Accounting Problem 1.6 and Problem 2.5

Accounting Problem 1.6 and Problem 2.5 in $11 only (Instant Download)

Free Sample Answer Given Below

Based on Walmart’s success in the United States, many expected the company to quickly dominate the British market after it bought the Asda grocery chain in 1999. That did not happen; Walmart’s market share in groceries grew to a little more than half that of its biggest competitor, Tesco. Initially, Tesco’s sales and net income rose significantly while Walmart’s sales and net income increased at a much slower rate. More recently, Walmart has made small gains in market share, and Tesco has had small decreases.
Walmart found out that Tesco is a formidable worldwide competitor. Tesco operates almost 2,400 stores in Britain in four different formats. It has a very successful operation in Central Europe, and it expanded to the United States with Fresh & Easy stores. In Korea, Tesco’s 174 stores thrived while Walmart gave up after an eight-year effort to succeed and sold its 16 stores.
One of the biggest reasons for Tesco’s success is its use of technology. In 1995, Tesco started a loyalty card program, called Clubcard, and over 80% of its shoppers are members. Shoppers fill out an application in the store and receive a plastic card and a key fob in the mail that is scanned before they make a purchase. Tesco gathers massive amounts of data about its customers’ 15 million purchases each week. Sales data are analyzed and turned into information that provides Tesco with a significant competitive advantage.
As traditional advertising loses effectiveness, these large stores of data allow Tesco to find new and creative ways to market its products.
• a. What kind of information do you think Tesco gathers?
• b. How do you think Tesco has motivated over 22 million customers to sign up for its Clubcard program?
• c. What can Tesco accomplish with the Clubcard data it collects? Think in terms of strategy and competitive advantage.
• d. What are some of the disadvantages to the Clubcard program?
• e. Do an Internet search to find out how Tesco is doing in comparison to Walmart and other grocers and retailers. Write a few paragraphs explaining your findings.

Sample Answer of e.

Meyers (2010) states that UK is yet to experience recession as consumers try to reduce their spending in order to maintain their lifestyle. There has however been increased competition though Tesco has ground against Walmart in Europe.

Study shows that Walmart operates on a larger base and offers a variety of products in United States. This has given the Walmart a stronger financial base as compared to Tesco. ….

Match the following terms with their definitions.
Term Definition
• _____a. data processing cycle • 1. Contains summary-level data for every asset, liability, equity, revenue, and expense account
• _____b. source documents • 2. Items are numbered consecutively to account for all items; missing items cause a gap in the numerical sequence
• _____c. turnaround documents • 3. Path of a transaction through a data processing system from point of origin to final output, or backward from final output to point of origin
• _____d. source data automation • 4. List of general ledger account numbers; allows transaction data to be coded, classified, and entered into proper accounts; facilitates preparation of financial statements and reports
• _____e. general ledger • 5. Contents of a specific field, such as “George” in a name field
• _____f. subsidiary ledger • 6. Portion of a data record that contains the data value for a particular attribute, like a cell in a spreadsheet
• _____g. control account • 7. Company data sent to an external party and then returned to the system as input
• _____h. coding • 8. Used to record infrequent or nonroutine transactions
• _____i. sequence code • 9. Characteristics of interest that need to be stored
• _____j. block code • 10. The steps a company must follow to efficiently and effectively process data about its transactions
• _____k. group code • 11. Something about which information is stored
• _____l. mnemonic code • 12. Stores cumulative information about an organization; like a ledger in a manual AIS
• _____m. chart of accounts • 13. Contains detailed data for any general ledger account with many individual subaccounts
• _____n. general journal • 14. Contains records of individual business transactions that occur during a specific time period
• _____o. specialized journal • 15. Updating each transaction as it occurs
• _____p. audit trail • 16. Devices that capture transaction data in machine-readable form at the time and place of their origin
• _____q. entity • 17. Used to record large numbers of repetitive transactions
• _____r. attribute • 18. Set of interrelated, centrally coordinated files
• _____s. field • 19. Two or more subgroups of digits are used to code items
• _____t. record • 20. Updating done periodically, such as daily
• _____u. data value • 21. Systematic assignment of numbers or letters to items to classify and organize them
• _____v. master file • 22. Letters and numbers, derived from the item description, are interspersed to identify items; usually easy to memorize
• _____w. transaction file • 23. Initial record of a transaction that takes place; usually recorded on preprinted forms or formatted screens
• _____x. database • 24. Fields containing data about entity attributes; like a row in a spreadsheet
• _____y. batch processing • 25. Sets of numbers are reserved for specific categories of data
• _____z. online, real-time processing • 26. The general ledger account corresponding to a subsidiary ledger, where the sum of all subsidiary ledger entries should equal the amount in the general ledger account

  • Problem 1.6 (page 20) In comprehensive paragraphs, answer requirements a to e. You will have 5 paragraphs total of four to five sentences each.
  • Problem 2.5 (page 41) Match each term with its definition.

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