurately summarize detailed observations across time.How could formal reports supplement and enhance what the supervisors learn bydirect observation?Well-designed reports provide quantitative summary measures of aspects of employeeperformance that are believed to be important to the achievement of the organization’sgoals. Quantitative measures facilitate tracking performance trends over time. Thesebenefits, however, will be difficult for many managers to understand until they have had experience in using such reports.There are also legal issues at stake. If an employee or former employee brings suit against the employer, supporting documentation may justify the employer’s position.15-215.4 One of the threats associated with having employees telecommute is that they mayuse company-provided resources (e.g., laptop, printer, etc.) for a side business. What are some other threats?Other threats are:1.Not working or working less productively than if the employees were working onsite.2.Security risks, such as the employee not proactively maintaining proper antivirus andpatch management practices or not protecting and/or backing up their dataadequately.3.Inappropriate use of company hardware (e.g., gambling, visiting pornographicwebsites, etc.).4.An increased risk of loss of confidentiality and privacy if sensitive data is stored onthe remote computer. Such remote storage may also violate privacy regulations, suchas HIPAA.What controls can mitigate the risk of these threats?The solutions to these potential threats primarily involve monitoring and the use ofsecurity controls discussed in chapter 8. For example, software exists to enablecompanies to monitor employees, including what they do on the Internet.In addition, a company could require that telecommuting employees login theircompany’s network and store all work related files on the company’s network a nd not on their home machines. The VPN connection could be configured to restrict whatemployees can do, such as preventing local storage of sensitive data and mandatoryupdates of anti-virus and security software. The VPN software should also be designed to prevent employees from simultaneously opening a VPN connection to the corporatenetwork and a second connection to their ISP (i.e., disable split-tunneling).15.5 How would you respond to the treasurer of a small charity who tells you that theorganization does not use a separate checking account for payroll because thebenefits are not worth the extra monthly service fee?A separate payroll account limits the organization’s exposure to only the amount of cashdeposited into the payroll account.A separate account is also easier to reconcile and to detect any errors or irregularities.15.6 This chapter discussed how the HR department should have responsibility forupdating the HRM/payroll database for hiring, firing, and promotions. What other kinds of changes may need to be made?Other types of changes include name changes (usually due to change in marital status), number of dependents, voluntary extra withholdings, and address changes.What controls should be implemented to ensure the accuracy and validity of such changes?Allow employees to make these changes through a web-based application available on the organization’s intranet. The application should include processing integrity checks to prevent invalid entries.Closed loop verification (displaying all changes to the employee) should also be used.To ensure validity, multi-factor authentication should be required to enter such changes Strict access controls should be implemented to protect the master database.A detective control is to separately notify the employee of changes that were made andask for confirmation that they are valid.15-4SUGGESTED ANSWERS TO THE PROBLEMS15.1Match the terms in the left column with the appropriate definition from the right column.15.2What internal control procedure(s) would be most effective in preventing thefollowing errors or fraudulent acts?a. An inadvertent data entry error caused an employee’s wage rate to be overstatedin the payroll master file.•Have the personnel department maintain a hash total of employee wage rates•Check hash total against payroll master file total after each update.•Test the reasonableness of wage rate changes during data entry to detect large errors.•Have supervisors review departmental payroll expenses as a way of detecting these kinds of problems.b. A fictitious employee payroll record was added to the payroll master file.•Use strong multifactor authentication techniques to restrict access to the payroll master data to authorized personnel in the HR department..•Have the personnel department maintain a record count of the number ofemployees and check it against a record count generated during each payroll-processing run.Require positive identification of recipients as each paycheck is distributed. Thiswould likely result in the paycheck not being claimed, which would then triggeran investigation.•Periodically print and verify all changes to the payroll master filec. During data entry, the hours worked on an employee’s time card for one daywere accidentally entered as 80 hours, instead of 8 hours.•Use a limit check during data entry to check the hours-worked field for each employee transaction record. Management would set a limit that makes sense intheir organization. If overtime was never allowed, they could use 8 hours for thelimit. If overtime was permitted, they might decide instead to use 9 or 10 hours.15-6d. A computer operator used an online terminal to increase her own salary.•Use passwords and an access control matrix to restrict access to authorized personnel.•Use a compatibility test on all transactions entered to verify that the operator's password allows access and modification authority.•Have the the personnel department maintain a batch total of all salaries and check it against the corresponding total generated during each payroll run as a backupcontrol,e. A factory supervisor failed to notify the HRM department that an employee hadbeen fired. Consequently, paychecks continued to be issued for that employee.The supervisor pocketed and cashed those paychecks.•Implement a policy prohibiting supervisors from picking up or distributing paychecks. Instead, have the payroll department distribute all paychecks.•Investigate all unclaimed paychecks.f. A factory employee punched a friend’s time card in at 1:00 P.M. and out at 5:00P.M. while the friend played golf that afternoon.•Use biometric controls to record time in and time out•Observe (in person or by video surveillance) time clock activity to uncover punching other people’s cards•Collect detailed job time data and prior to payroll processing reconcile it with datao Prepared or approved by factory supervisors, oro Captured with automated data collection equipmentg. A programmer obtained the payroll master file and increased his salary.•Implement physical access controls such as a file library function to prevent programmers from having unsupervised access to production databases •Implement authentication and authorization controls such as u ser ID’s, passwords, and access control matrix to limit access to all master files to authorizedpersonnel•Have supervisors review reports of all changes to payroll master data to detect this type of fraud•Have the the personnel department maintain a batch total of all salaries and check it against the corresponding total generated during each payroll run as a backupcontrol,•Batch total of all salaries maintained by the personnel department that is checked against a corresponding total generated during each payroll run.h. Some time cards were lost during payroll preparation; consequently, whenpaychecks were distributed, several employees complained about not being paid.A record count of job time records should be prepared before the records are submitted for processing, and checked subsequent to data entry. In addition, reconciliation of job time records to employee clock cards should detect this.•Prepare a record count of job time records before they are submitted for processing and compare record count subsequent to data entry against the number of paychecks prepared.•Reconcile job time records to employee clock cards•Print a payroll register report with the paychecks. The total number of employees should match the number in the payroll master file•Promptly investigate any discrepancies.i. A large portion of the payroll master file was destroyed when the disk packcontaining the file was used as a scratch file for another application.•Use internal and external file labels to identify the contents and expiration date of all active files•Train computer operators to carefully examine external file labels before file processing begins.•Have all programs check internal file labels prior to processing.•Maintain backup copies of all current files.15-8j.The organization was fined $5000 for making a late quarterly payroll tax payment to the IRS.•Use IRS Publication Circular E, which provides instructions for making required remittances of payroll taxes, to configure the system to make payroll taxpayments.•S et up a quarterly “tickler” or reminder message to the cashier about making the required payroll tax remittance.15.3 You have been hired to evaluate the payroll system for the Skip-RopeManufacturing Company. The company processes its payroll in-house. Use Table 15-1 as a reference to prepare a list of questions to evaluate Skip-Rope’s inte rnalcontrol structure as it pertains to payroll processing for its factory employees. Each question should be phrased so that it can be answered with either a yes or a no; all no answers should indicate potential internal control weaknesses. Include a thirdcolumn listing the potential problem that could arise if that particular control were not in place. (CPA Exam, adapted)15-1015.4 Although most medium and large companies have implemented sophisticatedpayroll and HRM systems like the one described in this chapter, many smallercompanies still maintain separate payroll and HRM systems that employ manymanual procedures. Typical of such small companies is the Kowal ManufacturingCompany, which employs about 50 production workers and has the followingpayroll procedures:•The factory supervisor interviews and hires all job applicants. The new employee prepares a W-4 form (Employee’s Withholding Exemption Certificate)and gives it to the supervisor. The supervisor writes the hourly rate of pay forthe new employee in the corner of the W-4 form and then gives the form to thepayroll clerk as notice that a new worker has been hired. The supervisorverbally advises the payroll department of any subsequent pay raises.• A supply of blank time cards is kept in a box near the entrance to the factory. All workers take a time card on Monday morning and fill in their names. During theweek they record the time they arrive and leave work by punching their timecards in the time clock located near the main entrance to the factory. At the endof the week the workers drop the time cards in a box near the exit. A payrollclerk retrieves the completed time cards from the box on Monday morning.Employees are automatically removed from the payroll master file when theyfail to turn in a time card.•The payroll checks are manually signed by the chief accountant and then given to the factory supervisor, who distributes them to the employees. The factorysupervisor arranges for delivery of the paychecks to any employee who is absenton payday.•The payroll bank account is reconciled by the chief accountant, who also prepares the various quarterly and annual tax reports.a. Identify weaknesses in current procedures, and explain the threats that they mayallow to occur.15-12b. Suggest ways to improve the Kowal Manufacturing Company’s internal controlsover hiring and payroll processing. (CPA Examination, adapted)1. A system of advice forms should be installed so that new hires, terminations, ratechanges, etc., are reported to the payroll department in writing. Such formsshould be submitted by the employee and verified by the appropriate supervisor.2.Before applicants are hired, their backgrounds should be investigated bycontacting references to determine that they are honest and have no undesirablepersonal characteristics.3.The supply of blank time cards should be removed. At the beginning of eachweek the payroll department should provide each worker with a time card with his name typed or printed on it.4.The foreman should collect the time cards at the end of the week, approve them,and turn them over to the payroll clerk. All time cards should be accounted forand any missing cards investigated.5.The payroll checks should be distributed to the workers by a responsible personother than the foreman. Unclaimed checks should be sent to internal audit untilclaimed by the worker.In addition, the following changes should be made because the problem does not state that these procedures are being followed:•If the Company has a cost system that requires the workers to prepare production reports or to account for their time by work tickets, the time cards and theproduction reports or work tickets should be compared.•The payroll checks should be prenumbered to control their issuance.• A responsible person other than the chief accountant and the payroll clerks should reconcile the payroll bank account.•From time to time, an officer of the Company should witness a payroll distribution on a surprise basis.15-1415.5 Arlington Industries manufactures and sells engine parts for large industrialequipment. The company employs over 1,000 workers for three shifts, and mostemployees work overtime when necessary. Figure 15-10 depicts the proceduresfollowed to process payroll. Additional information about payroll proceduresfollows:•The HRM department determines the wage rates of all employees. The process begins when a form authorizing the addition of a new employee to the payrollmaster file is sent to the payroll coordinator for review and approval. Once theinformation about the new employee is entered in the system, the computerautomatically calculates the overtime and shift differential rates for thatemployee.• A local accounting firm provides Arlington with monthly payroll tax updates, which are used to modify the tax rates.•Employees record time worked on time cards. Every Monday morning the previous week’s time cards are collected from a bin next to the time clock, andnew time cards are left for employees to use. The payroll department managerreviews the time cards to ensure that hours are correctly totaled; the systemautomatically determines if overtime has been worked or a shift differential isrequired.•The payroll department manager performs all the other activities depicted in Figure 15-10•The system automatically assigns a sequential number to each payroll check.The checks are stored in a box next to the printer for easy access. After thechecks are printed, the payroll department manager uses an automatic check-signing machine to sign the checks. The signature plate is kept locked in a safe.After the checks have been signed, the payroll manager distributes thepaychecks to all first-shift employees. Paychecks for the other two shifts aregiven to the shift supervisor for distribution.•The payroll master file is backed up weekly, after payroll processing is finished.(CMA Examination, adapted)a. Identify and describe at least three weaknesses in Arlington Industries’ payrollprocess.•The payroll processing system at Arlington Industries violates the principle of segregation of duties. The same individual verifies time cards, inputs payrollinformation into the master file, prints the checks, machine-signs the checks,distributes the checks, and prepares the payroll journal entry.•There is no authorization of employees' time cards by a supervisor or other objective party such as a timekeeper.•Time cards are not stored securely when completed on Fridays.•There is no authorization of overtime.•The payroll checks are not prenumbered nor are they properly stored. As a result, there is no audit trail to verify check usage.•Supervisors for the second and third shifts distribute paychecks.b. Identify and describe at least two different areas in Arlington’s payrollprocessing system where controls are satisfactory.•The personnel department determines the wage rate and initiates the setup of payroll records, which is a good example of segregation of duties.• A backup of the master file is made after each weekly processing of the payroll.• A local accounting firm provides Arlington Industries with updates on tax rates.•Time cards are reviewed for accuracy.15-1615.6 Excel ProblemObjective: Learn how to find and correct errors in complex spreadsheets used for payroll.a. Read the article “Ferret Out Spreadsheet Errors” by Mark G. Simkin, in theJournal of Accountancy (February 2004). You can find a copy online byaccessing .b. Download the worksheet referenced in the article.c. Enter the following erroneous data in the worksheet you downloaded in step b:•Change hours worked for Adams to 400,•Change hours worked for Englert to 4, and•Change hours worked for Hartford to –40.Create a chart like that shown in Exhibit 2 of the article. Which of the errors are easily found by the chart? What are the strengths and limitations of creating such charts to detect errors? Print out your chart and save your work.Note: Disable data validation on the hours worked column in order to input erroneous data.The errors on the time cards of Adams, Englert, and Hartfort are easily identified. The chart clearly identifies the employees whose reported hours are different from theirfellow employees.The downside of the chart is that it would be difficult to identify less obvious errors; for example, recording 41 hours instead of 40 hours may not be readily apparent.d. Create the three data validation rules described in the article (Exhibits 4–7illustrate how to create the first rule). Print out screen shots of how you create each rule, and save your work. (Note: The article “Block That SpreadsheetError” by Theo Callah an, in the Journal of Accountancy (August 2002) provides additional examples of data validation rules.)Rule 1: Payrates must be between $6.75 and $14.00.•Step 1: Select the relevant range of cells•Step 2: On the data tab, select Data Validation•Step 3: Complete the windows as follows:15-18Rule 2: Hours worked must be between 0 and 4015-20Accounting Information Systems Rule 3: Overtime must be between 0 and 1015-21Ch. 15: The Human Resources Management/Payroll Cycle15-22Accounting Information Systems e. Follow the instructions for using the formula auditing tool. Print out a screen shot showing use of the tool to circleinvalid data (yours should be similar to Exhibit 9 in the article).Note: This is now another Data Validation feature. To test it, first change all validation rules from Stop to Warning on the Error Alert screen. Then highlight the three columns of data and select the “Circle Invalid Data” option to get the following results:15-23Ch. 15: The Human Resources Management/Payroll Cyclef. Follow the instructions to run the “trace precedents” audit tool. Print screen shots that show the results, and save yourwork. How useful is this tool? What are its limitations, if any?The Trace Precedents tool is found on the formulas tab. It may help visually identify problems, but it may also be easy tooverlook missing dots. (How easy is it to see that only the row for Adams has a dot in the regular hours column?)15-24Accounting Information Systems g. Enter the following data for new employees (inserting new rows in proper order to maintain alphabetical listing ofemployees):•Name = Able, payrate = 11.11, regular hours = 40, overtime hours = 5•Name = Easton, payrate = 10.00, regular hours = 40, overtime hours = 0•Name = Johnson, payrate = 12.00, regular hours = 35, overtime hours = 10Which audit tests and validation rules change? Why? Print screen shots, and save your work.Several audit tests and validation rules changed because their parameters were established with the unadjusted cell references. The following audit tests and validation rules should be adjusted to include the new entries:•All input validation rules•All Control totals using the CountIf formula•All formulas used to calculate totals, minimums, and maximums•Also need to adjust the formulas for calculating pay for Easton and Johnson15-25Ch. 15: The Human Resources Management/Payroll Cycle15.7Excel ProblemObjective: Learn how to use the VLOOKUP function for payroll calculations.a. Read the article “Make Excel a Little Smarter” by Lois S. Mahoney and Charles Kelliher in the Journal ofAccountancy (July 2003). You can find a copy at .b. Read the section titled “Data in Different Places” and create the spreadsheet illu strated in Exhibit 6. Print a screenshot of your work, and save your spreadsheet.15-26Accounting Information Systemsc. Create a formula that calculates total bonuses. Also create a cell entry that indicates what that number represents.Print a screen shot of your work, and save it.In the Bonus column, click on the cell for the first Smith, choose the formulas tab, select “Lookup and Reference” and choose VLOOKUP. Then complete the window as follows:The result should be this formula: =VLOOKUP(C7,$F$7:$G$13,2,TRUE)Then copy this formula down the column and you will get the following spreadsheet:15-27Ch. 15: The Human Resources Management/Payroll Cycle15-28Accounting Information Systems d. Add the following data validation controls to your spreadsheet, including explanatory error messages. Save yourwork.•Sales must be positive.•Sales cannot exceed 125.•Amount of bonus must be nonnegative.•Amount of bonus cannot exceed 20% of unit sales.The data validation for sales is:The data validation for the bonus is:15-29Ch. 15: The Human Resources Management/Payroll Cycle15-30Accounting Information Systems e. Modify your worksheet by placing the sales data and resulting bonus on a different worksheet from the bonus table.Name your table array, and modify the VLOOKUP function accordingly. Then add another employee: Johnson, who sold 150 units. Print a screen shot of your new worksheet showing the bonuses for each employee, including Johnson.Save your work.New VLOOKUP formula: =VLOOKUP(B5,'Problem 15-7'!$F$7:$G$13,2,TRUE)15-3115.8 The local community feels that secondary school education is a necessity in oursociety and that lack of education leads to a number of social problems. As a result, the local school board has decided to take action to reverse the rising dropout rate.The board has voted to provide funds to encourage students to remain in school and earn their high school diplomas. The idea is to treat secondary education like a job and pay students. The board, however, could not agree on the details forimplementing this new plan. Consequently, you have been hired to devise a system to compensate students for staying in school and earning a diploma.As you devise your compensation scheme, be sure it meets the following generalcontrol objectives for the payroll cycle:•All personnel and payroll transactions are properly authorized.•All employees are assigned to do productive work, and they do it efficiently and effectively.•All transactions are accurately recorded and processed.•Accurate records are maintained.•All disbursements are proper.Write a proposal that addresses these five questions:a. How should the students be compensated (e.g., for attendance, grades)?b. How and by whom will the payments be authorized?c. How will the payments be processed?d. How should the payments be made (e.g., in cash or other means)?e. When will the payments be made?There is no one correct answer to this problem. Students should answer parts b, c, d and e as if they were developing a payroll system, regardless of how they answer part a. Thefollowing are some of the issues that need to be addressed:•Who will have custody over records relating to student activity?•Are controls in place to ensure that students actually receive their pay?•What controls govern adding/deleting students from the database?•How will attendance and grades be verified?•How will the rewards be safeguarded? (e.g., if pay with cash, what controls will prevent employees from stealing the funds?)。
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CHAPTER 22SYSTEMS DESIGN, IMPLEMENTATION, AND OPERATIONInstructor’s ManualLearning Objectives:1.Discuss the conceptual systems design process and theactivities in this phase.2.Discuss the physical systems design process and theactivities in this phase.3.Discuss the systems implementation and conversionprocess and the activities in this phase.4.Discuss the systems operation and maintenance processand the activities in this phase.Questions to be addressed in this chapter include:1. Should her team develop what it considers to be the best approachto meeting SM’s needs, or should they develop several approaches?2. How can she ensure that system output will meet user needs? Whenand how should input be captured, and who should capture it?Where should AIS data be stored, and how should it be organizedand accessed?3. How should SM convert from its current to its new AIS? How muchtime and effort will be needed to maintain the new AIS? In whatcapacity should Ann’s accounting staff participate?IntroductionAccountants should help keep the project on track by evaluating and measuring benefits, monitoring costs, and ensuring that the project stays on schedule.Effective systems analysis and design can ensure that developers correctly define the business problem and design the appropriate solution.This chapter discusses the other four steps (see Figure 22-1) in the systems development life cycle:1.Conceptual systems design2.Physical systems design3.Systems implementation and conversion4.Operation and maintenanceConceptual Systems DesignIn the conceptual systems design phase, the developer creates a general framework for implementing user requirements and solving problems identified in the analysis phase.As shown in Figure 22-1, there are three main steps in conceptual design:1.Evaluating design alternatives2.Preparing design specifications3.Preparing the conceptual systems design reportEvaluate Design AlternativesThere are many ways to design an AIS, so accountants and othersinvolved in systems design must continually make design decisions.In addition, there are many different ways that a company can approach the systems development process; (1) purchase software from a vendor, (2) design the system in-house, or (3) outsource to develop and manage the information system.The design team should identify a variety of design alternatives and evaluate each with respect to the following standards:1.How well it meets organizational and system objectives2.How well it meets user needs3.Whether it is economically feasible4.What its advantages and disadvantages areTable 22-1 presents examples of conceptual and physical design considerations and their corresponding design alternatives.Prepare Design SpecificationsOnce a design alternative has been selected, the project team develops the conceptual design specifications for the following elements:1.Output. Because the system is designed to meet users’ informationneeds, output specifications must be prepared first.2.Data storage. For Shoppers Mart, decisions included▪Which data needs to be stored for the sales report▪Whether the data should be stored in sequential or random order▪What type of file or database to use▪Which field size is appropriate for the data items3.Input. Design considerations for Shoppers Mart include whichsales data to enter, sale location and amount, and where, when,and how to collect data.4.Processing procedures and operations. Design considerations forShoppers Mart include how to process the input and stored data to produce the sales report and also the sequence in which theprocesses must the performed.Prepare the Conceptual Systems Design ReportAt the end of the conceptual design phase, a conceptual systems design report is prepared to:1.Guide physical systems design activitiesmunicate how management and user information needs will be met3.Help the steering committee assess system feasibilityMultiple Choice 1In the conceptual design phase of the systems development life cycle,_____ specifications must be prepared first.a.inputb.outputc.data storaged.data processingMultiple Choice 2Assumptions and unresolved problems are included in the followingreport(s):a.conceptual systems design reportb.physical systems design reportc.post-implementation review reportd.all of the abovee. A and BPhysical Systems DesignDuring the physical systems design phase, the company determines howthe conceptual AIS design is to be implemented.As shown in Figure 22-2, physical system design phases include (1) designing output, (2) creating files and databases, (3) designing input, (4) writing computer programs, (5) developing procedures, and (6)building controls into the new AIS.Output DesignThe objective of output design is to determine the nature, format, content, and timing of printed reports, documents, and screen displays.Some important output design considerations are summarized in Table 22-2.Output usually fits into one of the following four categories:1.Scheduled reports have a prespecified content and format andare prepared on a regular basis.2.Special-purpose analysis reports have no prespecified contentor format and are not prepared on a regular schedule.3.Triggered exception reports have a prespecified content andformat but are prepared only in response to abnormalconditions.4.Demand reports have a prespecified content and format but areprepared only on request.File and Database DesignTable 22-3 summarizes some of the more important file and databasedesign considerations: 1) medium, 2) processing mode and maintenance size, and 3) activity level.Input DesignConsiderations for input design are shown in Table 22-4.Note #1: General considerations include:1.Preprint as much data as possible.e appropriate weight and grade of paper.e bold type, double-thick lines, and shading to highlightdifferent parts of the form.e a standard size and one that is consistent with requirementsfor filing, binding, or mailing.5.If mailed to external parties, position the address for placementin a window envelope.6.Have copies of the form printed in different colors to facilitateaccurate distribution.7.Include clear instructions for completing the form.Forms DesignTable 22-5 is a useful tool for evaluating existing forms and designing new ones:1.General Considerations2.Introductory Section Of Form3.Main Body Of Form4.Conclusion Section Of FormDesigning Computer ScreensComputer screens are most effective when these procedures are followed:anize the screen so data can be entered quickly, accurately,and completely.2.Enter data in the same order as displayed on paper forms used tocapture the data.plete the screen from left to right and top to bottom. Grouptogether logically related data.4.Design the screen so users can jump from one data entry locationto another or use a single key or go directly to screen locations.5.Make it easy to correct mistakes. Clear and explicit errormessages that are consistent across all screens are essential.6.Restrict the amount of data on a screen to avoid clutter. Limitthe number of menu options on a single screen.Program DesignProgram development is one of the most time-consuming activities in the SDLC.Programs subdivided into small, well-defined modules are a processcalled structured programming.To improve software quality, organizations should develop programming standards.Although accountants need not be computer programmers, they should understand how software is created.Following are eight steps for developing software:Step 1Determine user needs. Systems analysts consult with users and agree on software requirements.Step 1 is performed as a part of the systems analysis phase ofthe SDLC.Step 2 Develop a plan. A development plan is produced anddocumented.Step 2 is done during conceptual systems design and may carryover to the beginning of physical design.Step 3 Write program instructions (code). This is when thecomputer code (or program instructions) is written.Step 4 Test the program. Debugging is discovering and eliminating program errors. After a program is coded, a visual and mentalreview, referred to as desk checking, is conducted to discoverprogramming errors.The Gartner Group estimates that bugs that are not discovereduntil later in the SDLC cost 80 percent to 1,000 percent more to fix than those discovered earlier.FOCUS 22-1 discusses the difficulty of testing software and theconsequences of releasing software with undetected errors.Most of the tasks in steps 3 and 4 are done during systems design and are completed during systems implementation.Step 5 Document the program. Documentation explains how programs work and is used to help correct and resolve errors.Step 6 Train program users. Program documentation is often usedto train users.Steps 5 and 6 are begun in systems design, but most of the workis done during systems implementation.Step 7 Install the system. All system components, including theprograms, are combined and the company begins to use the system.Step 7 is completed during systems implementation and conversion.Step 8 Use and modify the system. Factors that require existingprograms to be revised, referred to as program maintenance,include requests for new or revised reports; changes in input,file content, or values such as tax rates; error detection; and conversion to new hardware.Step 8 is part of the operation and maintenance phase. Procedures DesignEveryone who interacts with a newly designed AIS needs procedures that answer who, what, when, where, why, and how questions related to all AIS activities.Controls DesignThe often-heard computer adage “garbage in, garbage out” emphasizes that improperly controlled input, processing, and database functions produce information of little value.Controls must be built into an AIS to ensure its effectiveness, efficiency, and accuracy.Some of the more important control concerns that must be addressed are summarized in Table 22-6:1.Validity2.Authorization3.Accuracy4.Security5.Numerical control6.Availability7.Maintainability8.Integrity9.Audit trailPhysical Systems Design ReportAt the end of this phase, the team prepares a physical systems design report that summarizes what was accomplished and serves as the basis for management’s decision whether or not to proceed to the implementation phase.Multiple Choice 3The following consideration(s) are involved in the file and database design.eb.operationsc.mediumd. A and CMultiple Choice 4“Is additional training necessary?” is a concern to be answered during _____ design.a.inputb.outputc.files and databased.programe.controlsMultiple Choice 5_____ development is one of the most time consuming activities in the SDLC.a.Inputb.Outputc.Files and databased.Programe.ControlsMultiple Choice 6__________ is done during systems design and is completed during systems implementation.a.Develop a planb.Desk checkingc.Write program instructionsd.All of the abovee. B and CSystems ImplementationSystems implementation is the process of installing hardware and software and getting the AIS up and running.The state of Virginia has been especially successful in designing and implementing its AIS. Focus 22-2 describes the improvements the state made to its AIS.Implementation PlanningAn implementation plan consists of implementation tasks, expected completion dates, cost estimates, and the person or persons responsible for each task.One reason that Blue Cross/Blue Shi eld’s new $200 million system failed was because there was no organizational restructuring.Site PreparationA large computer may require extensive changes, such as additional electrical outlets, data communications facilities, raised floors, humidity controls, special lighting, and air conditioning.Space is needed for equipment, storage, and offices.Select and Train PersonnelEmployees can be hired from outside the company or transferredinternally.Because effective training is time consuming and expensive, companiestake shortcuts. They are busy trying to maintain and upgrade their new system.Effective AIS training must consist of more than just hardware and software skills.Employees must be oriented to new policies and operations, andtraining should be planned and scheduled so it occurs just beforesystems testing and conversion.Boots the Chemists at a London-based international pharmacy developed a new approach to training.Store employees that were nervous about the new computer systemwere invited to a party where a new POS system had been installed.They were asked to try to harm the new POS system.Employees quickly found out that they could not harm the systemand learned that it was easy to use.Complete DocumentationThree types of documentation must be prepared for new systems:1.Development documentation describes the new AIS. It includes:▪ A system description▪copies of output, input, and file and database layouts▪Program flowcharts▪Test results▪User acceptance forms2.Operations documentation includes:▪Operating schedules▪Files and databases accessed▪Equipment security▪File retention requirementser documentation teaches users how to operate the AIS. Itincludes a procedures manual and training materials.Test the SystemInadequate system testing was one reason for the Blue Cross/Blue Shield system failure described previously.Documents and reports, user input, operating and control procedures, processing procedures, and computer programs should all be given atrial run in realistic circumstances.In addition, capacity limits and backup and recovery procedures should be tested.Following are three common forms of testing:1.Walk-throughs are step-by-step reviews of procedures orprogram logic.2.Processing test transactions determines if a program operatesas designed.3.Acceptance tests use copies of real transactions and filesrather than hypothetical ones.Chemical Bank suffered the consequences of not adequately testing an upgrade to its ATM system.Customers in New York who withdrew money found that thereaccounts were debited twice.Before the problem was corrected, 150,000 withdrawals with atotal value of $8 million were posted to customer accounts.Even software purchased from an outside vendor must be testedthoroughly before being installed.Systems ConversionConversion is the process of changing from the old to the new AIS. This includes converting hardware, software, data files, and procedures. Conversion ApproachesFour conversion approaches are used to change from an old to a new system:1.Direct conversion immediately terminates the old AIS when thenew one is introduced.FOCUS 22-3 discusses the problems at a university in Egyptcaused by attempting a direct conversion with no backup system.The university decided to upgrade its aging financialsystem by implementing an advanced integrated financialsystem despite warnings from senior administrators and ITrepresentatives. The project steering committee decided onthe SAP finance module with IBM as its implementer.IBM representatives stated that testing plans should bedeveloped before the conversion took place, however due totime and cost pressures this advice was not heeded.Instead, use of the previous financial system wasimmediately terminated and subsequent transactions wereposted to the new system.The university experienced serious problems with the newsystem from day one. These included transaction entryerrors and missing financial reports. As a result theuniversity was forced to revert to manual operations forfinancial reporting and payroll.After spending more than $20 million on the new system, theuniversity was forced to bring in another implementer tofix the system.2.Parallel conversion operated the old and new systemssimultaneously for a period of time.3.Phase-in-conversion gradually replaces elements of the old AISwith the new one.4.Pilot conversion implements a system in just one part of theorganization, such as a branch location.Data ConversionData conversion can be time-consuming, tedious, and expensive. Thedifficulty and magnitude of the task can be easily underestimated.The first step in the data conversion process is to decide which datafiles need to be converted.Then they must be checked for completeness and any datainaccuracies and inconsistencies removed.Once the files and databases have been converted and tested foraccuracy, the new system is functional.Multiple Choice 7Blue Cross/Blue Shield contracted for a new $_____ million system which did not work properly. This resulted in $_____ million in overpayments and a loss of _____ clients.a.200; 70; 30,000b.100; 60; 35,000c.200; 60; 35,000d.100; 70; 30,000Multiple Choice 8Walk-throughs are conducted by the:a.development teamb.system usersc.programmersd.all of the abovee. A and BMultiple Choice 9The first step in the data conversion process is:a.check data for completeness, and any data inaccuracies, andremove any inconsistenciesb.decide which data files need to be convertedc.conduct data conversiond.validate new filesOperation and MaintenanceThe final step in the SDLC is to operate and maintain the new system. A post-implementation review should be conducted on a newly installed AIS to ensure it meets its planned objectives.Table 22-7 provides a list of important factors to consider and questions to answer during the post-implementation review.Factors include:When the review has been completed, a post-implementation review report is prepared. The table of contents of this report is provided in Table 22-8.User acceptance of the post-implementation review report is the final activity in the systems development process.However, work on the new system is not finished. Studies show that over the life of a system, only 30 percent of the work takes place during development. The remaining 70 percent is spent on maintaining the system.Multiple Choice 10Studies have shown that _____ percent of the work takes place during development and _____ percent is spent maintaining the system.a.30; 70b.70; 30c.65; 35d.35; 65Answer to Multiple Choice Questions:。
会计信息系统12版英文教辅资源 013255271X_ppt_07 GE
Categories
General Overall IC system and processes
Application Transactions are processed correctly
7-4
Sarbanes Oxley (2002)
Designed to prevent financial statement fraud, make financial reports more transparent, protect investors, strengthen internal controls, and punish executives who perpetrate fraud
Public Company Accounting Oversight Board (PCAOB) Oversight of auditing profession
New Auditing Rules Partners must rotate periodically Prohibited from performing certain non-audit services
them. Explain how to assess and respond to risk using the Enterprise Risk Management
(ERM) model. Describe control activities commonly used in companies. Describe how to communicate information and monitor control processes in
Compare and contrast the COBIT, COSO, and ERM control frameworks. Describe the major elements in the internal environment of a company Describe the four types of control objectives that companies need to set. Describe the events that affect uncertainty and the techniques used to identify
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Issuing Stock at a Premium
Stock issued for assets other than cash should be recorded at the fair market value of the asset or fair market value of the stock, whichever can be more clearly determined.
1
$xxxxx xxxx $xxxxx Stockholder investments
Stockholders’ Equity: PaidPaid-in capital: Common stock Retained earnings Total
Stockholders’ Equity
Liabilities Assets Stockholders’ Stockholders’ Equity Equity
On April 1, one-half of each class of authorized stock is issued at par for cash.
Apr. 1 Cash Preferred Stock Common Stock Issued preferred stock and common stock at par. 1,500000 00 500 000 00 1,000000 00
Stock Splits
A corporation sometimes reduces the par or stated value of their common stock and issues a proportionate number of additional shares. This is called a stock split 股票分割.
Accounting for Cash Dividends
Dividends are distributions of retained earnings to stockholders. Dividends may be paid in cash or stock Dividends, even on cumulative preferred stock, are never required, but once declared become a legal liability of the corporation.
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Classes of Stockholders
The two primary classes of paid-in capital are common stock 普通股 and preferred stock 优 先股. 先股 The primary attractiveness of preferred stocks is that they are preferred over common as to dividends.
Issuing Stock
A corporation is authorized to issue 10,000 shares of preferred stock, $100 par, and 100,000 shares of common stock, $20 par.
Issuing Stock
Issuing Stock at a Premium
On Nov. 12, a corporation acquired land for which the fair market value cannot be determined. The corporation issued 10,000 shares of $10 par common that has a current market value of $12 in exchange for the land.
Stockholders’ Equity
Liabilities Assets Stockholders’ Stockholders’ Equity Equity
Stockholders’ Equity = Assets – Liabilities Represents the stockholders’ share of the total assets.
Stockholders’ Equity
There Assets sources are two Stockholders’ of stockholders’ Stockholders’ Equity Equity equity.
Liabilities
Stockholders’ Equity
Liabilities Assets Stockholders’ Stockholders’ Equity Equity
Chapter 12
Corporations: Organization, Capital Stock Transactions, and Dividends
Contents
1. Nature of the Corporate Form of Organization 2. Sources of Stockholders’ equity 3 Accounting for Issuing Stock 4. Nature of the Stock Splits 5. Accounting for Cash Dividends and Stock Dividends
Issuing Stock at a Premium
On March 15, Caldwell Company issues 2,000 shares of $50 par preferred stock for cash at $55.
Mar. 15 Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Issued 2,000 shares of $50 par preferred stock at $55. 10 000 00 110 000 00 100 000 00
Stockholders’ Equity: Paid-in capital: Common stock Retained earnings Total $xxxxx xxxx $xxxxx
2
Reinvested earnings
Sources of Paid-In Capital PaidAuthorized Issued Outstanding
Money available for dividends
Preferred Stockholders
Common Stockholders
Classes of Stockholders
Common Stock—the basic ownership of stock with rights to vote in election of directors, share in distribution of earnings, and purchase additional shares. Preferred Stock—A class of stock with preferential rights over common stock in payment of dividends and company liquidation.
Number of Shares
Sources of Paid-In Capital PaidMajor Rights that Accompany Ownership of a Share of Stock
1. The right to vote in matters concerning the corporation. 2. The right to share in distribution of earnings. 3. The right to share in assets on liquidation.
Nov. 12 Land Common Stock Paid-in Capital in Excess of Par Issued $10 par common stock valued at $12 per share, for land. 120 000 00 100 000 00 20 000 00
Issuing Stock at a Premium
When stock is issued for more than its par, the stock has sold at a premium. It has sold at a discount if issued for less than its par.
Nature of a Corporation
A corporation股份有限公司is a legal entity, distinct and separate from the individuals who create and operate it. The ownership of a corporation is divided into shares, called stock. The stockholders or shareholders who own the corporation can buy and sell stock without affecting the corporation’s operations or continued existence. The stockholders of a corporation have limited liability. The stockholders control a corporation by electing a board of directors The double taxation of corporation earnings is a major disadvantage of the corporate form