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ACC-557 Homework 5 – Chapter 13
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Due Week 9 and worth 50 points
Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
Exercises
E13-3.Cushenberry Corporation had the following transactions.
Sold land (cost $12,000) for $15,000.
Issued common stock at par for $20,000.
Recorded depreciation on buildings for $17,000.
Paid salaries of $9,000.
Issued 1,000 shares of $1 par value common stock for equipment worth $8,000.
Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200.
Instructions
For each transaction above, (a) prepare the journal entry, and (b) indicate how it would affect the statement of cash flows using the indirect method.
E13-4.Gutierrez Company reported net income of $225,000 for 2015. Gutierrez also reported depreciation expense of $45,000 and a loss of $5,000 on the disposal of equipment. The comparative balance sheet shows a decrease in accounts receivable of $15,000 for the year, a $17,000 increase in accounts payable, and a $4,000 decrease in prepaid expenses.
Instructions
Prepare the operating activities section of the statement of cash flows for 2015. Use the indirect method.
Problems
P13-3A.The income statement of Whitlock Company is presented here.
Additional information:
Accounts receivable increased $200,000 during the year, and inventory decreased $500,000.
Prepaid expenses increased $150,000 during the year.
Accounts payable to suppliers of merchandise decreased $340,000 during the year.
Accrued expenses payable decreased $100,000 during the year.
Operating expenses include depreciation expense of $70,000.
Instructions
Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2015, for Whitlock Company, using the indirect method.
P13-7A.Presented below are the financial statements of Nosker Company.
Additional data:
Dividends declared and paid were $20,000.
During the year equipment was sold for $8,500 cash. This equipment cost $18,000 originally and had a book value of $8,500 at the time of sale.
All depreciation expense, $14,500, is in the operating expenses.
All sales and purchases are on account.
Instructions
Prepare a statement of cash flows using the indirect method.
Compute free cash flow.
ACC-557 Homework 4 Chapters 11 and 12
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Due Week 8 and worth 70 points
Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
Exercises
E11-7. Quay Co. had the following transactions during the current period.
Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate.
June 12 Issued 60,000 shares of $5 par value common stock for cash of $375,000.
July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.
Nov. 28 Purchased 2,000 shares of treasury stock for $80,000.
Instructions
Journalize the transactions.
E11-13. On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred.
Apr. 1 Issued 25,000 additional shares of common stock for $17 per share.
June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30.
July 10 Paid the $1 cash dividend.
Dec. 1 Issued 2,000 additional shares of common stock for $19 per share.
15 Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31.
Instructions
Prepare the entries, if any, on each of the three dividend dates.
How are dividends and dividends payable reported in the financial statements prepared at December 31?
E12-8. Presented below are two independent situations.
Gambino Cosmetics acquired 10% of the 200,000 shares of common stock of Nevins Fashion at a total cost of $13 per share on March 18, 2015. On June 30, Nevins declared and paid a $60,000 dividend. On December 31, Nevins reported net income of $122,000 for the year. At December 31, the market price of Nevins Fashion was $15 per share. The stock is classified as available-for-sale.
Kanza, Inc., obtained significant influence over Rogan Corporation by buying 40% of Rogan’s 30,000 outstanding shares of common stock at a total cost of $9 per share on January 1, 2015. On June 15, Rogan declared and paid a cash dividend of $30,000. On December 31, Rogan reported a net income of $80,000 for the year.
Instructions
Prepare all the necessary journal entries for 2015 for (a) Gambino Cosmetics and (b) Kanza, Inc.
E12-12.Uttinger Company has the following data at December 31, 2015.
The available-for-sale securities are held as a long-term investment.
Instructions
Prepare the adjusting entries to report each class of securities at fair value.
Indicate the statement presentation of each class of securities and the related unrealized gain (loss) accounts.
Problems
P11-3A.The stockholders’ equity accounts of Castle Corporation on January 1, 2015, were as follows.
Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized) $ 400,000
Common Stock ($1 stated value, 2,000,000 shares authorized) 1,000,000
Paid-in Capital in Excess of Par—Preferred Stock 100,000
Paid-in Capital in Excess of Stated Value—Common Stock 1,450,000
Retained Earnings 1,816,000
Treasury Stock (10,000 common shares) 50,000
During 2015, the corporation had the following transactions and events pertaining to its stockholders’ equity.
Feb. 1 Issued 25,000 shares of common stock for $120,000.
Apr. 14 Sold 6,000 shares of treasury stock—common for $33,000.
Sept. 3 �� Issued 5,000 shares of common stock for a patent valued at $35,000.
Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,000.
Dec. 31 Determined that net income for the year was $452,000.
No dividends were declared during the year.
Instructions
Journalize the transactions and the closing entry for net income.
Enter the beginning balances in the accounts, and post the journal entries to the stockholders’ equity accounts. (Use J5 for the posting reference.)
Prepare a stockholders’ equity section at December 31, 2015, including the disclosure of the preferred dividends in arrears.
P12-6A.The following data, presented in alphabetical order, are taken from the records of Nieto Corporation.
The investment in Sasse common stock is considered to be a long-term available-for-sale security.
Instructions
Prepare a classified balance sheet at December 31, 2015.
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ACC-557 Homework 4 Chapters 11 and 12
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Due Week 8 and worth 70 points
Directions: Answer the following questions on a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
Exercises
E11-7. Quay Co. had the following transactions during the current period.
Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate.
June 12 Issued 60,000 shares of $5 par value common stock for cash of $375,000.
July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.
Nov. 28 Purchased 2,000 shares of treasury stock for $80,000.
Instructions
Journalize the transactions.
E11-13. On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred.
Apr. 1 Issued 25,000 additional shares of common stock for $17 per share.
June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30.
July 10 Paid the $1 cash dividend.
Dec. 1 Issued 2,000 additional shares of common stock for $19 per share.
15 Declared a cash dividend on outstanding shares of $1.20 per share to stockholders of record on December 31.
Instructions
Prepare the entries, if any, on each of the three dividend dates.
How are dividends and dividends payable reported in the financial statements prepared at December 31?
E12-8. Presented below are two independent situations.
Gambino Cosmetics acquired 10% of the 200,000 shares of common stock of Nevins Fashion at a total cost of $13 per share on March 18, 2015. On June 30, Nevins declared and paid a $60,000 dividend. On December 31, Nevins reported net income of $122,000 for the year. At December 31, the market price of Nevins Fashion was $15 per share. The stock is classified as available-for-sale.
Kanza, Inc., obtained significant influence over Rogan Corporation by buying 40% of Rogan’s 30,000 outstanding shares of common stock at a total cost of $9 per share on January 1, 2015. On June 15, Rogan declared and paid a cash dividend of $30,000. On December 31, Rogan reported a net income of $80,000 for the year.
Instructions
Prepare all the necessary journal entries for 2015 for (a) Gambino Cosmetics and (b) Kanza, Inc.
E12-12.Uttinger Company has the following data at December 31, 2015.
The available-for-sale securities are held as a long-term investment.
Instructions
Prepare the adjusting entries to report each class of securities at fair value.
Indicate the statement presentation of each class of securities and the related unrealized gain (loss) accounts.
Problems
P11-3A.The stockholders’ equity accounts of Castle Corporation on January 1, 2015, were as follows.
Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized) $ 400,000
Common Stock ($1 stated value, 2,000,000 shares authorized) 1,000,000
Paid-in Capital in Excess of Par—Preferred Stock 100,000
Paid-in Capital in Excess of Stated Value—Common Stock 1,450,000
Retained Earnings 1,816,000
Treasury Stock (10,000 common shares) 50,000
During 2015, the corporation had the following transactions and events pertaining to its stockholders’ equity.
Feb. 1 Issued 25,000 shares of common stock for $120,000.
Apr. 14 Sold 6,000 shares of treasury stock—common for $33,000.
Sept. 3 Issued 5,000 shares of common stock for a patent valued at $35,000.
Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,000.
Dec. 31 Determined that net income for the year was $452,000.
No dividends were declared during the year.
Instructions
Journalize the transactions and the closing entry for net income.
Enter the beginning balances in the accounts, and post the journal entries to the stockholders’ equity accounts. (Use J5 for the posting reference.)
Prepare a stockholders’ equity section at December 31, 2015, including the disclosure of the preferred dividends in arrears.
P12-6A.The following data, presented in alphabetical order, are taken from the records of Nieto Corporation.
The investment in Sasse common stock is considered to be a long-term available-for-sale security.
Instructions
Prepare a classified balance sheet at December 31, 2015.
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ACC423 Complete Course Material
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ACC 423 Week 1 Discussion Question 1 ACC 423 Week 1 Discussion Question 2 ACC 423 Week 1 Summary ACC 423 Week 1 Individual Assignment Owners Equity Paper ACC 423 Week 2 Discussion Question 1 ACC 423 Week 2 Discussion Question 2 ACC 423 Week 2 Individual WileyPLUS Assignment E15-13 (a,b) , P15-1 , E16-20 , P16-7 ACC 423 Week 2 Learning Team Assignment P15-3 , P16-6 , P16-8 And CA16-4 ACC 423 Week 2 Summary ACC 423 Week 3 Discussion Question 1 ACC 423 Week 3 Discussion Question 2 ACC 423 Week 3 Individual WileyPLUS Assignment Exercise E17-7 , E17-12 , Problem P17-3 And P17-8 (a & c) ACC 423 Week 3 Learning Team Assignment P17 -1 And P17 – 9 ACC 423 Week 3 Summary ACC 423 Week 4 Discussion Question 1 ACC 423 Week 4 Discussion Question 2 ACC 423 Week 4 Individual WileyPLUS Assignment Exercise E19-6, E19-9 , Problem P19-1 And P19-3 ACC 423 Week 4 Learning Team Assignment P19 – 2 And P19 – 7 ACC 423 Week 4 Summary ACC 423 Week 5 Discussion Question 1 ACC 423 Week 5 Discussion Question 2 ACC 423 Week 5 Individual WileyPLUS Assignment Exercise E20-7, Problem P20-4, Exercise E22-19, Problem P22-6 ACC 423 Week 5 Learning Team Assignment P20 – 8 And P22 – 3 ACC 423 Week 5 Summary
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ACC400 Complete Course Material
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ACC 400 Week 1 DQ 1
What is a current asset? What is a non-current asset? What is the difference between the two types of assets? In which financial statement would you find these assets?
ACC 400 Week 1 DQ 2
What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why?
ACC 400 Week 1 DQ 3
What are internal controls? Why do companies need them? What are some examples of internal controls? Who is responsible for developing internal controls? What are some limitations of internal controls?
ACC 400 Week 1 DQ 4
What are intangible assets? How does a business obtain intangible assets? What is goodwill? Why would a business have an account for goodwill?
ACC 400 Week 1 E-text Individual Assignments – Problem Set P7-3B & Exercise E9.4 & Exercise 9.8
ACC 400 Week 1 Summary
ACC 400 Week 2 Description
ACC 400 Week 2 DQ 1
Explain what a current liability is and identify the major types of current liabilities. Explain what a long term liability is and provide examples. In which financial statement would you find these liabilities?
ACC 400 Week 2 DQ 2
What are the types of equity accounts? What is the role of equity accounts in raising capital? Under what circumstances would you not pay a dividend? Under what circumstances would you pay a dividend?
ACC 400 Week 2 DQ 3
Identify and discuss the major characteristics of a corporation, including the advantages and disadvantages of being a corporation.
ACC 400 Week 2 E-text Individual Assignments – Chapter 8 Questions 3 and 4, Exercise E8-5 & Exercise E9.9
ACC 400 Week 2 Summary
ACC 400 Week 2 Team Assignment-Text Assignments Exercise E7-2 & Problem Set B P7-2B
ACC 400 Week 3 Description
ACC 400 Week 3 DQ 1
What is horizontal analysis? What is the value in using horizontal analysis? Why would a company use this analysis? What does this analysis tell you?
ACC 400 Week 3 DQ 2
What are examples of irregular items? How does a change in accounting principles affect the financial statements? Who in the organization is responsible for the application of a change in an accounting principle? Why?
ACC 400 Week 3 DQ 3
What are the three most common types of ratios? Why are they important? Which ratios would you use to determine the long-term viability of an organization? Why?
ACC 400 Week 3 E-text Individual Assignments – Chapter 10 Questions 1, 7, 8, and 19, BE 10-1, BYP10-1, BYP11-10 & Internet Assignment 11-1
ACC 400 Week 3 Summary
ACC 400 Week 3 Team Assignment-Text Assignments – Chapter 13 13-4A
ACC 400 Week 4 Description
ACC 400 Week 4 DQ 1
What are some of the various lease options? When would you use one option over the others? What could be the financial impact of this decision?
ACC 400 Week 4 DQ 2
Under which circumstances would you lease versus purchase? What are the criteria that you would use to make this decision? What is the financial impact of this decision?
ACC 400 Week 4 DQ 3
What are the components of the capital structure? What are the differences of these components? How do you determine the optimal mix of the components of the capital structure?
ACC 400 Week 4 Individual Assignment Debt Vs. Equity Financing Paper
ACC 400 Week 4 Summary
ACC 400 Week 4 Team Assignment – Interpreting Financial Statements & BYP13-4 Coca Cola-Pepsi
ACC 400 Week 4 Team Assignment – Interpreting Financial Statements Report ACC 400 Week 4 Team Assignment BYP13-4 Coca Cola-Pepsi
ACC 400 Week 4 Team Assignment BYP13-4 Coca Cola-Pepsi ( Excel )
ACC 400 Week 5 Descrption
ACC 400 Week 5 E-text Individual Assignments – 13-4 Application of SFAC No. 13, Case 23.1 & Case 23.2
ACC 400 Week 5 Final Answer Sheet
ACC 400 Week 5 Team Assignment-Text Assignments – BYP 13-7, Exercises 23.10 and 23.12
ACC 400 Week 5 Final
1. Zelma Company’s last financial statements provided the following ratios:
Current ratio 3:2
Quick ratio 1:2
Accounts receivable turnover 9.0 times
Inventory turnover 8.0 times
Net income percentage 12.5%
Return on equity 22.6%
Return on assets 9.8%
To the nearest day, what is the operating cycle for Zelma?
a) 80 days
b) 86 days
c) 172 days
d) 129 days
2. The following events have been projected:
A. Cash sales and collections from customers totaling $980,000
B. Cash payments for operating expenses of $560,000
C. Cash payments for income taxes and interest expense of $45,000
D. Cash payments of prior period accruals of $80,000
E. Borrowed $50,000 cash by issuing a note payable
F. Cash dividends of $20,000
The beginning balance of cash is $45,000. What is the budgeted ending balance of cash?
a. $325,000
b. $370,000
c. $275,000
d. $245,000
3. On January 1, a business exchanged a plant asset with a cost of $18,000 and accumulated depreciation of $16,500 for a similar asset that had a list price of $23,000. The business received a trade-in allowance of $2,100 on the old plant asset. What was the result of the exchange?
a. A $600 gain on the disposal of a plant asset.
b. A $1,000 unrecognized gain on the exchange of a plant asset.
c. A cost basis of $22,400 for the new plant asset
d. A cost basis of $23,600 for the new plant asset
4. Which one of the following is not an objective of a system of internal controls?
a. Safeguard company assets
b. Overstate liabilities in order to be conservative
c. Enhance the accuracy and reliability of accounting records
d. Reduce the risks of errors
5. A company’s past experience indicates that 60% of its credit sales are collected in the month of sale, 30% in the next month, and 5 % in the second month after the sale; the remainder is never collected. Budgeted credit sales were:
July $120,000
August 72,000
September 180,000
The cash inflow in the month of September is expected to be
a. $135,600
b. $102,600
c. $108,000
d. $129,600
6. A check for $275 is incorrectly recorded by a company as $257. On the bank reconciliation, the $18 error should be
a. Added to the balance per books.
b. Deducted from the balance per book.
c. Added to the balance per bank.
d. Deducted from the balance per bank.
7. The Allowance for Doubtful Accounts is necessary because
a. when recording uncollectible accounts expense, it is not possible to know which specific accounts will not pay.
b. uncollectible accounts that are written off must be accumulated in a separate account.
c. a liability results when a credit sale is made.
d. management needs to accumulate all the credit losses over the years.
8. Under the direct write-off method of accounting for uncollectible accounts, Bad Debts Expense is debited
a. when a credit sale is past due.
b. at the end of each accounting period.
c. whenever a pre-determined amount of credit sales have been made.
d. when an account is determined to be uncollectible
9. Manning Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $200,000 and credit sales are $1,000,000. Management estimates that 5% of accounts receivable will be uncollectible. What adjusting entry will Manning Company make if the Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment?
a. Bad Debts Expense ……………………………………………….. 10,000
Allowance for Doubtful Accounts …………………….. 10,000
b. Bad Debts Expense ……………………………………………….. 8,000
Allowance for Doubtful Accounts …………………….. 8,000
c. Bad Debts Expense ……………………………………………….. 8,000
Accounts Receivable ……………………………………… 8,000
d. Bad Debts Expense ……………………………………………….. 10,000
Accounts Receivable ……………………………………… 10,000
10. The receivables turnover ratio
a. Is computed by dividing net credit sales for the accounting period by the cash realizable value of accounts receivable on the last day of the accounting period.
b. Can be used to compute the average collection period.
c. Is a method of evaluating the solvency of net accounts receivable.
d. Is only important to internal users of accounting information.
11. A measure of a company’s solvency is the
a. acid-test ratio.
b. current ratio.
c. times interest earned ratio.
d. asset turnover ratio.
12. The times interest earned ratio is computed by dividing
a. net income by interest expense.
b. income before income taxes by interest expense.
c. income before interest expense by interest expense.
d. income before interest expense and income taxes by interest expense.
13. The 2007 financial statements of Shadow Co. contain the following selected data (in millions).
Current Assets $ 75
Total Assets 120
Current Liabilities 40
Total Liabilities 85
Cash 8
Interest Expense 5
Income Taxes 10
Net Income 16
The debt to total assets ratio is
a. 70.8%
b. 53.3%
c. 1.41%
d. 6.2 times
14. The statement “Bond prices vary inversely with changes in the market rate of interest” means that if the
a. market rate of interest increases, the contractual interest rate will decrease.
b. contractual interest rate increases, then bond prices will go down.
c. market rate of interest decreases, then bond prices will go up.
d. contractual interest rate increases, the market rate of interest will decrease.
15. A company would not acquire treasury stock
a. in order to reissue shares to officers.
b. as an asset investment.
c. in order to increase trading of the company’s stock.
d. to have additional shares available to use in acquisitions of other companies.
16. Which of the following is the appropriate general journal entry to record the declaration of cash dividends?
a. Retained Earnings
Cash
b. Dividends Payable
Cash
c. Paid-in Capital
Dividends Payable
d. Retained Earnings
Dividends Payable
17. Allstate, Inc., has 10,000 shares of 6%, $100 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2007. If the board of directors declares a $50,000 dividend, the
a. preferred stockholders will receive 1/10th of what the common stockholders will receive.
b. preferred stockholders will receive the entire $50,000.
c. $50,000 will be held as restricted retained earnings and paid out at some future date.
d. preferred stockholders will receive $25,000 and the common stockholders will receive $25,000.
18. When a change in accounting principle occurs
a. prior years’ financial statements should not be changed to reflect the newly adopted principle.
b. the new principle should be used in reporting the results of operations of the current year.
c. the cumulative effect of the change in principle should be reflected on the income statement as of the beginning of the next year.
d. the cumulative effect of the change in accounting principle should be classified as an extraordinary item on the income statement.
19. Which of the following is not an irregular item on the income statement?
a. Discontinued operations
b. Extraordinary items
c. Other revenues and expenses
20. Vertical analysis is a technique that expresses each item in a financial statement
a. in dollars and cents.
b. as a percent of the item in the previous year.
c. as a percent of a base amount.
d. starting with the highest value down to the lowest value.
ACC 400 Final Exam Practice
1. A measure of a company’s solvency is the a. acid-test ratio. b. current ratio 2. Allowance for Doubtful Accounts is presented as a(n)
3. The financial statements of the Colter Manufacturing Company reports net sales
of $400,000 and accounts receivable of $80,000 and $40,000 at the beginning of the
year and end of year, respectively. What is the receivables turnover ratio for Colter?
4 . Lexter Company has a balance of $65,000 in Accounts Receivable and a $5,000
credit balance in Allowance for Doubtful Accounts. If a specific customer’s account
with a balance of $500 is written off as uncollectible, the cash (or net) realizable
value of the accounts receivable will be
5. Martin Textile purchased machinery for $50,000 eight years ago. It was expected
to have a useful life of ten years, no salvage value, and was depreciated using the
straight-line method. At the end of its eighth year of use it was retired from service
and given to a junk dealer. The entry to record the retirement includes
6. The cost of a patent should be amortized over a. 40 years
7. On July 1, 2007, Low Enterprises sold equipment with an original cost of $85,000
for $40,000. The equipment was purchased January 1, 2006, and was depreciated
using the straight-line method assuming a five year useful life and $5,000 salvage
value. The necessary entries for 2007 include
8. On the Balance Sheet the current portion of long-term debt should
9. Bonds that are subject to retirement at a stated dollar amount prior to maturity at
the option of the issuer are called a. options. b. early retirement bonds
10. The Muffin Company issued a five-year interest-bearing note payable for
$50,000 on January 1, 2005. Each January the company is required to pay $10,000
on the note. How will this note be reported on the December 31, 2006, balance sheet?
11. Toran Manufacturing declared an 10% stock dividend when it had 150,000
shares of $5 par value common stock outstanding. The market price per common
share was $12 per share when the dividend was declared. The entry to record this
dividend declaration includes a credit to
12. Richer Company paid $21,000 to buy 4,000 shares of its $6 par value common
stock for the treasury. The stock was originally sold for $25,000. The entry to record
the purchase includes
13. The purchase of treasury stock
14. Ross Paints reported sales of $350,000, total assets of $150,000, total stock-
holders’ equity of $60,000, current assets of $50,000, current liabilities of $30,000,
and cash of $15,000. In a vertical analysis of the balance sheet, cash would be shown
as
15. Common size analysis is one technique of
16. Swanson Company had inventory of $220,000 and $180,000 on December 31,
2007, and December 31, 2006, respectively. Cost of goods sold for 2007 was
$1,520,000. Average days in inventory is approximately
17. If common stock is issued for an amount greater than par value, the excess
should be credited to
18. Paid-in Capital in Excess of Par Value
19. The financial statements of the Bolton Manufacturing Company reports net sales
of $500,000 and accounts receivable of $50,000 and $30,000 at the beginning of the
year and end of year, respectively. What is the receivables turnover ratio for Bolton?
20. The following credit sales are budgeted by Rodriguez Company: February
50,000 March 70,000 April 60,000 The company’s past experience indicates that
80% of the accounts receivable are collected in the month of sale, 20% in the month
following the sale. The anticipated cash inflow for the month of April is
PART II — TRUE/FALSE 3 points each (39 points)
1. Under an operating lease, both the leased asset and the liability are shown on the
balance sheet.
2. Certain types of leases, called capital leases, allow the lessee to account for the
transaction as a rental.
3. The issuance of common stock affects both paid-in capital and retained earnings.
4. The acquisition of treasury stock by a corporation increases total assets and total
stockholders’ equity.
5. Treasury stock is reported as an asset on the balance sheet because treasury stock
may later be resold.
6. Horizontal analysis is a technique for evaluating a financial statement item in the
current year with other items in the current year.
7. Another name for horizontal analysis is trend analysis.
8. If a company has sales of $110 in 2007 and $154 in 2006, the percentage decrease
in sales from 2006 to 2007 is 140%.
9. Allowance for Doubtful Accounts is debited under the direct write-off method
when an account is determined to be uncollectible.
10. When the allowance method is used, the write-off of an account receivable
results in an expense at the time of write-off.
11. Allowance for Doubtful Accounts is a contra account that is deducted from
Accounts Receivable on the balance sheet.
12. The Allowance for Doubtful Accounts is a liability account.
13. When a monthly mortgage payment is made and recorded, the debit to Mortgage
Payable represents the reduction in the principal balance
PART III — MATCHING 3 points each (42 points) Match the items below by entering
the appropriate code letter in the space provided. A. Prenumbered documents G.
Cash budget B. Custody of an asset should be kept H. Restricted cash separate from
the record-keeping I. Invest idle cash for that asset J. Canceled checks C. Television
monitors, garment sensors K. NSF checks and burglar alarms are examples L.
Outstanding checks D. Bonding employees M. Petty cash receipt E. Collusion N. Cash
equivalents F. Cash 1. Segregation of duties. 2. Cash that is not available for general
use, but instead is restricted for a particular purpose. 3. Two or more employees
circumventing prescribed procedures. 4. Prevent a transaction from being recorded
more than once. 5. Checks which have been returned by the maker’s bank for lack of
funds. 6. Checks which have been paid by the depositor’s bank. 7. A projection of
anticipated cash flows. 8. Anything that a bank will accept for deposit. 9. Mechanical
and electronic control devices. 10. A basic principle of cash management. 11.
Insurance protection against misappropriation of assets. 12. Document indicating
the purpose of a petty cash expenditure. 13. Issued checks that have not been paid
by the bank. 14. Highly liquid investments.
PART IV — MATCHING 3 points each (30 points) Match the items below by entering
the appropriate code letter in the space provided. A. Serial bonds F. Current ratio B.
Debenture bonds G. Straight-line method of amortization C. Bond indenture H.
Times interest earned ratio D. Market interest rate I. Callable bonds E. Discount on
bonds payable J. Maturity date ____ 1. Bonds subject to retirement at a stated dollar
amount prior to maturity. ____ 2. A legal document that sets forth the terms of a bond
issue. ____ 3. Bonds that mature in installments. ____ 4. A measure of a company’s
short-term liquidity. ____ 5. The time that the final payment on a bond is due from
the bond issuer. ____ 6. A measure of a company’s solvency. ____ 7. The rate investors
demand for loaning funds to a corporation. ____ 8. Unsecured bonds issued against
the general credit of the borrower. ____ 9. Occurs when the contractual rate of
interest is less than the market rate of interest. ____ 10. Produces a periodic interest
expense that is the same amount each interest period.
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ACC340 Complete Course Material
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Week 1
ACC 340 Week Complete DQs
(a) How can an accounting information system add value to an organization’s processes and/or products? Explain in detail.
(B) What is some of the key information that is collected by your organization’s accounting information system, and how is it used ? Explain in detail
Week 2 DQ
(A) What issues enter into a given company’s design, acquisition, and implementation of accounting information system?
(B) Do you agree or disagree with the statement that “decision to acquire an accounting information system is a business decision not a systems decision”? What role does competitive advantage play in the decision to acquire an accounting information system?
What types of databases do you use in your personal life? What data do you store in these databases? How have they increased your efficiency?
How can you use the business cycles to create tables in a database? What types of reports would you create from these tables?
What is the most important phase of the SDLC? Why?
Why did Blue Cross and Blue Shield’s System 21 project fail? What can you learn from this example?
Individual Assignment: The Effects of Technology on the Accounting Profession Paper
Write a 700- to 1,050-word paper describing how information systems are changing the various aspects of the accounting profession.
o Include a description of a variety of new technologies and their effects on accounting processes.
o Discuss how these technologies have changed the way accounting is performed at your organization or at an organization of your choosing.
Cite at least two sources in your paper. Format your paper consistent with APA guidelines.
Week 2
Learning Team Assignment: Accounting Cycle Description Paper
Click the Virtual Organization link on the student website to access company information on Riordan Manufacturing. Then, select one of the accounting cycles. This selection is the basis of this and subsequent Learning Team assignments, so obtain faculty approval for your selection. Write a 1,050- to 1,400-word paper addressing the following:
o Identify the five accounting cycles and explain how this organization uses the accounting cycle you have selected.
o Comment on the strengths and weaknesses of the internal controls related to this cycle.
o Explain how you would integrate this part of the accounting cycle into an enterprise-wide accounting information system.
o Differentiate between the various types of information systems necessary to achieve this integration.
o Demonstrate the flow of accounting information through this organization.
Format your paper consistent with APA guidelines.
Week 3
Individual Assignment: Accounting Information Systems Simulation Summary
Complete the Accounting Information Systems simulation located on the student website. Write a 350-word summary addressing the following:
o What are the advantages of having the same person performing multiple activities in a particular process? What are the disadvantages?
o Where would you draw the line between cost-benefit analysis and accuracy of records?
o How would prioritization affect Ramos International’s expected loss over the current year?
Format your summary consistent with APA guidelines.
Learning Team Assignment: Hardware and Software Selection Paper
Write a 1,050- to 1,400-word paper using the same step of the accounting cycle your Learning Team selected for its Accounting Cycle Description Paper that examines the hardware and software necessary to integrate this accounting process into an automated system. Discuss what information might need to be shared between the different cycles. Include the following in your paper:
o Who needs access to the information?
o What controls need to be in place?
o What types of reports need to be generated?
o What information should be available through the corporate intranet or the Internet?
Week 4
Individual Assignment: Database Definition Exercise
Complete the University of Phoenix Material: Database Definitions Exercise located on the student website.
Individual Assignment: Assignments From the Readings
Write a response to the following assignment from the Core Concepts of Accounting Information Systems text:
o Chapter 13: Case Analyses 13–22 (Martin Shoes, Inc.)
Learning Team Assignment: Database Tables Exercise
Develop at least two tables, using the same step of the accounting cycle selected for your previous Learning Team assignments, that could be used in a database for your selected accounting cycle. Use keys to demonstrate the relationships between your database tables. Use fictitious data when entering information into the tables. Note. A key is a unique identifier that distinguishes rows within a database table. To view examples, please refer to your text.
Week 5
Individual Assignment: Sarbanes-Oxley Act Article Analysis
Use the Electronic Reserve Readings, the University Library, the Internet, or other credible resources to locate an article that examines the Sarbanes-Oxley Act. Write a 700- to 1,050-word summary of this article addressing the following:
o Explain how the Sarbanes-Oxley Act affects the internal control of your organization or an organization of your choosing.
o Discuss auditing around the computer and through the computer, the relevance of each, and how it affects your organization or an organization of your choosing.
Cite your article in your summary, and prepare to discuss your article in class. Format your summary consistent with APA guidelines
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ACC310 Cost Accounting Entire Course
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ACC 310 Week 1 DQ 1 Information for Decision Making and Cost Concepts and Behavior
Complete Exercise 1-18 and 2-19. Remember to complete all parts of the problems and report the results of your analysis. Do not forget to show the necessary steps and explain how your attained that outcome. Respond to at least two of your classmates’ postings.
ACC 310 Week 1 DQ 2 Fundamentals of Cost-Volume-Profit Analysis
Complete Question 3-16 and Exercise 3-33. Respond to at least two of your classmates’ postings
ACC 310 Week 1 Assignment CVP Analysis and Price Changes
ACC 310 Week 2 Course Description
ACC 310 Week 2 DQ 1 Fundamentals of Cost Accounting for Decision Making ACC 310 Week 2 DQ 2 Fundamentals of Product and Service Costing
ACC 310 Week 2 Assignment Special Orders
ACC 310 Week 3 Course Description
ACC 310 Week 3 DQ 1 Job and Process Costing ACC 310 Week 3 DQ 2 Activity Based Costing
ACC 310 Week 3 Assignment Choosing an Activity- Based Costing System
ACC 310 Week 4 Course Description
ACC 310 Week 4 DQ 1 Cost Management and Joint Allocation ACC 310 Week 4 DQ 2 Management Control Systems and Budgeting
ACC 310 Week 4 Assignment Prepare Budgeted Financial Statements
ACC 310 Week 5 Course Description
ACC 310 Week 5 DQ 1 Performance Measurement and Transfer Pricing ACC 310 Week 5 DQ 2 Fundamentals of Variance Analysis ACC 310 Week 5 Assignment Ethics and Standard Costs
ACC 310 Week 5 Final Paper
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ACC 577 Week 8 Assignment 1 Emerging Issues Task Force
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ACC 577 Assignment 1
ACC 577 Week 8 Assignment 1
Assignment 1: Emerging Issues Task Force Due Week 8 and worth 280 points
Review the Emerging Issues Task Force (EITF) on the FASB Website, located at http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1218220137512. Next, review the Description and Status of Current Issues section, located at http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1218220137528, along with the Exposure Drafts and Public Comment Documents, located at http://www.fasb.org/cs/ContentServer?site=FASB&c=Page&pagename=FASB%2FPage%2FSectionPage&cid=1176157086783.
Write a four to five (4-5) page paper in which you: 1. Analyze the primary way in which Emerging Issues Task Force (EITF) influences Generally Accepted Accounting Principles (GAAP). Based on your analysis, recommend one (1) improvement that the EITF could take in order to more effectively influence GAAP. 2. From the Description and Status of Current Issues section of the FASB Website, choose one (1) of the current issues, and analyze the EITF’s conclusion(s). Based on your analysis, make at least two (2) recommendations that would enhance the EITF’s conclusion(s). Provide a rationale to support your recommendation. 3. From the Exposure Drafts and Public Comment Documents section of the FASB Website, choose one (1) public comment on the most recent exposure draft issued by EITF. Analyze the chosen public comment, and give your opinion on whether or not you agree with the commenter. Support your position with at least two (2) examples. 4. Imagine that your company has tasked you with proposing a new agenda item for the EITF to consider. Create a scenario for one (1) accounting issue that you would propose, and support that proposal with a brief statement of the issue(s). 5. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.
Your assignment must follow these formatting requirements: • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. • Include a cover page containing the title of the assignment, your name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are: • Analyze the financial principles and concepts related to consolidated financial statements, intercompany transactions, combined financial statements, financial instruments, derivatives, hedging and contingencies, and commitments. • Analyze the financial principles and concepts related to earnings per share, disclosures and reporting, and foreign currency transactions. • Use technology and information resources to research issues in financial accounting and reporting. • Write clearly and concisely about financial accounting and reporting using proper writing mechanics.
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ACC 576 Assignment 1: Economic and Monetary Policy
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Using the Internet and Strayer Library, research the economies and monetary policies of two (2) countries.
Write a four to five (4-5) page paper in which you:
Choose one (1) of the two (2) countries that you have researched, and give your opinion on the degree to which the chosen country manages its economy and monetary policy well. Provide support for your opinion.
Compare and contrast the economies and monetary policies of the two (2) countries that you have researched. Make at least two (2) recommendations as to the primary manner in which both countries could improve their economy and / or monetary policies.
Analyze the impact that economic and monetary policies of one (1) of the chosen countries currently exerts upon its trade with other countries. Make at least two (2) recommendations as to changes that the chosen country should make to its policies to benefit its foreign trade.
Propose one (1) alternative economic and monetary policy that would make one (1) of the chosen countries stronger over the longer term. Support your proposal with anticipated outcomes related to the selected alternative policy.
Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, your name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Analyze domestic microeconomic and macroeconomic principles that impact businesses.
Analyze international economics and its impact on businesses, globalization, and business strategy.
Use technology and information resources to research issues in business law and tax.
Write clearly and concisely about business law and tax using proper writing mechanics.
Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric.
Points: 280
Assignment 1: Economic and Monetary Policy
Criteria
Unacceptable
Below 70% F
Fair
70-79% C
Proficient
80-89% B
Exemplary
90-100% A
1.Choose one (1) of the two (2) countries that you have researched, and give your opinion on the degree to which the chosen country manages its economy and monetary policy well. Provide support for your opinion.
Weight: 15%
Did not submit or incompletely chose one (1) of the two (2) countries that you have researched; did not submit or incompletely gave your opinion on the degree to which the chosen country manages its economy and monetary policy well. Did not submit or incompletely provided support for your opinion.
Partially chose one (1) of the two (2) countries that you have researched; partially gave your opinion on the degree to which the chosen country manages its economy and monetary policy well. Partially provided support for your opinion.
Satisfactorily chose one (1) of the two (2) countries that you have researched; satisfactorily gave your opinion on the degree to which the chosen country manages its economy and monetary policy well. Satisfactorily provided support for your opinion.
Thoroughly chose one (1) of the two (2) countries that you have researched; thoroughly gave your opinion on the degree to which the chosen country manages its economy and monetary policy well. Thoroughly provided support for your opinion.
2. Compare and contrast the economies and monetary policies of the two (2) countries that you have researched. Make at least two (2) recommendations as to the primary manner in which both countries could improve their economy and / or monetary policies. Weight: 20%
Did not submit or incompletely compared and contrasted the economies and monetary policies of the two (2) countries that you have researched. Did not submit or incompletely made at least two (2) recommendations as to the primary manner in which both countries could improve their economy and / or monetary policies.
Partially compared and contrasted the economies and monetary policies of the two (2) countries that you have researched. Partially made at least two (2) recommendations as to the primary manner in which both countries could improve their economy and / or monetary policies.
Satisfactorily compared and contrasted the economies and monetary policies of the two (2) countries that you have researched. Satisfactorily made at least two (2) recommendations as to the primary manner in which both countries could improve their economy and / or monetary policies.
Thoroughly compared and contrasted the economies and monetary policies of the two (2) countries that you have researched. Thoroughly made at least two (2) recommendations as to the primary manner in which both countries could improve their economy and / or monetary policies.
3. Analyze the impact that economic and monetary policies of one (1) of the chosen countries currently exerts upon its trade with other countries. Make at least two (2) recommendations as to changes that the chosen country should make to its policies to benefit its foreign trade.
Weight: 20%
Did not submit or incompletely analyzed the impact that economic and monetary policies of one (1) of the chosen countries currently exerts upon its trade with other countries. Did not submit or incompletely made at least two (2) recommendations as to changes that the chosen country should make to its policies to benefit its foreign trade.
Partially analyzed the impact that economic and monetary policies of one (1) of the chosen countries currently exerts upon its trade with other countries.Partially made at least two (2) recommendations as to changes that the chosen country should make to its policies to benefit its foreign trade.
Satisfactorily analyzed the impact that economic and monetary policies of one (1) of the chosen countries currently exerts upon its trade with other countries.Satisfactorily made at least two (2) recommendations as to changes that the chosen country should make to its policies to benefit its foreign trade.
Thoroughly analyzed the impact that economic and monetary policies of one (1) of the chosen countries currently exerts upon its trade with other countries.Thoroughly made at least two (2) recommendations as to changes that the chosen country should make to ��its policies to benefit its foreign trade.
4. Propose one (1) alternative economic and monetary policy that would make one (1) of the chosen countries stronger over the longer term. Support your proposal with anticipated outcomes related to the selected alternative policy.
Weight: 20%
Did not submit or incompletely proposed one (1) alternative economic and monetary policy that would make one (1) of the chosen countries stronger over the longer term. Did not submit or incompletely supported your proposal with anticipated outcomes related to the selected alternative policy.
Partially proposed one (1) alternative economic and monetary policy that would make one (1) of the chosen countries stronger over the longer term.Partially supported your proposal with anticipated outcomes related to the selected alternative policy.
Satisfactorily proposed one (1) alternative economic and monetary policy that would make one (1) of the chosen countries stronger over the longer term.Satisfactorily supported your proposal with anticipated outcomes related to the selected alternative policy.
Thoroughly proposed one (1) alternative economic and monetary policy that would make one (1) of the chosen countries stronger over the longer term.Thoroughly supported your proposal with anticipated outcomes related to the selected alternative policy.
5.3 references (or number in the assignment)
Weight: 5%
No references provided
Does not meet the required number of references; some or all references poor quality choices.
Meets number of required references; all references high quality choices.
Exceeds number of required references; all references high quality choices.
6.Writing Mechanics, Grammar, and Formatting
Weight: 5%
Serious and persistent errors in grammar, spelling, punctuation, or formatting.
Partially free of errors in grammar, spelling, punctuation, or formatting.
Mostly free of errors in grammar, spelling, punctuation, or formatting.
Error free or almost error free grammar, spelling, punctuation, or formatting.
7.Appropriate use of APA in-text citations and reference section
Weight: 5%
Lack of in-text citations and / or lack of reference section.
In-text citations and references are provided, but they are only partially formatted correctly in APA style.
In-text citations and references are error free or almost error free and consistently formatted correctly in APA style.
8.Information Literacy/Integration of Sources
Weight: 5%
Serious errors in the integration of sources, such as intentional or accidental plagiarism, or failure to use in-text citations.
Sources are mostly integrated using effective techniques of quoting, paraphrasing, and summarizing.
Sources are consistently integrated using effective techniques of quoting, paraphrasing, and summarizing.
9.Clarity and Coherence of Writing
Weight: 5%
Information is confusing to the reader and fails to include reasons and evidence that logically support ideas
Information is partially clear with minimal reasons and evidence that logically support ideas
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ACC 575 Week 9 Assignment 1 Federal Taxes
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Assignment 1: Federal Taxes
Due Week 9 and worth 240 points
Congress has asked you to evaluate the individual tax brackets in the federal tax code and make several recommendations to improve the fairness of the tax brackets. Using the Internet and Strayer Library, research the current federal tax brackets for individual tax payers.
Write a four to five (4-5) page paper in which you:
Give your opinion as to whether or not you believe the current progressive federal income tax structure is fair for most Americans. Provide support for your response.
Create an argument for what you believe should be the maximum federal income tax rate an individual should have to pay. Provide support for your argument.
Analyze the potential benefits that a flat tax structure might have on both taxpayers and the United States Treasury. Defend or critique a flat tax structure.
Propose at least two (2) changes to the current federal income tax structure that would benefit most taxpayers. Support your proposal with examples of such a benefit.
Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length.
The specific course learning outcomes associated with this assignment are:
Demonstrate knowledge of the concepts, rules, and methodologies’ application to federal taxation, and rules related to property, transactions, and income.
Demonstrate knowledge of the concepts, rules, and methodologies’ application to federal taxation and the ability to apply them to individuals.
Analyze tax research processes and practice, and other tax issues.
Use technology and information resources to research issues in business law and tax.
Write clearly and concisely about business law and tax using proper writing mechanics.
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ACC 571 Assignment 4: Asset Misappropriation and Corporate Governance
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For this assignment, use the Internet to research and identify an organization that was a victim of asset misappropriation.
Write a five to six (5-6) page paper in which you: 1. Based on your research, evaluate the type of asset misappropriations that occurred at the organization, and assess the factors that contributed to the misappropriation. Give your opinion on whether poor management or lack of management played a role in the asset misappropriation. Provide support for your rationale.
2. Evaluate the legal mechanisms that could have been used to recover assets through the civil and criminal justice systems. Assess whether the civil and criminal justice systems did an effective job in recovering the organization’s assets. Provide support for your rationale.
3. Assess management’s responsibility to share information related to the breach with various stakeholder groups, indicating what should be shared and how. Provide support for your rationale.
4. Review AICPA Statements on Auditing Standard (SAS) No. 99, “ Risk Factors Relating to Misstatements Arising from Misappropriation of Assets”, found within the text. Assess SAS 99 risk factors and discuss if the risk factors were prevalent in the organization you researched. Give your opinion on whether or not organizations should implement a plan that reviews risk factors on a regular basis to determine if fraud has occurred. Explain why or why not.
5. Review the corporate governance plan of the organization you researched, evaluate the effectiveness of the plan, and make suggestions for improvements to protect the stakeholders. Provide support for your rationale.
6. Recommend a fraud prevention plan for this organization. Determine what positive or negative consequences this fraud prevention plan might have on employees’ morale and the public perception of the organization.
Use at least four (4) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.
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ACC 571 Assignment 3 Fraud Schemes and Fraud Investigations
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Using the Internet, identify and research a company with an employee(s) who was involved in corporate fraud. Coordinate an investigation, identify various types of surveillance and covert operations, identify red flags, and recommend a fraud prevention plan.
Write a four to five (4-5) page paper in which you: 1.Based on your research, assume that you are fraud investigator assigned to coordinate an investigation of the fraudster. Determine how you would implement this investigation without the fraudster’s knowledge. Provide support for your rationale. 2.Assuming you are the fraud investigator on this case, assess what types of surveillance and / or covert operations you would use to collect evidence related to the fraud. Analyze technological options for investigating fraud, indicating what you believe to be the most effective option. Provide support for your rationale. 3.During the investigation, assess the most significant red flags which would have been an indication of possible fraud needing corrective action by management. 4.Based on your research, suggest key practices the fraud investigator could have used in conducting interviews with the fraudster and the company’s employees. Assess the various interviews and interrogation questions available to you, and select the type of interview and interrogation questions that would have been most appropriate for this investigation. Provide support for your rationale. 5.Recommend a fraud prevention plan for this organization. Determine the positive or negative consequences that this fraud prevention plan might have on employees’ morale and the public perception of the organization. Provide support for your rationale. 6.Use at least four (4) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources
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ACC 571 Assignment 2: Cybercrimes and Computer Security Systems
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With the advent of computers, cybercrime and Internet frauds are increasing in frequency and in size. The trend is likely to continue. Cybercrimes are described as activities in which a computer or network of computers are an integral part of a crime.
For this assignment, research the Internet or Strayer databases and identify an organization that was a victim of cybercrime.
Write a four to five (4-5) page paper in which you:
Based on your research, identify and assess the fraud that occurred in the organization, as well as the impact that the fraud had on the corporation’s investors and creditors.
Suggest how a financial forensic investigation could have detected fraud in the organization that you researched. Consider the risk factors, the elements of fraud, and the analysis of competing hypotheses.
Asses the economic losses that occurred at the organization you researched and recommend a plan of action for the company to restore any economic losses.
Compare and contrast accidental fraudsters and predators. Give your opinion on what type of fraudster(s) committed fraud at the organization you researched. Provide support for your rationale.
Evaluate how teamwork and leadership are effective tools for financial forensic investigations. Provide support for your evaluation.
Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.
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ACC 571 Assignment 1 Corporate Fraud Schemes
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Assignment 1: Corporate Fraud Schemes : Identify an organization (not Enron or any example discovered before the year 2010.) that was involved in corporate fraud. Explain how fraud can be detected and evaluate the importance of teamwork and leadership in a fraud investigation. For this assignment, research the Internet and identify an organization that was involved in corporate fraud. Write a three to four (3-4) page paper in which you:
1. Based on your research, identify and assess the fraud that occurred in the organization and the impact it has had on the corporation’s investors and creditors. Provide support for your rationale.
2. Suggest how a financial forensic investigation could have detected fraud in the organization that you researched. Consider the risk factors, the elements of fraud, and the analysis of competing hypotheses.
3. Evaluate how teamwork and leadership is an effective tool for financial forensic investigations. Provide support for your evaluation.
4. Assess the role of research in fraud examinations and financial forensics professions. Give your opinion on whether or not fraud examinations and financial forensics professions can have long-term success without continuous research in the field. Provide support for your rationale.
5. Use at least three (3) quality resources beyond the textbook in this assignment. Note: Wikipedia, Investopedia, Accounting Coach, About.com, eHow, DifferenceBetween.com, dictionaries, blogs, self-published material by individuals and similar Websites do not qualify as quality resources.
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ACC 570 Week 8 Assignment 4 IFRS and GAAP Convergence
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ACC 570 Assignment 4
ACC 570 Week 8 Assignment 4
Assignment 4: IFRS and GAAP Convergence Due Week 8 and worth 200 points
Perform additional research on the same U.S.-based multinational corporation from Assignment 3.
Write a six to eight (6-8) page paper in which you: 1. Briefly describe the corporation you researched (in one (1) short paragraph). 2. Given the SEC’s current position on requiring U.S. publically traded companies to report using the IFRS method of accounting, discuss whether or not it would be beneficial or punitive to the company when adopting IFRS. Explain your rationale. 3. Determine the differences that would occur (or have occurred) by using IFRS for the income statement, balance sheet, and statement of cash flows, and how these differences may attract investors to the company. 4. Compare and contrast the differences in the financial statements, and the advantages and disadvantages of using IFRS versus GAAP reporting. 5. Make recommendations as to whether the company you researched should use IFRS or GAAP as its reporting standard. Explain your rationale. 6. Include three (3) external peer-reviewed sources to support your position.
Your assignment must follow these formatting requirements: • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions. • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length.
The specific course learning outcomes associated with this assignment are: • Describe the institutional influences on accounting rules and practices • Analyze the nature and scope of international accounting rules and practices. • Evaluate the role of the International Accounting Standards Board and its effects on the practice of accounting. • Assess the accounting systems in select countries. • Use technology and information resources to research issues in international accounting systems. • Write clearly and concisely about international accounting systems using proper writing mechanics.
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ACC 564 Entire Course Accounting Information Systems
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ACC 564 Week 2 Assignment 1 – Information Needs for the AIS
In 1967, Russell Ackoff presented a classical analysis of misinformation in management (Ackoff’s Management Misinformation Systems, Case 1-1, pg. 21 of the text). Now, you need to fast-forward to the present. After reading the case, craft your own version of misinformation in management by developing five (5) key incorrect assumptions that management makes about its accounting information systems.
For this assignment, research the Internet or Strayer databases for information related to improper assumptions concerning accounting information systems.
Write a five to seven (5-7) page paper in which you:
Based on your research, assess how corporate leaders may make improper assumptions related to accounting information systems and the related information. Indicate the most negative potential impacts on business operations related to these assumptions. Provide support for your rationale.
Suggest three to four (3-4) ways in which organizational performance may be improved when information is properly managed within a business system. Provide support for your rationale.
Evaluate the level of system security (i.e., high, medium, low) needed to ensure information integrity within automated business systems. Provide support for your evaluation.
Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.
ACC 564 Week 3 Quiz 1
1) Which of the following statements below shows the contrast between data and information?
A) Data is the output of an AIS.
B) Information is the primary output of an AIS.
C) Data is more useful in decision-making than information.
D) Data and information are the same.
2) Information is
A) basically the same as data.
B) raw facts about transactions.
C) potentially useful facts when processed in a timely manner.
D) data that has been organized and processed so that it’s meaningful.
3) The value of information can best be defined as
A) how useful it is to decision makers.
B) the benefits produced by possessing and using the information minus the cost of producing it.
C) how relevant it is.
D) the extent to which it maximizes the value chain.
4) An accounting information system (AIS) processes ________ to provide users with ________.
A) data; information
B) data; transactions
C) information; data
D) data; benefits
5) Information that reduces uncertainty, improves decision makers’ ability to make predictions, or confirms or corrects their prior expectations, is said to be
A) complete.
B) relevant.
C) reliable.
D) timely.
6) Information that is free from error or bias and accurately represents the events or activities of the organization is
A) relevant.
B) reliable.
C) verifiable.
D) timely.
7) Information that does not omit important aspects of the underlying events or activities that it measures is
A) complete.
B) accessible.
C) relevant.
D) timely.
8) When two knowledgeable people acting independently each produce the same information, this information is said to be
A) complete.
B) relevant.
C) reliable.
D) verifiable.
9) Data must be converted into information to be considered useful and meaningful for decision-making. There are six characteristics that make information both useful and meaningful. If information is free from error or bias and accurately represents the events or activities of the organization, it is representative of the characteristic of
A) relevancy.
B) timeliness.
C) understandability.
D) reliability.
10) An accounting information system must be able to perform which of the following tasks?
A) collect transaction data
B) process transaction data
C) provide adequate controls
D) all of the above
11) Which of the following is not an example of a common activity in an AIS?
A) buy and pay for goods and services
B) sell goods and services and collect cash
C) summarize and report results to interested parties
D) recording of sales calls for marketing purposes
12) Which of the following is not one of the components of an AIS?
A) Internal controls and security measures
B) People
C) Procedures and instructions
D) Hardware
13) One group that relies on both the adequate collection and transformation of data for decision-making purposes for an organization is
A) management.
B) interested outsiders.
C) competitors.
D) the government.
14) The primary objective of accounting is to
A) implement strong internal controls.
B) provide useful information to decision makers.
C) prepare financial statements.
D) ensure the profitability of an organization.
15) The American Institute of Certified Public Accountants (AICPA) has recognized the importance of AIS and the major impact information technology has on the area of accounting. To recognize individual CPAs who have met educational and experiential requirements in this area, the group formally created the designation known as
A) the Certified Management Accountant.
B) the Certified Information Technology Professional.
C) the Certified Internal Auditor.
D) the Certified Data Processing Professional.
16) The AIS must include controls to ensure
A) safety and availability of data.
B) marketing initiatives match corporate goals.
C) information produced from data is accurate.
D) both A and C
17) A change in the AIS that makes information more easily accessible and widely available within an organization is most likely to first influence the
A) organizational culture.
B) customer base.
C) external financial statement users.
D) production activity.
18) The process of creating value for customers is the result of nine activities that form a
A) value chain.
B) profitable operation.
C) successful business.
D) support system.
19) The value chain concept is composed of two types of activities known as
A) primary and support.
B) primary and secondary.
C) support and value.
D) technology and support.
20) Which of the following is a primary activity in the value chain?
A) infrastructure
B) technology
C) purchasing
D) marketing and sales
More Questions are Included…
ACC 564 Week 4 Assignment 2 – Hacking the AIS
In today’s technology environment, hackers present a substantial risk to a firm’s accounting or business system. As the result of these attacks, firms suffer huge losses, ranging from financial losses to losses in confidence by consumers, creditors, and suppliers. Firms may have made a significant investment in financial and non-financial resources to secure these systems.
For this assignment, research the Internet or Strayer databases for information related to business systems that have been hacked.
Write a five to seven (5-7) page paper in which you:
Based on the information you researched, evaluate the level of responsibility of the company in terms of the effectiveness of the response to the security breach. Provide support for your rationale.
Imagine that the company that you researched uses a third-party accounting system. Assess the level of responsibility of the software provider to both the business and its clients. Provide support for your rationale.
Create an argument for additional regulation as a preventative measure against businesses being hacked. Provide support for your argument.
Provide at least three (3) recommendations for businesses to secure their systems and assets from hackers. Provide support for your recommendation.
Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.
ACC 564 Week 5 Quiz 2
1) Wally Hewitt maintains an online brokerage account. In early March, Wally received an email from the firm that explained that there had been a computer error and that provided a phone number so that Wally could verify his customer information. When he called, a recording asked that he enter the code from the email, his account number, and his social security number. After he did so, he was told that he would be connected with a customer service representative, but the connection was terminated. He contacted the brokerage company and was informed that they had not sent the email. Wally was a victim of
A) Bluesnarfing.
B) splogging.
C) vishing.
D) typosquatting.
2) When a computer criminal gains access to a system by searching records or the trash of the target company, this is referred to as
A) data diddling.
B) dumpster diving.
C) eavesdropping.
D) piggybacking.
3) Jerry Schneider was able to amass operating manuals and enough technical data to steal $1 million of electronic equipment by
A) scavenging.
B) skimming.
C) Internet auction fraud.
D) cyber extortion.
4) A part of a program that remains idle until some date or event occurs and then is activated to cause havoc in the system is a
A) trap door.
B) data diddle.
C) logic bomb.
D) virus.
5) The unauthorized copying of company data is known as
A) data leakage.
B) eavesdropping.
C) masquerading.
D) phishing.
6) Computer fraud perpetrators who use telephone lines to commit fraud and other illegal acts are typically called
A) hackers.
B) crackers.
C) phreakers.
D) jerks.
7) What is a denial of service attack?
A) A denial of service attack occurs when the perpetrator sends hundreds of messages from randomly generated false addresses, overloading an Internet service provider’s e-mail server.
B) A denial of service attack occurs when an e-mail message is sent through a re-mailer, who removes the message headers making the message anonymous, then resends the message to selected addresses.
C) A denial of service attack occurs when a cracker enters a system through an idle modem, captures the PC attached to the modem, and then gains access to the network to which it is connected.
D) A denial of service attack occurs when the perpetrator e-mails the same message to everyone on one or more Usenet newsgroups LISTSERV lists.
8) Gaining control of someone else’s computer to carry out illicit activities without the owner’s knowledge is known as
A) hacking.
B) hijacking.
C) phreaking.
D) sniffings.
9) Illegally obtaining and using confidential information about a person for economic gain is known as
A) eavesdropping.
B) identity theft.
C) packet sniffing.
D) piggybacking.
10) Tapping into a communications line and then entering the system by accompanying a legitimate user without their knowledge is called
A) superzapping.
B) data leakage.
C) hacking.
D) piggybacking.
11) Which of the following is not a method of identify theft?
A) Scavenging
B) Phishing
C) Shoulder surfing
D) Phreaking
So on…….
ACC 564 Week 7 Assignment 3 – Fraud in the Accounting Information System
For this assignment, research the Internet or Strayer databases to locate a firm that was involved in a fraud and / or embezzlement case.
Explain how the firm’s accounting information system (i.e., components and functions) contributed to the fraud and / or embezzlement. You will need to focus on how each component / function of the accounting information system failed, which resulted in the scandal / case.
Write a ten to twelve (10-12) page paper in which you:
Based on the information you researched, assess the failure of the firm’s accounting information system to prevent the related fraud / embezzlement.
Imagine that the company that you researched uses a third-party accounting system. Evaluate the effectiveness of the firm’s stakeholder in the event that a third-party accounting system suffers a breach. Include an assessment of the level of responsibility of the software provider to the business and its clients. Provide support for your rationale.
Determine what advances in accounting and / or information technology could have prevented the event from occurring. Provide support for your argument.
Evaluate what changes should be made to both the Sarbanes-Oxley Act of 2002 and other current laws in order to make them more effective in deterring companies from committing crimes.
Recommend a strategy that the company you indicated may use to prevent future business information failures. Indicate how the company should approach the implementation of your recommended strategy. Provide support for your recommendation.
Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.
ACC 564 Week 8 Quiz 3
1) The best example of a hash total for a payroll transaction file could be
A) total of employees’ social security numbers.
B) sum of net pay.
C) total number of employees.
D) sum of hours worked.
2) Error logs and review are an example of
A) data entry controls.
B) data transmission controls.
C) output controls.
D) processing controls.
3) Following is the result of batch control totals on employee Social Security Numbers in a payroll processing transaction:
The difference in the control totals is 720,000. Which data entry control would best prevent similar data entry errors in the future?
A) Modulus 11
B) Validity check
C) Check digit
D) Sequence check
4) Which of the following data entry controls would not be useful if you are recording the checkout of library books by members?
A) Sequence check
B) Prompting
C) Validity check
D) Concurrent update control
5) A customer failed to include her account number on her check, and the accounts receivable clerk credited her payment to a different customer with the same last name. Which control could have been used to most effectively to prevent this error?
A) Closed-loop verification
B) Duplicate values check
C) Validity check
D) Reconciliation of a batch control total
6) If invoices are processed in groups of fifty, which fields from the document shown below would not be used to create a hash control total?
A) Amount
B) Item Number
C) Quantity Ordered
D) Sales Order number
7) A data entry input control in which the application software sums the first four digits of a customer number to calculate the value of the fifth digit and then compares the calculated number to the number typed in during data entry is an example of a
A) check digit verification.
B) validity check.
C) closed-loop verification.
D) duplicate data check.
8) All of the following controls for online entry of a sales order would be useful except
A) check digit verification on the dollar amount of the order.
B) validity check on the inventory item numbers.
C) field check on the customer ID and dollar amount of the order.
D) concurrent update control.
9) A specific inventory record indicates that there were 12 items on hand before a customer brings two of the items to the check stand to be purchased. The cashier accidentally entered quantity 20 instead of 2. Which data entry control would best have prevented this error?
A) sign check
B) limit check
C) validity check
D) field check
10) When processing weekly payroll, an employee accidentally entered 400 for hours worked. The best data entry control for this error would be
A) a limit check.
B) a check digit.
C) batch total reconciliation.
D) a field check.
11) The data entry control that would best prevent entering an invoice received from a vendor who is not on an authorized supplier list is
A) a validity check.
B) an authorization check.
C) a check digit.
D) closed-loop verification.
12) Forms design is an example of this type of control.
A) Data entry control
B) Processing control
C) Output control
D) Input control
13
14
…………..
ACC 564 Week 9 Quiz 4
1) Using a file-oriented approach to data and information, data is maintained in
A) a centralized database.
B) many interconnected files.
C) many separate files.
D) a decentralized database.
2) In a well-structured relational database,
A) every table must be related to at least one other table.
B) every table must be related to all other tables.
C) one table must be related to at least one other table.
D) one table must be related to all other tables.
3) File-oriented approaches create problems for organizations because of
A) multiple transaction files.
B) a lack of sophisticated file maintenance software.
C) multiple users.
D) multiple master files.
4) Which statement is true regarding file systems?
A) Transaction files are similar to ledgers in a manual AIS.
B) Multiple master files create problems with data consistency.
C) Transaction files are permanent.
D) Individual records are never deleted in a master file.
5) The ________ acts as an interface between the database and the various application programs.
A) data warehouse
B) database administrator
C) database management system
D) database system
6) The combination of the database, the DBMS, and the application programs that access the database through the DBMS is referred to as the
A) data warehouse.
B) database administrator.
C) database system.
D) database manager.
7) The person responsible for the database is the
A) data coordinator.
B) database administrator.
C) database manager.
D) database master.
8) All of the following are benefits of the database approach except:
A) Data integration and sharing
B) Decentralized management of data
C) Minimal data redundancy
D) Cross-functional analysis and reporting
More Questions are also Included
ACC 564 Week 10 Assignment 4 – Changing the Accounting Information System
Migrating to a new accounting information system is not an easy task. Many firms have struggled with this process, even though our textbook makes the process seem quite straightforward. Recently, IBM recapped some of the lessons learned in migrating to a new accounting information system within the federal government. These lessons can be applied to any accounting information system project. Others have developed their own recommendations for best practices and lessons learned involving implementing accounting information systems. However, in order to appreciate what IBM and others are proposing, we need to apply lessons learned to a real-life situation involving the failure to implement an accounting system properly.
For this assignment, research the Internet or Strayer databases for information related to a real-life accounting information system failure and best practices, as well as lessons learned from implementing the accounting system. In addition to information that you may find during your research, please use the following IBM article to complete the assignment: (http://www.businessofgovernment.org/article/what-we-know-now-lessons-learned-implementing-federal-financial-systems-projects).
Write a ten to twelve (10-12) page paper in which you:
Identify three to five (3-5) factors that contributed to the accounting information system failure within the business that you have identified. Indicate the impact to the business. Provide support for your rationale.
Assess senior management responsibility for the failure in question. Specify what the senior management could have done differently to avoid the failure. Provide support for your rationale.
Evaluate whether the most significant failure occurred within the system design, implementation, or operational phase of the process. Indicate what the company could have done to avoid the failed outcome. Provide support for your rationale.
Evaluate how implementing best practices would have reduced the chances for failure. Provide support for your rationale.
Based on your research, develop a list of between four (4) and six (6) best practices that organizations should use today to reduce the chances for failure. Provide support for your rationale.
Using the information provided by IBM and others, indicate which of the principles designed to provide insight into effective and efficient strategies on how to best deploy financial management systems, which were outlined within the related article, should serve as an example of what not to do when establishing the foundation for a firm to follow. Your proposed foundation should consist of at least two (2) principles, but no more than six (6). Provide support for your rationale.
Use at least three (3) quality resources in this assignment
ACC 564 Week 11 Final Exam Answers
1) Which of the following statements below shows the contrast between data and information? A) Data is the output of an AIS. B) Information is the primary output of an AIS. C) Data is more useful in decision-making than information. D) Data and information are the same.
2) Information is A) basically the same as data. B) raw facts about transactions. C) potentially useful facts when processed in a timely manner. D) data that has been organized and processed so that it’s meaningful.
3) The value of information can best be defined as A) how useful it is to decision makers. B) the benefits produced by possessing and using the information minus the cost of producing it. C) how relevant it is. D) the extent to which it maximizes the value chain.
4) An accounting information system (AIS) processes ________ to provide users with ________. A) data; information B) data; transactions C) information; data D) data; benefits
5) Information that reduces uncertainty, improves decision makers’ ability to make predictions, or confirms or corrects their prior expectations, is said to be A) complete. B) relevant. C) reliable. D) timely.
6) Information that is free from error or bias and accurately represents the events or activities of the organization is A) relevant. B) reliable. C) verifiable. D) timely.
7) Information that does not omit important aspects of the underlying events or activities that it measures is A) complete. B) accessible. C) relevant. D) timely.
8) When two knowledgeable people acting independently each produce the same information, this information is said to be A) complete. B) relevant. C) reliable. D) verifiable.
9) Data must be converted into information to be considered useful and meaningful for decision-making. There are six characteristics that make information both useful and meaningful. If information is free from error or bias and accurately represents the events or activities of the organization, it is representative of the characteristic of A) relevancy. B) timeliness. C) understandability. D) reliability.
10) An accounting information system must be able to perform which of the following tasks? A) collect transaction data B) process transaction data C) provide adequate controls D) all of the above
11) Which of the following is not an example of a common activity in an AIS? A) buy and pay for goods and services B) sell goods and services and collect cash C) summarize and report results to interested parties D) recording of sales calls for marketing purposes
12) Which of the following is not one of the components of an AIS? A) Internal controls and security measures B) People C) Procedures and instructions D) Hardware
13) One group that relies on both the adequate collection and transformation of data for decision-making purposes for an organization is A) management. B) interested outsiders. C) competitors. D) the government.
14) The primary objective of accounting is to A) implement strong internal controls. B) provide useful information to decision makers. C) prepare financial statements. D) ensure the profitability of an organization.
15) The American Institute of Certified Public Accountants (AICPA) has recognized the importance of AIS and the major impact information technology has on the area of accounting. To recognize individual CPAs who have met educational and experiential requirements in this area, the group formally created the designation known as A) the Certified Management Accountant. B) the Certified Information Technology Professional. C) the Certified Internal Auditor. D) the Certified Data Processing Professional.
16) The AIS must include controls to ensure A) safety and availability of data. B) marketing initiatives match corporate goals. C) information produced from data is accurate. D) both A and C
17) A change in the AIS that makes information more easily accessible and widely available within an organization is most likely to first influence the A) organizational culture. B) customer base. C) external financial statement users. D) production activity.
18) The process of creating value for customers is the result of nine activities that form a A) value chain. B) profitable operation. C) successful business. D) support system.
19) The value chain concept is composed of two types of activities known as A) primary and support. B) primary and secondary. C) support and value. D) technology and support.
20) Which of the following is a primary activity in the value chain? A) infrastructure B) technology C) purchasing D) marketing and sales
21) In value chain analysis, what is the activity of arranging the delivery of products to customers called? A) outbound logistics B) inbound logistics C) shipping D) delivery
22) An AIS provides value by A) improving products or services through information that increases quality and reduces costs. B) providing timely and reliable information to decision makers. C) creating new products. D) both A and B
23) In Chapter 1, Figure 1-4 shows the factors that influence the design of AIS. The diagram shows a bi-directional arrow between the organizational culture and the AIS. The reason for this two-way interchange between organizational culture and AIS is A) that the AIS should not influence the values of the organizational culture. B) because the organization’s culture influences the AIS, and likewise the AIS influences the organization’s culture by controlling the flow of information within the organization. C) due to the transfer of managers between the two corporate elements. D) the AIS impacts the organization’s key strategies.
24) An example of inbound logistics would consist of A) the activities that transform inputs into final products or services. B) the activities that help customers to buy the organization’s products or services. C) the activities that provide post-sale support to customers. D) the activities that consist of receiving, storing, and distributing the materials used as inputs by the organization to create goods and/or services it sells.
25) A good example of how an AIS is used to share knowledge within an organization is A) the use of a corporate database to help staff identify the relevant experts who can help with a particular client. B) the use of laptop computers to access a network for messaging worldwide. C) the monitoring of production equipment to watch for defects. D) the use of point-of-sale data to determine hot-selling items.
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ACC 564 Assignment 4 Changing the Accounting Information System
Follow Below Link to Buy Answer or Oder Us for 100% Original and Plagiarism Free Work
Email us for original work at ( [email protected] )
http://homeworkeducation.com/downloads/acc-564-assignment-4-changing-the-accounting-information-system/
Migrating to a new accounting information system is not an easy task. Many firms have struggled with this process, even though our textbook makes the process seem quite straightforward. Recently, IBM recapped some of the lessons learned in migrating to a new accounting information system within the federal government. These lessons can be applied to any accounting information system project. Others have developed their own recommendations for best practices and lessons learned involving implementing accounting information systems. However, in order to appreciate what IBM and others are proposing, we need to apply lessons learned to a real-life situation involving the failure to implement an accounting system properly.
For this assignment, research the Internet or Strayer databases for information related to a real-life accounting information system failure and best practices, as well as lessons learned from implementing the accounting system. In addition to information that you may find during your research, please use the following IBM article to complete the assignment: (http://www.businessofgovernment.org/article/what-we- know-now-lessons-learned-implementing-federal-financial-systems-projects).
Write a ten to twelve (10-12) page paper in which you:
Identify three to five (3-5) factors that contributed to the accounting information system failure within the business that you have identified. Indicate the impact to the business. Provide support for your rationale.
Assess senior management responsibility for the failure in question. Specify what the senior management could have done differently to avoid the failure. Provide support for your rationale.
Evaluate whether the most significant failure occurred within the system design, implementation, or operational phase of the process. Indicate what the company could have done to avoid the failed outcome. Provide support for your rationale.
Evaluate how implementing best practices would have reduced the chances for failure. Provide support for your rationale.
Based on your research, develop a list of between four (4) and six (6) best practices that organizations should use today to reduce the chances for failure. Provide support for your rationale.
Using the information provided by IBM and others, indicate which of the principles designed to provide insight into effective and efficient strategies on how to best deploy financial management systems, which were outlined within the related article, should serve as an example of what not to do when establishing the foundation for a firm to follow. Your proposed foundation should consist of at least two (2) principles, but no more than six (6). Provide support for your rationale.
Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12),with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
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ACC 562 Assignment 4 Financial Analysis
Follow Below Link to Buy Answer or Oder Us for 100% Original and Plagiarism Free Work
Email us for original work at ( [email protected] )
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Visit the Website of Eastman Kodak at http://www.kodak.com and review the most recent financial report.
Write a six to eight (6-8) page paper in which you:
Evaluate the current financial condition of Eastman Kodak based on its most recent quarterly report, which can be located at http://www.Kodak.com. Based on your evaluation, discuss the most significant “red flags” for its public accounting firm to consider.
Assume that you are the PricewaterhouseCoopers audit engagement partner and have assessed Kodak as a high-risk client. Explain the modification you would make to the audit engagement procedures to minimize any potential liability of the firm.
Create an argument to the Kodak shareholders that, despite the long relationship between Kodak and PricewaterhouseCoopers, the public accounting firm maintains its professional independence.
In audits of high-risk clients, determine which requirements in the AICPA’s Code of Professional conduct are most likely to be breached by the auditors. Provide your rationale.
Analyze the risk of financial fraud at Kodak and how it is most likely to be committed.
Based on your analysis of the financial fraud risk areas, discuss the internal controls that should be implemented.
Given Kodak filing for bankruptcy, discuss the fiduciary responsibility of the audit committee and board of directors.
Use at least four (4) quality resources in this assignment.
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