...Assignment 1: Review of Accounting Ethics Kelvin Darden Strayer University ACC 557 Darren Tennyuk May 5, 2013 Assignment 1: Review of Accounting Ethics The New Zealand Institute of Chartered Accounts (NZICA) represents over 33,000 members in New Zealand and overseas. The organization audits private companies and public companies that are members of the organization (Graham, 1960). In October 2012, the organization was found to be practicing breaches of accounting with its members when an employee of the organization was found investing in different companies using client’s money. The loans were supposed to be short-term loans but it turned out they were not, this was discovered after complaints from clients. 1. Given the corporate ethical breaches in recent times, assess whether or not you believe that the current business and regulatory environment is more conducive to ethical behavior. Provide support for your answer. In recent times the NZICA has faced several cases of accounting ethical breaches. There were unpredictable increases and collapses of chartered accountants. From every corner, voices rose demanding accountability, demanding tighter regulation and unethical practices to be brought to justice. Clearly, those at fault should have been punished. However, in order for ethical principles to apply it must be shown that the institution is inherently moral or ethically responsible (Graham, 1960). Secondly, an adequate discussion of what...
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...MATTEL, Inc. BYP8-5 November 3, 2011 ACC 557 Jerry Mays Manhattan Company 1234 Long Lane Manhattan, New York 11131 November 3, 2011 Mr. Mays, I hope this letter finds you well. As the new auditor for the CPA firm of Croix, Marais, and Kale, I would like to offer some suggestions to your great company for your internal controls. When having a strong internal control system, the internal controls are established to perform the following: 1. “Safeguard its assets from employee theft, robbery, and unauthorized use. 2. Enhance the accuracy and reliability of its accounting records. This is done by reducing the risk of errors (unintentional mistakes) and irregularities (intentional mistakes and misrepresentations) in the accounting process” (Weygandt, Kimmel, Kieso, p.340, 2010). After reviewing some of your financial records and looking into your internal control system, they are some valuable suggestions I would like to recommend to your company. “Control is most effective when only one person is responsible for a given task (Weygandt, Kimmel, Kieso, p.341).” Your company possesses weakness in the following areas: establishment of responsibility (assign responsibility to specific employees) and segregation of duties (separation of duties) and documentation procedures. Your checks are properly endorsed; however, there should be a record of what checks are deposited. This way the accountant...
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...Ethical Breeches and the Current Corporate Environment Gretchen Tyler Dr. Alfred C. Greenfield, Jr. Strayer University ACC 557 Financial Accounting July 20, 2013 In recent years, there have been many ethical accounting breeches in large corporations that ended up costing investors and employees of the corporations a lot of money. Enron was a major player in many breeches, and ultimately was one of the key players for the SEC creating new guidelines and punishments for fraudulent behavior, the Sarbanes-Oxley Act. As of today, with the SOX act put in place for almost 11 years, there are still corporate breeches, Chesapeake Energy, Wal-Mart, Green Mountain Coffee, and Groupon are among the most recent (Rogers, 2012). I believe the SOX act helped prevent a lot of accounting illegalities and helped to protect the shareholders, but ultimately the act is not strong enough or covers enough to prevent it all. While more accountability is definitely held with the CFO, and CEO of corporations, as well as with outside accounting teams, the SEC is not going forward with investigations regarding independent CPAs or accounting firms (Benston & Hartgraves, 2002). Chesapeake Energy is a clear example; the CEO had taken out $1.1 billion in loans funded by Chesapeake in return for stake in the company (Driver & Grow, 2012; McKenna, 2012). The SEC has rules against taking out loans for stocks, but because it does not mention any areas related to stake in the company, it falls in a grey...
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...Financial Statements ACC 557 26 February 2012 How Can the Use of the Balance Sheet Be Applied to Your Every Day Life. Having solid knowledge of the balance sheet can help one in everyday life in personal investment decisions. First, the balance sheet gives a person an idea of the overall financial health of the company. One can see the amount of assets and liabilities a company has and make a decision as to the overall economic viability before making a stock purchase. Second, one can use the numbers from the balance sheet to compare to other companies in similar sectors in order to decide which company provides the greatest opportunity for investment. Third, the numbers from the balance sheet can be used to create ratios that tell a little more information about a company. For example, a person could use balance sheet numbers to figure up the asset to liabilities ratio. This number could provide some insight into whether a company will be able to meet its financial obligations. After all these factors are considered a person might be able to make a fairly sound investment in a company's stock. How a Manage May Benefit From Understanding the Balance Sheet There are several ways a business manager can benefit from understanding the balance sheet. First, if the company invests in other companies then having a good knowledge of the balance sheet would help a business manager advise leaderships on which companies look good financially. Second, understanding...
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...GUIDELINES...............................................................................7 REAR YARD FENCE GUIDELINES ......................................................................................9 PLAY EQUIPMENT GUIDELINES ......................................................................................11 SATELLITE RECEIVER (DISH) GUIDELINES ..................................................................13 GENERAL IMPROVEMENTS, LANDSCAPE & MAINTENANCE GUIDELINES..........14 LIST OF RECOMMENDED PLANT SPECIES ....................................................................19 EXHIBIT A REQUEST FORM 2 CHRISTENBURY MASTER ASSOCIATION, INC. ARCHITECTURAL CONTROL COMMITTEE INTRODUCTION The Architectural Control Committee (ACC) is providing the attached Architectural Design Guidelines (“Guidelines”) in accordance with that Declaration of Covenants, Easements, Conditions and Restrictions (“Declaration”), for purposes of establishing and maintaining exterior design elements throughout Christenbury. This document should be filed with the homeowners’ copy of the Declaration received at closing. It is the responsibility of each homeowner to pass along the Declaration and Guidelines to any future buyer of their home at Christenbury. It is important to note that the Guidelines are applicable to most all future building exterior and property...
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...Jose Cando ENGL-2327 April 26, 2014 Balcones Fiction and Poetry Winners Reading Event: Natalie Diaz’s Reading of When My Brother Was an Aztec Outside the ACC Theater on April 9th, the public was greeted by tables of refreshment including fruits cheeses and crackers which was a nice surprise. Although, I had expected a packed theater, only about forty people were waiting inside. The event started at 6:30 pm when Charlotte Gullick, the chair of the creative a writing department took the stage. After promoting some of creative writing classes at ACC, she described the significance of the Balcones prizes. A teacher from the English department took the stage next to talk a little more about the Balcones prize. He pointed out that Natalie Diaz was the sixteenth winner of this prize. He described Ms. Diaz as a woman with her foot “in three different worlds.” Her childhood was spent on the Mojave reservation in the California Desert. She attended college in Virginia on a basketball scholarship, and from there she played professional basketball in Europe and Asia. After injuring her knee, she left basketball to study poetry in graduate school. Therefore, he claimed, she has a foot in the worlds of the reservation, basketball and poetry. With that, he welcomed Nathalie to the stage. Nathalie jumped into reading her poem, “When My Brother Was an Aztec.” I was shocked to hear the bitterness and resentment in her voice as she describe her brother as a nasty and careless force which...
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...ACC 557 week 6 Homework CH 09 CH 10 Click below link for Answers http://workbank247.com/q/acc-557-week-6-homework-ch-09/3342 http://workbank247.com/q/acc-557-week-6-homework-ch-09/3342 Week 6 Quiz Answers http://workbank247.com/q/acc557-week-6-quiz-ch-07-and-08/3344 Exercise 9-9 | | | | Your answer is correct. | | | Presented below are selected transactions at Tomas Company for 2014. Jan. 1 | | Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $58,000 on that date. It had a useful life of 10 years with no salvage value. | June 30 | | Sold a computer that was purchased on January 1, 2011. The computer cost $40,000. It had a useful life of 5 years with no salvage value. The computer was sold for $14,000. | Dec. 31 | | Discarded a delivery truck that was purchased on January 1, 2010. The truck cost $33,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value. | Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Tomas Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2013.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Exercise 9-11 (Part Level Submission) | | On July 1, 2014, Sutton Inc. invested $720,000 in a mine estimated to have 800,000 tons of ore of uniform grade. During the last 6 months of 2014...
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...ACC 557 Problem 12-6A Follow Below Link to Download Tutorial https://homeworklance.com/downloads/acc-557-problem-12-6a/ For More Information Visit Our Website ( https://homeworklance.com/ ) Email us At: Support@homeworklance.com or lancehomework@gmail.com Problem 12-6A The following data, presented in alphabetical order, are taken from the records of Radar Corporation. Accounts payable $239,940 Accounts receivable 140,640 Accumulated depreciation—buildings 179,250 Accumulated depreciation—equipment 51,270 Allowance for doubtful accounts 5,020 Bonds payable (10%, due 2020) 500,300 Buildings 950,390 Cash 41,980 Common stock ($10 par value; 491,980 shares authorized, 149,720 shares issued) 1,497,200 Dividends payable 79,080 Equipment 275,620 Fair value adjustment—non-trading securities (Dr) 7,000 Goodwill 200,650 Income taxes payable 119,490 Inventory 170,150 Investment in Mara common stock (30% ownership), at equity 379,160 Investment in Sasse common stock (10% ownership), at cost 277,090 Land 389,940 Notes payable (due 2015) 70,840 Paid-in capital in excess of par—common stock 136,190 Premium on bonds payable 39,560 Prepaid insurance 15,720 Retained earnings 103,200 Short-term investment, at fair value (and cost) 180,000 Unrealized gain—non-trading securities 7,000 The investment in Sasse common stock is considered to be a long-term non-trading security. Prepare a classified balance sheet at December 31, 2014...
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...Ethical Breaches ACC 557 Name Date Instructor Introduction In recent years, accounting ethical breaches has emerged as a major problem for most of the organizations. With growth of businesses, the number of accounting ethical breaches has also increased in organizations. Accounting ethical breaches may be defined as the misappropriation and misconduct of financial data by the auditors and accountants of the company (Duska & Ragatz, 2011). The accounting ethical breaches not only affect the organization, but also the stakeholders involved with the organization. The paper will discuss the accounting ethical breach in Enron. The paper will also discuss the ethical issues, accounting ethical breaches and the recommendations to prevent such breaches. Ethical Behavior in Current Business and Regulatory Environment With increasing number of corporate ethical breaches, the role of ethical behavior has increased in organizations. The organizations are more supportive to ethical behavior ensuring risk, compliance and governance culture within organization. As a part of this culture, effective communication around ethical practices has been followed by the organization. Since ethical breaches are mainly done for the sake of money, rewarding and ethical practices has effectively helped organizations to minimize the ethical breaches (Ferrell & Fraedrich, 2009). At the same time, ethical breaches have not only affected the image of the company, but are also responsible for...
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...ACC557 week 6 QUIZ Week 6 Quiz Answers http://workbank247.com/q/acc557-week-6-quiz-ch-07-and-08/3344 Click below link for week 6 Homework Answers http://workbank247.com/q/acc-557-week-6-homework-ch-09/3342 ACC557 week 6 QUIZ CH 07 and 08 Multiple Choice Question 107 A bank statement is a credit reference letter written by the depositor's bank. shows the activity which increased or decreased the depositor's account balance. is a bill from the bank for services rendered. lets a depositor know the financial position of the bank as of a certain date. Multiple Choice Question 65 In large companies, the independent internal verification procedure is often assigned to management. computer operators. internal auditors. outside CPAs. Multiple Choice Question 104 All of the following are parties to a check except the Federal Reserve. maker. bank. payee. Multiple Choice Question 43 Internal controls are concerned with preparing income tax returns. safeguarding assets. the extent of government regulations. only manual systems of accounting. Multiple Choice Question 146 If a check correctly written and paid by the bank for $591 is incorrectly recorded on the company’s books for $519, the appropriate treatment on the bank reconciliation would be to deduct $72 from the book’s balance. add $72 to the book’s balance. deduct $72 from the bank’s balance. deduct $591 from...
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...Expert Training Group Business Plan Accounting 557 August 8, 2014 Expert Training Group Business Plan As an Army veteran of 30 years of military and contracting serve, training Soldiers have always been my passion. My expertise has always been military training. Although training Soldiers can be dangerous, it can also be very rewarding. I have witnessed the positive benefits of proper training and the dire consequences of poor training. I have continued serving the Army in the capacity as a government contractor when employed. Therefore, I am fluent with current training and doctrinal methodology. I am aware of areas in which the Army could use immediate assistant in the training of Initial Entry Soldiers (IET). Marksmanship training has always been an area in which the Army have continued to struggle. The basics of being an effective combat Soldier is to qualify with your assigned weapon (M4 carbine). All Soldiers must qualify with their weapon in order to graduate from basic training. The Army has infrequently placed a high precedence on marksmanship proficiency. The Afghanistan conflict is winding down. The Department of Defense will continue draw down the active duty forces in 2014. The goal of the reduction is to reduce the Army's manning structure to 490,000 in two years. These initiatives have effective the availability of much-needed training resources for all Soldiers. Meanwhile, Army commanders are charged with the tasks to develop plans and solutions...
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...ACC 557 Entire Course Financial Accounting Follow Below Link to Download Tutorial https://homeworklance.com/downloads/acc-557-entire-course-financial-accounting/ For More Information Visit Our Website ( https://homeworklance.com/ ) Email us At: Support@homeworklance.com or lancehomework@gmail.com ACC 557 Financial Accounting Assignments , Discussions, Homework and Quizzes ACC 557 Week 1 DQ1 Improper or Illegal Methods From the e-Activity, identify the company, the accounting impropriety or illegality, how it was detected, the outcome, and propose a strategy that might have prevented the situation. Indicate how the strategy should be implemented.Assess the impact to the company’s financial performance based on the impropriety and the resulting effect to stakeholder confidence in management, recommending how the company can minimize the resulting impact to the business. ACC 557 Week 1 DQ2 General Accounting Principles “Bookkeeping and accounting are the same.” In terms of your role in the provision of financial services, present data to support the accuracy of this statement and support your position.Analyze the accounting equation as a concept that underpins the work of professional accountants and how an understanding of the equation can impact business decision making. ACC 557 Week 1 Homework Chapter 1 (E1-4,E1-7,E1-11,P1-2A) ACC 557 Week 2 ACC 557 Week 2 Homework Chapter 2 (E2-6,E2-9,E2-11,P2-2A) ACC 557 Week 2 Homework...
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...pays within the discount period? • $8,100 • $8,280 • $8,820 • $9,000 Question 4 When a seller grants credit for returned goods, the account that is credited is • Sales Revenue. • Sales Returns and Allowances. • Inventory. • Accounts Receivable. Question 5 An aging of a company's accounts receivable indicates that $14,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,100 credit balance, the adjustment to record bad debts for the period will require a • debit to Bad Debt Expense for $14,000. • debit to Allowance for Doubtful Accounts for $12,900. • debit to Bad Debt Expense for $12,900. • credit to Allowance for Doubtful Accounts for $14,000. Find the Complete exam answers click here ACC 557 Week 1 Complete Question 6 The basic issues in accounting for notes receivable include each of the following except • analyzing notes receivable. • disposing of notes receivable. • recognizing notes receivable. • valuing notes receivable. Question 7 Three accounting issues associated with accounts receivable are • depreciating, returns, and valuing. • depreciating, valuing, and collecting. • recognizing, valuing, and disposing. • accrual, bad debts, and disposing. Question 8 A...
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...ACC 557 All Assignments, Wileyplus and Quizzes FOR MORE CLASSES VISIT www.acc557tutor.com Please check the details below ACC 557 Week 3 Assignment 1 Review of Accounting Ethics (2 Paper) ACC 557 Week 6 Assignment 2 You Are an Entrepreneur! (2 Paper) ACC 557 Week 10 Assignment 3 You Are an Investment Analyst (2 Papers) ACC 557 Week 1, Chapter 1 (E1-4, E1-7, E1-11, P1-2A) ACC 557 Week 2 Chapter 2 (E2-6, E2-9, E2-11, P2-2A) ACC 557 Week 2 Chapter 3 (E3-6, E3-7, E3-11, P3-2A) ACC 557 Week 3 Chapter 4 (E4-1,E4-5, E4-7, E4-13, P4-4A) ACC 557 Week 4 Chapter 6 (E6-1,E6-10,E6-14,P6-3A) ACC 557 Week 5 Chapter 7 (E7-5 E7-7 E7-14 P7-3A) ------------------------------------------------------------------------------- ACC 557 Midterm Part 1 FOR MORE CLASSES VISIT www.acc557tutor.com ACC 557 Midterm Part 1 Question 1 What is the order in which assets are generally listed on a classified balance sheet? Question 2 The information for preparing a trial balance on a worksheet is obtained from Question 3 The most efficient way to accomplish closing entries is to Question 4 All of the following are property, plant, and equipment except ------------------------------------------------------------------------------- ACC 557 Week 1, Chapter 1 (E1-4, E1-7, E1-11, P1-2A) ...
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...CHAPTER 4 Completing the Accounting Cycle ASSIGNMENT CLASSIFICATION TABLE | | | | |Brief | | | |Learning | |Questions | |Exercises | |Do It! | |Objectives | | | | | | | | | | | | | | | |1A | |Prepare worksheet, financial statements, and adjusting and closing entries. | |Simple | |40–50 | | | | | | | | | |2A | |Complete worksheet; prepare financial statements, | |Moderate | |50–60 | | | |closing entries, and post-closing trial balance. | | | | | | | | | | | | | |3A | |Prepare financial statements...
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