ACC 305 Week 2 Problem

ACC 305 Week 2 Problem

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. E4-16 Bluebonnet Bakers

ACC 305 ASH

ACC 305 ASH

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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

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

ACC 305 Week 1 Assignments

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E 3-18

E 3-20

Judgment Case 3-5

ACC 305 Week 1 DQ 1 FASB and Ethics

ACC 305 Week 1 DQ 1 FASB and Ethics

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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 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?

ACC 305 Week 1 DQ 2 Cash vs. Accrual

ACC 305 Week 1 DQ 2 Cash vs. Accrual

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Judgment Case 2-1 p. 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.

You recently joined the auditing staff of Best, Best, and Krug, CPAs. You have been assigned to the audit of Clearview, Inc., and have been asked by the audit senior to examine the balance sheet prepared by Clearview’s accountant.

Required:

Identify the items in the statement that most likely would require further disclosure either on the face of the statement or in a note. Further, identify those items that would require disclosure in the significant accounting policies note.

Identified items:

   Net Accounts Receivable

 Inventories

 Investments

 Property, plant and equipment

 Long-term Liabilities

   Common Stock

ACC 305 Week 2 DQ 1 Earnings Management

ACC 305 Week 2 DQ 1 Earnings Management

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Judgment Case 4-3 p. 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 Judgement Case 5-2

ACC 305 Week 2 DQ 2 Revenue Recognition Judgement Case 5-2

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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 E4-22 Tiger Enterprises

ACC 305 Week 2 Problem E4-22 Tiger Enterprises

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ACC 305 Week 2 Problem E5-10 Project Contracts

ACC 305 Week 2 Problem E5-10 Project Contracts

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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 Integrating Case 5-23

ACC 305 Week 2 Problem Integrating Case 5-23

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ACC 305 Week 2 Problem Judgment Case 4-9

ACC 305 Week 2 Problem Judgment Case 4-9

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ACC 305 Week 2 Problem E4-19 Wainwright Corporation

ACC 305 Week 2 Problem E4-19 Wainwright Corporation

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

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

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ACC 305 Week 3 Communication Case 6-3