...COURSE OBJECTIVES Financial and management accounting are more closely linked in practice than one might expect from reading traditional textbooks and the problems to be resolved often have income tax and auditing consequences as well. This seminar is designed to provide you with opportunities to apply general concepts and principles learned in intermediate and advanced financial accounting courses to new economic transactions and business decisions. Cases will be used to permit you to practice the skills you will need as a professional accountant whether in public accounting or private industry. In particular, this course is intended to refine your skills in researching the professional accounting literature to solve particular accounting problems, to arrive at defensible solutions where GAAP is vague or nonexistent, and to present your research conclusions in a professional manner. You will have opportunities to present your work orally and in writing. REQUIRED MATERIALS: A recent Intermediate Accounting text (Kieso used in Acct 315 & 414 would be fine) A recent Advanced Accounting text (whatever was used in for Acct 415-515 would be fine) On-line access to FASB’s ASC (accounting standards codification). The Department has purchase academic license so you can use the $850 “professional” version rather than the free version which has fewer bells and whistles. You can log on from fasb.org but it will take you to http://aaahq.org/ascLogin.cfm where you enter...
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...Memo Review Shyla M. BCOM/230 July 7, 2014 Memo Review In today’s corporate world, forms of communication range from extremely casual conversations and instant messages to complex presentations and detailed letters. The primary determining factor for which form of communication to use is the audience to which the information will be received as well as the relationship between audience and author. In this paper we will review a University of Phoenix provided accounting memo written from an accountant to the company’s CEO, analyze what information should be included in the memo versus what should be removed; consider if the use of accounting specific jargon is appropriate based on the audience; the CEO; and finally explore what possible repercussion can happen if the memo is not suitable for the targeted audience. In the initial review of the memo, the first error that immediately jumps out is the heading and salutation lines. Both use the acronym “CEO” instead of using the person’s first and last name; which is the more professionally acceptable approach. The CEO may interpret this as either a lack of attention to detail or that the information is generic and not specific to level of authority. Next, the entire memo reads extremely choppy and does not give the reader much lead-in information about why the author has sent the memo to begin with. Since the communication is going directly to the CEO, the introductory paragraph should be clear, concise...
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...Cellular” Objectives: • The main objective of the case is to expose students to an accounting reporting situation where they have to search, identify, interpret and apply official accounting pronouncements. • The research case enhances the students’ ability to look for and evaluate relevant information. • Students should also improve their ability to organize ideas in written communication. Requirement: Assume the role of a staff accountant who has been asked to research the appropriate revenue recognition for a client, Velocity Cellular, for its new product, the Power Starterpack. You have been provided with a memo from the client describing the new product and you are to prepare your own memo to your supervisor that that discusses in your own words the existence of relevant revenue recognition alternatives given the facts of the case. You must also recommend and justify what you believe to be the most appropriate accounting treatment (which would also state why other alternative(s) would not be appropriate). Be sure to reference the specific official accounting pronouncements from the sources mentioned below. While no specific citation format is required, you should follow a generally accepted format of some kind. Resources: You can search for relevant applicable professional pronouncements or other pronouncements that you find suitable for the case using the internet as well as the Accounting Research Manager (available electronically at the library). You should focus your...
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...Accounting 5110 – Fall 2012 Critical Writing Case Section 1 by 7:30 am Section 2 by 3:40 pm Section 3 by 10:45 am Due November 21, 2013 Please submit your memo in Canvas The attached case presents an accounting dilemma and asks you to provide guidance on the proper accounting. Prepare your guidance in memo format. The purpose of this assignment is to help you recognize an accounting problem, gather and weigh relevant information, consider and evaluate alternatives, and reach and articulate informed solutions. I strongly encourage you to make use of a service here on campus – the University Writing Center (UWC). UWC provides one-on-one writing consultation free to university students. Unlimited half hour sessions are available. UWC now has an office in the business building – SFE 1171. To make an appointment follow this link: http://uath.mywconline.com/. The final draft of your memo should not exceed two pages, single-spaced, one-inch margins, 12 point font. The memo will be graded based on the attached rubric. Criterion Organization Points possible 5 100% Appears neat and organized; no spelling or grammar errors; uses active voice; guides the reader through the case; gets to the point Summarizes the facts completely; key facts identified; distinguishes between facts and assumptions ...
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...profit records each successive year during this period. In fact, in both 1980 and 1981 the company’s actual net income eclipsed the figure reported by the company. In 1980, Oaks top executives became concerned that the company could not indefinitely sustain its impressive growth rate in annual profits. To help the company maintain this trend, the executives began creating reserves that could be used to boost reported profits in later years. To report a smooth upward earnings trend and to provide a "cushion" of profits to be used in periods of lower actual earnings, Oak implemented a policy during 1980 and 1981 of establishing unneeded reserves to be released (reversed) in later periods, if needed.1 1. Securities and Exchange Commission, Accounting and Auditing Enforcement Release No. 63, 25 June 1985. 80 EXHIBIT 1 Oak Industries, Inc., Selected Financial Data, 1978-1981 Oak Industries, Inc. These “rainy day reserves” included overstatements of the company’s...
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...AP: Define Banks 10 AP: Define New AP Signing Limits 13 AP: Define Tax Codes 14 AP: Define Tax Groups 15 AP: Define Tax Reporting Entities 16 OIE: Define iExpense Policies 17 Enable Expense Allocations 17 Set Up Required Expense Fields 18 Define Receipt Notification Rule Set 19 Assign Receipt Notification Rule Set 20 Define Mileage Rate Schedule 21 SA: Set OIE Profile Options 23 AR: Define AR System Options 24 AR: Open Accounting Periods (Required) 28 AR: Define AutoAccounting 29 AR: Define Transaction Types 32 AR: Define Transaction Sources 33 AR: Define Remittance Banks 34 AR: Define Receivables Activities 35 AR: Define Receipt Classes and Payment...
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...accepting Ocean as a client? How important are these issues to the client acceptance decision? Why? I believe the IT issues are important to consider but after speaking to Barnes and Fischer’s IT department they feel that diagnosing the weakness in controls that they should be able to handle the IT system being used. I also feel that the turnover is important but that this turnover was due to personal issues so this can also be disregarded. The fact that the company is considering IPO in the future would be a great investment in Barnes and Fischer to broaden the industry representation. I believe these are all very important when deciding to represent this company. [5] [a] Prepare a memo to the partner making a recommendation as to whether Barnes and Fischer should or should not accept Ocean Manufacturing, Inc. as an audit client. Carefully justify your position in light of the information in the case. Include consideration of reasons both for and against acceptance and be sure to address both financial and nonfinancial issues to justify your recommendation. See first memo [b] Prepare a separate memo to the partner briefly listing and discussing the five or six most important factors or risk areas that will likely affect how the audit is conducted if the Ocean engagement is accepted. Be sure to indicate specific ways in which the audit firm should tailor its approach based on the factors you identify. See second memo [6] [a] How might the confirmation tendency affect...
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...Virtual Organization for Riordan Manufacturing Virtual Organization for Riordan Manufacturing Many companies today are looking to create virtual organizations for their businesses because of the innovation and organizational improvement it can provide. Creating an intranet in a virtual organization to hold shareable company data is the best form of communication between all employees. The intranet can be protected from outside interference by using the correct security measures. While reviewing the virtual organization for Riordan Manufacturing, there were some inconsistencies in the home page, accounting and finance, and human resources section that can be improved on. Home Page The home page is the most important web page for a user because it prepares and sets the tone for navigation and functionality. A glaring omission from the Riordan home page is the purpose of the Intranet and its usefulness for employees. Currently, the home page contains the mission statement, company facts, and a brief history. While this information is important, we would recommend creating a separate page named “About”, or placing it under the current link of “Riordan Industries”, which would be a more appropriate location. Our recommendation for the home page would be to include more details about the intranet itself. What is an intranet? Why is it important? Who are the users? These questions are very important, especially for someone who is new to the company. Additionally,...
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...commencing 14 March 2011 IASB Agenda reference FASB Agenda reference 5D Staff Paper Contact(s) FASB ED Session March 9, 2011 Michael Gonzales Danielle Zeyher David Humphreys mgonzales@fasb.org dtzeyher@fasb.org dhumphreys@ifrs.org 143 +1 203 956 3478 +1 203 956 5265 +44 20 7246 6916 Project Topic Leases Accounting for Purchase Options Objective 1. The purpose of this paper is to discuss the accounting by lessees and lessors for purchase options included in a lease contract. 2. This paper analyzes the accounting for all purchase options, including both options that the lessee has a significant economic incentive to exercise (which would usually include bargain purchase options) and options that the lessee does not have a significant economic incentive to exercise (which would usually include non-bargain purchase options). 3. This paper is structured as follows: (a) (b) (c) (d) (e) (f) Summary of staff recommendations Summary of the proposals in the leases Exposure Draft Summary of feedback (including comment letters and other outreach) Staff Analysis Staff recommendations Appendix A – preliminary draft wording relating to the accounting for purchase options This paper has been prepared by the technical staff of the IFRS Foundation and the FASB for discussion at a public meeting of the FASB or the IASB. The views expressed in this paper are those of the staff preparing the paper. They do not purport to represent the views of any individual members of the...
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...marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix© editorial standards and practices. Facilitator Information Ed Seibert eseibert@email.phoenix.edu (University of Phoenix) edwardbseibert@gmail.com (Personal) 302-853-2571 (EST) Where to Go to Class Main: This is the main forum for the class and is where discussion is conducted. It has read-and-write access for everyone. Chat-Room: This is a read-and-write access forum. It is designed as a place to discuss issues not related to the course content. This is the forum to which we will send our bios. Course-Materials: This is a read-only forum, which means you can read messages here but cannot send any. This is where I will post the course syllabus and materials. Learning-Team-A, B, C, D, E and F: These...
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...Chapter 1 Summary Accountants as Communicators Accountants need to understand the importance of communication as many employers are stressing the importance of it. Accountants that can communicate are better suited for the work environment. Employers are starting to place importance on these skills then they are technical accounting skills. This chapter focuses on how accountants should write and how it affects your work and problem solving. It is important to keep in mind that writing is essential to accountants. Accountants have to be able to read and write on an everyday basis. For example tax accountants have to write memos to describe the results that they found and at times they must write letters to the internal revenue service for their clients. Auditors for example have to write memos to file in the audit working papers that are essential to any audit. After the audit is completed auditors must be able to write a letter to management advising them on any changes that should be made. Accountants at times have the responsibility to write footnote disclosures in financial statements and at times accountants were using very technical language. This resulted in many investors being misinformed due to the fact that not ever investor is an accountant. The Securities and Exchange Commission issued a disclosure rule that stated to write these notes in “plain English.” They are seven tips that writers recommend for business writing. These seven are content, critical thinking...
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...|[pic] |Course Syllabus | | |XACC/291 | | |Principles of Accounting II | | |1/13/2014-3/16/2014 | Copyright © 2011 by University of Phoenix. All rights reserved. Course Description This course introduces accounting concepts in a business environment. Students learn to create and apply accounting documents in making better business decisions. Other topics include plant assets, liabilities, accounting for corporations, investments, statements of cash flows, financial statement analysis, time value of money, payroll accounting, and other significant liabilities. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: University policies: You must be logged into the student website to view this document. Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning...
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...The Collaborative Writing Project (CWP) is a group assignment that is designed to hone students’ oral and written communication skills, as well as their social skills. Students will prepare a formal report, individual memo and an oral presentation (accompanied by a PowerPoint slideshow) on the topic described below. THE TOPIC You and your team of professional accountants have been hired by Mike MacCloud to provide his new business with accounting services. Mr. MacCloud has just decided to create his own wine label, and he and a group of three investors have a few accounting questions that they need you and your team to answer. Mr. MacCloud formerly worked in the operations side of the wine business, and while he does have a lot of “on the job” knowledge about accounting, he did not study accounting formally. Of the three investors, only two are knowledgeable in accounting. The third investor is an attorney who specializes in corporate finance. Mr. MacCloud and his investors would like you to provide a formal report that sets forth the answers to his accounting questions, along with an oral presentation of the report’s findings. The committee would also like the oral presentation to include a PowerPoint presentation. Mr. MacCloud’s questions are number 1, 3, 4, 5, and 6 as noted on the attached case study from Harvard Business School. RESEARCH Please use the information presented in the attached case study from Harvard Business School. Make sure to use these facts...
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...ACC/545 Internal Control Systems September 10, 2012 Jeffrey Mitchell Memo Accounting Professionals, Inc. To: Management From: Michelle Richardson CC: Jeffrey Mitchell Date: September 10, 2012 RE: CPA Report ________________________________________________________________________ Per your request, this memo provides explanations regarding a subsidiary that has recently been set up as a corporation. This explanation includes the procedures for reporting accounting changes and error corrections, the methodology used to determine deferred taxes, and the rationale for establishing the subsidiary as a corporation. According to the AICPA (2012), “licensed CPAs are subject to regulation by their respective state boards of accountancy and strict professional ethics rules adopted by the boards to protect the public against fraud, incompetence and conflicts of interest” (para. 1). As such, the responses to the outside CPA’s in regard to the above-mentioned matters will be handled with the utmost diligence. In addition, to clarify the questions regarding the differences between reviews and audits, an audit is the “accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria” (Arens, Elder, & Beasley, 2006, p. 19). Reviews, on the other hand, are a “form of attestation in which a CPA firm issues a written report concerning historical data that provides less assurance...
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...this paper we will review how ethics plays a role in business by examining a memo that was written between two Enron executives. Enron was an energies and commodities corporation who is most known for their insider trading scandal in the early 2000’s that resulted in bankruptcy. They were one of the five largest audit and accounting partnerships in the world and their financial fraud caused clients and shareholders to lose millions of dollars. In this memo Sherron Watkins, an Enron vice president addresses CEO Kenneth Lay on rumors of dirty financial deals and illegal financial practices. What information would we want to know before making a judgement about Watkins? In the memo Sherron Watkins tells Kenneth Lay that she is nervous that their company will implode in a wave of accounting errors. She asks if there is a way to undo the deals they’ve made. This commentary may reveal that she has had knowledge of these actions and may have even had the knowledge for some time. How involved is Watkins in this scandal? Has her actions or decisions whether deliberately or in negligence contributed in any way to the financial dishonesty of the company? This situation clearly raises ethical issues. It appears that Sherron Watkins is more concerned with the repercussions that could come from getting caught than she is with the questionable business practices that her corporation is involved in. In the memo Sherron does not raise question on the social ethics of the situation. Social...
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