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ACCT
495 Assignment 1-1: CFO Auditors Questions - BAM Year 1
Purpose
To assess your ability to
evaluate financial statement data for a corporation in preparation of year-end
financial statements and disclosure notes.
Overview
In this assignment you will
review journal, ledgers, and financial statements prepared by the CFO, as found
in your readings. As a group you will prepare a list of questions for the CFO,
and participate in an interactive session to present and discuss your groups'
questions.
Action
Items
Review the journal, ledgers,
and financial statements prepared by the CFO found in Requirement 1's reading.
The Requirement 1 document can be found in the Business Activity Model (BAM)
under the Year 1 folder. The password is provided by your instructor.
Develop and list 7-10
in-depth questions and/or requests for additional information that you would
ask the CFO to provide in order to clarify the financial statement data that
you read over. The answers will be used in the preparation of year-end
financial statements and disclosure notes.
Be as specific as possible
and phrase your requests in the form of questions as they would normally be
asked of a client.
Submission
Instructions
1. Click
the Submit button in the Toolbox to upload your completed assignment prior to
your class meeting.
2. Bring
one copy of your completed work to the meet session for an activity.
Grading
Criteria
· Questions
are relevant to current topics and displays critical thinking: 0 - 25 points
· Identifies
the major issues: 0 – 25 points
ACCT
495 Assignment 2-1: Issue and Rule Research - BAM Year 1
Purpose
To assess your ability to
research accounting issues and rules related to a start-up company.
Overview
This assignment forms the
basis for the upcoming assignment, 3-1: Year One Group Paper and
Presentation in Week 3 of corrected financial statements. This
assignment is necessary to form the "I" (Issues) and "R"
(Research) needed for preparation of the "A" (Analysis) and
"C" (Conclusion) that combine to form the IRAC methodology.
Therefore, you will need to consult with the members of your group to determine
who will research which issue(s), confirming that all issues are addressed.
Action
Items
1. Reflect
upon each of the issues identified in Week 1 Auditor’s Questions with your
group. As a group you must research all identified issues except start-up costs
since this is covered in 3-1: Year 1 Group Paper with your group members.
2. Assign
an issue or issues to each member of your group to research.
3. Individually
you are to develop a 1 – 2 page, double-spaced paper for each issue(s)
you are researching. Each paper must:
a. State
the identified accounting issue
b. Identify
the accounting rule(s) that pertain(s) to the issue(s)
c. Explain
in your own words the accounting rule(s) and treatment of the issue
4. Each
group member will submit their 1-2 page paper(s) to the group designated leader
for this assignment. The group leader will combine the individual papers into
one complete paper and confirm that the names of all members are on the
combined paper.
5. The
group leader will send the combined papers to each member of the group.
Notes:
1. Instructions
to access the RIA Checkpoint and the FASB Accounting Standards Codification
databases. Accounting research data can be accessed either through the:
a. RIA
Checkpoint database – Practice Area: Accounting, Audit and Corporate Finance
located on the Franklin library website or through the American Accounting
Association (AAA) FASB Codification student login. Login information for the
AAA website can be obtained from your professor.
2. Review the six (6) steps utilized in applied accounting research.
Submission
Instructions
· Each
member of the group is to submit the combined paper using the Submit tool in
the toolbox.
· Each
group member will bring one copy of the combined paper to the meet session for
an activity.
ACCT
495 Assignment 3-1: Group Paper and Presentation - BAM Year 1
Purpose
The purpose of this
assignment is to assess your ability to:
· recommend
year-end financial statements and disclosure notes (format and structure)
· evaluate
issuance of common stock
· assess
accounting treatment for start-up costs
· analyze
capitalization vs. expense treatment
· evaluate
revenue recognition including income deferral
· formulate
accounting for net operating losses
· calculate
earnings per share
Overview
To accomplish this
assignment, you will be producing an assignment that is structured utilizing
the I.R.A.C. method. As a reminder, I.R.A.C. is an acronym for:
· Issue(s)
· Rule(s)
· Analysis
· Conclusion
This is a group assignment.
Action
Items
1. Based
on the CFO's answers to your group's questions, your research from Issue and
Rule Research, and your required readings, do the following for each identified
accounting issue with your group:
a. Issue:
Succinctly state the accounting issue.
b. Rule:
Using your research of authoritative accounting sources, briefly identify and
explain the authoritative rule.
c. Analysis:
Apply the facts of the case study to the rule and provide an in-depth analysis
based on the issue. Your analysis should also include supporting schedules,
calculations, and/or correcting journal entries.
d. Conclusion:
State your conclusion(s) based upon the results of your analysis and indicate
any changes to the financial statements and disclosure notes resulting from the
rule.
2. Using
Word and/or Excel, prepare corrected balance sheet and statement of income and
retained earnings including supporting schedules that incorporate the following
items (Excel - Financial statements and journal entries. Word - Examinations,
summaries, disclosure notes, etc...):
a. Evaluation
of the issuance of common stock.
b. Assessment
of the accounting for start-up costs.
c. Analysis
of the capitalization vs. expense treatment.
d. Evaluation
of revenue recognition including income deferral.
e. Formulation
of the accounting treatment for net operating losses.
f. Calculation
of the earnings per share.
g. Prepare
a statement of cash flows.
h. Draft
a complete set of financial statement disclosure notes.
3. With
your group, complete the work necessary for a formal presentation of your
findings to be delivered using a Word and/or Excel document.
Notes:
1. Instructions
to access the RIA Checkpoint and the FASB Accounting Standards Codification
databases. Accounting research data can be accessed either through the:
a. RIA Checkpoint database - Practice Area: Accounting, Audit and
Corporate Finance located on the Franklin library website or through the
2. American Accounting Association (AAA) FASB Codification student
login. Login information for the AAA website can be obtained from your
professor.
3. Review
the six (6) steps utilized in applied accounting research.
Submission
Instructions
· Click
on the Submit button in the Toolbox to upload your completed assignment prior
to your class meeting.
· Bring
one copy of your completed assignment to the meet session for an activity.
ACCT
495 Assignment 4-1: CFO Auditor Questions - BAM Year 2
Purpose
To evaluate financial
statement data for a corporation in preparation for year-end financial
statements and disclosure notes.
Action
Items
Review the journal, ledgers,
and financial statements prepared by the CFO found in Requirement 5's reading.
The Requirement 5 document can be found in the Business Activity Model (BAM)
under the Year 2 folder. The password is provided by your instructor.
Develop and list 7 to 10
in-depth questions and/or requests for additional information that you would
ask the CFO to provide in order to clarify the financial statement data that
you read over. The answers will be used in the preparation of year-end
financial statements and disclosure notes.
Be as specific as possible
and phrase your requests in the form of questions that would normally be asked
of a client.
Submission
Instructions
· Click
the Submit button in the Toolbox to upload your completed assignment prior to
your class meeting.
· Bring
one copy of your completed work to the meet session for an activity.
Grading
Criteria
· Questions
are relevant to current topics and displays critical thinking: 0 - 25 points
· Identifies
the major issue: 0 - 25 points.
ACCT
495 Assignment 5-1: Issue and Rule Research - BAM Year 2
Purpose
To assess your ability to
research accounting issues and rules related to a start-up company.
Overview
This assignment will form the
basis for the preparation of corrected financial statements in the Year Two
Group Paper. This present assignment is necessary to form the "I"
(Issues) and "R" (Research) needed for preparation of the "A"
(Analysis) and "C" (Conclusion) that combine to form the IRAC
methodology.
Action Items
1. Reflect
upon each of the issues identified in Week 1 Auditor’s Questions with your
group.
2. Research
all identified issues except start-up costs since this is covered in 3-1: Year
One Group Paper with your group members.
3. Assign
an issue or issues to each member of your group to research.
4. Develop
a 1 – 2 page, double-spaced paper for each issue that does the following:
a. States
the identified accounting issue
b. Identifies
the accounting rule(s) that pertain to the issue
c. Explains
in your own words the accounting rule(s) and treatment of the issue
5. Each
group member will submit their 1-2 page paper(s) to the group designated leader
for this assignment. The group leader will combine the individual papers into
one complete paper and confirm that the names of all members are on the
combined paper.
6. The
group leader will send the combined papers to each member of the group.
Notes:
1. Instructions
to access the RIA Checkpoint and the FASB Accounting Standards Codification
databases. Accounting research data can be accessed either through the:
a. RIA
Checkpoint database – Practice Area: Accounting, Audit and Corporate Finance
located on the Franklin library website or through the
b. American
Accounting Association (AAA) FASB Codification student login. Login information
for the AAA website can be obtained from your professor.
2. Review
the six (6) steps utilized in applied accounting research.
Submission
Instructions
· Each
member of the group is to submit the combined paper using the Submit tool in
the toolbox.
· Each
group member will bring one copy of the combined paper to the meet session for
an activity.
ACCT
495 Assignment 6-1: Group Paper and Presentation - BAM Year 2
Purpose
The purpose of this
assignment is to assess your ability to:
· recommend
year-end financial statements and disclosure notes
· analyze
deferred taxes
· calculate
property depreciation (fractional and tax depreciation methods)
· assess
accounting for bad debts
· evaluate
treatment of notes payable (amortization schedules and expense accruals)
Overview
To accomplish this
assignment, you will be producing an assignment that is structured utilizing
the I.R.A.C. method. As a reminder, I.R.A.C. is an acronym for:
· Issue(s)
· Rule(s)
· Analysis
· Conclusion
Action
Items
1. Based
on the CFO's answers to your group's questions, your research from the prior
week, and the above Requirement readings, do the following for each identified
accounting issue with your group:
a. Issue:
Succinctly state the accounting issue.
b. Rule:
Using your research of authoritative accounting sources, briefly identify and
explain the authoritative rule.
c. Analysis:
Apply the facts of the case study to the rule and provide an in-depth analysis
based on the issue. Your analysis should also include supporting schedules,
calculations, and/or correcting journal entries.
d. Conclusion:
State your conclusion(s) based upon the results of your analysis and indicate
any changes to the financial statements and disclosure notes resulting from the
rule.
2. Using
Word and/or Excel, prepare corrected balance sheet and statement of income and
retained earnings including supporting schedules that incorporate the following
items (Excel - Financial statements and journal entries. Word - Examinations,
summaries, disclosure notes, etc...):
a. Evaluation
of the issuance of common stock.
b. Assessment
of the accounting for start-up costs.
c. Analysis
of the capitalization vs. expense treatment.
d. Evaluation
of revenue recognition including income deferral.
e. Formulation
of the accounting treatment for net operating losses.
f. Calculation
of the earnings per share.
g. Prepare
a statement of cash flows.
h. Draft
a complete set of financial statement disclosure notes.
3. With
your group, complete the work necessary for a formal presentation of your
findings to be delivered using a Word and/or Excel document.
4. Instructions
to access the RIA Checkpoint and the FASB Accounting Standards Codification
databases. Accounting research data can be accessed either through the:
a. RIA
Checkpoint database - Practice Area: Accounting, Audit and Corporate Finance
located on the Franklin library website or through the
b. American Accounting Association
(AAA) FASB Codification student login. Login information for the AAA
website can be obtained from your professor.
c. Review
the six (6) steps utilized in applied accounting research.
Submission
Instructions
· Click on the Submit
button in the Toolbox to upload your completed assignment prior to your class
meeting.
· Bring one
copy of your completed assignment to the Meet session for an activity.
ACCT
495 Assignment 7-1: CFO Auditor Questions - BAM Year 3
Purpose
To evaluate financial
statement data for a corporation in preparation for year-end financial
statements and disclosure notes.
Action
Items
Review the journal, ledgers,
and financial statements prepared by the CFO found in Requirement 7's reading.
The Requirement 7 document can be found in the Business Activity Model (BAM)
under the Year 3 folder. The password is provided by your instructor.
Develop and list 7 to 10
in-depth questions and/or requests for additional information that you would
ask the CFO to provide in order to clarify the financial statement data that
you read over. The answers will be used in the preparation of year-end financial
statements and disclosure notes.
Be as specific as possible,
and phrase your requests in the form of questions that would normally be asked
of a client.
Submission
Instructions
· Click
the Submit button in the Toolbox to upload your completed assignment prior to
your class meeting.
· Bring
a copy of your completed work to the meet session for an activity.
Grading
Criteria
· Questions
are relevant to current topics and displays critical thinking: 0 - 25 points
· Identifies
the major issues: 0 - 25 points
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