... | | |Principles of Accounting II | 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 of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2010). Financial accounting (7th ed.). Hoboken, NJ: John Wiley & Sons. All electronic materials are available on the...
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...[pic] Course Syllabus BCOM230 Business Communications for Accountants Course Start Date: 01/31/2012 Course End Date: 03/06/2012 Please print a copy of this syllabus for handy reference. Whenever there is a question about what assignments are due, please remember this syllabus is considered the ruling document. Copyright Copyright ©2011 by University of Phoenix. All rights reserved. University of Phoenix© is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft©, Windows©, and Windows NT© are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these 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...
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...Accounting Memp Interforoffice Memo TO: ACCOUNTING TEAM MATE FROM: ANDREW ACCOUNTANT SUBJECT: LIFO FIFO EXPLANATION DATE: 2/24/2015 Occasionally an individual who works at a company in a certain department is required to pass on information to another department or a supervisor. It is necessary to make this memo accurate and professional since information on inventory valuations has been requested by the executive vice president. To be considered that they are not aware of the jargon used by accountants the information used must be explained to company officers. Below is a summary of the changes in the interoffice memo that relates to the accounting jargon and abbreviations. It will also include the requested information on Last In First Out (LIFO) and First In First Out (FIFO) method. The memo is changed from casual to professional and formal after it is revised. The memo concerns the FIFO and LIFO methods and the effects of the methods with-in the company. This requires an explanation of each valuation method in terms of the profit and loss on the income statement and Cost of Goods Sold (COGS). This needs to be elaborated without being condescending. It does not affect the retail industry’s inventory valuation methods, so it is not necessary to include the lawsuit by Macy’s in the last paragraph. The inflationary economic time and the accounting jargon of elastic pricing needs to be changed to professional wording. It would be appropriate to express that...
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...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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...2011 ACCOUNTING Written examination 1 Number of questions Number of questions to be answered Number of marks 2 2 90 $ $ Date 2011 9 600 2 000 Date 2011 8 000 12 000 1 200 Total Date 2011 600 6 200 1 800 600 Date 2011 not Total 5 2011 ACCNT EXAM 1A Fantastic Footwear sent the following Statement of Account to one of its debtors, Jets Little Aths. Fantastic Footwear STATEMENT OF ACCOUNT To: Jets Little Aths 30 June 2011 Debit 1 June 11 June 19 June 24 June 27 June 30 June Balance Payment received – Rec. No. 601 Inv. No. 59 Inv. No. 64 Payment received/disc – Rec. No. 623 Balance owing 2 200 990 2 200 3 200 Credit Balance 3 200 Dr Nil 2 200 Dr 3 190 Dr 990 Dr $990 1.2.3 Show how Jets Little Aths’ account in the Debtors Subsidiary Ledger would appear at 30 June after all June transactions have been posted. You are not required to balance the account. 3 marks The GST Clearing account had a debit balance of $1 250 at 31 May 2011. Required 1.2.4 Show the GST Clearing account as it would appear in the General Ledger at 30 June 2011. You are not required to balance the account. 4 marks 1.2.5 Explain why it would be necessary to make a balance day adjustment at 30 June as a result of the information provided on 26 June relating to rent. 2 marks 1.2.6 Show how the rent would be reported at 30 June after all adjusting entries had been recorded. 3 marks Question 1 – continued TURN OVER Date 2011 IN $ Total $ OUT $ Total...
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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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...Memo Review Your name here BCOM/230 August 26, 2013 Instructor name Memo Review Whenever an individual is in any type of a leadership role with their employer, it will be necessary to communicate with other department managers and possibly even upper level management. In this scenario, the boss has requested an overview of LIFO versus FIFO as it would apply to their company. The memo that will be submitted to the boss must be professional. The figures presented in the memo should be as precise as possible so that company officials will not be misled. The use of jargon in a memo is not professional and is not a good idea. Members of the accounting department use jargon when interacting with each another. Jargon and clichés are not uncommon while communicating within your department, but should be avoided when communicating with other department heads and management. This kind of treatment would inform readers that the author doesn't have particular concern for them and the current case is dealt with much in the same manner as others (Lesikar, Flatley, & Rentz, 2008). The memo presented to us for our assignment is an “inter-departmental memo” so the language used in it is acceptable. However, the memo that will be sent to the boss is official correspondence and the content should be presented in a professional manner. The memo alters from casual to official while revising the data. In this scenario, the memo under review is about...
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... |School of Business | | |BCOM/230 Version 3 | | |Business Communication for Accountants | Copyright © 2012, 2010 by University of Phoenix. All rights reserved. Course Description This course introduces students to the foundations of communication in a business accounting setting. Students are exposed to various topics related to interpersonal and group communications within the context of applications to the accounting field. Students will develop skills in the forms of written communication, including memos, e-mails, business letters, and reports. Other topics include communication ethics, collaboration, information utilization, critical thinking, and professional competence and values. Policies Faculty and students 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 of each class. Policies...
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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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...|[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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...securities on March 31,20X6 and determined that it is not more-likely-than-not that they will sell the securities before fully recovering the amortized cost bases. Refer to Client Memorandum on file on March 31,20X6. On April 30, 20X6 Company A sold certain of the “temporarily impaired” debt securities in its portfolio and realized a loss on the sale. Through inquires with management we were told the reason to be that Company A’s head traded decided to sell to invest in new securities with higher yield. Accounting Question 1 Our recommendation on the classification of the Available for Sale securities as “temporary”. Authoritative Literature FASB ASC 320-10-35-33 Evaluate Whether an Impairment Is Other than Temporary-Debt Securities Accounting Discussion 1 Under FASB ASC 320-10-35-33, impairment shall be classified as other-than-temporarily impaired in the period which the investor decides to sell the investment. For the reporting period ending March 31, 20X6, Company A memo states that they do not intend to sell the debt securities at the first quarter period ending date. Furthermore, Section 320-10-35-33B states “If the entity more likely than not will be required to sell the security before recovery of its amortized cost basis, an other-than-temporary impairment shall be considered to have occurred.” Our client has provided written evidence that it is not more-likely-than-not that they will be required to sell the securities before recovery of their...
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...CPA Report ACCT 545 Deborah Asbury CPA Report Memo To: Outside CPAs From: Date: April 13, 2014 Re: CPA Report In response to the examination of the subsidiary that has been set up as a corporation, the explanations to the deferred tax methods, procedures for accounting changes and corrections, and the reasoning for setting up the corporation as a subsidiary will be addressed in the following memo. Deferred Tax Method Financial reporting and tax reporting create temporary differences between the amounts reported for income taxes and on the financial statements because an accrual basis is used for financial reporting and a modified cash basis is used for tax reporting. Deferred taxes reported contain a temporary difference between the tax basis of a liability or asset and its reported amount in the financial statements that will result in taxable or deductible amounts reporting years. Deferred tax liabilities and assets are recognized on the balance sheet based on the difference between the financial statement values and the tax basis (Kieso, Weygandt, & Warfield, 2007). The balance sheet approach and the guidelines of the Financial Accounting Standards (FAS No. 109) have been followed to account for this timing issue. Deferred tax assets are recorded when there are greater expenses for financial reporting than tax reporting. At some point the tax amount paid to the Internal Revenue Service (IRS) will be higher than the tax on the financial statements. Deferred...
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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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...organization. SKILLS: • Have knowledge in Accounting system (SAP Business One and Bix Box) • Possess strong analytical and problem solving skills • Hardworking and highly trustworthy • Resourceful in the completion of projects and effective team player WORK EXPERIENCE: Accounting Assistant (Accounts Payable) Regent Foods Corporation #80 Elisco Road, Kalawaan Sur, Pasig City July 2012 – April 2014 Job Description: ❖ Checking counter receipt of supplier, original and duplicate of sales invoices, delivery receipts, purchase order and ensure competencies of documents before processing of payments. ❖ Analyze and encode daily journal entries of other expenses, including debit memo in daily bank statement. ❖ Process payroll checks accurately, calculate salaries and benefits, hours of work and other deductions. ❖ Verifies vendor accounts by reconciling monthly statements and related transactions. ❖ Disburses petty cash by recording entry; verifying documentation. ❖ Answer vendors' questions; provide information on procedures or policies and resolving their complaints. ❖ Prepare monthly aging of accounts payable, summary of VAT, cleared checks and EWT of suppliers. ❖ Responsible in clerical work which deal with the maintenance and processing of all accounts payables and performed other duties as needed. Accounting Assistant – (Accounts Receivable) BHF Family...
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...expansion and must have his books audited. The auditor asked about his control procedures and documentation. He has no idea what the auditor is talking about. Your boss has asked you to do what you need to understand the system and has asked for a memo with your observations and recommendations by the end of the week. Through interviews and observation you notice the following: Purchase orders, and sales invoices are not pre-numbered due to the higher cost of printing the forms. To save time the sales clerk enters the sales at the end of the day into the accounting records, prepares the deposit and delivers it to the bank. The sales clerk a trusted and long-term employee grants sales returns at her discretion. The purchasing manager both orders merchandise and approves the payment for the order. Betty Gamble, the bookkeeper has not taken a vacation in three years. Checks are brought to the owner twice a week for signing. He is overwhelmed by all of the paperwork and has asked for the checks only on which he stamps his signature. In your memo, give a summary of the elements of an effective internal control system. Comment on each of your observations and if there is a weakness provide a solution. Your memo should be 2-3...
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