Strayer ACC499 full course
week 1 discussion1
"Operating and Capital Leases" Please respond to the following:
- From the e-Activity, analyze the results of the proposed changes to lease accounting on operating and capital leases. Identifying how the right-of-use model will impact financial reporting, indicate how companies are likely to manage the change in reporting.
- Discuss recommendations you would make to chief financial officers (CFOs) of retailers, service providers, and other businesses that lease several locations or have substantial leases of real estate or other assets. Indicate the pros and cons of each approach
week 1 discussion 2
"Leasing Restatements in the Restaurant Industry" Please respond to the following:
- From the case study, create an argument for the use of principles-based accounting for leases over rules-based accounting under GAAP, based on the financial statement restatements in the restaurant industry. Provide support for your argument.
- Assess the materiality of the errors, direction provided by the Securities and Exchange Commission (SEC), and the Sarbanes-Oxley Act (SOX) on the decision by management to restate the financial statements. Indicate the likely impact to stakeholders when financial statements are restated.
Week 2 Discussion 1
"Equity-Based Compensation" Please respond to the following:
- From the e-Activity, discuss the impact of adopting IFRS reporting on equity-based accounting for financial reporting and tax payments. Then, recommend a strategy for companies adopting IFRS to minimize the impact of the accounting treatment.
- Examine the potential results of measuring the fair market value of the equity-based compensation at the grant date on financial statements under GAAP only. Provide recommendations you would make to minimize any distortions in fair market value
"Harley-Davidson(B) 2010" Please respond to the following:
- From the case study, examine the significant differences between the Harley-Davidson 2008 securitization and the 2009 securitization and the manner in which these differences are indicators of the financial health of the company. Examine the impact of the sub-prime mortgage on the securitization of Harley-Davidson.
- Analyze the debt-to-equity ratio of Harley-Davidson for 2008 and 2009, and discuss the impact these ratios had on the market value of the company. Propose at least two alternatives to additional securitization to finance current receivables, and provide a justification for each.
"Global Mergers and Acquisitions" Please respond to the following:
- From the e-Activity, contrast the impairment of goodwill on the financial statements of the entity reporting under international financial reporting standards (IFRS) that you researched with the impairment of goodwill on the financial statements of the same entity reporting under generally accepted accounting principles (GAAP). Indicate how stakeholders in the company are likely to react to the impairment. Provide support for your rationale.
- Examine the relationship between acquisition costs of the entity that you researched and the goodwill impairment charges related to the acquired entity. Indicate the most likely impact to the business.
From the case study, assess the major problems Sirius and XM radio faced during the acquisition of XM by Sirius as compared to the average acquisition during this period. Describe the key benefits of the acquisition to Sirius and XM."Sirius XM Radio" Please respond to the following:
- Analyze the value of the Howard Stern’s show to Sirius XM Radio. Given your prediction of his continued success, provide a recommendation on contract extension for Stern based on his contribution to the financial stability of the company.
"Fair Value Accounting Under IFRS" Please respond to the following:
- From the e-Activity, in terms of which takes precedence and provides the most information, evaluate the potential interaction of IFRS13 fair value measurement with other IFRS fair value measurement standards. Create an argument for the increased disclosure requirements under IFRS 13 as compared to other IFRS standards addressing fair value measurement. Provide support for your argument.
- Examine the main problems that an entity may encounter, and determine the highest and best use for fair value measurements under IFRS 13. Identify and provide alternative recommendations that can be used for determining fair value of assets when active markets are not available.
"Asset Impairments: The Recession of 2008-2009" Please respond to the following:
- From the case study, compare the disclosure notes provided in Nestle, Swatch Group, and Royal Bank of Scotland with the disclosure notes of News Corp and CBS Corporation. Explain which disclosure notes are more informative to the stakeholders in the evaluation of the financial statements.
- Contrast the difference between the impairment testing of goodwill and the impairment testing requirements for other assets. Examine the purpose of the differences identified in testing impairment of goodwill and other assets.
Week 5 Discussion 1
"Accounting for Pension Plans" Please respond to the following:
- From the e-Activity, create an argument for the use of the mark-to-market accounting method for pension accounting. Evaluate the impact of earnings volatility on financial reporting using mark-to-market accounting, and indicate whether or not you believe this is a fair representation of pension obligations.
- Defend the current GAAP rules for pension accounting reporting on the balance sheet and the income statement. Recommend a change you would make to the current pension accounting to more accurately reflect the future obligations of a company.
"General Motors" Please respond to the following:
- From the case study, assess the benefits and detriments of the U.S. Government-proposed bankruptcy plan that conserved General Motors’ liability to the United Auto Workers (UAW) pension and retiree health care fund. Indicate your agreement or disagreement with this approach. Provide support for your rationale.
- Examine the major advantages of transferring the post-retirement benefits to the UAW by General Motors. Indicate the likely impact to the company and its employees.
• Question 1
4 out of 4 points
A lease will be treated as a direct financing lease by the lessor when
• Question 2
4 out of 4 points
As a generalized statement regarding lease accounting, which statement best describes U.S. versus international accounting principles?
• Question 3
4 out of 4 points
When a lessor receives cash on an operating lease, which of the following accounts is increased?
• Question 4
4 out of 4 points
Any initial direct costs incurred by the lessor for a lease agreement that is classified as an operating lease should be
• Question 5
4 out of 4 points
Lessee leased some land and buildings from Lessor. There was no transfer of ownership and no bargain purchase option. If the fair value of the land is less than a certain percentage of the total fair value of the leased property at the inception of the lease, both the lessee and the lessor may consider the land and buildings as a single unit. What is that percentage?
• Question 6
4 out of 4 points
Which of the following facts would require a lessee to classify a lease as a capital lease?
• Question 7
4 out of 4 points
Any initial direct costs incurred by the lessor for a sales-type lease should be
• Question 8
4 out of 4 points
A direct financing lease differs from a sales-type lease in that
• Question 9
4 out of 4 points
Which of the following is not a required disclosure by a lessee of an operating lease?
• Question 10
4 out of 4 points
In a sales-type lease
• Question 11
4 out of 4 points
A capital lease should be recorded in the lessee's accounts at the inception of the lease in an amount equal to
• Question 12
4 out of 4 points
On January 1, Lessor Company incorrectly recorded a sales-type lease as an operating lease. As a result of this error, the reported amount for Lessor Company's property, plant, and equipment leased to others is
• Question 13
4 out of 4 points
The authorized shares of capital stock is the number of shares
• Question 14
4 out of 4 points
Under the cost method of accounting for treasury stock transactions, when the proceeds from a sale are greater than the cost, the excess over cost is treated as a(n)
• Question 15
4 out of 4 points
The measurement date of an employee compensatory stock option plan under the intrinsic value method is
• Question 16
4 out of 4 points
Under the par value method of accounting for treasury stock, the treasury stock is reported on the balance sheet as a deduction from
• Question 17
4 out of 4 points
The corporate form of organization is important to the U.S. economy because
• Question 18
4 out of 4 points
Which of the following types of corporations is owned or operated by a government unit?
• Question 19
4 out of 4 points
Preferred stockholders share with common stockholders in any "extra" dividends when the preferred stock is
• Question 20
4 out of 4 points
Under the fair value method, the grant date is the date
• Question 21
4 out of 4 points
A noncompensatory stock option plan is designed to
• Question 22
4 out of 4 points
Dividends in arrears pertain to
• Question 23
4 out of 4 points
The preference to dividends that preferred stockholders have is
• Question 24
4 out of 4 points
When stock options are exercised by an employee under a compensatory stock option plan, the issuance of the common stock is recorded at the
• Question 25
4 out of 4 points
Which set of accounting principles directly uses the term "reserve"?
Part 2
• Question 1
4 out of 4 points
If the combined market value of trading securities at the end of the year is less than the market value of the same portfolio of trading securities at the beginning of the year, the difference should be accounted for by
• Question 2
4 out of 4 points
Consolidated financial statements are typically prepared when one company has
• Question 3
4 out of 4 points
U.S. GAAP and IFRS require firms to account for minority, active investments, using the _____ method.
• Question 4
4 out of 4 points
U.S. GAAP view investments of less than 20 percent of the voting stock of another company as
• Question 5
4 out of 4 points
Paula Company recognizes unrealized changes in the fair value of available-for-sale securities in
• Question 6
4 out of 4 points
U.S. GAAP and IFRS require firms to account for business combinations using the _____ method.
• Question 7
0 out of 4 points
Intercompany sales
• Question 8
4 out of 4 points
When an investor owns less than a majority of the voting stock of another corporation, the accountant must judge when the investor can exert significant influence. For the sake of uniformity, U.S. GAAP and IFRS presume that significant influence exists at ownership of _____ or more of the voting stock of the investee. (Assume that management does not have a contractual or other basis to demonstrate that influence.)
• Question 9
4 out of 4 points
Accountants sometimes refer to the equity method as a(n)
• Question 10
4 out of 4 points
Minority, passive investments are initially recorded at the
• Question 11
4 out of 4 points
U.S. GAAP view investments of between 20 and 50 percent of the voting stock of another company (unless evidence indicates that significant influence cannot be exercised) as
• Question 12
4 out of 4 points
Often, the parent does not own 100% of the voting stock of a consolidated subsidiary. The parent refers to the owners of the remaining shares of voting stock as a
• Question 13
0 out of 4 points
Which is the primary concern over the adoption of IFRS?
• Question 14
0 out of 4 points
Which is one of the FASB/IASB convergence projects?
• Question 15
4 out of 4 points
Which is one of the key activities that will lead to a company’s successful IFRS conversion?
• Question 16
0 out of 4 points
Which is one criterion of SMEs?
• Question 17
4 out of 4 points
Which of the following are differences between U.S. GAAP and IFRS?
• Question 18
4 out of 4 points
What is the appropriate reason why people object to adopting the roadmap?
• Question 19
4 out of 4 points
Which one is not a characteristic of rules-based standards?
• Question 20
4 out of 4 points
Which international organization began the movement toward international accounting standards?
• Question 21
4 out of 4 points
Which are two conditions that must be met before revenue is to be recognized under IFRS?
• Question 22
4 out of 4 points
What is the correct order of steps in applying the revenue recognition model?
(1) Identify the separate performance obligations in the contract
(2) Identify the contract with the customer
(3) Determine the transaction price for the entire contract
(4) Recognize revenue when each separate performance obligation is satisfied
(5) Allocate the transaction price to separate performance obligation
• Question 23
4 out of 4 points
What is the major difference between how U.S GAAP and IFRS handle share-based payments?
• Question 24
4 out of 4 points
When the revaluation results in an increase, a debit is made to the asset account, which account does the revaluation surplus go?
• Question 25
4 out of 4 points
Which of the following is included in full IFRS but eliminated for SMEs’ IFRS?
"Cyberattacks in Public Companies" Please respond to the following:
- From the e-Activity, analyze the effects of the SEC‘s data breach disclosure requirement on financial reporting, based on the current language of the requirement. Recommend a change to the disclosure requirements to strengthen public company disclosures of cyberattacks. Provide support for your rationale.
- Examine the impact of cyberattacks on potential investors in a public company. As an auditor, provide your recommendations for including the potential of a cyberattack in the 10-K, as opposed to an actual attack. Provide support for your recommendation.
Week 6 Discussion 2
"Koss Corporation" Please respond to the following:
- From the case study, contrast the responsibilities of the independent auditor and board of directors with the responsibilities of Koss management for the embezzlement. Indicate the party that was ultimately responsible for the embezzlement. Provide support for your rationale.
- Recommend two controls that you would establish at Koss Corporation over electronic fund transfers. Indicate how each of the recommended controls would minimize the exposure to fraud in the future. Provide support for your recommendations.
Week 7 Discussion 2
"Carton Medical Devices"Please respond to the following:
- From the case study, determine how the standard cost system in Carton Medical Devices can be used for product costing and inventory valuation. Indicate the efficiencies that can be gained from the system.
- Examine the use of Carton‘s standard cost system in product costing for cost analysis, and indicate the intelligence that management is likely to gain using this approach.
Assignment 2: Litigation, Censures, and Fines
Due Week 7 and worth 280 points
Research the Internet for recent litigation, censures, and fines involving national public accounting firms. Examples of litigation cases against national public accounting firms include fines by regulatory authorities and censures by professional societies.
Write a three to four (3-4) page paper in which you:
- Analyze the primary accounting issues which form the crux of the litigation or fine for the firm, and indicate the impact to the firm as a result of litigation or fine. Provide support for your rationale.
- Examine the key inferences of corporate ethics related to internal controls and accounting principles which lead to the litigation or fine for the accounting firm.
- Evaluate the primary ethical standards of the accounting organization’s leadership and values which contributed to approval of the accounting issues and thus created the litigation or fines in question.
- Identify specific conduct violations committed by the organization and accounting firm in question. Next, create an argument supporting the actions against the organization and accounting firm, based on the current professional code of conduct for independent auditors and management accountants.
- Make a recommendation as to how regulators and professional societies may prevent this type of behavior in question for the future. Provide support for your rationale.
- Use two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
- Analyze business situations to determine the appropriateness of decision making in terms of professional standards and ethics.
- Use technology and information resources to research issues in accounting.
- Write clearly and concisely about accounting using proper writing mechanics.
Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric.
Click here to view the grading rubric.
"AICPA Code of Professional Conduct Violations" Please respond to the following:
- From the e-Activity, discuss one violation of the AICPA Code of Professional Conduct leading to a disciplinary action. Explore the risks that relationships or circumstances played in the failure of the CPA to comply with the rules of the AICPA Code of Professional Conduct leading up to the violation.
- Examine current safeguards available to reduce the risks of the violation you identified. Discuss the specific safeguard you would recommend to reduce risks if confronted with a similar situation.
week 8 discussion 2
"IBM and Google" Please respond to the following:
- From the case study, explain whether or not you agree with IBM’s cost-reduction decisions regarding both the pension plan overtime for employees and the acquisition of a competitor to protect IBM’s competitive position in the mainframe business. Examine how IBM’s actions contradict its value statement.
- Support or critique Google’s actions, as identified in the situations within the case study. Discuss the impact of Google’s actions on its reputation as an ethical and socially responsible firm.
"Internal Controls" Please respond to the following:
- From the e-Activity, examine the importance of the audit committee oversight related to the quality of the internal controls of an organization. Analyze the audit committee’s responsibilities regarding risk assessment and internal control monitoring. Indicate whether or not the audit committee is the best to perform the function.
- Contrast the opinion provided by the independent auditor concerning management’s assessment of internal controls over the financial reporting system with the audit opinion on the financial statements in general. Argue for providing both a qualified opinion over the financial reporting system and an unqualified opinion on the financial statements.
"Apple, Inc." Please respond to the following:
- From the case study, in 2009, the FASB issued a ruling related to income recognition from multiple element sales involving software to various stakeholder groups. Evaluate the impact of Apple’s retrospective restatement of its financial statements resulting from FASB’s ruling. Provide support for your rationale.
- From the case study, examine the influence of both Apple’s reported deferred revenue and the lobbying by Apple executives on FASB’s ruling. Indicate your agreement or disagreement with Apple’s attempt to influence FASB’s ruling.
week 10 discussion 1
"Taxes" Please respond to the following:
- From the e-Activity, create a scenario reflecting the differences between GAAP and international accounting standards for taxes. Determine which reporting standard best reflects financial reporting for taxes, and support your position.
- Examine the impact of FIN 48 (Accounting for the Uncertainty in income taxes) on GAAP reporting. Identify the benefits of the requirements on financial reporting. Assess whether FIN 48 was necessary, and support your position.
"Bethlehem Steel Corporation's Deferred Taxes"Please respond to the following:
- From the case study, evaluate Bethlehem Steel’s valuation allowance in relation to the company’s ability to use deferred tax benefits in the future. Justify the position taken by Bethlehem Steel in the financial statements.
- From the case study, clarify the temporary differences identified in the tax footnote to Bethlehem Steel’s 2000 10-K due to employee benefits, depreciable assets, and the tax loss carried forward. Indicate what a user of the financial statement information can glean from reading the tax footnote to Bethlehem Steel’s 2000 10-K.
"Course Wrap-Up" Please respond to the following:
- Discuss at least two topics covered in this course that expanded your knowledge of the topic.
- Explain how you plan to use this additional knowledge.
week 11 discussion 2
"Application" Please respond to the following:
- Discuss how the concepts from this course can be applied to your current or future accounting position.
- Discuss whether or not your feel prepared to enter the profession of Accounting. Identify what could help you further.
• Question 1
An Internal Revenue Code rule that impacts the design of pension plans is
• Question 2
The cost of retroactive benefits granted in a plan amendment or at the initial adoption of a pension plan is called
• Question 3
Which of the following is not a component of the net periodic pension expense to be reported on a company's income statement?
• Question 4
The Pension Benefit Guaranty Corporation's purpose is to
• Question 5
Benefits for which the employee's right to receive a present or future pension benefit is no longer contingent on remaining in the service of the employer are called
• Question 6
Unrecognized prior service cost would be reported on the balance sheet and affect the amount(s) reported for
• Question 7
The projected benefit obligation is equal to the
• Question 8
According to current GAAP, termination benefits paid to an employee should be
• Question 9
A pension plan provides for future retirement income based on the employee's income and length of service with the company. This type of pension plan is termed a
• Question 10
Generally, the best way to prevent fraud in e-business settings is to focus on:
• Question 11
Traditional ___ reduces the risk of falsified identity.
• Question 12
One of the greatest fallacies of e-commerce security is a prevention measure known as security through ___________.
• Question 13
___________ are self-contained programs that spread via direct transfer, email, or another mechanism.
• Question 14
What is biometrics?
• Question 15
Passwords, biometrics, and digital signatures are examples of:
• Question 16
Spoofing is which of the following?
• Question 17
Viewing information that passes along a network communication channel is referred to as:
• Question 18
Phillips Corp. purchased raw materials with a catalog price of $60,000. Credit terms of 3/15, n/60 apply. If Phillips uses the net price method, the purchase should be recorded at
• Question 19
For companies that have little change in the characteristics of their inventory items, the most appropriate method for computing a cost index for dollar value LIFO is the
• Question 20
The cost of goods sold can be determined only after a physical count of inventory on hand under the
• Question 21
A manufacturing company typically has how many inventory accounts?
• Question 22
Relevance of the gross profit margin depends upon
• Question 23
The most common approach to implementing the lower of cost or market rule for inventory valuation is to apply it
• Question 24
For valuation of inventory, the lower of cost or market rule may be applied to
• Question 25
The account, Accrued Loss on Purchase Commitments, used when the year-end market price is less than the fixed purchase price for non-cancellable purchase obligations is reported as a(n)
final exam part 2
• Question 2
Which of the following is not an aspect of Rule 201 of the General Standards of the Code of Professional Conduct?
• Question 3
A member of the AICPA must safeguard the confidentiality of client information. Auditors, however, must disclose information to non-clients for the following reasons except to:
• Question 4
Which one of the following is an example of a conflict of interest for a CPA?
• Question 5
Which of the following represents a situation in which the auditors may disclose client information to outside parties?
• Question 6
Rule 201, dealing with General Standards that are applicable to all CPAs no matter the type of services that are rendered, does not include which factor?
• Question 7
In determining the types of activities, engagements and interactions an auditor should have with a client, the CPA and the audit firm must do which of the following?
• Question 8
Independence is not required for which of the following types of services?
• Question 9
Which of the following suggests a weakness in the internal control environment?
• Question 10
The importance to the accounting profession of the Sarbanes-Oxely Act is that
• Question 11
Control activities under SAS 109/COSO include
• Question 12
Control risk is
• Question 13
Which of the following is a preventive control?
• Question 14
The fundamental difference between internal and external auditing is that
• Question 15
The office manager forgot to record in the accounting records the daily bank deposit. Which control procedure would most likely prevent or detect this error?
• Question 16
Tests of controls include
• Question 17
An accounting system that maintains an adequate audit trail is implementing which internal control procedure?
• Question 18
Music, Inc., a domestic corporation, owns 100% of Vinyl, Ltd., a foreign corporation and Digital, Inc., a domestic corporation. Music also owns 12% of Record, Inc., a domestic corporation. Music receives no distributions from any of these corporations. Which of these entities' net income are included in Music's income statement for current year financial reporting purposes?
• Question 19
Which of the following taxes are included in the total income tax expense of a corporation reported on its Federal tax return?
• Question 20
Which of the following represent temporary book-tax differences?
• Question 21
Which of the following items are not included in the income tax note for a publicly traded company?
• Question 22
How are deferred tax liabilities and assets categorized on the balance sheet?
• Question 23
Larson, Inc., hopes to report a total book tax expense of $160,000 in the current year. This $160,000 expense consists of $240,000 in current tax expense and an $80,000 tax benefit related to the expected future use of an NOL by Larson. If the auditors determine that a valuation allowance of $30,000 must be placed against Larson's deferred tax assets, what is Larson's total book tax expense?
• Question 24
Hot, Inc.'s primary competitor is Cold, Inc. When comparing relative deferred tax asset and liability accounts with Cold, which of the following should Hot do?
• Question 25
Paint, Inc., a domestic corporation, owns 100% of Blue, Ltd., a foreign corporation and Yellow, Inc., a domestic corporation. Paint also owns 40% of Green, Inc., a domestic corporation. Paint receives no distributions from any of these corporations. Which of these entities' net income are included in Paint's income statement for current year financial reporting purposes?
-
Rating:
/5
Solution: Strayer ACC499 full course