...of fixed assets and cost determination, and preparing consolidated financial statements. Other topics include the professional responsibilities of CPAs, deferred taxes, cash flow statements, balance sheet preparation, restructuring of troubled debt, and the intricacies of comprehensive income. Week 1 - Topic 1: Reporting Issues Objectives Differentiate among the services provided by auditors. Explain procedures for reporting accounting changes and error corrections. Describe the professional responsibilities of accountants in financial reporting. Compare and contrast the forms of business structure. Explain the methodology used to determine deferred taxes. Materials SUPPLEMENT: Week One Content Outline SUPPLEMENT: Week One Mind Map SUPPLEMENT: Week One Student Road Map SUPPLEMENT: Sample Final Exam EBOOK COLLECTION: Auditing and Assurance Services, Ch. 1 EBOOK COLLECTION: Intermediate Accounting, Ch. 19 EBOOK COLLECTION: Intermediate Accounting, Ch. 22 EBOOK COLLECTION: Advanced Accounting, Ch. 7 EBOOK COLLECTION: Financial Accounting Theory and Analysis, Ch. 17 Assessment Individual Assignment: CPA Report As the CPA for a large organization, your manager has asked you to provide information to outside CPAs who are examining a subsidiary that has been set up as a corporation. As part of their review, the CPAs have asked you to provide them with the following explanations: The methodology used to determine deferred taxes The...
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...ACCOUNTING 320B INTERMEDIATE ACCOUNTING II SYLLABUS - Fall 2014 Instructor: Dr. N.J. Kim, CPA Office: ST 612 Office Hours: TR 8:35 – 9:40 am & R 4:00 – 6:00 pm Phone: (323) 343-2840 Email: nkim2@calstatela.edu Instructional Web site: http://instructional1.calstatela.edu/nkim2/ Connect URL: http://connect.mcgraw-hill.com/class/sec-3 Textbook: Intermediate Accounting, 7th Edition, Spiceland, Sepe and Nelson, McGraw-Hill, ISBN-9780078025327 (Hard copy, Volume II, or e-book with CONNECT available) Course Objectives and Description: Intermediate Accounting is designed to acquaint the student with current accounting theories and practices. In this second part of intermediate accounting, we will learn accounting for fixed assets, intangibles, long-term liabilities, investments, and stockholders’ equity. Statement of cash flows and accounting issues related with accounting changes and error correction are also covered in this class. Prerequisite: ACCT 320A or equivalent with a grade C or better Grading: Points are distributed as follows. Accounting majors must earn a grade of “C” or better in each accounting class taken to graduate. Midterms 100 250-300 A Final 130 210-249 B Participation & Attendance 10 180-209 C Comprehensive test 20 150-179 D Homework 40 Below 150 F Total 300 points A modified curve may be applied at the end of the quarter if necessary. Withdrawal...
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...Publisher: Princeton University Press Volume ISBN: 0-870-14173-2 Volume URL: http://www.nber.org/books/unkn55-2 Publication Date: 1955 Chapter Title: Interindustry Economics and National Income Theory Chapter Author: Herman Liebling Chapter URL: http://www.nber.org/chapters/c2870 Chapter pages in book: (p. 291 - 320) Interindustry Economics and National Income Theory HERMAN I. LIEBLING DIVISION OF INTERINDUSTEY ECONOMICS, BUREAU OF LABOR STATISTICS A. Frameworks of Comparison Within the limits of the broad concepts underlying interindustry and national income accounting, the substance of this paper deals with, first, criteria of social accounting and, second, differences in analytic approach required by the specialized structure of differently composed social accounting systems. A pattern of interindustry flows of goods and services may, of course, be developed independently of considerations of social accounting or of measures of output for the economy—the two objectives of the national income system. This paper, however, seeks to evaluate the two systems of accounts, in the light of the considerations noted above, in terms of (1) similarities and differences between types of activities and transactions included, (2) the relationship of the respective sector accounts, and (3) the types of analysis for which each is comparatively better suited. To delimit further the boundaries, the discussion deals with the broad concepts involved in the two types of social accounts—regard- ...
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...share of the existing stock. c) avoid financial distress. d) minimize operational costs and maximize firm efficiency. e) maintain steady growth in both sales and net earnings. 4. Accounting concepts for a firm to create value it must: a) have a greater cash inflow from its stockholders than its outflow to them. b) create more cash flow than it uses. c) reduce its investment in fixed assets since fixed assets require the use of cash. d) avoid payments to the government so dividends can be increased. e) avoid the issuance of debt securities Find the week 1 connect problems answers here FIN 571 Week 1 Connect Problems 5. The primary goal of financial management is to: a) maximize current dividends per share of the existing stock. b) maximize the current value per share of the existing stock. c) avoid financial distress. d) minimize operational costs and maximize firm efficiency. e) maintain steady growth in both sales and net earnings. 6. Which one of the following business types is best suited to raising large amounts of capital? a) sole proprietorship b) limited liability company c) corporation d) general partnership e) limited partnership 7. Accounting profits and cash flows are generally: a) the same since they reflect current laws and accounting standards. b) the same since accounting...
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...share of the existing stock. c) avoid financial distress. d) minimize operational costs and maximize firm efficiency. e) maintain steady growth in both sales and net earnings. 4. Accounting concepts for a firm to create value it must: a) have a greater cash inflow from its stockholders than its outflow to them. b) create more cash flow than it uses. c) reduce its investment in fixed assets since fixed assets require the use of cash. d) avoid payments to the government so dividends can be increased. e) avoid the issuance of debt securities Find the week 1 connect problems answers here FIN 571 Week 1 Connect Problems 5. The primary goal of financial management is to: a) maximize current dividends per share of the existing stock. b) maximize the current value per share of the existing stock. c) avoid financial distress. d) minimize operational costs and maximize firm efficiency. e) maintain steady growth in both sales and net earnings. 6. Which one of the following business types is best suited to raising large amounts of capital? a) sole proprietorship b) limited liability company c) corporation d) general partnership e) limited partnership 7. Accounting profits and cash flows are generally: a) the same since they reflect current laws and accounting standards. b) the same since accounting...
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...University of Alberta, School of Business Accounting 415/615 (Winter 2016) Department of AOIS Intermediate Financial Accounting II Instructor: Office: Phone: E-mail: Jason Lee BUS 4-30B 780-492-4839 jason.lee@ualberta.ca Office Hours: MW 11:00AM– 12:00AM Or by appointment Lecture Sections: B1 B2 MW MW 9:30AM – 10:50AM 12:30PM – 1:50PM BUS 1-10 BUS 3-10 Course Description and Objectives: ACCTG 415/615 is the second part of Intermediate Financial Accounting. This course builds upon materials learned in previous financial accounting courses including ACCTG 311 and ACCTG 414/614. The focus of this course is on accounting for financing, liabilities and equity, and related income measurement, and disclosure with an in-depth examination of complex measurement issues. Together with ACCTG 414/614, Intermediate Financial Accounting covers virtually every important corporate reporting topic. Students are expected to master the vast body of knowledge on accounting for activities of an enterprise and preparing accounting information. A professional accountant’s expertise depends on both technical skill and professional judgment. During this course, students are expected to work towards developing the expertise through a lot of quantitative practice and a thorough understanding of the rationale (conceptual basis, assumptions, facts of circumstances, etc.) for each accounting method. This is a difficult course. For each topic covered, there...
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...the institute of cost accountants of india(ICAI) (A Statutory body under an act of parliament) SYLLABUS 2012 STRUCTURE & contents Evaluation Synthesis ANALYSIS ANALYSIS APPLICATION APPLICATION COMPREHENSION COMPREHENSION COMPREHENSION KNOWLEDGE KNOWLEDGE KNOWLEDGE LEVEL A LEVEL B LEVEL C FOUNDATION COURSE - Syllabus 2012 the institute of cost accountants of india(ICAI) (A Statutory body under an act of parliament) SYLLABUS 2012 STRUCTURE & contents The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 FOUNDATION COURSE - Syllabus 2012 The Following table lists the learning objectives and the verbs that appear in the syllabus learning aims and examination question. Learning objectives Level A COMPREHENSION What you are expected to understand List Make a list of. State Express, fully or clearly , the details/ facts of. Define Give the exact meaning of. Communicate the key features of. Distinguish Highlight the differences between. Explain Make clear or intangible/state the meaning or purpose of. Identify Recognise, establish or select after consideration. Illustrate What you are expected to know Definition Describe KNOWLEDGE Verbs used Use an example to describe or explain something. The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) ...
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...INTERMEDIATE (FINANCIAL) ACCOUNTING I SUBCLASS KLM CASE ANALYSIS QUESTIONS CASE 1 – REVENUE RECOGNITION AND EARNINGS MANAGEMENT INTERMEDIATE (FINANCIAL) ACCOUNTING I SUBCLASS KLM CASE ANALYSIS QUESTIONS CASE 2 – REVENUE RECOGNITION FOR A CONSTRUCTION PROJECT HKU Technology Inc. (Hereafter, HKU Tech) is a large construction contracting firm that serves a variety of industrial customers that purchase machinery and equipment from HKU Tech. HKU Tech’s business primarily involves the design and manufacture of large, industrial machinery and tooling that is used by its customers in manufacturing parts and components for fighter jets, transport planes, and other aerospace-related machinery and equipment. All of HKU Tech’s construction contracts involve the design, development, and manufacture of machines that are unique and customized to the specifications of its customers. HKU Tech negotiates all its contracts with its customers on either a fixed-price or cost-plus basis. HKU Tech has developed an accounting policy to recognize revenue related to its customized construction contracts, which is outlined as follows: The Company performs under a variety of contracts, some of which provide for reimbursement of cost plus fees, and others that are fixed-price-type contracts. Revenues and fees on these contracts are primarily recognized on a contract-by-contract basis using the percentage-ofcompletion method of accounting, which is most often based on contract costs incurred to date compared...
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...Diamond Foods, Inc.: Anatomy and Motivations of Earnings Manipulation Mahendra R. Gujarathi ABSTRACT: Diamond Foods is America’s largest walnut processor specializing in processing, marketing, and distributing nuts and snack products. This real-world case presents financial reporting issues around the commodities cost shifting strategy used by Diamond’s management to falsify earnings. By delaying the recognition of a portion of the cost of walnuts acquired into later accounting periods, Diamond Foods materially underreported the cost of sales and overstated earnings in fiscal 2010 and 2011. The primary learning goal of the case is to help students understand the anatomy and motivations of earnings manipulation. Specifically, students will have the opportunity to (1) apply the FASB’s Conceptual Framework to a real-world context, (2) determine the nature of errors and compute their numerical effects on financial statements, (3) understand motivations for earnings management and actions needed for managing earnings of future years, (4) explain the anatomy of financial reporting fraud by reconstructing journal entries, (5) prepare comparative financial statements for retroactive restatements, (6) explain the rationale for clawback provisions in compensation contracts, and (7) understand the difference between the real and accrual-based earnings management. Keywords: earnings management; financial statement fraud; restatements; error correction; clawback provision; Conceptual Framework...
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...ACCT 3211 Intermediate Accounting I California State University, East Bay Spring 2014 Instructor: Pei-Hui Hsu | Office Hours: MW 4:00-5:30 pm | E-mail: pei-hui.hsu@csueastbay.edu | And/or by appointment | Office: VBT-333 | Class time: MW 2:00 to 3:50 pm (AE-277) | Prerequisites: Completion of ACCT 2251 or equivalent with a grade of no lower than “C-“ | Course Overview and Learnings Objectives This is the first course of the three sequential courses on intermediate financial accounting (ACCT 3211, ACCT 3212, and ACCT 3213). The main objective of this course is to develop an in-depth understanding of basic financial statements and external financial reporting for a for-profit entity. Key accounting issues about income measurement and various assets will also be touched. Note in this course while major discussion of lecture focuses on U.S. GAAP, selected distinguished differences in International Financial Reporting Standard (IFRS) will be also briefly covered. In this quarter, we will first build the foundation by introducing the environment and theoretical structure of financial reporting. We will then go over the accounting process and preparation of balance sheet, income statement and statement of cash flows. The focus in the second half of the quarter is to illustrate the concepts of income measurement and the issues related to accounting and reporting for several assets, including cash, receivables, and inventories. Upon successful completion of these...
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...POLYTECHNIC UNIVERSITY, POMONA ACC 311 Intermediate Accounting I SPRING 2016 PROFESSOR: Dr. Hassan Hefzi OFFICE: 164-2085 OFFICE HOURS: 12:30 - 2:00 MW PHONE: (909) 869-2385 And by appointment E-mail: hhefzi@cpp.edu (I do not respond to e-mails on weekends) Text and other Materials: 1. Intermediate Accounting, Spiceland, Sepe and Nelson, 8th Ed., McGraw-Hill, 2016. 2. The Wall Street Journal, or the Journal of Accountancy. 3. FASB, Concept Statements No5, 6, 7 & 8). At http://www.fasb.org. Course Description: Analytical study and application of accounting theories and techniques including current literature of authoritative accounting organizations. 4 lecture/problem solving. Prerequisite: A minimum grade of “C” (2.0) in ACC 304 and a passing grade on the Graduation Writing Test. Non-accounting majors should refer to the current Cal Poly Pomona Catalog. Course Objectives: This course is aimed primarily towards those who will be providers of financial information for external use—those who will be primarily responsible for observing, selecting, measuring, and reporting financial information for external decision making. The main objective is to develop skills of APPLICATION AND ANALYSIS, i.e., to demonstrate the use of appropriate concepts, standards, and techniques after having considered the needs of financial statement users and how the behavior of the users may be influenced by financial accounting information. Achieving this objective...
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...TRANSFER PRICING Overview The essential feature of decentralization in large firms is the creation of responsibility centers (e.g. cost, profit, or investment centers). The performance of these responsibility centers is evaluated on the basis of various accounting numbers, such as standard and actual cost, divisional profit or return on investment. A central role of the management accounting system therefore is to evaluate (i.e. attach a dollar figure to) the transactions between the different responsibility centers. Under the subject cost allocation we studied alternative methods to charge user departments for the services rendered by service departments (frequently cost centers). Transfer prices are used to evaluate the goods and services exchanged between profit centers (divisions) of a decentralized firm. Hence, the transfer price is the price that one division of a company charges another division of the same company for a product transferred between the two divisions. 1. There are no cash flows between the divisions. The transfer price is used only for accounting purposes. 2. The transfer price becomes an expense for the receiving manager and a revenue for the supplying manager. 3. If intra-company transfers are accounted for at prices in excess of cost, appropriate elimination entries have to be made for external reporting purposes. Examples of items to be eliminated for consolidated financial statements include: 4. Intra-company...
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...and Assurance Advanced Financial Reporting UNITS COVERED SECTION 5 YEAR 2014 CPA PART III: SECTION 5 YEAR 2013 CPA PART II: SECTION 4 UNITS COVERED SECTION 4 ÿ Taxation ÿ Company Law ÿ Quantitative Analysis Year 2012 CPA PART II: SECTION 3 SECTION 3 ÿ Financial Reporting. ÿ Financial Management. ÿ Management Information Systems YEAR 2008 – 2009 CPA PART I: SECTION 1 & SECTION 2 SECTION 2 ÿ Cost accounting. ÿ Economics. ÿ Auditing and Assurance SECTION 1 ÿ Financial Accounting. ÿ Introduction to Law. ÿ Entrepreneurship and Communication YEAR 2006 – 2007 ATC Intermediate Level & Final Level Intermediate level: 1. 2. 3. 4. 5. Introduction to Financial Accounting Introduction to Law Entrepreneurship and Communication Principles of Management Business Mathematics/statistics Final level: 1. 2. 3. 4. 5. Financial Accounting Fundamentals of Information Communication Technology Cost Accounting Taxation Auditing COMPUTER SKILLS YEAR 2007 Computerized accounting & computer certificate 1. Quick books 2. Pastel 3. Sage YEAR: 1999 – 2002 Merigi High School Kenya Certificate of Secondary Education (KCSE) YEAR: 1990 – 1998...
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...HOLY FAMILY UNIVERSITY SCHOOL OF BUSINESS ADMINISTRATION AND EXTENDED LEARNING INTERMEDIATE ACCOUNTING I Semester: Fall 2014 August 27, 2014 – December 17, 2014 Course: ACCT 307 Intermediate Accounting I Credits: (3) Credit Hours Prerequisites: ACCT 206 Location: Woodhaven, Room 4 Days/Times T/TH (8:00am–9:30am) Instructor: Stephen B. Bates MBA, CPA, CGMA Office: Aquinas Hall, Rm. 17 Office Hours: T (1:30-4:30 p.m.)NE / TH (1:00-2:30 p.m.)WH Telephone: (267) 341-3522 E-mail: sbates@holyfamily.edu Catalog Course Description Preparation and interpretation of complex accounting statements, in particular assets using contemporary reporting techniques. Study of financial statements as well as in-depth analysis of the individual components of statements, with specific emphasis on current FASB statements and International Financial Reporting Standards. Students will utilize computerized spreadsheets to solve problems. Required Textbook Kieso, Weygandt, Warfield. INTERMEDIATE ACCOUNTING 15th Edition, 2013. John Wiley & Sons, Inc. Hoboken, N.J. ISBN – 978-1-118-14729-0 Other Required Resources Students will be required to access portions of selected financial statements of publicly held corporations via the internet. Additionally, three financial statements, Tootsie Roll, Hershey, and DuPont will be handed out...
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...Blooper Industries must replace its magnoosium purification system. Quick & Dirty Systems sells a relatively cheap purification system for $16 million. The system will last 4 years. Do-It-Right sells a sturdier but more expensive system for $18 million; it will last for 5 years. Both systems entail $3 million in operating costs; both will be depreciated straight-line to a final value of zero over their useful lives; neither will have any salvage value at the end of its life. The firm’s tax rate is 40%, and the discount rate is 12%. a. Calculate the equivalent annual cost of each alternative: (Do not round intermediate calculations. Enter your answers in millions rounded to 3 decimal places.) Equivalent Annual Cost Quick & Dirty $3.668 million Do-It-Right $3.553 million b. Which system should Blooper install? Do-It-Right Explanation: a. Find the equivalent annual cost of each alternative: Quick and Dirty Do-It-Right Operating costs $3 million $3 million Investment $16 million $18 million Project life 4 years 5 years Annual depreciation $4 million $3.6 million Depreciation tax shield $1.6 million $1.44 million PV(depreciation tax shield)* $4.86 million $5.191 million Net capital cost† $11.14 million $12.809 million EAC of net capital cost* $3.668 million $3.553 million *Annuity discounted at 12%; number of years = project life...
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