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Lisa M

Lisa M.

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Suppose a manager can reduce the processing time for loan applications by reducing the amount of time the application awaits action. How does the reduction add value to the organization?

Fundamentals of Cost Accounting, 3rd Edition

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Data analytics is an important tool for accountants, but it is only effective when the results are communicated properly. • Express the ethical issues that can arise when communicating the results of data analytics. Share how these ethical issues could be circumvented. Respond to the following: • Play the devil's advocate, and debate the position. • Provide internal controls that could assist in circumventing the unethical actions.

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In Unit 1, we discussed how to develop a business question that can be answered by data analytics. As we continue the discussion of the impact model, we start by gathering the data. • Discuss how data are stored in the accounting information system (AlS) and how data are extracted when the business question is developed. • Describe the steps that should be used to clean the data. • Discuss how data can be located in an AIS to support your classmate's business question. • Discuss any missing elements of your classmate's post regarding how the data should be cleaned.

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Case Summary: Let's see how we might perform some simple Data Analytics. The purpose of this lab is to help you identify relevant questions that may be answered using Data Analytics. You were just hired as an analyst for a credit rating agency that evaluates publicly listed companies in the United States. The agency already has some Data Analytics tools that it uses to evaluate financial statements and determine which companies have higher risk and which companies are growing quickly. The agency uses these analytics to provide ratings that will allow lenders to set interest rates and determine whether to lend money in the first place. As a new analyst, you're determined to make a good first impression. Think about ways that you might analyze data from a financial statement. You could use a horizontal analysis to view trends over time, a vertical analysis to show account proportions, or ratios to analyze relationships.

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Excel doc- https://docs.google.com/spreadsheets/d/1n6KJEGt9g3LSR9PrbKG9PIPFTfjJZ7cOPDIQ7j3_elE/edit Consider the 2013 rejected loan data from LendingClub titled "DAA Chapter 1-2 Data". To prepare the dataset for analysis, let's scrub the risk score data. First, because our analysis requires risk scores, debt-to-income data, and employment length, we need to make sure each of them has valid data. a. Open the file in Excel. b. Sort the file based on risk score and remove those observations (the complete row or record) that have a missing score or a score of zero, if needed. c. Assign each risk score to a risk score bucket similar to the chapter. That is, classify the sample according to this breakdown into excellent, very good, good, fair, poor, and very bad credit according to their credit score noted in Exhibit 1-13. Classify those with a score greater than 850 as "Excellent." Consider using nested if-then statements to complete this. Or sort by risk score and manually input into appropriate risk score buckets. d. Run a PivotTable analysis that shows the number of loans in each risk score bucket. Required: After removing the observations with a zero or missing risk score, which group (Excellent, Very Good, Good, Fair, Poor, Bad) had the most rejected loans (most observations)? Which group had the least rejected loans (least observations)? Is it similar to Exhibit 1-14 performed on years 2007-2012? Question Which group had the most observations? Which group had the least observations? Is the results from the 2013 data are similar to the data from 2007-2012

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Reniah Curry verified

Numerade educator

Eligible taxpayers can contribute to a variety of retirement funds. In addition to a 401K at work, an individual retirement account (IRA) can be used to save for retirement years. There are two different IRAs that can be used-traditional IRA and Roth IRA. • Think about the retirement funds that you have heard about. Describe a 401K. Describe an IRA. • What are the primary tax differences between a traditional IRA and a Roth IRA? • What are your thoughts regarding having just 1 type of retirement account compared to diversifying by having several types of retirement accounts?

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Mauya Mitchell verified

Numerade educator

some additional information needed to complete the IP assignment: • Self Employment tax total is $87***** • Qualified Business Income Deduction (QBI) is $641 Instead of using TaxAct please refer to the following tax forms to use for the individual

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Breanna Ollech verified

Numerade educator

9. Income-shifting transactions between family members have limitations. In the list below, what concept does not relate to family member transactions? 10. Tax rates can vary with different types of income. What are some examples of income that are taxed differently than the others? 11. Tax evasion is defined as a willful attempt to defraud the government. What are some examples of an attempt to commit fraud? 12. In many cases, there is a fine line between tax avoidance and tax evasion. In a situation where the distinction between the two is not clear, professional judgment must be used. Other tools can also be used. What tools can be used to distinguish between tax avoidance and tax evasion?

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Breanna Ollech verified

Numerade educator

5. Even though transfer taxes do not affect all individuals, individuals affected by a transfer tax can experience a high tax liability. What taxes are not considered a transfer tax? 6. Tangible personal property is taxed by state and local governments. What is an example of something that is not considered tangible personal property? 7. What is an example of something that excise tax is not levied on? 8. It is not unusual for people to make a mistake on their individual tax returns. When an individual taxpayer realizes that a mistake has been made, an amended tax return should be filed. Due to the statute of limitations in the Internal Revenue Code (IRC), what is the latest date that the amended return can be filed without causing a filing penalty? 9. Income-shifting transactions between family

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Breanna Ollech verified

Numerade educator

What are some of the notable characteristics of tax? What is not considered a tax base used by government agencies to collect tax? Federal income taxes include a variety of different tax bases. What tax base is not a federal tax? Like federal income taxes, state and local taxes include a variety of different tax bases. What tax base is neither a state nor local tax? Even though transfer taxes do not affect all individuals, individuals affected by a transfer tax can experience a high tax liability. What taxes are not considered a transfer tax?

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