ACC403 all discussions<\/p>\n
Module 1 Discussions
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\nLocked before Monday, November 10, 2014 12:00 AM PST
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\nGAAP and IFRS
\nSubscribe
\nSuppose a store sells a MP3 player in December to a customer
\nwho agrees to pay for it in January. Should the business recognize (report) the
\nsale as a December transaction or as a January transaction? It really does not
\nmatter as long as the storeowner discloses the rule the decision is based on
\nand applies it consistently to other transactions. Because businesses may use
\ndifferent reporting rules, however, clear communication also requires full and
\nfair disclosure or the accounting rules chosen. <\/p>\n
Communicating business results would be simpler if each type
\nof business activity were reported using only one measurement method. World
\neconomies and financial reporting practices, however, have not evolved
\nuniformly. Even in highly sophisticated countries such as the United States,
\ncompanies exhibit significant diversity in reporting methods. Providers of
\naccounting reports assume that users are educated about accounting
\npractices. <\/p>\n
Question: <\/p>\n
What is U.S. GAAP? What is IFRS? Comment on the differences
\nbetween these two measurement rules and discuss the application of each. <\/p>\n
Do research on the Internet and show the reference for the
\ninformation. Don’t forget to respond to a colleague’s posting also.<\/p>\n
Professor\u00e2\u0080\u0099s Note: In addition to searching the Internet for
\ntext related to this threaded discussion, please watch the following videos
\n(click on the following link to access these videos) and post your
\ncomments.
\nhttps:\/\/monkessays.com\/write-my-essay\/youtube.com\/watch?v=NFnD4MoLZ54 Quarter close, Q4 2012: Eurozone, FASB
\ndisclosure, and other financial reporting <\/p>\n
https:\/\/monkessays.com\/write-my-essay\/youtube.com\/watch?v=C9KomlV206o Impact of the joint FASB\/IASB leasing
\nproposal<\/p>\n
Grading Criteria: Try to add information not previously
\ndiscussed by others. Please, provide factual information (not merely opinions)
\nbacked up by details or examples. Your comments should be in your own words and
\ninclude references.<\/p>\n
Module 2 Discussions
\nNet Income and Cash Flow
\nSubscribe
\nRevenue represents the benefit a company experiences from
\noperating its business. In accounting terms, revenues are increases in assets
\nor decreases in liabilities resulting from business operations. Accrual
\naccounting requires companies to recognize all revenue in the period in which
\nit is earned regardless of when cash is collected. <\/p>\n
Expenses are the sacrifices that have to be made in order to
\nobtain revenues. In accounting terms, expenses are decreases in assets or
\nincreases in liabilities resulting from efforts to generate revenues. Accrual
\naccounting requires that companies expenses in the period in which they are incurred
\nregardless of when cash is paid. <\/p>\n
The income statement compares revenues (benefits) with
\nexpenses (sacrifices) over some period of time (e.g., a month, a quarter, or a
\nyear). Net income is a measure of the extent to which benefits exceeded sacrifices.
\nA net loss indicates that sacrifices exceeded benefits. The statement of cash
\nflow explains the change in cash from the beginning to the end of the
\naccounting period, including the change in cash from operating activities,
\ninvesting activities, and financing activities. <\/p>\n
Question: <\/p>\n
Why may net cash flow from operating activities on the cash
\nflow statement be different from the amount of net income reported on the
\nincome statement? Use a specific example to justify your answer.<\/p>\n
Do research on the Internet and show the reference for the
\ninformation. Don’t forget to respond to a colleague’s posting also.<\/p>\n
Professor\u00e2\u0080\u0099s Note: In addition to searching the Internet for
\ntext related to this threaded discussion, please watch the following videos
\n(click on the following link to access these videos) and post your
\ncomments. <\/p>\n
https:\/\/monkessays.com\/write-my-essay\/youtube.com\/watch?v=mr1Mu_z_N4o What is cash
\nflow? <\/p>\n
https:\/\/monkessays.com\/write-my-essay\/youtube.com\/watch?v=38WcNba0Ic0 Cash Flow 1 Statement of Cash Flows Format
\nGrading Criteria: Try to add information not previously
\ndiscussed by others. Please, provide factual information (not merely opinions)
\nbacked up by details or examples. Your comments should be in your own words and
\ninclude references.<\/p>\n
Module 3 Discussions
\nThe accountant\u00e2\u0080\u0099s role in society requires trust and
\ncredibility. Accounting information is worthless if the accountant is not
\ntrustworthy. Similarly, tax and consulting advice is useless if it comes from
\nan incompetent person. The high ethical standards required by the profession
\nstate \u00e2\u0080\u009ca certified public accountant assumes an obligation of self-discipline
\nabove and beyond requirements of laws and regulations.\u00e2\u0080\u009d The American Institute
\nof Certified Public Accountants (AICPA) requires its members to comply with the
\nCode of Professional Conduct. <\/p>\n
Credible financial reporting relies on a system of checks
\nand balances. Corporate management is responsible for preparing financial
\nreports while outside independent accountants (CPAs) audit the reports. The
\nmassive surprise bankruptcies of Enron in late 2001 and WorldCom several months
\nlater suggested major audit failures on the part of the independent auditors.
\nAn audit failure means a company\u00e2\u0080\u0099s auditor does not detect, or fails to report,
\nthat the company\u00e2\u0080\u0099s financial reports are not in compliance with GAAP. The audit
\nfailures at Enron, WorldCom, and others prompted Congress to pass the
\nSarbanes-Oxley Act (SOX).
\nAssignment:<\/p>\n
Summarize the six articles that are included in Section I of
\nthe AICPA Code of Professional Conduct. Discuss the provisions that are
\nincluded in SOX to strengthen the audit function.
\nDo research on the
\nInternet and show the reference for the information. Don’t forget to respond to
\na colleague’s posting also.
\nProfessor\u00e2\u0080\u0099s Note: In addition to searching the Internet for
\ntext related to this threaded discussion, please watch the following videos
\n(click on the following link to access these videos) and post your
\ncomments.
\nhttps:\/\/monkessays.com\/write-my-essay\/youtube.com\/watch?v=uz-TSaCL3LQ Business Accounting: How to perform an
\nExternal Audit-Accounting Supplemental-Program Steam <\/p>\n
https:\/\/monkessays.com\/write-my-essay\/youtube.com\/watch?v=3rVmbGfhaps Basic Accounting:
\nWhat Are Generally Accepted Auditing Standards?<\/p>\n
Grading Criteria: Try to add information not previously
\ndiscussed by others. Please, provide factual information (not merely opinions)
\nbacked up by details or examples. Your comments should be in your own words and
\ninclude references.
\nModule 4 Discussions
\nManagerial Accounting
\nSubscribe
\nThe purpose of management accounting is to support decision
\nmaking by collecting, processing, and communicating information that helps
\nmanagement plan, control, and evaluate business processes and company strategy.
\nOrganizations don\u00e2\u0080\u0099t typically have a job title called management accountant.
\nInstead, this type of work is done by many individuals in varying positions \u00e2\u0080\u0093
\nnot all accountants.
\nThe ability to develop and use good management accounting is
\nactually an important ability for many individuals, including finance
\nprofessionals, operational and marketing managers, top-level executives, and
\ninformation technologists.
\nLet\u00e2\u0080\u0099s discuss the role of the management accountant and the
\ntype of work they do in some more depth. Do research on the Internet and find
\ninformation about the importance of the management accounting within an
\norganization. Please, add examples of management accounting tasks performed by
\nindividuals. How has the role of the managerial accountant in today’s business
\nenvironment? How has the role changed and evolved over time?
\nDo research on the Internet and show the reference for the
\ninformation. Don’t forget to respond to a colleague’s posting also.
\nProfessor’s Note: In addition to searching the Internet for
\ntext related to this threaded discussion, please watch the following videos
\n(click on the following links to access the videos) and post your
\ncomments.
\nhttps:\/\/monkessays.com\/write-my-essay\/youtube.com\/watch?v=k_gZcHQSVDw Video 1:
\nInstitute of Management Accountants<\/p>\n
https:\/\/monkessays.com\/write-my-essay\/youtube.com\/watch?v=cazXO31PTKA Video 2:
\nChartered Institute of Management Accountants<\/p>\n
Module 5 Discussions
\nTraditional wisdom was to create a product, figure out the
\ncost, add a profit margin, and then determine the price. Target costing is
\nanother way to \u00e2\u0080\u009cwatch\u00e2\u0080\u009d costs and setting prices. <\/p>\n
Do research on the Internet including following links and
\nshow the reference for the information. Don’t forget to respond to a
\ncolleague’s posting also.<\/p>\n
Grading Criteria: You do not need to discuss every aspect of
\nthe topic (sample nursing essay examples by the best nursing assignment writing service)(s) covered by this threaded discussion. Choose one or two relevant
\naspects for further investigation and share your knowledge with the class. Try
\nto add information not previously discussed by others. Please provide factual
\ninformation (not merely opinions) backed up by details or examples. Your
\ncomments should be in your own words and include references.
\nAccounting for Management. (n.d.). Target Costing Approach
\nto Pricing. Retrieved from
\nhttps:\/\/monkessays.com\/write-my-essay\/accountingformanagement.com\/target_costing_pricing_products_and_services.htm
\nJ Feil, P. , Yook, K., & Kim, I. Japanese Target
\nCosting: A Historical Perspective. (2004, Spring). International Journal of
\nStrategic Cost Management. Retrieved from
\nhttp:\/\/economiceducation.us\/dotAsset\/785833.pdf
\nPart 5 Target Costing. BMALeanManagement. (2011, July 4).
\nYouTube Video. Retrieved from https:\/\/monkessays.com\/write-my-essay\/youtube.com\/watch?v=hiiw1t4DA0Q<\/p>\n
Module 6 Discussions
\n Subscribe
\nLocked before Monday, November 10, 2014 12:00 AM PST
\nHide Topics
\nWhat is Important?
\nSubscribe
\nGiven the readings and assignments in this course, identify
\nand briefly discuss two important concepts applicable to the business decision
\nmaking process.<\/p>\n","protected":false},"excerpt":{"rendered":"
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