Post ACC111 Full Course Latest 2015 December [All Discussions All Homework All Quizzes and Final with 95% Grades]
View the video and read the two articles above. Participate in this discussion board answering the following questions and commenting on other student’s postings.
- Do you practice critical thinking? Give an example.
- Does your supervisor (manager) at work practice critical thinking?
- Is critical thinking something you would like to do more of?
- Should accountants practice critical thinking?
You are one of three partners who own and operate Marys Maid Service. The company has been operating for seven years. One of the other partners has always prepared the companys annual financial statements. Recently, you proposed that the statements be audited each year because it would benefit the partners and prevent possible disagreements about the division of profits. The partner who prepares the statements proposed that his uncle, who has a lot of financial experience, can do the job at little cost. Your other partner remained silent.
Required: What position would you take on the proposal? What would you strongly recommend?
You work as an accountant for a small land development company that desperately needs additional financing to continue in business. The president of your company is meeting with the manager of a local bank at the end of the month to try to obtain this financing. The president has approached you with two ideas to improve the company’s reported financial position. First, he claims that because a big part of the company’s value comes from its knowledgeable and dedicated employees, you should report their Intellectual Abilities as an asset on the balance sheet. Second, he claims that although the local economy is doing poorly and almost no one is buying land or new houses, he is optimistic that eventually things will turn around. For this reason, he asks you to continue reporting the company’s land on the balance sheet at its cost, rather than the much lower amount that real estate appraisers say its really worth.
Required: Comment on the following questions. Why do you think the president is so concerned with the amount of assets reported on the balance sheet? What accounting concept relates to the presidents first suggestion to report Intellectual Abilities as an asset? What accounting concept relates to the presidents second suggestion to continue reporting land at its cost? Who might be hurt by the presidents suggestions, if you were to do as he asks? What should you do?
Unit 5 Diss 4
Assume you work as an assistant accountant in the head office of a national movie rental business, a la Blockbuster Inc. With the increasing popularity of online movie rental operations, your company has struggled to meet its earnings targets for the year. It is important for the company to meet its earnings targets this year because the company is renegotiating a bank loan next month, and the terms of that loan are likely to depend on the companys reported financial success. Also, the company plans to issue more stock to the public in the upcoming year, to obtain funds for establishing its own presence in the online movie rental business. The chief financial officer ( CFO) has approached you with a solution to the earnings dilemma. She proposes that the depreciation period for the stock of reusable DVDs be extended from 3 months to 15 months. She explains that by lengthening the depreciation period, a smaller amount of depreciation expense will be recorded in the current year, resulting in a higher net income. She claims that generally accepted accounting principles require estimates like this, so it would not involve doing anything wrong.
Required: Discuss the CFOs proposed solution. In your discussion, consider the following questions. Will the change in depreciation affect net income in the current year in the way that the CFO described? How will it affect net income in the following year? Is the CFO correct when she claims that the change in estimated depreciation is allowed by GAAP? Who relies on the video companys financial statements when making decisions? Why might their decisions be affected by the CFOs proposed solution? Is it possible that their decisions would not be affected? What should you do?
Unit 7 Diss 5
Snake Creek Company has one trusted employee who, as the owner said, handles all of the book-keeping and paperwork for the company. This employee is responsible for counting, verifying, and recording cash receipts and payments, making the weekly bank deposit, preparing checks for major expenditures (signed by the owner), making small expenditures from the cash register for daily expenses, and collecting accounts receivable. The owners asked the local bank for a $ 20,000 loan. The bank asked that an audit be performed covering the year just ended. The independent auditor ( a local CPA), in a private conference w
E1-1 Reporting Amounts on the Four Basic Financial Statements [LO 1-2]
|Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance, (b) that net income is properly calculated, (c) what caused changes in the retained earnings account, and (d) what caused changes in the cash account. (Cash outflows should be indicated with a minus sign.)|
|Beginning Retained Earnings||5,200|
|Ending Retained Earnings||6,500|
|Cash Flows from Operating Activities||3,300|
|Cash Flows from Investing Activities||(2,700||)|
|Cash Flows from Financing Activities||(1,750||)|
E1-3 Preparing a Balance Sheet [LO 1-2, LO 1-3]
M1-6 Matching Financial Statement Items to Balance Sheet and Income Statement Categories [LO 1-2]
M1-9 Matching Financial Statement Items to the Four Basic Financial Statements [LO 1-2]
E1-6 Preparing an Income Statement and Inferring Missing Values [LO 1-2, LO 1-3]
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