ACCT 320 Course Project Paper and Presentation

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ACCT 320 Course Project Paper and Presentation

 

 

For this assignment you will select a case involving fraud, waste, and abuse with issues of both fraud detection and fraud deterrence. You will develop a PowerPoint presentation about the case you reviewed, your thoughts about the case, and any information you would like to comment on to your classmates.

The research paper requirement for ACCT320 is consistent with the UMUC’s objective to develop a student’s use of computer technology to perform research in his or her field and to develop written communications skills.

The course project paper due for this course is to be five to six pages in length, double-spaced, and followed by references. One inch margins are to be used with a 12-pitch font. The paper, including a reference list, is to comply with the American Psychological Association (APA) style rules. Times New Roman font is very readable and standard for APA formatting. Further information on APA style and formatting is available from the UMUC online library system and from the LEO classroom links. Completed papers are to be posted to the student Assignments folder.

Several typical issues are highlighted here to assist you with writing the paper. First, the first lines of all paragraphs in this paper are to be indented one-half inch. This can be done with the Tab key at the beginning of each paragraph or by paragraph formatting. Second, APA formatting uses in-text citations to identify the source you obtained information from in support of a statement in your paper. A reference list without citations to identify what source supports a factual statement in your explanation is not of much value. Third, there is a format to be used for listings in your reference list at the end of the paper. A list of hyperlinks is not a reference list. At a minimum, try to develop correctly formatted reference list entries for the articles or books you considered and base your statements on. Lastly, each item in the reference list is to have a related in-text citation within the paper or posting you provide. That means the reference list at the end of the paper should be pruned of sources you might have read, but do not have a statement in the paper where that source has been cited.

For the course project paper, include a minimum of six references. The references should be from reliable sources, like highly recognized publications, such as the Wall Street Journal or journal articles found with the UMUC electronic library. When using the UMUC library for your research, the two boxes should be checked for “peer-reviewed” and “full-text” articles. Using these criteria will assure you have well-respected sources supporting your work. Wikipedia and general information from the Internet do not meet this standard. It is best to retain a copy of the materials cited as sources in the submitted document. Links to cited documents could sometimes become unavailable for retrieval before a paper is completed. It also might be helpful to use the document copies to support the conclusions in a submitted paper. Documentation is an important aspect of developing a good investigation file. Textbooks are not appropriate references for this purpose.

Plagiarism is a form of academic dishonesty. Copying material from another source and pasting the words from that source into a paper is not acceptable. The objective of research and writing is to read source material, digest the content of that information, and then write a summary or persuasive presentation about the topic or case using the writer’s own words to support various opinions or conclusions.

Students are urged to paraphrase rather than to include multiple direct quotations from other sources in their papers. Papers with many quotations sometimes leave the impression the writer did not fully appreciate the content in the identified sources. When quotations are used, typically they are used because the words from another are unique or apply in a special way to the issue or opinion the writer is presenting. Quotations in papers must include an APA citation, including a page or paragraph number where the quotation can be found within the cited reference work. Statements based on sources that have been paraphrased typically do not require inclusion of page or paragraph numbers in the provided in-text citations.

To be clear, it is not acceptable to copy and paste sentences or a paragraph or more into a student paper, and then include an intext citation to the source at the end of the copied material. The objective of papers for the class is to develop student awareness of the content and to improve student ability to think and present material about fraud cases in a professional way. Use of the student’s own wording and explanations is very beneficial. That is the objective!

The UMUC Library Services Web is a good source for information about research sources and style. Access can be found at:http://www.umuc.edu/library/citationguides.shtml

The course project paper will address a case involving fraud. waste, and abuse with issues of both fraud detection and fraud deterrence. The topic must be presented to and approved by the professor before you start to work on the paper. Propose your case for review during Week 1 or Week 2. Coordinating with the professor is not to be an impediment, but to ensure you have a fraud case you can be successful with. On one hand, the focus must be on a particular case; on the other hand, it is necessary the case be suitable to address with some specificity in a five to six page narrative paper.

Through the paper, demonstrate your mastery of the course material. Include key concepts in the presentation and discussion of the case selected and approved for the paper. Topics should be presented logically, bringing together the work of various authors who have written about the case presented. It is also fine to refer to sources about the nature of the crime involved (such as embezzlement).

As a suggestion, most successful papers have followed the general guidelines discussed for the current events papers, but in a longer format because the longer paper discusses a considerably more complex case. Successful papers will likely include the following:

  • Identification of the key issues posed by the case.
  • The applicable stakeholders and their rights and obligations.
  • Which choices were or are available and what were or are the costs or tradeoffs?
  • Comment on how the situation was or should be resolved.
  • Who (individual or group) was or will be impacted by the situation?
  • Any questions you believe should be considered by your readers about the case that will add substance to learning.
  • A paragraph to express your opinion about the case and issues involved. Be sure to back up your opinions. Remember, this is your opinion about the case and issues involved, not about how the article you are referring to was written.
  • Verify there is a reference with your paper to the article you are addressing. Usually that is referred to with an in-text reference in the sentence where you first refer to the article you selected.

The following topics are offered as possible types of cases for the class project paper. You are certainly encouraged to come back for a change in the case selected, if it turns out you find insufficient material published to work with. That does happen and is not considered a negative event. The professor’s objective here is to be helpful. This list is only provided as a sample of leads for the type of cases you might focus on for the paper. Some students have an interest in a particular case he or she is aware of and desires to research that case in greater depth. That is fine and will be accommodated where possible.

Past Topics

Accounting scandals

Identity theft case

Insurance fraud case

Financial statement fraud case

Bribery and/or corruption case

Check and/or credit card fraud case

Health care fraud case

Bankruptcy fraud case

Tax fraud case

Securities fraud case

Consumer fraud case

Computer and Internet fraud case

Contract or procurement fraud case

Asset misappropriation case

 

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1) A company changes from percentage-of-completion to completed-contract, which is the method used for tax purposes. The entry to record this change should include a

  1. debit to Retained Earnings in the amount of the difference on prior years, net of tax.
  2. debit to Loss on Long-Term Contracts in the amount of the difference on prior years, net of tax.
  3. credit to Deferred Tax Liability.
  4. debit to Construction in Process.

2) Which of the following is accounted for as a change in accounting principle?

  1. A change from expensing immaterial expenditures to deferring and amortizing them as they become material
  2. A change from the cash basis of accounting to the accrual basis of accounting
  3. A change in inventory valuation from average cost to FIFO
  4. A change in the estimated useful life of plant assets

3) A company changes from straight-line to an accelerated method of calculating depreciation, which will be similar to the method used for tax purposes. The entry to record this change should include a

  1. debit to Deferred Tax Asset.
  2. debit to Retained Earnings in the amount of the difference on prior years.
  3. credit to Deferred Tax Liability.
  4. credit to Accumulated Depreciation.

4) Presenting consolidated financial statements this year when statements of individual companies were presented last year is

  1. an accounting change that should be reported by restating the financial statements of all prior periods presented.
  2. an accounting change that should be reported prospectively.
  3. NOT an accounting change.
  4. a correction of an error.

5) During 2008, a construction company changed from the completed-contract method to the percentage-of-completion method for accounting purposes but not for tax purposes. The following lists include gross profit figures under both methods for the past 3 years:

Completed-Contract

Percentage-of-Completion

2006

$ 475,000

$ 800,000

2007

625,000

950,000

2008

700,000

1,050,000

$1,800,000

$2,800,000

Assuming an income tax rate of 40% for all years, the affect of this accounting change on prior periods should be reported by a credit of what?

  1. $390,000 on the 2008 income statement
  2. $600,000 on the 2008 income statement
  3. $390,000 on the 2008 retained earnings statement
  4. $600,000 on the 2008 retained earnings statement

6) On January 1, 2005, Baden Co. purchased a machine, which was its only depreciable asset, for $300,000. The machine has a 5-year life, and no salvage value. Sum-of-the-years’-digits depreciation has been used for financial statement reporting and the elective straight-line method for income tax reporting. Effective January 1, 2008, for financial statement reporting, Baden decided to change to the straight-line method for depreciation of the machine. Assume that Baden can justify the change.

Baden’s income before depreciation, before income taxes, and before the cumulative effect of the accounting change, if any, for the year ended December 31, 2008, is $250,000. The income tax rate for 2008, and for 2005 through 2007, is 30%. What amount should Baden report as net income for the year ended December 31, 2008?

  1. $91,000
  2. $60,000
  3. $175,000
  4. $154,000

7) The deferred tax expense is the

  1. increase in balance of deferred tax liability minus the increase in balance of deferred tax asset.
  2. increase in balance of deferred tax asset minus the increase in balance of deferred tax liability.
  3. decrease in balance of deferred tax asset minus the increase in balance of deferred tax liability.
  4. increase in balance of deferred tax asset plus the increase in balance of deferred tax liability.

8) A company records an unrealized loss on short-term securities. This might result in what type of difference and in what type of deferred income tax?

Type of Difference

Deferred Tax

Option 1

Temporary

Liability

Option 2

Temporary

Asset

Option 3

Permanent

Liability

Option 4

Permanent

Asset

  1. Option 2
  2. Option 1
  3. Option 4
  4. Option 3

9) A company uses the equity method to account for an investment. This would result in what type of difference and in what type of deferred income tax?

Type of Difference

Deferred Tax

Option 1

Permanent

Asset

Option 2

Permanent

Liability

Option 3

Temporary

Asset

Option 4

Temporary

Liability

  1. Option 2
  2. Option 1
  3. Option 4
  4. Option 3

10) Nottingham Corporation had accounts receivable of $100,000 on January 1st The only transactions affecting accounts receivable were sales of $900,000 and cash collections of $850,000. What is the accounts receivable turnover?

  1. 6.6
  2. 6.0
  3. 9.0
  4. 7.2

11) If a petty cash fund is established in the amount of $250, and contains $150 in cash and $95 in receipts for disbursements when it is replenished, the journal entry to record replenishment should include credits to which of the following accounts?

  1. Petty Cash, $100
  2. Petty Cash, $75
  3. Cash, $100
  4. Cash, $95; Cash Over and Short, $5

12) If the month-end bank statement shows a balance of $36,000, outstanding checks are $12,000, a deposit of $4,000 was in transit at month end, and a check for $500 was erroneously charged by the bank against the account, what is the correct balance in the bank account at month end?

  1. $28,500
  2. $27,500
  3. $43,500
  4. $20,500

13) If a short-term obligation is excluded from current liabilities because of refinancing, the footnote to the financial statements describing this event should include all of the following information EXCEPT:

  1. the terms of the new obligation incurred or to be incurred.
  2. the number of financing institutions that refused to refinance the debt, if any.
  3. the terms of any equity security issued or to be issued.
  4. a general description of the financing arrangement.

14) Stock dividends distributable should be classified on the

  1. balance sheet as an asset.
  2. balance sheet as an item of stockholders’ equity.
  3. balance sheet as a liability.
  4. income statement as an expense.

15) Which of the following items is a current liability?

  1. Bonds due in 3 years
  2. Bonds to be refunded when due in 8 months, there being no doubt about the marketability of the refunding issue
  3. Bonds, for which there is an adequate appropriation of retained earnings, due in 11 months
  4. Bonds for which there is an adequate sinking fund properly classified as a long-term investment, due in 3 months

16) A company borrows $10,000 and signs a 90-day nontrade note payable. In preparing a statement of cash flows (indirect method), this event would be reflected as

  1. a cash outflow from investing activities.
  2. a cash inflow from financing activities.
  3. a cash inflow from investing activities.
  4. an addition adjustment to net income in the cash flows from operating activities section.

17) An increase in inventory balance would be reported in a statement of cash flows using the indirect method (reconciliation method) as

  1. a deduction from net income in arriving at net cash flow from operating activities.
  2. a cash outflow from financing activities.
  3. a cash outflow from investing activities.
  4. an addition to net income in arriving at net cash flow from operating activities.

18) The primary purpose of the statement of cash flows is to provide information

  1. that is useful in assessing cash flow prospects.
  2. about the entity’s ability to meet its obligations, its ability to pay dividends, and its needs for external financing.
  3. about the cash receipts and cash payments of an entity during a period.
  4. about the operating, investing, and financing activities of an entity during a period.

19) Eller Co. received merchandise on consignment. As of January 31, Eller included the goods in inventory, but did not record the transaction. What would be the effect of this on its financial statements for January 31?

  1. Net income was correct and current assets were understated.
  2. Net income, current assets, and retained earnings were understated.
  3. Net income and current assets were overstated and current liabilities were understated.
  4. Net income, current assets, and retained earnings were overstated.

20) Cross Co. accepted delivery of merchandise that it purchased on account. As of December 31, Cross had recorded the transaction, but did not include the merchandise in its inventory. What would be the effect of this on its financial statements for December 31?

  1. Net income was correct and current assets were understated.
  2. Net income was overstated and current assets were understated.
  3. Net income was understated and current liabilities were overstated.
  4. Net income, current assets, and retained earnings were understated.

21) The failure to record a purchase of merchandise on account even though the goods are properly included in the physical inventory results in

  1. an understatement of assets and net income.
  2. an understatement of cost of goods sold and liabilities and an overstatement of assets.
  3. an overstatement of assets and net income.
  4. an understatement of liabilities and an overstatement of owners’ equity.

22) Fences and parking lots are reported on the balance sheet as

  1. land improvements.
  2. land.
  3. current assets.
  4. property and equipment.

23) Which of these is not a major characteristic of a plant asset?

  1. Acquired for use in operations
  2. Yields services over a number of years
  3. Possesses physical substance
  4. All of these are major characteristics of a plant asset.

24) The debit for a sales tax properly levied and paid on the purchase of machinery preferably would be a charge to

  1. a separate deferred charge account.
  2. miscellaneous tax expense, which includes all taxes other than those on income.
  3. the machinery account.
  4. accumulated depreciation—machinery.

25) On November 1, 2007, Little Company purchased 600 of the $1,000 face value, 9% bonds of Player, Incorporated, for $632,000, which includes accrued interest of $9,000. The bonds, which mature on January 1, 2012, pay interest semiannually on March 1 and September 1. Assuming that Little uses the straight-line method of amortization and that the bonds are appropriately classified as available-for-sale, what would the net carrying value of the bonds be shown as on Little’s December 31, 2007, balance sheet?

  1. $623,000
  2. $622,080
  3. $600,000
  4. $632,000

26) On October 1, 2007, Lyman Co. purchased to hold to maturity, 200 of the $1,000 face value, 9% bonds for $208,000. An additional $6,000 was paid for accrued interest. Interest is paid semiannually on December 1 and June 1 and the bonds mature on December 1, 2011. Lyman uses straight-line amortization. Ignoring income taxes, what was the amount reported in Lyman’s 2007 income statement from this investment?

  1. $4,020
  2. $4,980
  3. $4,500
  4. $5,460

27) On October 1, 2007, Porter Co. purchased to hold to maturity 1,000 of the $1,000 face value, 9% bonds for $990,000 which includes $15,000 accrued interest. The bonds, which mature on February 1, 2016, pay interest semiannually on February 1 and August 1. Porter uses the straight-line method of amortization. The bonds should be reported in the December 31, 2007 balance sheet at a carrying what value?

  1. $975,750
  2. $990,000
  3. $975,000
  4. $990,250

28) Although only certain leases are currently accounted for as a sale or purchase, there is theoretic justification for considering all leases to be sales or purchases. The principal reason that supports this idea is that

  1. at the end of the lease the property usually can be purchased by the lessee.
  2. a lease reflects the purchase or sale of a quantifiable right to the use of property.
  3. all leases are generally for the economic life of the property and the residual value of the property at the end of the lease is minimal.
  4. during the life of the lease the lessee can effectively treat the property as if it were owned by the lessee.

29) An essential element of a lease conveyance is that the

  1. lessee provides a sinking fund equal to one year’s lease payments.
  2. property that is the subject of the lease agreement must be held for sale by the lessor prior to the drafting of the lease agreement.
  3. lessor conveys less than his or her total interest in the property.
  4. term of the lease is substantially equal to the economic life of the leased property.

30) Which of the following is a correct statement of one of the capitalization criteria?

  1. The lease contains a purchase option.
  2. The lease transfers ownership of the property to the lessor.
  3. The lease term is equal to or more than 75% of the estimated economic life of the leased property.
  4. The minimum lease payments, excluding executory costs, equal or exceed 90% of the fair value of the leased property.

31) Discount on notes payable is charged to interest expense

  1. only in the year the note is issued.
  2. equally over the life of the note.
  3. using the effective-interest method.
  4. only in the year the note matures.

32) The generally accepted method of accounting for gains or losses from the early extinguishment of debt treats any gain or loss as

  1. an amount that should be considered a cash adjustment to the cost of any other debt issued over the remaining life of the old debt instrument.
  2. an adjustment to the cost basis of the asset obtained by the debt issue.
  3. an amount received or paid to obtain a new debt instrument and, as such, should be amortized over the life of the new debt.
  4. a difference between the reacquisition price and the net carrying amount of the debt which should be recognized in the period of redemption.

33) A corporation borrowed money from a bank to build a building. The long-term note signed by the corporation is secured by a mortgage that pledges title to the building as security for the loan. The corporation is to pay the bank $80,000 each year for 10 years to repay the loan. Which of the following relationships can you expect to apply to the situation?

  1. The balance of mortgage payable will remain a constant amount over the 10-year period.
  2. The balance of mortgage payable at a given balance sheet date will be reported as a long-term liability.
  3. The amount of interest expense will decrease each period the loan is outstanding, while the portion of the annual payment applied to the loan principal will increase each period.
  4. The amount of interest expense will remain constant over the 10-year period.

34) Benton Company issues $10,000,000 of 10-year, 9% bonds on March 1, 2007, at 97 plus accrued interest. The bonds are dated January 1, 2007, and pay interest on June 30 and December 31. What is the total cash received on the issue date?

  1. $10,225,000
  2. $9,700,000
  3. $9,850,000
  4. $9,550,000

35) Limeway Company issues $5,000,000, 6%, 5-year bonds dated January 1, 2007, on January 1, 2007. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 5%. What are the proceeds from the bond issue?

2.5%

3.0%

5.0%

6.0%

Present value of a single sum for 5 periods

.88385

.88261

.78353

.74726

Present value of a single sum for 10 periods

.78120

.74409

.61391

.55839

Present value of an annuity for 5 periods

4.64583

4.57971

4.32948

4.21236

Present value of an annuity for 10 periods

8.75206

8.53020

7.72173

7.36009

  1. $5,216,494
  2. $5,000,000
  3. $5,218,809
  4. $5,217,308

36) A company issues $20,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2007. Interest is paid on June 30 and December 31. The proceeds from the bonds are $19,604,145. Using effective-interest amortization, how much interest expense will be recognized in 2007?

  1. $1,560,000
  2. $780,000
  3. $1,568,498
  4. $1,568,332

37) Which of the following is not a characteristic of a defined-contribution pension plan?

  1. The benefits to be received by employees are defined by the terms of the plan.
  2. The employer’s contribution each period is based on a formula.
  3. The accounting for a defined-contribution plan is straightforward and uncomplicated.
  4. The benefit of gain or the risk of loss from the assets contributed to the pension fund are borne by the employee.

38) In accounting for a defined-benefit pension plan

  1. the employer’s responsibility is simply to make a contribution each year based on the formula established in the plan.
  2. an appropriate funding pattern must be established to ensure that enough monies will be available at retirement to meet the benefits promised.
  3. the expense recognized each period is equal to the cash contribution.
  4. the liability is determined based upon known variables that reflect future salary levels promised to employees.

39) The interest on the projected benefit obligation component of pension expense

  1. reflects the rates at which pension benefits could be effectively settled.
  2. reflects the incremental borrowing rate of the employer.
  3. is the same as the expected return on plan assets.
  4. may be stated implicitly or explicitly when reported.

40) Windsor Company has outstanding both common stock and nonparticipating, noncumulative preferred stock. The liquidation value of the preferred is equal to its par value. The book value per share of the common stock is unaffected by

  1. the declaration of a stock dividend on common stock payable in common stock when the market price of the common is equal to its par value.
  2. a 2-for-1 split of the common stock.
  3. the declaration of a stock dividend on preferred payable in preferred stock when the market price of the preferred is equal to its par value.
  4. the payment of a previously declared cash dividend on the common stock.

41) Dividends are not paid on

  1. nonparticipating preferred stock.
  2. Dividends are paid on all of these.
  3. noncumulative preferred stock.
  4. treasury common stock.

42) Assume common stock is the only class of stock outstanding in the B-Bar-B Corporation. Total stockholders’ equity divided by the number of common stock shares outstanding is called

  1. par value per share.
  2. market value per share.
  3. book value per share.
  4. stated value per share.

43) Preparation of consolidated financial statements when a parent-subsidiary relationship exists is an example of the

  1. relevance characteristic.
  2. neutrality characteristic.
  3. economic entity assumption.
  4. comparability characteristic.

44) In presenting segment information, which of the following items must be reconciled to the entity’s consolidated financial statements?

Operating Revenue

Identifiable Profit (Loss)

Assets

Option 1

Yes

Yes

Yes

Option 2

No

Yes

Yes

Option 3

Yes

No

Yes

Option 4

Yes

Yes

No

  1. Option 2
  2. Option 4
  3. Option 1
  4. Option 3

45) Presenting consolidated financial statements this year when statements of individual companies were presented last year is

  1. an accounting change that should be reported prospectively.
  2. NOT an accounting change.
  3. a correction of an error.
  4. an accounting change that should be reported by restating the financial statements of all prior periods presented.

 

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The bonding of employees will normally be expected to:

 

  1. “weed out” dishonest employees already hired.

 

  1. serve as a deterrent to dishonesty.

 

  1. guarantee that all employee fraud will be prevented.

 

  1. eliminate the need for separation of duties in the cash receipts area.

 

 

 

2) All sales, cash receipts, and sales adjustments are accurately valued using GAPP and correctly journalized, summarized, and posted. These actions are transaction objectives for:

 

  1. occurance

 

  1. cutoff

 

  1. accurancy

 

  1. completeness

 

 

 

3) Disclosure objectives include all of the following EXCEPT:

 

  1. occurrence and rights and obligations

 

  1. classification and understandability

 

  1. completeness

 

  1. cutoff

 

 

 

4) The extent of the auditor’s inventory test count would LEAST depend on which of the following?

 

  1. The nature and composition of the inventory.

 

  1. The existence of inventory at multiple locations.

 

  1. The effectiveness of controls pertaining to maintenance of perpetual records.

 

  1. The care exercised by client employees in taking the inventory.

 

 

 

5) When statistical sampling methods are used by the client in determining inventories, professional standards require that the auditor ascertain the following EXCEPT that the:

 

  1. sampling plan has statistical validity.

 

  1. appropriate tests of transactions have been applied.

 

  1. results in terms of reliability are reasonable.

 

  1. sampling plan has been properly applied.

 

 

 

6) The auditor’s strategy in performing test counts during the inventory observation is to:

 

  1. concentrate tests on high dollar items and take a representative sample of other items.

 

  1. concentrate tests in areas where employees seem to be disregarding the inventory instructions.

 

  1. randomly select all test items.

 

  1. test all high dollar items.

 

 

7) Observation of inventories is a required audit procedure whenever:

 

  1. inventories are material.

 

  1. the auditor considers it to be necessary.

 

  1. it is practicable and reasonable.

 

  1. inventories are material and it is practicable and reasonable.

 

 

 

8) With a manufacturer, wholesaler, or retailer, however, inherent risk for inventory may be assessed at or near the maximum level for all of the following reasons EXCEPT:

 

  1. inventories are often stored at multiple sites, adding to the difficulties associated with maintaining physical controls over theft and damages, and properly accounting for goods in transit between sites.
  2. the volume of purchases, manufacturing, and sales transactions that affects these accounts is generally high, decreasing the opportunities for misstatements to occur.
  3. inventories are vulnerable to spoilage, obsolescence, and other factors such as general economic conditions that may affect demand and salability, and thus the proper valuation of the inventories.
  4. the wide diversity of inventory items may present special problems in determining their quality and market value.

 

 

 

9) During the observation of the inventory, the auditor has NO responsibility to:

 

  1. observe the taking of the inventory by client personnel.

 

  1. make inquiries of the client concerning the inventories.

 

  1. supervise the taking of the inventory.

 

  1. make some test counts of inventory quantities.

 

 

 

10) The specific audit objective that all purchase transactions and cash disbursements are valued using GAAP and correctly journalized, summarized, and posted relates to:

 

  1. rights and obligations.

 

  1. completeness.

 

  1. valuation or allocation.

 

  1. existence or occurrence.

 

 

 

11) The specific audit objective that recorded purchases represent goods, services, and productive assets received during the period relates to:

 

  1. rights and obligations.

 

  1. completeness.

 

  1. presentation and disclosure.

 

  1. existence or occurrence.

 

 

 

12) The specific audit objective that all purchases and cash disbursements made during the period were recorded relates to:

 

  1. rights and obligations.

 

  1. completeness.

 

  1. presentation and disclosure.

 

  1. existence or occurrence.

 

 

13) The specific audit objective for the audit of investments, investment balances are properly identified and classified in the financial statements, relates to the:

 

  1. existence or occurrence assertion.

 

  1. completeness assertion.

 

  1. presentation or disclosure assertion.

 

  1. rights and obligations assertion.

 

 

 

14) The specific audit objective for the audit of investments, all recorded investments are owned by the reporting entity, relates to the:

 

  1. existence or occurrence assertion.

 

  1. completeness assertion.

 

  1. valuation or allocation assertion.

 

  1. rights and obligations assertion.

 

 

 

15) The specific audit objective for the audit of investments, all investments are included in the balance sheet investment accounts, relates to the:

 

  1. existence or occurrence assertion.

 

  1. completeness assertion.

 

  1. valuation or allocation assertion.

 

  1. rights and obligations assertion.

 

 

 

16) The specific account balance audit objective, plant assets and related expenses are properly identified and classified in the financial statements, relates to the:

 

  1. rights and obligations assertion.

 

  1. completeness assertion.

 

  1. presentation or disclosure assertion.

 

  1. existence or occurrence assertion.

 

 

 

17) The audit significance of the financial ratio, fixed asset turnover, is:

 

  1. this financial ratio provides a reasonableness test of the entity’s proportion of equity that may be compared with prior years’ experience or industry data.

 

  1. an unexpected increase or decrease in the depreciation expense as a percent of depreciable assets may indicate an error in calculating depreciation.

 

  1. this financial ratio provides a test of the entity’s ability to generate earnings to cover the cost of service debt.

 

  1. an unexpected increase in this financial ratio may indicate the failure to record or capitalize depreciable assets.

 

 

 

18) The substantive test of calculating fixed asset turnover is categorized under:

 

  1. initial procedures.

 

  1. analytical procedures.

 

  1. tests of details of balances.

 

  1. tests of details of transactions.

 

 

 

19) In confirming bank deposits, the auditor need NOT:

 

  1. send two copies of the standard confirmation to the bank.

 

  1. send requests for accounts with zero balances at the end of the year.

 

  1. personally mail the requests.

 

  1. have the bank return the original to the client.

 

 

 

20) The standard bank confirmation, developed jointly by the AICPA, the American Bankers Association, and the Bank Administration Institute, requests information about all of the following EXCEPT:

 

  1. loan interest rates.

 

  1. loan balances.

 

  1. deposit balances.

 

  1. secondary endorsements.

 

 

 

21) The control of all funds during the count of cash on hand is meant primarily to prevent:

 

  1. any chance of double counting.

 

  1. unauthorized disbursements.

 

  1. transfers by the client.

 

  1. client personnel from viewing the count procedure.

 

 

22) Whether the entity maintains effective controls to provide reasonable assurance that private customer information obtained as a result of e-commerce is protected from uses not related to the entity’s business defines:

 

  1. information protection.

 

  1. risk assessment.

 

  1. transaction integrity.

 

  1. performance measurement.

 

 

 

23) Best practices in approaching risk management include the following steps EXCEPT:

 

  1. calculate revenue losses from risks.

 

  1. analyze and assess risks.

 

  1. identify risks.

 

  1. design strategies for managing risk.

 

 

 

24) In performing an attest engagement, a CPA performs all of the following EXCEPT:

 

  1. gathers evidence to support the assertions.

 

  1. objectively assesses the measurements of assertions.

 

  1. relies on management statements.

 

  1. objectively assesses the communications of the individual making the assertions.

 

 

 

25) Which of the following is NOT among the characteristics of the procedures performed in completing the audit?

 

  1. They involve many subjective judgments by the auditor.

 

  1. They are performed after the balance sheet date.

 

  1. They are optional since they have only an indirect impact on the opinion to be expressed.

 

  1. They are usually performed by audit managers or other senior members of the audit team who have extensive audit experience with the client.

 

 

 

26) The auditor relies on the client representation letter to:

 

  1. document the continuing materiality of client representations.

 

  1. guarantee the absence of management fraud.

 

  1. confirm written representations given to the auditor.

 

  1. reduce the possibility of misunderstanding concerning management’s representations.

 

 

 

27) In performing an attest engagement, a CPA performs all of the following EXCEPT:

 

  1. gathers evidence to support the assertions.

 

  1. objectively assesses the measurements of assertions.

 

  1. relies on management statements.

 

  1. objectively assesses the communications of the individual making the assertions.

 

 

 

28) Which of the following is NOT among the specific auditing procedures the auditor performs to obtain additional audit evidence?

 

  1. reading minutes of meetings

 

  1. reviewing evidence concerning litigation, claims, and assessments

 

  1. making subsequent events review

 

  1. obtaining client representation letter

 

 

 

29) In regard to identifying and evaluating subsequent events, AU 560.12 specifies that the auditor inquires of management having responsibility for financial and accounting matters as to all of the following EXCEPT:

 

  1. any significant changes in capital stock, long-term debt, or working capital to the date of inquiry.

 

  1. the minutes of meetings of directors, stockholders, and other appropriate committees.

 

  1. any substantial contingent liabilities or commitments existing at the balance sheet date or date of inquiry.

 

  1. the current status of items previously accounted for on the basis of tentative, preliminary, or inconclusive data.

 

 

 

30) When an investigation of the discovery of facts existing at the report date confirms the existence of the fact and the auditor believes the information is important to those relying or likely to rely on the financial statements, the auditor should immediately:

 

  1. notify the SEC or other regulatory agency.

 

  1. notify the audit committee.

 

  1. take steps to prevent future reliance on the audit report.

 

  1. resign from the engagement.

 

 

31) The two main sections of the AICPA’s Code of Professional Conduct are:

 

  1. Rules of Conduct and Interpretations of the Rules of Conduct.

 

  1. Principles and Ethics Rulings.

 

  1. Principles and Rules of Conduct.

 

  1. Interpretations of the Rules of Conduct and Ethics Rulings.

 

 

 

32) In general, except when explicitly stated otherwise, the Rules of Conduct in the AICPA’s Code of Professional Conduct are applicable to:

 

  1. all professional services.

 

  1. all members and all professional services.

 

  1. all members.

 

  1. all members in public practice.

 

 

 

33) Which one of the following is NOT true of the Principles in the AICPA’s Code of Professional Conduct?

 

  1. They are set forth as enforceable standards.

 

  1. They are expressions of ideals of professional conduct.

 

  1. They provide a framework for the Rules.

 

  1. They express the basic tenets of ethical conduct.

 

 

 

34) Gross negligence can best be defined as:

 

  1. misrepresentation.

 

  1. criminal fraud.

 

  1. failure to exercise due care.

 

  1. failure to exercise even slight care.

 

 

 

35) Anyone identified to the auditor by name prior to the audit who is to be the principal recipient of the auditor’s report is a

 

  1. foreseen beneficiary.

 

  1. foreseeable party.

 

  1. third party.

 

  1. primary beneficiary.

 

 

 

36) The Fund of Funds case illustrated that auditors could be found liable for failure to report wrong-doings discovered:

 

  1. on any type of engagement for a particular client.

 

  1. even on engagements for other clients.

 

  1. only on audit engagements for a particular client.

 

  1. only on special fraud audits conducted under separate contract.

 

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ACC 205 Principles of Accounting Focus of the Final Paper

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ACC 205 Principles of Accounting  Focus of the Final Paper

 

Write a five-to seven-page financial statement analysis of a public company, formatted according to APA style as outlined in the Ashford Writing Center. In this analysis you will discuss the financial health of this company with the ultimate goal of making a recommendation to other investors. Your paper should consist of the following sections: introduction, company overview, horizontal analysis, ratio analysis, final recommendation, and conclusions. Your paper needs to include a minimum of two scholarly resources in addition to the textbook as references.

Here is a breakdown of the sections within the body of the assignment:

Company Overview

Provide a brief overview of your company (one to two paragraphs at most). What industry is it in? What are its main products or services? Who are its competitors?
Horizontal Analysis of Income Statement and Balance Sheet

Prepare a three-year horizontal analysis of the income statement and balance sheet of your selected company. Discuss the importance and meaning of horizontal analysis. Discuss both the positive and negative trends presented in your company.

Ratio Analysis

Calculate the current ratio, quick ratio, cash to current liabilities ratio, over a two-year period. Discuss and interpret the ratios that you calculated. Discuss potential liquidity issues based on your calculations of the current and quick ratios. Are there any factors that could be erroneously influencing the results of the ratios? Discuss liquidity issues of competitive companies within the same industry.

Recommendation

Based on your analysis would you recommend an individual invest in this company? What strengths do you see? What risks do you see? It is perfectly acceptable to state that you would recommend avoiding this company as long as you provide support for your position.

Writing the Final Paper

  1. Must be five to seven double-spaced pages in length, and formatted according to APA style as outlined in the Ashford Writing Center.
  2. Must include a title page with the following:
  3. Title of paper
    b. Student’s name
    c. Course name and number
    d. Instructor’s name
    e. Date submitted
  4. Must begin with an introductory paragraph that has a succinct thesis statement.
    4. Must address the topic of the paper with critical thought.
    5. Must end with a conclusion that reaffirms your thesis.
    6. Must document all sources in APA style, as outlined in the Ashford Writing Center.
    7. Must include a separate reference page, formatted according to APA style as outlined in the Ashford Writing Center.