ACC 305 Extraordinary Success |snaptutorial.com

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ACC 305 Entire Course For more classes visit
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ACC 305 Week 1 Assignments E 3-18, E 3-20, J Case
3-5 ACC 305 Week 1 DQ 1 FASB and Ethics ACC 305
Week 1 DQ 2 Cash versus Accrual Financial
Disclosures ACC 305 Week 2 DQ 1 Earnings
Management Case 4-3 ACC 305 Week 2 DQ 2 Revenue
Recognition Case 5-2 ACC 305 Week 2 Problem E4-16
Bluebonnet Bakers ACC 305 Week 2 Problem E4-19
Wainwright Corporation ACC 305 Week 2 Problem
E4-22 Tiger Enterprises ACC 305 Week 2 Problem
E5-3 Installment sales ACC 305 Week 2 Problem
E5-10 Project Contracts ACC 305 Week 2 Problem
Integrating Case 5-23 ACC 305 Week 2 Problem
Judgment Case 4-9 ACC 305 Week 3 Communication
Case 6-3
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ACC 305 Week 3 Judgment Case 7-5 ACC 305 Week 3
P7-10, P7-14 ACC 305 Week 3 P7-14 El Gato
Painting Company ACC 305 Week 4 Communication
Case 8-4 ACC 305 Week 4 Assignment E8-13, E8-14,
E8-18, P8-5, E9-19, E9- 21, P9-1. ACC 305 Week 4
Ethics Case 9-11 ACC 305 Week 5 Ethics Case 10-12
ACC 305 Week 5 P11-5, P11-7 ACC 305 Week 5
Problem E11-5, E11-10 ACC 305 Week 5 Final Paper
(FASB)
ACC 305 Week 1 Assignments E 3-18, E 3-20, J Case
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ACC 305 Week 1 Assignments E 3-18, E 3-20, J Case 3-5


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ACC 305 Week 1 DQ 1 FASB and Ethics For more
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Research 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 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 FASBs technical agenda?
ACC 305 Week 1 DQ 2 Cash versus Accrual
and Financial Disclosures
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Judgment Case 2-1 (page 109) You have recently
been hired by Davis Company, a small public
accounting firm. One of the firms partners,
Alice Davis, has asked you to deal with a
disgruntled client, Mr. Sean Pitt, owner of the
citys 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 companys 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 dont 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.
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ACC 305 Week 2 DQ 1 Earnings Management Case
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Judgment 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.
ACC 305 Week 2 DQ 2 Revenue Recognition Case 5-2
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Judgment 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?
ACC 305 Week 2 Problem E4-16 Bluebonnet Bakers
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-Problem-E4- 16-Bluebonnet-Bakers
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ACC 305 Week 2 Problem E4-16 Bluebonnet Bakers
ACC 305 Week 2 Problem E4-19 Wainwright Corporatio
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ACC 305 Week 2 Problems E4-19 Wainwright
Corporation
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ACC 305 Week 2 Problem E4-22 Tiger Enterprises htt
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ACC 305 Week 2 Problem E4-22 Tiger Enterprises




ACC 305 Week 2 Problem E5-3 Installment sales ACC 305 Week 2 Problem E5-3 Installment sales
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ACC 305 Week 2 Problem E5-3 Installment sales
ACC 305 Week 2 Problem E5-10 Project ACC 305 Week 2 Problem E5-10 Project
4 Contracts 4
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ACC 305 Week 2 Problem E5-10 Project Contracts
ACC 305 Week 2 Problem Integrating Case 5-23
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ACC 305 Week 2 Problems Integrating Case 5-23 ACC
305 Week 2 Problem Judgment Case 4-9 For more
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ACC 305 Week 2 Problem Judgment Case 4-9
ACC 305 Week 3 Communication Case 6-3 For more
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ACC 305 Week 3 Communication Case 6-3
Communication Case 6-3 on page 334 Harvey
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 Harveys 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.
ACC 305 Week 3 Judgment Case 7-5
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ACC 305 Week 3 Judgment Case 7-5
Judgment Case 7-5 on page 391 For 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 companys 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 Leisers signature. Leiser also maintains the
companys check register (the cash disbursements
journal) and reconciles the bank account at the
end of each month. 3. Fran Jones opens the
companys 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
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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 P7-10, P7-14 For more classes
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ACC 305 Week 3 P7-10, P7-14
ACC 305 Week 3 P7-14 El Gato Painting Company For
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ACC 305 Week 3 P7-14 El Gato Painting Company
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ACC 305 Week 4 Assignment E8-13, E8-14, E8- ACC 305 Week 4 Assignment E8-13, E8-14, E8- ACC 305 Week 4 Assignment E8-13, E8-14, E8-
18, P8-5, E9-19, E9-21, P9-1

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ACC 305 Week 4 Assignment E8-13, E8-14, E8-18,
P8-5, E9-19, E9-21, P9-1.
ACC 305 Week 4 Communication Cases 8-4 For more
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ACC 305 Week 4 Communication Case 8-4
Communication Case 8-4 on page 442
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You have just been hired as a consultant to
Tangier Industries, a newly formed company. The
company president, John Meeks, is seeking your
advice as to the appropriate inventory method
Tangier should use to value its inventory and
cost of goods sold. Mr. Meeks has narrowed the
choice to LIFO and FIFO. He has heard that LIFO
might be better for tax purposes, but FIFO has
certain advantages for financial reporting to
investors and creditors. You have been told that
the company will be profitable in its first year
and for the foreseeable future. Required Prepare
a report for the president describing the factors
that should be considered by Tangier in choosing
between LIFO and FIFO.
ACC 305 Week 4 Ethics Case 9 to 11 For more
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Ethics Case 9-11 on page 497 Danville Bottlers is
a wholesale beverage company. Danville uses the
FIFO inventory method to determine the cost of
its ending inventory. Ending inventory quantities
are determined by a physical count. For the
fiscal year- end June 30, 2011, ending inventory
was originally determined to be 3,265,000.
However, on July 17, 2011, John Howard, the
companys controller, discovered an error in the
ending inventory
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count. He determined that the correct ending
inventory amount should be 2,600,000. Danville
is a privately owned corporation with significant
financing provided by a local bank. The bank
requires annual audited financial statements as a
condition of the loan. By July 17, the auditors
had completed their review of the financial
statements which are scheduled to be issued on
July 25. They did not discover the inventory
error. Johns first reaction was to communicate
his finding to the auditors and to revise the
financial statements before they are issued.
However, he knows that his and his fellow
workers profit-sharing plans are based on annual
pretax earnings and that if he revises the
statements, everyones profit-sharing bonus will
be significantly reduced. Required 1. Why
will bonuses be negatively affected? What is the
effect on pretax earnings? 2. If the error is
not corrected in the current year and is
discovered by the auditors during the following
years audit, how will it be reported in the
companys financial statements?
3. Discuss the ethical dilemma John Howard faces.
ACC 305 Week 5 Ethics Case 10 to 12 For more
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ACC 305 Week 5 Ethics Case 10-12 Ethics Case
10-12 on page 553 - Mayer Biotechnical, Inc -
Research and development LO8 Mayer
Biotechnical, Inc., develops, manufactures, and
sells pharmaceuticals. Significant research and
development (RD) expenditures are made for the
development of new drugs and the improvement of
existing drugs. During 2011, 220 million was
spent on RD. Of this amount, 30 million was
spent on the purchase of equipment to be used in
a research project involving the development of a
new antibiotic. The controller, Alice Cooper, is
considering capitalizing the equipment and
depreciating it over the five-year useful life of
the equipment at 6 million per year, even though
the equipment likely will be used on only one
project. The company president has asked Alice to
make every effort to increase 2011 earnings
because in 2012 the company will be seeking
significant new financing from both debt and
equity sources. I guess we might use the
equipment in other projects later, Alice
wondered to herself. Required 1. Assuming
that the equipment was purchased at the beginning
of 2011, by how much would Alices treatment of
the equipment increase before tax earnings as
opposed to expensing the equipment cost? 2.
Discuss the ethical dilemma Alice faces in
determining the treatment of the 30 million
equipment purchase.
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ACC 305 Week 5 Final Paper (FASB) For more
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Focus of the Final Paper Submit 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 Universitys 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 firms
financial and business health.
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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 firms tax planning influence the
decision? How do external stakeholders assess the
validity of depreciation schemes?
ACC 305 Week 5 P11-5, P11-7 For more classes
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ACC 305 Week 5 P11-5, P11-7

ACC 305 Week 5 Problem E11-5, E11-10 For more
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ACC 305 Week 5 Problem E11-5, E11-10
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