ACC 497 GENIUS Possible Is Everything

ACC 497 Entire Course (With New Final Guide)
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This Tutorial contains knowledge Check as well (Please check
Questions) ACC 497 Final Exam Guide (New, 2017) ACC 497 Week
1 Knowledge Check ACC 497 Week 2 Team Accounting for
Employee Stock Options ACC 497 Week 2 Accounting Ethics ACC
497 Week 2 Knowledge Check ACC 497 Week 3 Team Assignment
Interest Cost ACC 497 Week 3 Accounting for Investments ACC 497
Week 3 Knowledge Check ACC 497 Week 4 Team Goodwill ACC
497 Week 4 Income Tax Implication of Capital Investment Decisions
ACC 497 Week 4 knowledge Check ACC 497 Week 5 Signature
Assignment FARS Case ACC 497 Week 5 Knowledge Check ACC
497 Individual Assignment FASB Codification System Orientation
Paper ACC 497 Week 1 Case Study Cash Basis or Accrual Basis? (2
Sets) ACC 497 Week 1 DQ 1 ACC 497 Week 1 DQ 2 ACC 497
Week 2 Individual Assignment Financial Statements Paper Part I (2
Papers) ACC 497 Week 2 Team Assignment Case Study Assignment
(2 Papers) ACC 497 Week 2 DQ 1 ACC 497 Week 2 DQ 2 ACC 497
Week 3 Individual Assignment Financial Statements Paper Part II (2
Papers) ACC 497 Week 3 Individual Assignment From the Readings
Exercise 17(E1-17) ACC 497 Week 3 Learning Team Assignment
From the Reading (2 Sets) ACC 497 Week 3 Learning Team Case
Study Assignment (2 Papers) ACC 497 Week 3 DQ 1 ACC 497 Week
3 DQ 2 ACC 497 Week 4 Individual Assignment From the Reading
ACC 497 Week 4 Learning Team Assignment From the Reading
ACC 497 Week 4 DQ 1 ACC 497 Week 4 DQ 2 ACC 497 Week 5
Individual Assignment from the Text ACC 497 Week 5 Learning
Team Case Study Assignment (2 Papers) ACC 497 Week 5 Learning
Team Case Study Presentation (2 Sets) ACC 497 Week 5 DQ 1 ACC
497 Week 5 DQ 2
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ACC 497 Final Exam Guide (New, 2017)

1. An unmodified audit opinion rendered on a governmental unit's
basic financial statements means those statements: Have been
certified as free from error. Present the entity's financial position
fairly in conformity with GAAP. Did not require modifications
by the auditor. All of the above. 2 Melinda invests $200,000 in a
City of Heflin bond that pays 6 percent interest. Alternatively,
Melinda could have invested the $200,000 in a bond recently
issued by Surething Inc., that pays 8 percent interest with similar
risk and other nontax characteristics to the City of Heflin bond.
Assume Melindas marginal tax rate is 25 percent. (Leave no
cells blank - be sure to enter "0" wherever required.) a. What is
her after-tax rate of return for the City of Heflin bond? 3. One of
the primary purposes of the Single Audit Act of 1984 (amended
in 1996) is to: Promote the efficient and effective use of audit
resources. Make audit activity legal at the federal level. Allow
federal auditors greater access to government entities receiving
federal funds. Detect fraud, waste and abuse in government
entities. 4. Tech Company has disclosed an uncertainty due to
pending litigation. The auditors decision to issue a qualified
opinion on Techs financial statements would most likely result
from: the entitys lack of experience with such litigation. an
inability to estimate the amount of loss. a lack of sufficient
evidence. a lack of insurance coverage for possible losses from
such litigation. 5. The goal(s) of a performance audit include(s)
assessment of: Economy. Internal control compliance. Program
effectiveness. All of the above. 6. Eagle Company, a public
company, had a computer failure and lost part of its financial
data. As a result, the auditor was unable to obtain sufficient
audit evidence relating to Eagles inventory account. Assuming
the inventory account is at least material, the auditor would most
likely choose either: a qualified opinion with no explanatory
paragraph or a qualified opinion with an explanatory paragraph.
an unqualified opinion with no explanatory paragraph or an
unqualified opinion with an explanatory paragraph. a qualified
opinion or an adverse opinion. a qualified opinion or a
disclaimer of opinion. 7. Which of the following funds is a
governmental fund-type? Enterprise fund. Internal service fund.
Permanent fund. Private-purpose trust fund. 8. Which of the
following is true regarding financial reporting for internal
service funds? Internal service funds are generally reported in
the Governmental Activities column of the government-wide
financial statements. Internal service funds are generally
reported in the Business-type Activities column of the
government-wide financial statements. Internal service funds are
aggregated and reported as a major fund in the proprietary fund
financial statements. Internal service funds are reported in the
governmental fund financial statements. 9. The body that has the
responsibility to set generally accepted accounting principles in
Canada is the: AcSB. OSC. FASB. IASC. 10. Under GASB
standards, where are nonmajor funds reported? In aggregate
amounts in a single column in the fund financial statements. In a
note disclosure following the financial statements. In the
government-wide financial statements. In the management's
discussion and analysis preceding the financial statements. 11.
For each of the following scenarios, indicate how they would be
classified for fund balance reporting purposes by selecting from
the list of classification. 12. Which of the following would be
considered Category (b) GAAP for state and local government
auditees? GASB Statements and Interpretations. AICPA
Practice Bulletins if specifically made applicable to state and
local governments by the AICPA and cleared by the GASB.
GASB Technical Bulletins. GASB Implementation Guides. 13.
The estate of Monique Chablis earned $450 of income this year.
Is the estate required to file an income tax return? No, because
the estate's gross income is less than $600, the estate is not
required to file an income tax return. 14. The essential
characteristic(s) of accounting is (are): communication of
financial information to interested persons, communication of
financial information about economic entities, and
identification, measurement, and communication of financial
information. communication of financial information about
economic entities. communication of financial information to
interested persons. identification, measurement, and
communication of financial information. 15. For each of the
following independent situations, indicate the type of financial
statement audit report that you would issue and briefly explain
your reasoning. Assume that all companies mentioned are
private companies and that each item is at least material. a.
Barefield Corporation, a wholly owned subsidiary of Sandy,
Inc., is audited by another CPA firm. As the auditor of Sandy,
Inc., you have assured yourself of the other CPA firms
independence and professional reputation. However, you are
unwilling to take complete responsibility for its audit work. b.
The management of Bonner Corporation has decided to exclude
the statement of cash flows from its financial statements because
it believes that its bankers do not find the statement to be very
useful. c. You are auditing Diverse Carbon, a manufacturer of
nerve gas for the military, for the year ended September 30. On
September 1, one of its manufacturing plants caught fire,
releasing nerve gas into the surrounding area. Two thousand
people were killed and numerous others paralyzed. The
companys legal counsel indicates that the company is liable and
that the amount of the liability can be reasonably estimated, but
the company refuses to disclose this information in the financial
statements. d. During your audit of Cuccia Coal Company, the
controller, Tracy Tricks, refuses to allow you to confirm
accounts receivable because she is concerned about complaints
from her customers. You are unable to satisfy yourself about
accounts receivable by other audit procedures and you are
concerned about Tracys true motives. e. On January 31, Asare
Toy Manufacturing hired your firm to audit the companys
financial statements for the prior year. You were unable to
observe the clients inventory on December 31. However, you
were able to satisfy yourself about the inventory balance using
other auditing procedures. f. Gelato Bros., Inc., leases its
manufacturing facility from a partnership controlled by the chief
executive officer and major shareholder of Gelato. Your review
of the lease indicates that the rental terms are in excess of rental
terms for similar buildings in the area. The company refuses to
disclose this related-party transaction in the footnotes. g.
Johnstone Manufacturing Company has used the double-
declining balance method to depreciate its machinery. During
the current year, management switched to the straight-line
method because it felt that it better represented the utilization of
the assets. You concur with its decision. All information is
adequately disclosed in the financial statements. 16. In which
section of the standard audit report does the auditor inform
financial statement users that certain information, such as
combining statements or budgetary comparison schedules may
not have been subject to the comprehensive audit procedures?
Auditors Opinion section. Other Information section Other
Matters section. Auditors Responsibility section. 17. Award
Use the following selected information from Wheeler, LLC to
determine the 2017 and 2016 trend percentages for net sales
using 2016 as the base. 66.0% for 2017 and 64.6% for 2016.
54.2% for 2017 and 56.1% for 2016. 36.1% for 2017 and 40.4%
for 2016. 120.3% for 2017 and 100.0% for 2016. 116.2% for
2017 and 100.0% for 2016. 2017: $279,200 / $232,000 100 =
120.3% 2016: $232,000 / $232,000 100 = 100.0% 18 A
company reports basic earnings per share of $4.30, cash
dividends per share of $1.65, and a market price per share of
$65.15. The company's dividend yield equals: 2.62%. 3.82%.
15.50%. 2.53%. 6.45%. 19 Refer to the following selected
financial information from McCormik, LLC. Compute the
company's days' sales in inventory for Year 2. (Use 365 days a
year.) 45.2. 115.2. 49.1. 82.2. 43.6. 20 Capital assets used by an
enterprise fund should be accounted for in the Business-type
activities journal but no depreciation on the capital assets should
be recorded. Governmental activities journal and depreciation
on the capital assets should be recorded. Enterprise fund but no
depreciation on the capital assets should be recorded. Enterprise
fund and depreciation on the capital assets should be recorded.
21. For each of the following definitions, indicate the key term
from the list that best matches by placing the appropriate terms.
22. Which of the following statements regarding audit findings
is true? A material weakness is a deficiency in internal control
important enough to merit attention by those charged with
governance. All of the above are true. A deficiency exists when
the design or operation of a control does not allow management
or employees to prevent, or detect and correct misstatements on
a timely basis. A significant deficiency is a deficiency in
internal control such that there is a reasonable possibility that a
material misstatement of the entitys financial statements will
not be prevented, or detected and corrected on a timely basis.
23. Which of the following would be reported as a nonspendable
fund balance? Assets whose use is limited. Restricted assets.
Capital assets. Inventory. 24. For the following items that
require reconciliation between governmental funds financial
statements and governmental activities financial statements at
the government-wide level according to GASB standards,
indicate which is the best appropriate terms. A) Always be
subtracted from fund balancesgovernmental funds. B) Always
be added to fund balancesgovernmental funds C) May be
added to or subtracted from fund balancesgovernmental funds
in arriving at net position of governmental activities. 25.
Martinez Corporation reported Net sales of $777,000 and Net
income of $130,000. The Profit margin is: 83.27%. 1.67%.
5.98%. 598.0%. 16.73%. 26. Selected current year company
information follows: 27. Some governments provide to their
citizens highly condensed financial information, budget
summaries, and narrative descriptions. This report is called a(an)
Popular report. Required supplementary information. Basic
financial statements. Comprehensive annual financial report. 28.
A corporation reported cash of $25,600 and total assets of
$454,000 on its balance sheet. Its common-size percent for cash
equals: 5.64%. 100.00%. 17.73%. 1773%. 56.40%. 29. Refer to
the following selected financial information from Shakley's
Incorporated. Compute the company's profit margin for Year 2.
17.1%. 32.5%. 9.8%. 14.2%. 12.1%. 30. An organization that
has not published financial accounting standards is the: Institute
of Chartered Accountants. Emerging Issues Committee.
Certified Management Accountants of Canada. International
Accounting Standards Committee.
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ACC 497 Week 1 Case Study Cash Basis or Accrual

Basis? (2 Sets)
This Tutorial contains 2 different Papers
Resources: Brain Teaser 4: Cash Basis or Accrual Basis? in Ch. 4
of Mastery of the Financial Accounting Research System (FARS)
Through Cases
Write a 350- to 700-word response to the questions that follow the
case study.
Note. Although Brain Teaser 4 references the Financial Accounting
Research System, refer to the Financial Accounting Standards Board
when answering the questions
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ACC 497 Week 1 DQ 1

What is the FASB Codification System? What is the purpose of the
FASB Codification System? How can it be used to make better
accounting decisions?
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ACC 497 Week 1 DQ 2

What are Generally Accepted Accounting Principles (GAAP)? How
do GAAP affect financial reporting? How might GAAP need to
change to accommodate todays dynamic business environment?
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ACC 497 Week 1 FASB Codification System (2 Papers)

ACC 497 Week 1 FASB Codification System Access the FASB
Online website and familiarize yourself with the contents. Write a
350- to 700-word paper in which you answer the following questions:
What is the FASB Codification System? What is the purpose of
the FASB Codification System? What are the nine content areas
located in the FASB Codification System? What types of items are
located under each content area? Format your paper consistent with
APA guidelines. Click the Assignment Files tab to submit your
assignment.
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ACC 497 Week 1 Individual Assignment FASB

Codification System Orientation Paper

Resources: FASB Codification System website accessible through
the FASB Online link located on your student website
Access the FASB Online website and familiarize yourself with the
contents.
Write a 350-word paper in which you answer the following
questions:
What is the FASB Codification System?
What is the purpose of the FASB Codification System?
What are the nine content areas located in the FASB Codification
System? What types of items are located under each content area?
Format your paper consistent with APA guidelines.
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ACC 497 Week 1 Knowledge Check

1. Refer to the following selected financial information from
McCormik, LLC. Compute the company's working capital for
Year 2. $257,000. $178,000. $270,500. $142,500. $166,500. 2.
If cash flow prediction is a company's primary reporting
objective, this would likely result in: Fewer accruals and
deferrals. Lower earnings. Higher earnings. Poor matching. 3.
Refer to the following selected financial information from
McCormik, LLC. Compute the company's inventory turnover
for Year 2. 5.80. 3.09. 3.19. 3.14. 3.54. Year 2: $392,000 /
[($123,000 + $127,000) / 2] = 3.14 4. Selected current year
company information follows: The total asset turnover is (Do
not round intermediate calculations.): 3.11 times. 2.49 times.
6.25 times. 2.26 times. 2.77 times. 5. Choose the correct
statement about audits of corporations: Outside auditors are paid
by the government for auditing the financial statements of
corporations. Revenue Canada performs audits of corporations'
financial statements. It is the employees of the firm being
audited who perform the annual audit of the financial statements
of that firm. Public corporations (those whose stock are traded
on exchanges) are subject to annual audit as to their compliance
with GAAP. 6. Refer to the following selected financial
information from McCormik, LLC. Compute the company's
accounts receivable turnover for Year 2. 7.98. 5.59. 6.84. 7.73.
7. A corporation reported cash of $28,400 and total assets of
$468,000 on its balance sheet. Its common-size percent for cash
equals: 60.70%. 6.07%. 1648%. 100.00%. 16.48%. 8. General-
purpose financial statements report financial information
relevant to: investors only. creditors only. investors, creditors
and government users. government users only. 9. A corporation
reports the following year-end balance sheet data. The
company's current ratio equals: 2.14 0.57 1.32 0.36 10. Which
of the following statements regarding cash flows is not
accurate? Information about the balances of current liabilities,
long-term debt and stockholders' equity can be found in the
statement of cash flows. Before the present cash flow statement
standard became effective, companies had a choice of whether
to report cash flow from operating activities or working capital
from operating activities. Information about past cash flows is
useful in predicting an entity's future cash flows. The reported
cash flow from operating activities has been found useful in
evaluating a firm's ability to make interest payments and repay
debt. Studies have shown that a cash flows report is more
relevant to investor decisions than a working capital report.
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ACC 497 Week 2 Accounting Ethics

Review the following case study: When the FASB issues new
standards, the implementation date is often 12 months from date of
issuance, and early implementation is encouraged. Becky Hoger,
controller, discusses with her financial vice president the need for
early implementation of a standard that would result in a fairer
presentation of the company's financial condition and earnings. When
the financial vice president determines that early implementation of
the standard will adversely affect the reported net income for the year,
he discourages Hoger from implementing the standard until it is
required. Write a response of no more than 1,050 words in which you
answer the following requirements: Determine an ethical issue that
is involved in this case if any. Identify if the financial vice president
acting improperly or immorally? Explain what Hoger have to gain
by advocacy of early implementation? Identify who might be
affected by the decision against early implementation? Click the
Assignment Files tab to submit your assignment.
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ACC 497 Week 2 Discussion (LIFO)

ACC 497 Week 2 Discussion Discuss the following: Client X
contacted you for clarification and recommendations on how the use
of the LIFO method to value its inventories will be impacted if a
switch to financial statements prepared in compliance with IFRS will
be made.
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ACC 497 Week 2 DQ 1

What are at least three International Accounting Standards? Are these
standards the same as U.S. standards? Explain your response. Is it
necessary to have global standards? Explain your response.
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ACC 497 Week 2 DQ 2

What are some nonfinancial performance measures? What do they tell
us about the performance of an organization? Why is it important for
managers to include nonfinancial performance standards in their
analysis of their operations?
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ACC 497 Week 2 Individual Assignment Financial

Statements Paper Part I (2 Papers)

Resources: Appendix A: The Home Depot, Inc. Annual Report
in Fundamentals of Financial Accounting
Write a 1,050- to 1,750-word paper in which you answer the
following questions:
What does the Consolidated Statements of Earningsthe
income statementtell you about the company? Why is this
statement important? What business decisions could be made using
the income statement?
What does the balance sheet tell you about the company? Why
is the balance sheet important? What business decisions could be
made using the balance sheet?
What does the statement of cash flows tell you about the
company? What business decisions could be made using the statement
of cash flows?
What information is provided in the statements that will assist
you in making these business decisions? What information is not
provided that could assist in managerial decision making?
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1. Via Gelato is a popular neighborhood gelato shop. The company
has provided the following data concerning its operations: While
gelato is sold by the cone or cup, the shop measures its activity
in terms of the total number of liters of gelato sold. For example,
wages should be $5,900 plus $1.70 per liter of gelato sold and
the actual wages for June were $15,900. Via Gelato expected to
sell 6,000 liters in June, but actually sold 6,200 liters. Required:
Complete the report showing Via Gelato revenue and spending
variances for June 2. Heritage Watercraft makes reproductions
of classic wooden boats. The bottleneck in the production
process is fitting wooden planks to build up the curved sections
of the hull. This process requires the attention of the shops most
experienced craftsman. A total of 3,400 hours is available per
year in this bottleneck operation. Data concerning the
companys four products appear below: No fixed costs could be
avoided by modifying how many units are produced of any
product or even by dropping any one of the products. Required:
1a. Calculate the total hours required in the bottleneck operation
to satisfy demand for all the products. 3. Milano Pizza is a small
neighborhood pizzeria that has a small area for in-store dining as
well as offering take-out and free home delivery services. The
pizzerias owner has determined that the shop has two major
cost driversthe number of pizzas sold and the number of
deliveries made. Data concerning the pizzerias costs appear
below: In November, the pizzeria budgeted for 2,250 pizzas at
an average selling price of $22 per pizza and for 210 deliveries.
Data concerning the pizzerias operations in November appear
below: Required: 1. Complete the flexible budget performance
report that shows both revenue and spending variances and
activity variances for the pizzeria for November. 4. Jakes Roof
Repair has provided the following data concerning its costs: For
example, wages and salaries should be $21,400 plus $15.00 per
repair hour. The company expected to work 2,700 repair-hours
in May, but actually worked 2,600 repair-hours. The company
expects its sales to be $52.00 per repair-hour. Required:
Compute the companys activity variances for May. 5.
Advanced Pharmaceuticals, Inc., is a wholesale distributor of
prescription drugs to independent retail and hospital-based
pharmacies. Management believes that top-notch customer
representatives are the key factor in determining whether the
company will be successful in the future. Customer
representatives serve as the companys liaison with customers
helping pharmacies monitor their stocks, delivering drugs when
customer stocks run low, and providing up-to-date information
on drugs from many different companies. Customer
representatives must be ultra-reliable and are highly trained.
Good customer representatives are hard to come by and are not
easily replaced. Customer representatives routinely record the
amount of time they spend serving each pharmacy. This time
includes travel time to and from the companys central
warehouse as well as time spent replenishing stocks, dealing
with complaints, answering questions about drugs, informing
pharmacists of the latest developments and newest products,
reviewing bills, explaining procedures, and so on. Some
pharmacies require more hand-holding and attention than others
and consequently they consume more of the representatives
time. Recently, customer representatives have made more
frequent complaints that it is impossible to do their jobs without
working well beyond normal working hours. This has led to an
alarming increase in the number of customer representatives
quitting for jobs in other organizations. As a consequence,
management is considering dropping some customers to reduce
the workload on customer representatives. Data concerning a
representative sample of the companys customers appears
below: Customer service costs include all of the costsother
than the costs of the drugs themselvesthat could be avoided
by dropping the customer. These costs include the hourly wages
of the customer representatives, their sales commissions, the
mileage-related costs of the customer representatives company-
provided vehicles, and so on. Required: 1. Rank the four
customers in terms of their profitability. Carlsville Company,
which began operations in 2015, invests its idle cash in trading
securities. The following transactions are from its short-term
investments in trading securities. 2015 Jan. 20 Purchased 800
shares of Ford Motor Co. at $26 per share plus a $125
commission. Feb. 9 Purchased 2,200 shares of Lucent at $44.25
per share plus a $578 commission. Oct. 12 Purchased 750 shares
of Z-Seven at $7.50 per share plus a $200 commission. Dec. 31
Fair value of the short-term investments in trading securities is
$130,000. 2016 Apr. 15 Sold 800 shares of Ford Motor Co. at
$29 per share less a $285 commission. July 5 Sold 750 shares of
Z-Seven at $10.25 per share less a $102.50 commission. July 22
Purchased 1,600 shares of Hunt Corp. at $30 per share plus a
$444 commission. Aug. 19 Purchased 1,800 shares of Donna
Karan at $18.25 per share plus a $290 commission. Dec. 31 Fair
value of the short-term investments in trading securities is
$160,000. 2017 Feb. 27 Purchased 3,400 shares of HCA at $34
per share plus a $420 commission. Mar. 3 Sold 1,600 shares of
Hunt at $25 per share less a $250 commission. June 21 Sold
2,200 shares of Lucent at $42 per share less a $420 commission.
June 30 Purchased 1,200 shares of Black & Decker at $47.50
per share plus a $595 commission. Nov. 1 Sold 1,800 shares of
Donna Karan at $18.25 per share less a $309 commission. Dec.
31 Fair value of the short-term investments in trading securities
is $180,000. Required: 1. Prepare journal entries to record these
short-term investment activities for the years shown. On
December 31 of each year, prepare the adjusting entry to record
any necessary fair value adjustment for the portfolio of trading
securities. 7. [The following information applies to the questions
displayed below.] Doering Company, a U.S. corporation with
customers in several foreign countries, had the following
selected transactions for 2015 and 2016. 2015 Apr. 8 Sold
merchandise to Salinas & Sons of Mexico for $5,938 cash. The
exchange rate for pesos is $0.1043 on this day. July 21 Sold
merchandise on credit to Sumito Corp. in Japan. The price of 1.5
million yen is to be paid 120 days from the date of sale. The
exchange rate for yen is $0.0094 on this day. Oct. 14 Sold
merchandise for 19,000 pounds to Smithers Ltd. of Great
Britain, payment in full to be received in 90 days. The exchange
rate for pounds is $1.4566 on this day. Nov. 18 Received
Sumitos payment in yen for its July 21 purchase and
immediately exchanged the yen for dollars. The exchange rate
for yen is $0.0092 on this day. Dec. 20 Sold merchandise for
17,000 ringgits to Hamid Albar of Malaysia, payment in full to
be received in 30 days. On this day, the exchange rate for
ringgits is $0.4501. Dec. 31 Recorded adjusting entries to
recognize exchange gains or losses on Doerings annual
financial statements. Rates for exchanging foreign currencies on
this day follow. 2016 Jan. 12 Received full payment in pounds
from Smithers for the October 14 sale and immediately
exchanged the pounds for dollars. The exchange rate for pounds
is $1.4699 on this day. Jan. 19 Received Hamid Albars full
payment in ringgits for the December 20 sale and immediately
exchanged the ringgits for dollars. The exchange rate for
ringgits is $0.4420 on this day.
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ACC 497 Week 2 Team Accounting for Employee Stock

Options

Discuss with your team the following case study: Client X offers a
generous employee compensation package that includes employee
stock options. The exercise price has always been equal to the market
price of the stock at the date of grant. The corporate controller, John
Jones, believes that employee stock options, like all obligations to
issue the corporation's own stock, are equity. The new staff
accountant, Marcy Means, disagrees. Marcy argues that when a
company issues stock for less than current value, the value of
preexisting stockholders' shares is diluted. Write a team consensus
response of no more than 700 words in which you answer the
following requirements: 1. Describe how Client X should account for
its employee stock option plan, under existing GAAP. 2. Pretend you
are hired to debate the issue of the proper treatment of options written
on a company's own stock. 3. Formulate your argument, citing
concepts and definitions to buttress your case, assuming: a. You are
siding with John. b. You are siding with Marcy. Click the Assignment
Files tab to submit your assignment.
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ACC 497 Week 2 Team Assignment Case Study

Assignment (2 Papers)

Resources: Ch. 1 & 2 of Financial Accounting Theory and Analysis:
Text and Cases
Write a 350-word response for each of the following cases answering
the questions located at the end of each case.
Case 1-3 Politicalization of Accounting Standards in Ch. 1
Case 1-4 Generally Accepted Accounting Principles in Ch. 1
Case 2-2 The Theoretical Foundation of Accounting Principles
in Ch. 2
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ACC 497 Week 2 Textbook Cases Case 1-1, Case 1-3, Case
2-2 (New Syllabus)

ACC 497 Week 2 Textbook Cases Write a 350- to 700-word
response for each of the following cases answering the questions
located at the end of each case. Case 1-1 Generally Accepted
Accounting Principles on page 28) Case 1-3 Politicization of
Accounting Standards (page 28) Case 2-2 The Theoretical
Foundation of Accounting Principles (page 75) Format your paper
consistent with APA guidelines. Click the Assignment Files tab to
submit your assignment.
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ACC 497 Week 3 Accounting for Investments

Review the following case study: FASB ASC 320 requires companies
to assign their portfolio of investment securities into: Trading
securities. Securities available for sale. Held-to-maturity securities.
Write a response of no more than 1,500 words in which you answer
the following: Define each of these categories of securities and
discuss the accounting treatment for each category. Discuss how
companies are required to assign each category of securities into its
current and noncurrent portions. Discuss the arguments for each
position. Some individuals maintain that the only proper accounting
treatment for all marketable securities is current value. Others
maintain that this treatment might allow companies to "manage
earnings". Click the Assignment Files tab to submit your assignment.
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ACC 497 Week 3 DQ 1

What is tax research? What is the purpose of conducting tax research?
Are results of tax research conclusive? Explain your response.
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ACC 497 Week 3 DQ 2

What is the purpose of tax planning? How do we conduct tax
planning? How could tax planning lead to unethical behavior?
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ACC 497 Week 3 Individual Assignment Financial

Statements Paper Part II (2 Papers)

Resources: Appendix A, The Home Depot, Inc. Annual Report
in Fundamentals of Financial Accounting
Write a 1,050- to 1,750-word paper in which you address the
following:
Does managements assessment of the financial condition agree
with your assessment from the Financial Statements Paper Part I?
Explain your response. Support your answer using trend analysis,
vertical analysis, or ratio analysis.
In the Annual Report, there are several concerns from
management. Discuss these concerns, and identify other weaknesses
not discussed by management. Then, recommend a course of action
addressing these concerns.
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ACC 497 Week 3 Individual Assignment From the

Readings Exercise 17(E1-17)

Resources: Ch. 1 of Managerial Accounting: Tools for Business
Decision Making
Prepare a written response to the following exercise:
Exercise 17 (E1-17) at the end of Ch. 1
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1. The estate of Monique Chablis earned $450 of income this year.
Is the estate required to file an income tax return? 2. Congress
would like to increase tax revenues by 5 percent. Assume that
the average taxpayer in the United States earns $40,000 and
pays an average tax rate of 20 percent. a. If the income effect is
in effect for all taxpayers, what average tax rate will result in a 5
percent increase in tax revenues? (Round your answer to 2
decimal places.) b. This is an example of what type of
forecasting? 3. Molto Stancha Corporation had zero earnings
this fiscal year; in fact, they lost money. Must they file a tax
return? 4. Scot and Vidia, married taxpayers, earn $187,500 in
taxable income and $5,000 in interest from an investment in
City of Tampa bonds. (Use the U.S. tax rate schedule for
married filing jointly). (Do not round intermediate calculations.
Round your answer to 2 decimal places.) a. If Scot and Vidia
earn an additional $82,750 of taxable income, what is their
marginal tax rate on this income? b. How would your answer
differ if they, instead, had $82,750 of additional deductions? 5.
Juanita, a Texas resident (5th Circuit), is researching a tax
question and finds a 5th Circuit case ruling that is favorable and
a 9th Circuit case that is unfavorable. Which circuit case has
more authoritative weight? 6. Hyundai is considering opening
a plant in two neighboring states. Option 1: One state has a
corporate tax rate of 10 percent. If operated in this state, the
plant is expected to generate $1,435,000 pretax profit. Option 2:
The other state has a corporate tax rate of 2 percent. If operated
in this state, the plant is expected to generate $1,360,000 of
pretax profit. a. What is the after state taxes profit in the state
with the 10% tax rate? b. What is the after state taxes profit in
the state with the 2% tax rate? Which state should Hyundai
choose? 7. Song earns $130,000 taxable income as an interior
designer and is taxed at an average rate of 25 percent (i.e.,
$32,500 of tax). a. If Congress increases the income tax rate
such that Songs average tax rate increases from 25 percent to
35 percent, how much more income tax will she pay assuming
that the income effect is descriptive? b. If the income effect is
descriptive, the tax base and the tax collected will increase. 8.
Dennis is currently considering investing in municipal bonds
that earn 4.05 percent interest, or in taxable bonds issued by the
Coca-Cola Company that pay 5.4 percent. a. If Denniss tax rate
is 20 percent, which bond should he choose? b. Which bond
should he choose if his tax rate is 30 percent? c. At what tax rate
would he be indifferent between the bonds? d. What strategy is
this decision based upon? 9. Jonah has the choice of paying Rita
$15,000 today or $75,000 in 10 years. Assume Jonah can earn a
4 percent after-tax rate of return. Which should he choose? Use
Exhibit 3.1. 10. Melinda invests $200,000 in a City of Heflin
bond that pays 6 percent interest. Alternatively, Melinda could
have invested the $200,000 in a bond recently issued by
Surething Inc., that pays 8 percent interest with similar risk and
other nontax characteristics to the City of Heflin bond. Assume
Melindas marginal tax rate is 25 percent. (Leave no cells blank
- be sure to enter "0" wherever required.) a. What is her after-tax
rate of return for the City of Heflin bond?
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ACC 497 Week 3 Learning Team Assignment From the

Reading (2 Sets)

This tutorial contains 2 Sets of response
Resources: Ch. 1 of Managerial Accounting: Tools for Business
Decision Making
Write responses to the following assignment:
Broadening Your Perspective, Managerial Analysis (BYP1-2) at the
end of Ch. 1
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ACC 497 Week 3 Learning Team Case Study Assignment

(2 Papers)

Resources: Case 3-5: International versus U.S. Standards in Ch. 3
of Financial Accounting Theory and Analysis: Text and Cases
Write a 350- to 700-word response to the questions located at the end
of the case study.
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ACC 497 Week 3 Learning Team Discussion (Interest

Cost on Construction)

ACC 497 Week 3 Learning Team Discussion Discuss the following
as a team: Client X contacted you for clarification and
recommendations regarding whether interest cost on construction of a
new warehouse may be included in the cost of the new warehouse.
Write a 350 word summary of the discussion.
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ACC 497 Week 3 Team Assignment Interest Cost

Discuss with your team the following case study: Client X contacted
you for clarification and recommendations regarding whether the
interest cost on construction of a new warehouse may be included in
the cost of the new warehouse. Write a team consensus response of no
more than 700 words to include the following: Provide rational and
clarifications of the proper treatment of interest cost under the rules of
GAAP. Explain the impact of this interest cost on: o Financial
statements. o Income statement. o Balance sheet. o Statement of
owners' equity. Click the Assignment Files tab to submit your
assignment.
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ACC 497 Week 3 Textbook Problems (New Syllabus)

ACC 497 Week 3 Textbook Problems Complete Problem
Assignments 1-15. Click the Assignment Files tab to submit your
assignment What are consumption taxes? Differentiate horizontal
from vertical equity. When was the constitutional amendment
permitting an income tax ratified? What is a sin tax? What are three
objectives of income taxation? What are the three taxable persons that
pay all of the income taxes? What is the difference between gross
revenue and gross income for a business? What are at least three
unique features of the individual tax model when compared to the
corporate tax model? What are three similarities between these
models? What is the purpose of adjusted gross income for an
individual? What are the four filing statuses for which there are
standard deductions? Differentiate the personal exemption from the
dependency exemption. How is gain or loss on the disposition of
business or investment property determined? What is the difference
between a deduction from income and a credit against a tax liability?
Illustrate your answer. What are three characteristics of a sole
proprietorship? Are these characteristics the same as or different from
those of a partnership? What are three characteristics of a limited
liability company that differ from those of a partnership? Compare a
C corporation to an S corporation.
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ACC 497 Week 4 DQ 1

What are the risks and liability factors in an audit? What are the
implications to the auditor? What are the implications to the
organization? How can the auditor mitigate these risks and liability
factors?
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ACC 497 Week 4 DQ 2

What is the Sarbanes-Oxley Act? How does act affect the audits for
the accounting firm and for the organization? Has the Sarbanes-Oxley
Act improved the quality of the audit? Explain your response.
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ACC 497 Week 4 Income Tax Implication of Capital

Investment Decisions

Read the following case study: The Whitley Corporation's year-end is
December 31. It is now October 1, 2013. The Whitley management
team is taking a look at the prior nine months and attempting to make
some short-term strategy decisions. Whitley has experienced steady
growth over the five preceding years. The result has been a steadily
increasing EPS. Last year, Whitley reported an EPS of 1.95. This
year, owing to a mild recession, Whitley's sales have fallen off.
Management is looking for strategies that can improve the appearance
of the financial statements. At the same time, there is a need for new
equipment in the plant. Despite the recession, Whitley has enough
cash to make the purchase. Based on the year's performance to date
and extrapolation of the results to year-end, management feels that the
pretax financial accounting income for the year will be $200,000.
Transactions from prior years have resulted in a deferred tax asset of
$15,000 and a deferred tax liability of $70,000 at the beginning of
2013. The temporary difference of $37,500 that resulted in the
deferred tax asset is expected to completely reverse by the end of
2013. The deferred tax liability resulted totally from temporary
depreciation differences. There will be a pretax reversal of $42,500 in
this temporary difference during 2013. Based on currently enacted tax
law, the purchase of the equipment will result in a future taxable
amount of $50,000. Whitley management feels that it can wait four to
six months to purchase the machine. Whitley's tax rate is 40 percent.
Write a response of no more than 1,050 words to the following:
Determine the projected amount of income tax expense that would be
reported if Whitley waits until next year to purchase the equipment.
Determine the projected amount of income tax expense that would be
reported if Whitley purchases the equipment in 2013. Explain why
Whitley should/shouldn't wait to purchase the equipment? Your
answer should take into consideration the expected financial
statement effects, as well as the effect on EPS. Support your
conclusions with pro forma data. The number of shares that Whitley
will use to calculate EPS is 55,500. Determine the ethical
considerations of this case? Click the Assignment Files tab to submit
your assignment.
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ACC 497 Week 4 Individual Assignment From the

Reading

Resources: Ch. 1 of Prentice Halls Federal Taxation 2011:
Individuals
Respond to the following problems by conducting tax research and
including tax-planning advice:
I:1-48 Tax Strategy Problem
I:1-49 Case Study Problem
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ACC 497 Week 4 International Versus U.S. Standards

ACC 497 Week 4 International Versus U.S. Standards Write a 700-
to 1,050-word response to the questions located at the end of the
following case: Case 3-5 International versus U.S. Standards (page
114) Format your paper consistent with APA guidelines. Click the
Assignment Files tab to submit your assignment.
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ACC 497 Week 4 knowledge Check

1. A public entity changed from the straight-line method to the
declining balance method of depreciation for all newly acquired
assets. This change has no material effect on the current years
financial statements but is reasonably certain to have a
substantial effect in later years. The clients financial statements
contain no material misstatements and the auditor concurs with
this change. If the change is disclosed in the notes to the
financial statements, the auditor should issue a report with a(n):
unqualified opinion. except for qualified opinion. explanatory
paragraph. consistency modification. 2. The single audit
requirement applies to: All audits of state and local government
reporting entities. Most audits of state and local governments
expending federal grant funds. Financial audits of all not-for-
profit entities. Only those governments and not-for-profit
entities that are audited by a federal audit agency. 3. For each of
the following independent situations, indicate the reason for and
the type of financial statement audit report that you would issue.
Assume that all companies mentioned are private companies and
that each item is at least material. a. Thibodeau Mines, Inc., uses
LIFO for valuing inventories held in the United States and FIFO
for inventories produced and held in its foreign operations. b.
Walker Computers is suing your client, Super Software, for
royalties over patent infringement. Super Softwares outside
legal counsel assures you that Walkers case is completely
without merit. c. In previous years, your client, Merc
International, has consolidated its Panamanian subsidiary.
Because of restrictions on repatriation of earnings placed on all
foreign-owned corporations in Panama, Merc International has
decided to account for the subsidiary on the equity basis in the
current year. You concur with the change d. In prior years,
Worcester Wool Mills has used current market prices to value
its inventory of raw wool. During the current year, Worcester
changed to FIFO for valuing raw wool. e. Upon review of the
recent history of the lives of its specialized automobiles, Gas
Leak Technology justifiably changed the service lives for
depreciation purposes on its autos from five years to three years.
This change resulted in a material amount of additional
depreciation expense. f. During the audit of Brannon Bakery
Equipment, you found that a material amount of inventory had
been excluded from the companys financial statements. After
discussing this problem with management, you become
convinced that it was an unintentional oversight. Management
appropriately corrected the error prior to your finalization of
field work. g. Jay Rich, CPA, holds 10 percent of the stock in
Rothenburg Construction Company. The board of directors of
Rothenburg asks Rich to conduct its audit. Rich completes the
audit and determines that the financial statements present fairly
in accordance with generally accepted accounting principles. h.
Ramamoorthi Savings and Loans financial condition has been
deteriorating for the last five years. Most of its problems result
from loans made to real estate developers in Saint Johns County.
Your review of the loan portfolio indicates that there should be a
major increase in the loan-loss reserve. Based on your
calculations, the proposed writedown of the loans will put
Ramamoorthi into violation of the states capital requirements.
The client refuses to make the adjustment or to disclose the
possible going concern issue in the notes to the financial
statements. 4. When reporting on comparative financial
statements for a private company, which of the following
circumstances should ordinarily cause the auditor to change the
previously issued opinion on the prior years financial
statements? A departure from generally accepted accounting
principles caused an adverse opinion on the prior years
financial statements, and those statements have been properly
restated. The prior years financial statements are restated
following the purchase of another company in the current year.
A change in accounting principle causes the auditor to make a
consistency modification in the current years audit report. A
scope limitation caused a qualified opinion on the prior years
financial statements, but the current years opinion is properly
unmodified. 5. Which of the following best describes the
relationship between generally accepted auditing standards
(GAAS) and generally accepted government auditing standards
(GAGAS)? Audits of state and local governments always
require that the audit be conducted in accordance with both
GAAS and GAGAS. GAAS apply to independent CPA auditors;
GAGAS apply to governmental auditors. Audits conducted in
conformity with GAGAS may also require the auditor to
conform to GAAS. Audits done in accordance with GAAS must
also be done in accordance with GAGAS. 6. Under the existing
GAAP hierarchy for state and local government financial
reporting, the GASB Implementation guides are: More
authoritative than the AICPA state and local government audit
guide. Less authoritative than GASB Technical Bulletins. More
authoritative than GASB Statements. Equally authoritative to
AICPA Practice Bulletins. 7. Collier County had the following
federal award activity during the most recent fiscal year.
Required a.&b. Based upon the size and information provided
select "X" if the programs are Type A with low risk and high
risk or Type B with low risk and high risk programs. 8 Which of
the following would be considered Category (b) GAAP for state
and local government auditees? GASB Technical Bulletins.
GASB Statements and Interpretations. GASB Implementation
Guides. AICPA Practice Bulletins if specifically made
applicable to state and local governments by the AICPA and
cleared by the GASB. 9. Audits of state and local governments
may be performed by all of the following except: State audit
agencies. Independent CPAs. The Office of Management and
Budget (OMB). Federal grantor agencies. 10. One of the
primary purposes of the Single Audit Act of 1984 (amended in
1996) is to: Promote the efficient and effective use of audit
resources. Detect fraud, waste and abuse in government entities.
Allow federal auditors greater access to government entities
receiving federal funds. Make audit activity legal at the federal
level
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ACC 497 Week 4 Learning Team Assignment From the

Reading

Resources: Ch. 15 of Prentice Halls Federal Taxation2011:
Individuals
Conduct tax research and formulate tax-planning advice in your
response to the following problems:
I:15-61 Tax Strategy Problem
I:15-62 Case Study Problem
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ACC 497 Week 4 Learning Team Discussion (300 Words)

ACC 497 Week 4 Learning Team Discussion Discuss the following
as a team: Client X contacted you for clarification and
recommendations regarding in what instances should goodwill be
adjusted for impairment? Write a 350 word summary of the
discussion.
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ACC 497 Week 4 Team Goodwill

Discuss with your team the following case study: Client X contacted
you for clarification and recommendations regarding the instances
when goodwill should be adjusted for impairment. Write a team
consensus response of no more than 700 words to include the
following: Provide detailed rational of why goodwill must be
adjusted for impairment. List the tests for impairment. Explain the
meaning of a non cash impairment charge. Click the Assignment Files
tab to submit your assignment.
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ACC 497 Week 5 DQ 1

What are the differences in reporting guidance in a for-profit and not-
for-profit organization? What are the similarities in reporting
guidance in a for-profit and not-for-profit organization? How do these
differences and similarities affect the comparability of financial
reports? Should these reports be comparable? Explain your response.
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ACC 497 Week 5 DQ 2

What are the differences in financial reporting in a for-profit and
government organization? What are the similarities in financial
reporting in a for-profit and government organization? How do these
differences and similarities affect the comparability of financial
reports? Should these reports be comparable? Explain your response.
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ACC 497 Week 5 FARS Case (2 Papers)

ACC 497 Week 5 FARS Case Write a 1,050- to 1,400-word
response in which you address the following questions from Case 3,
Charitable Contributions and Debt: A Comparison of St. Jude
Childrens Research Hospital/ALSAC and Universal Health Services:
Questions from Requirement A Questions from Requirement B
How would your answers to Requirements A and B differ if the
government owned and operated the hospital? Click the Assignment
Files tab to submit your assignment.
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ACC 497 Week 5 Individual Assignment from the Text

Resources: Ch. 4 & 5 of Modern Auditing
Write answers to the following problems:
Learning Check 415 & 417 in Ch. 4
Comprehensive Questions 534 & 535 in Ch. 5
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ACC 497 Entire Course (With New Final Guide)

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ACC 497 Final Exam Guide (New, 2017)

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ACC 497 Week 1 Case Study Cash Basis or Accrual

ACC 497 Week 1 DQ 1

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ACC 497 Week 1 DQ 2

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ACC 497 Week 1 FASB Codification System (2 Papers)

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ACC 497 Week 1 Individual Assignment FASB

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ACC 497 Week 1 Knowledge Check

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ACC 497 Week 2 Accounting Ethics

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ACC 497 Week 2 Discussion (LIFO)

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ACC 497 Week 2 DQ 2

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ACC 497 Week 2 Individual Assignment Financial

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ACC 497 Week 2 Knowledge Check

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ACC 497 Week 2 Team Accounting for Employee Stock

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ACC 497 Week 2 Team Assignment Case Study

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ACC 497 Week 3 Accounting for Investments

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ACC 497 Week 3 DQ 1

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ACC 497 Week 3 DQ 2

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ACC 497 Week 3 Individual Assignment Financial

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ACC 497 Week 3 Individual Assignment From the

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ACC 497 Week 3 Knowledge Check

ACC 497 Week 3 Learning Team Assignment From the

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ACC 497 Week 3 Learning Team Case Study Assignment

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ACC 497 Week 3 Learning Team Discussion (Interest

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ACC 497 Week 3 Team Assignment Interest Cost

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ACC 497 Week 3 Textbook Problems (New Syllabus)

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ACC 497 Week 4 DQ 1

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ACC 497 Week 4 DQ 2

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ACC 497 Week 4 Income Tax Implication of Capital

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ACC 497 Week 4 Individual Assignment From the

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ACC 497 Week 4 International Versus U.S. Standards

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ACC 497 Week 4 knowledge Check