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<strong>ACC 305 Week 1 Assignments E3-18, E3-20, JCase 3-5</strong>Exercise 3-18 p. 152The current asset section of the Excalibur Tire Company’s balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2011, balance sheet revealed the following:Exercise 3-20 p. 152Most decisions made by management impact the ratios analysts use to evaluate performance. Indicate (by letter) whether each of the actions listed below will immediately increase (I), decrease (D), or have no effect (N) on the ratios shown. Assume each ratio is less than 1.0 before the action is taken.Judgment Case 3-5 p. 161You recently joined the internal auditing department of Marcus Clothing Corporation. As one of your first assignments, you are examining a balance sheet prepared by a staff accountantRequired:Identify and explain the deficiencies in the statement prepared by the company’s accountant. Include in your answer items that require additional disclosure, either on the face of the statement or in a note.<strong>ACC 305 Week 1 DQs</strong>Week 1 DQ 1Research Case 1-3 (page 45)The purpose of this case is to introduce you to the information available on the website of the Financial Accounting Standards Board (FASB).Required:Access the FASB home page on the Internet. The web address is www.fasb.org. Answer the following questions.1.            Describe the mission of the FASB.2.            Who are the current Board members? Briefly describe their backgrounds.3.           How are topics added to the FASB’s technical agenda?Week 1 DQ 2Judgment Case 2-1 (page 109)You have recently been hired by Davis & Company, a small public accounting firm. One of the firm’s partners, Alice Davis, has asked you to deal with a disgruntled client, Mr. Sean Pitt, owner of the city’s largest hardware store. Mr. Pitt is applying to a local bank for a substantial loan to remodel his store. The bank requires accrual based financial statements but Mr. Pitt has always kept the company’s records on a cash basis. He does not see the purpose of accrual based statements. His most recent outburst went something like this: “After all, I collect cash from customers, pay my bills in cash, and I am going to pay the bank loan with cash. And, I already show my building and equipment as assets and depreciate them. I just don’t understand the problem.”Required:1.            Explain the difference between a cash basis and an accrual basis measure of performance.2.          Why, in most cases, does accrual basis net income provide a better measure of performance than net operating cash flow?3.            Explain the purpose of adjusting entries as they relate to the difference between cash and accrual accounting.<strong>ACC 305 Week 2 DQs</strong>Week 2 DQ 1Judgment Case 4-3 (page 225)Companies often are under pressure to meet or beat Wall Street earnings projections in order to increase stock prices and also to increase the value of stock options. Some resort to earnings management practices to artificially create desired results.Required:Is earnings management always intended to produce higher income? Explain.Week 2 DQ 2Judgment Case 5-2 (page 291)Revenue earned by a business enterprise is recognized for accounting purposes at different times, according to the circumstances. In some situations revenue is recognized approximately as it is earned in the economic sense. In other situations revenue is recognized at point of delivery.Required:1.            Explain and justify why revenue often is recognized as earned at point of delivery.2.           Explain in what situations it would be useful to recognize revenue as the productive activity takes place.3.            At what times, other than those included in (1) and (2) above, may it be appropriate to recognize revenue?<strong>ACC 305 Week 2 Exercises</strong>AssignmentsIntegrating Case. From Chapter 5 complete Integrating Case 5-23 on page 296E4-16, E4-19, E4-22 Judgment Case 4-9 on page 227, E5-3 on page 275, and E5-10.<strong>ACC 305 Week 3 Complete</strong>Week 3 Communication Case 6-3 p. 334Harvey Alexander, an all-league professional football player, has just declared free agency. Two teams, the San Francisco 49ers and the Dallas Cowboys, have made Harvey the following offers to obtain his services:49ers: $1 million signing bonus payable immediately and an annual salary of $1.5 million for the five-year term of the contract.Cowboys: $2.5 million signing bonus payable immediately and an annual salary of $1 million for the five-year term of the contract.With both contracts, the annual salary will be paid in one lump sum at the end of the football season.Required:You have been hired as a consultant to Harvey’s agent, Phil Marks, to evaluate the two contracts. Write a short letter to Phil with your recommendation including the method you used to reach your conclusion. Assume that Harvey has no preference between the two teams and that the decision will be based entirely on monetary considerations. Also assume that Harvey can invest his money and earn an 8% annual return.Week 3 Judgment Case 7-5 p. 391For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.1. John Smith is the petty cash custodian. John approves all requests for payment out of the $200 fund, which is replenished at the end of each month. At the end of each month, John submits a list of all accounts and amounts to be charged and a check is written to him for the total amount. John is the only person ever to tally the fund.2. All of the company’s cash disbursements are made by check. Each check must be supported by an approved voucher, which is in turn supported by the appropriate invoice and, for purchases, a receiving document. The vouchers are approved by Dean Leiser, the chief accountant, after reviewing the supporting documentation. Betty Hanson prepares the checks for Leiser’s signature. Leiser also maintains the company’s check register (the cash disbursements journal) and reconciles the bank account at the end of each month.3. Fran Jones opens the company’s mail and makes a listing of all checks and cash received from customers. A copy of the list is sent to Jerry McDonald who maintains the general ledger accounts. Fran prepares and makes the daily deposit at the bank. Fran also maintains the subsidiary ledger for accounts receivable, which is used to generate monthly statements to customers.ACC 305 Week 3: Problem 7-10 p. 388 - Evergreen CompanyACC 305 Week 3: Problem 7-14 p. 389 - El Gato Painting CompanyEvergreen Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is December 31. During 2011, the following transactions related to receivables occurred:Required:1. Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold (round all calculations to the nearest dollar).2. Prepare any necessary adjusting entries at December 31, 2011. Adjusting entries are only recorded at year- end (round all calculations to the nearest dollar).3. Prepare a schedule showing the effect of the journal entries in requirements 1 and 2 on 2011 income before taxes.El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2011, reconciliation of the bank balance is as follows:Required:1. Prepare a bank reconciliation for the El Gato checking account at December 31, 2011.2. Prepare any necessary adjusting journal entries indicated.<strong>ACC 305 Week 4 Complete</strong>Required Readingsa. Chapter 8: Inventories: Measurementb. Chapter 9: Inventories: Additional IssuesDiscussionsLIFO vs. FIFO. Complete Communication Case 8-4 on page 442.Overstatement of Ending Inventory. Complete Ethics Case 9-11 on page 497.QuizAssignmentsWeek Four Exercises. E8-13, E8-14, E8-18, P8-5, E9-19, E9-21, and P9-1.<strong>ACC 305 Week 5 Complete</strong>Required Readingsa. Chapter 10: Property, Plant, and Equipment and Intangible Assets: Acquisition and Dispositionb. Chapter 11: Property, Plant, and Equipment and Intangible Assets: Utilization and ImpairmentDiscussionsResearch and Development. Complete Ethics Case 10-12 on page 553.Depreciation Methods. From Chapter 11 complete E11-5 (page 599) and E11-10 (page 600)AssignmentsOperational Assets & Depletion. Complete P11-5 on page 608 & P11-7 on page 610<strong>ACC 305 Week 5 Final Paper</strong>Focus of the Final PaperSubmit a seven to ten page paper on one of the major topics listed below. The paper should incorporate at least three other appropriately documented and related articles drawn from the University’s Library. (Note: you may advance your own topic, but it must be approved by your instructor.)Explain the role of the FASB in monitoring and controlling business reporting and accounting practices in the modern organization. In what ways do FASB rules limit business practices and reporting financial information? How do such rules and regulations protect the business and public stakeholder communities? To whom is the FASB accountable and who appoints members to FASB?Explain how external stakeholders use financial information such as company income statements and balance sheets to make decisions about the company in such cases as advancing credit or offering leasing vehicles. Discuss how common financial ratios and investment analysis is used to conduct due diligence by external parties and how factors such as accounts receivables, accounts payables, earnings returns, returns on inventory, etc. are applied to evaluate a firm’s financial and business health.Discuss depreciation as a tool for managing and evaluating the life and utility of assets of the firm. What are the methods and under what conditions would each method be used and applied? Does a firm’s tax planning influence the decision? How do external stakeholders assess the validity of depreciation schemes?
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<strong>ACC 305 Week 1 Assignments E3-18, E3-20, JCase 3-5</strong>Exercise 3-18 p. 152The current asset section of the Excalibur Tire Company’s balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2011, balance sheet revealed the following:Exercise 3-20 p. 152Most decisions made by management impact the ratios analysts use to evaluate performance. Indicate (by letter) whether each of the actions listed below will immediately increase (I), decrease (D), or have no effect (N) on the ratios shown. Assume each ratio is less than 1.0 before the action is taken.Judgment Case 3-5 p. 161You recently joined the internal auditing department of Marcus Clothing Corporation. As one of your first assignments, you are examining a balance sheet prepared by a staff accountantRequired:Identify and explain the deficiencies in the statement prepared by the company’s accountant. Include in your answer items that require additional disclosure, either on the face of the statement or in a note.<strong>ACC 305 Week 1 DQs</strong>Week 1 DQ 1Research Case 1-3 (page 45)The purpose of this case is to introduce you to the information available on the website of the Financial Accounting Standards Board (FASB).Required:Access the FASB home page on the Internet. The web address is www.fasb.org. Answer the following questions.1.            Describe the mission of the FASB.2.            Who are the current Board members? Briefly describe their backgrounds.3.           How are topics added to the FASB’s technical agenda?Week 1 DQ 2Judgment Case 2-1 (page 109)You have recently been hired by Davis & Company, a small public accounting firm. One of the firm’s partners, Alice Davis, has asked you to deal with a disgruntled client, Mr. Sean Pitt, owner of the city’s largest hardware store. Mr. Pitt is applying to a local bank for a substantial loan to remodel his store. The bank requires accrual based financial statements but Mr. Pitt has always kept the company’s records on a cash basis. He does not see the purpose of accrual based statements. His most recent outburst went something like this: “After all, I collect cash from customers, pay my bills in cash, and I am going to pay the bank loan with cash. And, I already show my building and equipment as assets and depreciate them. I just don’t understand the problem.”Required:1.            Explain the difference between a cash basis and an accrual basis measure of performance.2.          Why, in most cases, does accrual basis net income provide a better measure of performance than net operating cash flow?3.            Explain the purpose of adjusting entries as they relate to the difference between cash and accrual accounting.<strong>ACC 305 Week 2 DQs</strong>Week 2 DQ 1Judgment Case 4-3 (page 225)Companies often are under pressure to meet or beat Wall Street earnings projections in order to increase stock prices and also to increase the value of stock options. Some resort to earnings management practices to artificially create desired results.Required:Is earnings management always intended to produce higher income? Explain.Week 2 DQ 2Judgment Case 5-2 (page 291)Revenue earned by a business enterprise is recognized for accounting purposes at different times, according to the circumstances. In some situations revenue is recognized approximately as it is earned in the economic sense. In other situations revenue is recognized at point of delivery.Required:1.            Explain and justify why revenue often is recognized as earned at point of delivery.2.           Explain in what situations it would be useful to recognize revenue as the productive activity takes place.3.            At what times, other than those included in (1) and (2) above, may it be appropriate to recognize revenue?<strong>ACC 305 Week 2 Exercises</strong>AssignmentsIntegrating Case. From Chapter 5 complete Integrating Case 5-23 on page 296E4-16, E4-19, E4-22 Judgment Case 4-9 on page 227, E5-3 on page 275, and E5-10.<strong>ACC 305 Week 3 Complete</strong>Week 3 Communication Case 6-3 p. 334Harvey Alexander, an all-league professional football player, has just declared free agency. Two teams, the San Francisco 49ers and the Dallas Cowboys, have made Harvey the following offers to obtain his services:49ers: $1 million signing bonus payable immediately and an annual salary of $1.5 million for the five-year term of the contract.Cowboys: $2.5 million signing bonus payable immediately and an annual salary of $1 million for the five-year term of the contract.With both contracts, the annual salary will be paid in one lump sum at the end of the football season.Required:You have been hired as a consultant to Harvey’s agent, Phil Marks, to evaluate the two contracts. Write a short letter to Phil with your recommendation including the method you used to reach your conclusion. Assume that Harvey has no preference between the two teams and that the decision will be based entirely on monetary considerations. Also assume that Harvey can invest his money and earn an 8% annual return.Week 3 Judgment Case 7-5 p. 391For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.1. John Smith is the petty cash custodian. John approves all requests for payment out of the $200 fund, which is replenished at the end of each month. At the end of each month, John submits a list of all accounts and amounts to be charged and a check is written to him for the total amount. John is the only person ever to tally the fund.2. All of the company’s cash disbursements are made by check. Each check must be supported by an approved voucher, which is in turn supported by the appropriate invoice and, for purchases, a receiving document. The vouchers are approved by Dean Leiser, the chief accountant, after reviewing the supporting documentation. Betty Hanson prepares the checks for Leiser’s signature. Leiser also maintains the company’s check register (the cash disbursements journal) and reconciles the bank account at the end of each month.3. Fran Jones opens the company’s mail and makes a listing of all checks and cash received from customers. A copy of the list is sent to Jerry McDonald who maintains the general ledger accounts. Fran prepares and makes the daily deposit at the bank. Fran also maintains the subsidiary ledger for accounts receivable, which is used to generate monthly statements to customers.ACC 305 Week 3: Problem 7-10 p. 388 - Evergreen CompanyACC 305 Week 3: Problem 7-14 p. 389 - El Gato Painting CompanyEvergreen Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is December 31. During 2011, the following transactions related to receivables occurred:Required:1. Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold (round all calculations to the nearest dollar).2. Prepare any necessary adjusting entries at December 31, 2011. Adjusting entries are only recorded at year- end (round all calculations to the nearest dollar).3. Prepare a schedule showing the effect of the journal entries in requirements 1 and 2 on 2011 income before taxes.El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2011, reconciliation of the bank balance is as follows:Required:1. Prepare a bank reconciliation for the El Gato checking account at December 31, 2011.2. Prepare any necessary adjusting journal entries indicated.<strong>ACC 305 Week 4 Complete</strong>Required Readingsa. Chapter 8: Inventories: Measurementb. Chapter 9: Inventories: Additional IssuesDiscussionsLIFO vs. FIFO. Complete Communication Case 8-4 on page 442.Overstatement of Ending Inventory. Complete Ethics Case 9-11 on page 497.QuizAssignmentsWeek Four Exercises. E8-13, E8-14, E8-18, P8-5, E9-19, E9-21, and P9-1.<strong>ACC 305 Week 5 Complete</strong>Required Readingsa. Chapter 10: Property, Plant, and Equipment and Intangible Assets: Acquisition and Dispositionb. Chapter 11: Property, Plant, and Equipment and Intangible Assets: Utilization and ImpairmentDiscussionsResearch and Development. Complete Ethics Case 10-12 on page 553.Depreciation Methods. From Chapter 11 complete E11-5 (page 599) and E11-10 (page 600)AssignmentsOperational Assets & Depletion. Complete P11-5 on page 608 & P11-7 on page 610<strong>ACC 305 Week 5 Final Paper</strong>Focus of the Final PaperSubmit a seven to ten page paper on one of the major topics listed below. The paper should incorporate at least three other appropriately documented and related articles drawn from the University’s Library. (Note: you may advance your own topic, but it must be approved by your instructor.)Explain the role of the FASB in monitoring and controlling business reporting and accounting practices in the modern organization. In what ways do FASB rules limit business practices and reporting financial information? How do such rules and regulations protect the business and public stakeholder communities? To whom is the FASB accountable and who appoints members to FASB?Explain how external stakeholders use financial information such as company income statements and balance sheets to make decisions about the company in such cases as advancing credit or offering leasing vehicles. Discuss how common financial ratios and investment analysis is used to conduct due diligence by external parties and how factors such as accounts receivables, accounts payables, earnings returns, returns on inventory, etc. are applied to evaluate a firm’s financial and business health.Discuss depreciation as a tool for managing and evaluating the life and utility of assets of the firm. What are the methods and under what conditions would each method be used and applied? Does a firm’s tax planning influence the decision? How do external stakeholders assess the validity of depreciation schemes?
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<strong>ACC 305 Week 1 Assignments E3-18, E3-20, JCase 3-5</strong>Exercise 3-18 p. 152The current asset section of the Excalibur Tire Company’s balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2011, balance sheet revealed the following:Exercise 3-20 p. 152Most decisions made by management impact the ratios analysts use to evaluate performance. Indicate (by letter) whether each of the actions listed below will immediately increase (I), decrease (D), or have no effect (N) on the ratios shown. Assume each ratio is less than 1.0 before the action is taken.Judgment Case 3-5 p. 161You recently joined the internal auditing department of Marcus Clothing Corporation. As one of your first assignments, you are examining a balance sheet prepared by a staff accountantRequired:Identify and explain the deficiencies in the statement prepared by the company’s accountant. Include in your answer items that require additional disclosure, either on the face of the statement or in a note.<strong>ACC 305 Week 1 DQs</strong>Week 1 DQ 1Research Case 1-3 (page 45)The purpose of this case is to introduce you to the information available on the website of the Financial Accounting Standards Board (FASB).Required:Access the FASB home page on the Internet. The web address is www.fasb.org. Answer the following questions.1.            Describe the mission of the FASB.2.            Who are the current Board members? Briefly describe their backgrounds.3.           How are topics added to the FASB’s technical agenda?Week 1 DQ 2Judgment Case 2-1 (page 109)You have recently been hired by Davis & Company, a small public accounting firm. One of the firm’s partners, Alice Davis, has asked you to deal with a disgruntled client, Mr. Sean Pitt, owner of the city’s largest hardware store. Mr. Pitt is applying to a local bank for a substantial loan to remodel his store. The bank requires accrual based financial statements but Mr. Pitt has always kept the company’s records on a cash basis. He does not see the purpose of accrual based statements. His most recent outburst went something like this: “After all, I collect cash from customers, pay my bills in cash, and I am going to pay the bank loan with cash. And, I already show my building and equipment as assets and depreciate them. I just don’t understand the problem.”Required:1.            Explain the difference between a cash basis and an accrual basis measure of performance.2.          Why, in most cases, does accrual basis net income provide a better measure of performance than net operating cash flow?3.            Explain the purpose of adjusting entries as they relate to the difference between cash and accrual accounting.<strong>ACC 305 Week 2 DQs</strong>Week 2 DQ 1Judgment Case 4-3 (page 225)Companies often are under pressure to meet or beat Wall Street earnings projections in order to increase stock prices and also to increase the value of stock options. Some resort to earnings management practices to artificially create desired results.Required:Is earnings management always intended to produce higher income? Explain.Week 2 DQ 2Judgment Case 5-2 (page 291)Revenue earned by a business enterprise is recognized for accounting purposes at different times, according to the circumstances. In some situations revenue is recognized approximately as it is earned in the economic sense. In other situations revenue is recognized at point of delivery.Required:1.            Explain and justify why revenue often is recognized as earned at point of delivery.2.           Explain in what situations it would be useful to recognize revenue as the productive activity takes place.3.            At what times, other than those included in (1) and (2) above, may it be appropriate to recognize revenue?<strong>ACC 305 Week 2 Exercises</strong>AssignmentsIntegrating Case. From Chapter 5 complete Integrating Case 5-23 on page 296E4-16, E4-19, E4-22 Judgment Case 4-9 on page 227, E5-3 on page 275, and E5-10.<strong>ACC 305 Week 3 Complete</strong>Week 3 Communication Case 6-3 p. 334Harvey Alexander, an all-league professional football player, has just declared free agency. Two teams, the San Francisco 49ers and the Dallas Cowboys, have made Harvey the following offers to obtain his services:49ers: $1 million signing bonus payable immediately and an annual salary of $1.5 million for the five-year term of the contract.Cowboys: $2.5 million signing bonus payable immediately and an annual salary of $1 million for the five-year term of the contract.With both contracts, the annual salary will be paid in one lump sum at the end of the football season.Required:You have been hired as a consultant to Harvey’s agent, Phil Marks, to evaluate the two contracts. Write a short letter to Phil with your recommendation including the method you used to reach your conclusion. Assume that Harvey has no preference between the two teams and that the decision will be based entirely on monetary considerations. Also assume that Harvey can invest his money and earn an 8% annual return.Week 3 Judgment Case 7-5 p. 391For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.1. John Smith is the petty cash custodian. John approves all requests for payment out of the $200 fund, which is replenished at the end of each month. At the end of each month, John submits a list of all accounts and amounts to be charged and a check is written to him for the total amount. John is the only person ever to tally the fund.2. All of the company’s cash disbursements are made by check. Each check must be supported by an approved voucher, which is in turn supported by the appropriate invoice and, for purchases, a receiving document. The vouchers are approved by Dean Leiser, the chief accountant, after reviewing the supporting documentation. Betty Hanson prepares the checks for Leiser’s signature. Leiser also maintains the company’s check register (the cash disbursements journal) and reconciles the bank account at the end of each month.3. Fran Jones opens the company’s mail and makes a listing of all checks and cash received from customers. A copy of the list is sent to Jerry McDonald who maintains the general ledger accounts. Fran prepares and makes the daily deposit at the bank. Fran also maintains the subsidiary ledger for accounts receivable, which is used to generate monthly statements to customers.ACC 305 Week 3: Problem 7-10 p. 388 - Evergreen CompanyACC 305 Week 3: Problem 7-14 p. 389 - El Gato Painting CompanyEvergreen Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is December 31. During 2011, the following transactions related to receivables occurred:Required:1. Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold (round all calculations to the nearest dollar).2. Prepare any necessary adjusting entries at December 31, 2011. Adjusting entries are only recorded at year- end (round all calculations to the nearest dollar).3. Prepare a schedule showing the effect of the journal entries in requirements 1 and 2 on 2011 income before taxes.El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2011, reconciliation of the bank balance is as follows:Required:1. Prepare a bank reconciliation for the El Gato checking account at December 31, 2011.2. Prepare any necessary adjusting journal entries indicated.<strong>ACC 305 Week 4 Complete</strong>Required Readingsa. Chapter 8: Inventories: Measurementb. Chapter 9: Inventories: Additional IssuesDiscussionsLIFO vs. FIFO. Complete Communication Case 8-4 on page 442.Overstatement of Ending Inventory. Complete Ethics Case 9-11 on page 497.QuizAssignmentsWeek Four Exercises. E8-13, E8-14, E8-18, P8-5, E9-19, E9-21, and P9-1.<strong>ACC 305 Week 5 Complete</strong>Required Readingsa. Chapter 10: Property, Plant, and Equipment and Intangible Assets: Acquisition and Dispositionb. Chapter 11: Property, Plant, and Equipment and Intangible Assets: Utilization and ImpairmentDiscussionsResearch and Development. Complete Ethics Case 10-12 on page 553.Depreciation Methods. From Chapter 11 complete E11-5 (page 599) and E11-10 (page 600)AssignmentsOperational Assets & Depletion. Complete P11-5 on page 608 & P11-7 on page 610<strong>ACC 305 Week 5 Final Paper</strong>Focus of the Final PaperSubmit a seven to ten page paper on one of the major topics listed below. The paper should incorporate at least three other appropriately documented and related articles drawn from the University’s Library. (Note: you may advance your own topic, but it must be approved by your instructor.)Explain the role of the FASB in monitoring and controlling business reporting and accounting practices in the modern organization. In what ways do FASB rules limit business practices and reporting financial information? How do such rules and regulations protect the business and public stakeholder communities? To whom is the FASB accountable and who appoints members to FASB?Explain how external stakeholders use financial information such as company income statements and balance sheets to make decisions about the company in such cases as advancing credit or offering leasing vehicles. Discuss how common financial ratios and investment analysis is used to conduct due diligence by external parties and how factors such as accounts receivables, accounts payables, earnings returns, returns on inventory, etc. are applied to evaluate a firm’s financial and business health.Discuss depreciation as a tool for managing and evaluating the life and utility of assets of the firm. What are the methods and under what conditions would each method be used and applied? Does a firm’s tax planning influence the decision? How do external stakeholders assess the validity of depreciation schemes?
http://www.ashfordhomeworks.com/download/acc-305-entire-course/Download answer at http://www.ashfordhomeworks.com/download/acc-305-entire-course/
<strong>ACC 305 Week 1 Assignments E3-18, E3-20, JCase 3-5</strong>Exercise 3-18 p. 152The current asset section of the Excalibur Tire Company’s balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2011, balance sheet revealed the following:Exercise 3-20 p. 152Most decisions made by management impact the ratios analysts use to evaluate performance. Indicate (by letter) whether each of the actions listed below will immediately increase (I), decrease (D), or have no effect (N) on the ratios shown. Assume each ratio is less than 1.0 before the action is taken.Judgment Case 3-5 p. 161You recently joined the internal auditing department of Marcus Clothing Corporation. As one of your first assignments, you are examining a balance sheet prepared by a staff accountantRequired:Identify and explain the deficiencies in the statement prepared by the company’s accountant. Include in your answer items that require additional disclosure, either on the face of the statement or in a note.<strong>ACC 305 Week 1 DQs</strong>Week 1 DQ 1Research Case 1-3 (page 45)The purpose of this case is to introduce you to the information available on the website of the Financial Accounting Standards Board (FASB).Required:Access the FASB home page on the Internet. The web address is www.fasb.org. Answer the following questions.1.            Describe the mission of the FASB.2.            Who are the current Board members? Briefly describe their backgrounds.3.           How are topics added to the FASB’s technical agenda?Week 1 DQ 2Judgment Case 2-1 (page 109)You have recently been hired by Davis & Company, a small public accounting firm. One of the firm’s partners, Alice Davis, has asked you to deal with a disgruntled client, Mr. Sean Pitt, owner of the city’s largest hardware store. Mr. Pitt is applying to a local bank for a substantial loan to remodel his store. The bank requires accrual based financial statements but Mr. Pitt has always kept the company’s records on a cash basis. He does not see the purpose of accrual based statements. His most recent outburst went something like this: “After all, I collect cash from customers, pay my bills in cash, and I am going to pay the bank loan with cash. And, I already show my building and equipment as assets and depreciate them. I just don’t understand the problem.”Required:1.            Explain the difference between a cash basis and an accrual basis measure of performance.2.          Why, in most cases, does accrual basis net income provide a better measure of performance than net operating cash flow?3.            Explain the purpose of adjusting entries as they relate to the difference between cash and accrual accounting.<strong>ACC 305 Week 2 DQs</strong>Week 2 DQ 1Judgment Case 4-3 (page 225)Companies often are under pressure to meet or beat Wall Street earnings projections in order to increase stock prices and also to increase the value of stock options. Some resort to earnings management practices to artificially create desired results.Required:Is earnings management always intended to produce higher income? Explain.Week 2 DQ 2Judgment Case 5-2 (page 291)Revenue earned by a business enterprise is recognized for accounting purposes at different times, according to the circumstances. In some situations revenue is recognized approximately as it is earned in the economic sense. In other situations revenue is recognized at point of delivery.Required:1.            Explain and justify why revenue often is recognized as earned at point of delivery.2.           Explain in what situations it would be useful to recognize revenue as the productive activity takes place.3.            At what times, other than those included in (1) and (2) above, may it be appropriate to recognize revenue?<strong>ACC 305 Week 2 Exercises</strong>AssignmentsIntegrating Case. From Chapter 5 complete Integrating Case 5-23 on page 296E4-16, E4-19, E4-22 Judgment Case 4-9 on page 227, E5-3 on page 275, and E5-10.<strong>ACC 305 Week 3 Complete</strong>Week 3 Communication Case 6-3 p. 334Harvey Alexander, an all-league professional football player, has just declared free agency. Two teams, the San Francisco 49ers and the Dallas Cowboys, have made Harvey the following offers to obtain his services:49ers: $1 million signing bonus payable immediately and an annual salary of $1.5 million for the five-year term of the contract.Cowboys: $2.5 million signing bonus payable immediately and an annual salary of $1 million for the five-year term of the contract.With both contracts, the annual salary will be paid in one lump sum at the end of the football season.Required:You have been hired as a consultant to Harvey’s agent, Phil Marks, to evaluate the two contracts. Write a short letter to Phil with your recommendation including the method you used to reach your conclusion. Assume that Harvey has no preference between the two teams and that the decision will be based entirely on monetary considerations. Also assume that Harvey can invest his money and earn an 8% annual return.Week 3 Judgment Case 7-5 p. 391For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.1. John Smith is the petty cash custodian. John approves all requests for payment out of the $200 fund, which is replenished at the end of each month. At the end of each month, John submits a list of all accounts and amounts to be charged and a check is written to him for the total amount. John is the only person ever to tally the fund.2. All of the company’s cash disbursements are made by check. Each check must be supported by an approved voucher, which is in turn supported by the appropriate invoice and, for purchases, a receiving document. The vouchers are approved by Dean Leiser, the chief accountant, after reviewing the supporting documentation. Betty Hanson prepares the checks for Leiser’s signature. Leiser also maintains the company’s check register (the cash disbursements journal) and reconciles the bank account at the end of each month.3. Fran Jones opens the company’s mail and makes a listing of all checks and cash received from customers. A copy of the list is sent to Jerry McDonald who maintains the general ledger accounts. Fran prepares and makes the daily deposit at the bank. Fran also maintains the subsidiary ledger for accounts receivable, which is used to generate monthly statements to customers.ACC 305 Week 3: Problem 7-10 p. 388 - Evergreen CompanyACC 305 Week 3: Problem 7-14 p. 389 - El Gato Painting CompanyEvergreen Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is December 31. During 2011, the following transactions related to receivables occurred:Required:1. Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold (round all calculations to the nearest dollar).2. Prepare any necessary adjusting entries at December 31, 2011. Adjusting entries are only recorded at year- end (round all calculations to the nearest dollar).3. Prepare a schedule showing the effect of the journal entries in requirements 1 and 2 on 2011 income before taxes.El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2011, reconciliation of the bank balance is as follows:Required:1. Prepare a bank reconciliation for the El Gato checking account at December 31, 2011.2. Prepare any necessary adjusting journal entries indicated.<strong>ACC 305 Week 4 Complete</strong>Required Readingsa. Chapter 8: Inventories: Measurementb. Chapter 9: Inventories: Additional IssuesDiscussionsLIFO vs. FIFO. Complete Communication Case 8-4 on page 442.Overstatement of Ending Inventory. Complete Ethics Case 9-11 on page 497.QuizAssignmentsWeek Four Exercises. E8-13, E8-14, E8-18, P8-5, E9-19, E9-21, and P9-1.<strong>ACC 305 Week 5 Complete</strong>Required Readingsa. Chapter 10: Property, Plant, and Equipment and Intangible Assets: Acquisition and Dispositionb. Chapter 11: Property, Plant, and Equipment and Intangible Assets: Utilization and ImpairmentDiscussionsResearch and Development. Complete Ethics Case 10-12 on page 553.Depreciation Methods. From Chapter 11 complete E11-5 (page 599) and E11-10 (page 600)AssignmentsOperational Assets & Depletion. Complete P11-5 on page 608 & P11-7 on page 610<strong>ACC 305 Week 5 Final Paper</strong>Focus of the Final PaperSubmit a seven to ten page paper on one of the major topics listed below. The paper should incorporate at least three other appropriately documented and related articles drawn from the University’s Library. (Note: you may advance your own topic, but it must be approved by your instructor.)Explain the role of the FASB in monitoring and controlling business reporting and accounting practices in the modern organization. In what ways do FASB rules limit business practices and reporting financial information? How do such rules and regulations protect the business and public stakeholder communities? To whom is the FASB accountable and who appoints members to FASB?Explain how external stakeholders use financial information such as company income statements and balance sheets to make decisions about the company in such cases as advancing credit or offering leasing vehicles. Discuss how common financial ratios and investment analysis is used to conduct due diligence by external parties and how factors such as accounts receivables, accounts payables, earnings returns, returns on inventory, etc. are applied to evaluate a firm’s financial and business health.Discuss depreciation as a tool for managing and evaluating the life and utility of assets of the firm. What are the methods and under what conditions would each method be used and applied? Does a firm’s tax planning influence the decision? How do external stakeholders assess the validity of depreciation schemes?
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<strong>ACC 305 Week 1 Assignments E3-18, E3-20, JCase 3-5</strong>Exercise 3-18 p. 152The current asset section of the Excalibur Tire Company’s balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2011, balance sheet revealed the following:Exercise 3-20 p. 152Most decisions made by management impact the ratios analysts use to evaluate performance. Indicate (by letter) whether each of the actions listed below will immediately increase (I), decrease (D), or have no effect (N) on the ratios shown. Assume each ratio is less than 1.0 before the action is taken.Judgment Case 3-5 p. 161You recently joined the internal auditing department of Marcus Clothing Corporation. As one of your first assignments, you are examining a balance sheet prepared by a staff accountantRequired:Identify and explain the deficiencies in the statement prepared by the company’s accountant. Include in your answer items that require additional disclosure, either on the face of the statement or in a note.<strong>ACC 305 Week 1 DQs</strong>Week 1 DQ 1Research Case 1-3 (page 45)The purpose of this case is to introduce you to the information available on the website of the Financial Accounting Standards Board (FASB).Required:Access the FASB home page on the Internet. The web address is www.fasb.org. Answer the following questions.1.            Describe the mission of the FASB.2.            Who are the current Board members? Briefly describe their backgrounds.3.           How are topics added to the FASB’s technical agenda?Week 1 DQ 2Judgment Case 2-1 (page 109)You have recently been hired by Davis & Company, a small public accounting firm. One of the firm’s partners, Alice Davis, has asked you to deal with a disgruntled client, Mr. Sean Pitt, owner of the city’s largest hardware store. Mr. Pitt is applying to a local bank for a substantial loan to remodel his store. The bank requires accrual based financial statements but Mr. Pitt has always kept the company’s records on a cash basis. He does not see the purpose of accrual based statements. His most recent outburst went something like this: “After all, I collect cash from customers, pay my bills in cash, and I am going to pay the bank loan with cash. And, I already show my building and equipment as assets and depreciate them. I just don’t understand the problem.”Required:1.            Explain the difference between a cash basis and an accrual basis measure of performance.2.          Why, in most cases, does accrual basis net income provide a better measure of performance than net operating cash flow?3.            Explain the purpose of adjusting entries as they relate to the difference between cash and accrual accounting.<strong>ACC 305 Week 2 DQs</strong>Week 2 DQ 1Judgment Case 4-3 (page 225)Companies often are under pressure to meet or beat Wall Street earnings projections in order to increase stock prices and also to increase the value of stock options. Some resort to earnings management practices to artificially create desired results.Required:Is earnings management always intended to produce higher income? Explain.Week 2 DQ 2Judgment Case 5-2 (page 291)Revenue earned by a business enterprise is recognized for accounting purposes at different times, according to the circumstances. In some situations revenue is recognized approximately as it is earned in the economic sense. In other situations revenue is recognized at point of delivery.Required:1.            Explain and justify why revenue often is recognized as earned at point of delivery.2.           Explain in what situations it would be useful to recognize revenue as the productive activity takes place.3.            At what times, other than those included in (1) and (2) above, may it be appropriate to recognize revenue?<strong>ACC 305 Week 2 Exercises</strong>AssignmentsIntegrating Case. From Chapter 5 complete Integrating Case 5-23 on page 296E4-16, E4-19, E4-22 Judgment Case 4-9 on page 227, E5-3 on page 275, and E5-10.<strong>ACC 305 Week 3 Complete</strong>Week 3 Communication Case 6-3 p. 334Harvey Alexander, an all-league professional football player, has just declared free agency. Two teams, the San Francisco 49ers and the Dallas Cowboys, have made Harvey the following offers to obtain his services:49ers: $1 million signing bonus payable immediately and an annual salary of $1.5 million for the five-year term of the contract.Cowboys: $2.5 million signing bonus payable immediately and an annual salary of $1 million for the five-year term of the contract.With both contracts, the annual salary will be paid in one lump sum at the end of the football season.Required:You have been hired as a consultant to Harvey’s agent, Phil Marks, to evaluate the two contracts. Write a short letter to Phil with your recommendation including the method you used to reach your conclusion. Assume that Harvey has no preference between the two teams and that the decision will be based entirely on monetary considerations. Also assume that Harvey can invest his money and earn an 8% annual return.Week 3 Judgment Case 7-5 p. 391For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.1. John Smith is the petty cash custodian. John approves all requests for payment out of the $200 fund, which is replenished at the end of each month. At the end of each month, John submits a list of all accounts and amounts to be charged and a check is written to him for the total amount. John is the only person ever to tally the fund.2. All of the company’s cash disbursements are made by check. Each check must be supported by an approved voucher, which is in turn supported by the appropriate invoice and, for purchases, a receiving document. The vouchers are approved by Dean Leiser, the chief accountant, after reviewing the supporting documentation. Betty Hanson prepares the checks for Leiser’s signature. Leiser also maintains the company’s check register (the cash disbursements journal) and reconciles the bank account at the end of each month.3. Fran Jones opens the company’s mail and makes a listing of all checks and cash received from customers. A copy of the list is sent to Jerry McDonald who maintains the general ledger accounts. Fran prepares and makes the daily deposit at the bank. Fran also maintains the subsidiary ledger for accounts receivable, which is used to generate monthly statements to customers.ACC 305 Week 3: Problem 7-10 p. 388 - Evergreen CompanyACC 305 Week 3: Problem 7-14 p. 389 - El Gato Painting CompanyEvergreen Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is December 31. During 2011, the following transactions related to receivables occurred:Required:1. Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold (round all calculations to the nearest dollar).2. Prepare any necessary adjusting entries at December 31, 2011. Adjusting entries are only recorded at year- end (round all calculations to the nearest dollar).3. Prepare a schedule showing the effect of the journal entries in requirements 1 and 2 on 2011 income before taxes.El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2011, reconciliation of the bank balance is as follows:Required:1. Prepare a bank reconciliation for the El Gato checking account at December 31, 2011.2. Prepare any necessary adjusting journal entries indicated.<strong>ACC 305 Week 4 Complete</strong>Required Readingsa. Chapter 8: Inventories: Measurementb. Chapter 9: Inventories: Additional IssuesDiscussionsLIFO vs. FIFO. Complete Communication Case 8-4 on page 442.Overstatement of Ending Inventory. Complete Ethics Case 9-11 on page 497.QuizAssignmentsWeek Four Exercises. E8-13, E8-14, E8-18, P8-5, E9-19, E9-21, and P9-1.<strong>ACC 305 Week 5 Complete</strong>Required Readingsa. Chapter 10: Property, Plant, and Equipment and Intangible Assets: Acquisition and Dispositionb. Chapter 11: Property, Plant, and Equipment and Intangible Assets: Utilization and ImpairmentDiscussionsResearch and Development. Complete Ethics Case 10-12 on page 553.Depreciation Methods. From Chapter 11 complete E11-5 (page 599) and E11-10 (page 600)AssignmentsOperational Assets & Depletion. Complete P11-5 on page 608 & P11-7 on page 610<strong>ACC 305 Week 5 Final Paper</strong>Focus of the Final PaperSubmit a seven to ten page paper on one of the major topics listed below. The paper should incorporate at least three other appropriately documented and related articles drawn from the University’s Library. (Note: you may advance your own topic, but it must be approved by your instructor.)Explain the role of the FASB in monitoring and controlling business reporting and accounting practices in the modern organization. In what ways do FASB rules limit business practices and reporting financial information? How do such rules and regulations protect the business and public stakeholder communities? To whom is the FASB accountable and who appoints members to FASB?Explain how external stakeholders use financial information such as company income statements and balance sheets to make decisions about the company in such cases as advancing credit or offering leasing vehicles. Discuss how common financial ratios and investment analysis is used to conduct due diligence by external parties and how factors such as accounts receivables, accounts payables, earnings returns, returns on inventory, etc. are applied to evaluate a firm’s financial and business health.Discuss depreciation as a tool for managing and evaluating the life and utility of assets of the firm. What are the methods and under what conditions would each method be used and applied? Does a firm’s tax planning influence the decision? How do external stakeholders assess the validity of depreciation schemes?
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<strong>ACC 305 Week 1 Assignments E3-18, E3-20, JCase 3-5</strong>Exercise 3-18 p. 152The current asset section of the Excalibur Tire Company’s balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2011, balance sheet revealed the following:Exercise 3-20 p. 152Most decisions made by management impact the ratios analysts use to evaluate performance. Indicate (by letter) whether each of the actions listed below will immediately increase (I), decrease (D), or have no effect (N) on the ratios shown. Assume each ratio is less than 1.0 before the action is taken.Judgment Case 3-5 p. 161You recently joined the internal auditing department of Marcus Clothing Corporation. As one of your first assignments, you are examining a balance sheet prepared by a staff accountantRequired:Identify and explain the deficiencies in the statement prepared by the company’s accountant. Include in your answer items that require additional disclosure, either on the face of the statement or in a note.<strong>ACC 305 Week 1 DQs</strong>Week 1 DQ 1Research Case 1-3 (page 45)The purpose of this case is to introduce you to the information available on the website of the Financial Accounting Standards Board (FASB).Required:Access the FASB home page on the Internet. The web address is www.fasb.org. Answer the following questions.1.            Describe the mission of the FASB.2.            Who are the current Board members? Briefly describe their backgrounds.3.           How are topics added to the FASB’s technical agenda?Week 1 DQ 2Judgment Case 2-1 (page 109)You have recently been hired by Davis & Company, a small public accounting firm. One of the firm’s partners, Alice Davis, has asked you to deal with a disgruntled client, Mr. Sean Pitt, owner of the city’s largest hardware store. Mr. Pitt is applying to a local bank for a substantial loan to remodel his store. The bank requires accrual based financial statements but Mr. Pitt has always kept the company’s records on a cash basis. He does not see the purpose of accrual based statements. His most recent outburst went something like this: “After all, I collect cash from customers, pay my bills in cash, and I am going to pay the bank loan with cash. And, I already show my building and equipment as assets and depreciate them. I just don’t understand the problem.”Required:1.            Explain the difference between a cash basis and an accrual basis measure of performance.2.          Why, in most cases, does accrual basis net income provide a better measure of performance than net operating cash flow?3.            Explain the purpose of adjusting entries as they relate to the difference between cash and accrual accounting.<strong>ACC 305 Week 2 DQs</strong>Week 2 DQ 1Judgment Case 4-3 (page 225)Companies often are under pressure to meet or beat Wall Street earnings projections in order to increase stock prices and also to increase the value of stock options. Some resort to earnings management practices to artificially create desired results.Required:Is earnings management always intended to produce higher income? Explain.Week 2 DQ 2Judgment Case 5-2 (page 291)Revenue earned by a business enterprise is recognized for accounting purposes at different times, according to the circumstances. In some situations revenue is recognized approximately as it is earned in the economic sense. In other situations revenue is recognized at point of delivery.Required:1.            Explain and justify why revenue often is recognized as earned at point of delivery.2.           Explain in what situations it would be useful to recognize revenue as the productive activity takes place.3.            At what times, other than those included in (1) and (2) above, may it be appropriate to recognize revenue?<strong>ACC 305 Week 2 Exercises</strong>AssignmentsIntegrating Case. From Chapter 5 complete Integrating Case 5-23 on page 296E4-16, E4-19, E4-22 Judgment Case 4-9 on page 227, E5-3 on page 275, and E5-10.<strong>ACC 305 Week 3 Complete</strong>Week 3 Communication Case 6-3 p. 334Harvey Alexander, an all-league professional football player, has just declared free agency. Two teams, the San Francisco 49ers and the Dallas Cowboys, have made Harvey the following offers to obtain his services:49ers: $1 million signing bonus payable immediately and an annual salary of $1.5 million for the five-year term of the contract.Cowboys: $2.5 million signing bonus payable immediately and an annual salary of $1 million for the five-year term of the contract.With both contracts, the annual salary will be paid in one lump sum at the end of the football season.Required:You have been hired as a consultant to Harvey’s agent, Phil Marks, to evaluate the two contracts. Write a short letter to Phil with your recommendation including the method you used to reach your conclusion. Assume that Harvey has no preference between the two teams and that the decision will be based entirely on monetary considerations. Also assume that Harvey can invest his money and earn an 8% annual return.Week 3 Judgment Case 7-5 p. 391For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.1. John Smith is the petty cash custodian. John approves all requests for payment out of the $200 fund, which is replenished at the end of each month. At the end of each month, John submits a list of all accounts and amounts to be charged and a check is written to him for the total amount. John is the only person ever to tally the fund.2. All of the company’s cash disbursements are made by check. Each check must be supported by an approved voucher, which is in turn supported by the appropriate invoice and, for purchases, a receiving document. The vouchers are approved by Dean Leiser, the chief accountant, after reviewing the supporting documentation. Betty Hanson prepares the checks for Leiser’s signature. Leiser also maintains the company’s check register (the cash disbursements journal) and reconciles the bank account at the end of each month.3. Fran Jones opens the company’s mail and makes a listing of all checks and cash received from customers. A copy of the list is sent to Jerry McDonald who maintains the general ledger accounts. Fran prepares and makes the daily deposit at the bank. Fran also maintains the subsidiary ledger for accounts receivable, which is used to generate monthly statements to customers.ACC 305 Week 3: Problem 7-10 p. 388 - Evergreen CompanyACC 305 Week 3: Problem 7-14 p. 389 - El Gato Painting CompanyEvergreen Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is December 31. During 2011, the following transactions related to receivables occurred:Required:1. Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold (round all calculations to the nearest dollar).2. Prepare any necessary adjusting entries at December 31, 2011. Adjusting entries are only recorded at year- end (round all calculations to the nearest dollar).3. Prepare a schedule showing the effect of the journal entries in requirements 1 and 2 on 2011 income before taxes.El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2011, reconciliation of the bank balance is as follows:Required:1. Prepare a bank reconciliation for the El Gato checking account at December 31, 2011.2. Prepare any necessary adjusting journal entries indicated.<strong>ACC 305 Week 4 Complete</strong>Required Readingsa. Chapter 8: Inventories: Measurementb. Chapter 9: Inventories: Additional IssuesDiscussionsLIFO vs. FIFO. Complete Communication Case 8-4 on page 442.Overstatement of Ending Inventory. Complete Ethics Case 9-11 on page 497.QuizAssignmentsWeek Four Exercises. E8-13, E8-14, E8-18, P8-5, E9-19, E9-21, and P9-1.<strong>ACC 305 Week 5 Complete</strong>Required Readingsa. Chapter 10: Property, Plant, and Equipment and Intangible Assets: Acquisition and Dispositionb. Chapter 11: Property, Plant, and Equipment and Intangible Assets: Utilization and ImpairmentDiscussionsResearch and Development. Complete Ethics Case 10-12 on page 553.Depreciation Methods. From Chapter 11 complete E11-5 (page 599) and E11-10 (page 600)AssignmentsOperational Assets & Depletion. Complete P11-5 on page 608 & P11-7 on page 610<strong>ACC 305 Week 5 Final Paper</strong>Focus of the Final PaperSubmit a seven to ten page paper on one of the major topics listed below. The paper should incorporate at least three other appropriately documented and related articles drawn from the University’s Library. (Note: you may advance your own topic, but it must be approved by your instructor.)Explain the role of the FASB in monitoring and controlling business reporting and accounting practices in the modern organization. In what ways do FASB rules limit business practices and reporting financial information? How do such rules and regulations protect the business and public stakeholder communities? To whom is the FASB accountable and who appoints members to FASB?Explain how external stakeholders use financial information such as company income statements and balance sheets to make decisions about the company in such cases as advancing credit or offering leasing vehicles. Discuss how common financial ratios and investment analysis is used to conduct due diligence by external parties and how factors such as accounts receivables, accounts payables, earnings returns, returns on inventory, etc. are applied to evaluate a firm’s financial and business health.Discuss depreciation as a tool for managing and evaluating the life and utility of assets of the firm. What are the methods and under what conditions would each method be used and applied? Does a firm’s tax planning influence the decision? How do external stakeholders assess the validity of depreciation schemes?
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