ACC 541 Course Real Knowledge / acc541.com

1. ACC 541 Course Real Knowledge / acc541.com The Best way to predict the Future is to create it.....To Best way.... www.acc541.com

2. ACC 541 Course Real Knowledge / acc541.com ACC 541 Entire Course For more course tutorials visit www.acc541.com ACC 541 Week 1 Individual Assignment Accounting Standards Boards Paper ACC 541 Week 1 DQ 1 ACC 541 Week 1 DQ 2 ACC 541 Week 2 Individual Assignment Client Understanding Paper ACC 541 Week 2 DQ 1 ACC 541 Week 2 DQ 2 ACC 541 Week 3 Individual Assignment Response to Client Request I ACC 541 Week 3 DQ 1 ACC 541 Week 3 DQ 2

3. ACC 541 Course Real Knowledge / acc541.com ACC 541 Week 1 DQ 1 For more course tutorials visit www.acc541.com What is the importance of the mission of the FASB?

4. ACC 541 Course Real Knowledge / acc541.com ACC 541 Week 1 DQ 2 For more course tutorials visit www.acc541.com Under current GAAP, goodwill is recorded when purchased.

5. ACC 541 Course Real Knowledge / acc541.com ACC 541 Week 1 Individual Assignment Accounting Standards Boards Paper For more course tutorials visit www.acc541.com The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are currently working on a joint venture referred to as the convergence project. Write a 1,050- to 1,400-word paper describing the relationship between the IASB and the FASB. Include the following in your paper: • A brief history of the relationship between the two boards and the IASB equivalents of the FASB original pronouncements • An explanation of how the MSA program prepares the student for a professional life within the accounting vocation

6. ACC 541 Course Real Knowledge / acc541.com ACC 541 Week 2 DQ 1 For more course tutorials visit www.acc541.com What are the four criteria used for determining if a lease is to be treated as a capital lease? (This question can be expanded to discuss the income statement and balance sheet implications of both a capital lease and an operating lease.)

7. ACC 541 Course Real Knowledge / acc541.com ACC 541 Week 2 DQ 2 For more course tutorials visit www.acc541.com Under current GAAP, goodwill is recorded when purchased

8. ACC 541 Course Real Knowledge / acc541.com ACC 541 Week 2 Individual Assignment Client Understanding Paper For more course tutorials visit www.acc541.com As a newly hired Staff I, you are responsible for analyzing the work papers for one of the clients of your organization. Your client is not clear about why you are asking for information on the following topics: · Adjusting lower cost of market inventory on valuation · Capitalizing interest on building construction · Recording gain or loss on asset disposal · Adjusting goodwill for impairment Write a 1,050- to 1,400-word response that addresses your client’s questions.

9. ACC 541 Course Real Knowledge / acc541.com ACC 541 Week 3 DQ 1 For more course tutorials visit www.acc541.com Capital leases and operating leases are the two classifications of leases described in FASB pronouncements from the standpoint of the lessee.Describe how an operating lease would be accounted for by the lessee both at the inception of the lease and during the first year of the lease, assuming the lessee makes equal monthly payments at the beginning of each month of the lease. Describe the change in accounting, if any, when rental payments are not made on a straight-line basis.

10. ACC 541 Course Real Knowledge / acc541.com ACC 541 Week 3 DQ 2 For more course tutorials visit www.acc541.com On January 1, 2006, Von Company entered into two noncancelable leases for new machines to be used in its manufacturing operations. The first lease does not contain a bargain purchase option; the lease term is equal to 80 percent of the estimated economic life of the machine. The second lease contains a bargain purchase option; the lease term is equal to 50 percent of the estimated economic life of the machine. How should Von classify each of the two leases? Why?

11. ACC 541 Course Real Knowledge / acc541.com ACC 541 Week 3 Individual Assignment Response to Client Request I For more course tutorials visit www.acc541.com While working on a consulting engagement, a supervisor in your team has given you an assignment. The client is a regional trucking company. A new customer has approached the client with an opportunity that would require 120 trailers—20 more than the trucking company currently owns. The client is uncertain how long the relationship with the customer may last, but the deal has the potential for significant growth. Your supervisor has asked you to research leases and lease structure issues on the Financial Accounting Standards Board (FASB) website, in particular the current practice and thought related to direct financing, sales type, and operating leases.

12. ACC 541 Course Real Knowledge / acc541.com ACC 541 Week 4 DQ 1 For more course tutorials visit www.acc541.com Discuss contingencies and how they are reported on financial statements. What conditions must be met before a contingency can be charged against income?

13. ACC 541 Course Real Knowledge / acc541.com ACC 541 Week 4 DQ 2 For more course tutorials visit www.acc541.com The two basic requirements for the accrual of a loss contingency are supported by several basic concepts of accounting. Four of these concepts are periodicity (time periods), measurement, objectivity, and relevance. Discuss how the two basic requirements for accrual of a loss contingency relate to the four concepts listed above.

14. ACC 541 Course Real Knowledge / acc541.com ACC 541 Week 4 Individual Assignment Response to Client Request II For more course tutorials visit www.acc541.com Your client is being sued. You have asked the client’s lawyer about the possibility of losing the lawsuit. The client, meanwhile, has asked you to describe what would happen to his or her financial statements. The client has also informed you that by losing the lawsuit, he or she anticipates losing the mortgage and has started talking to a mortgage lender. The client wants to know if part of the debt is forgiven, or if the mortgage is rewritten, or if the mortgage will be rewritten if he or she files Chapter 11. The lawsuit also involves a patent held by the company. The company had acquired a hedge contract against the impairment of the patent.

15. ACC 541 Course Real Knowledge / acc541.com ACC 541 Week 5 DQ 1 For more course tutorials visit www.acc541.com Explain operating segments of an enterprise.

16. ACC 541 Course Real Knowledge / acc541.com ACC 541 Week 5 DQ 2 For more course tutorials visit www.acc541.com The concept of adequate disclosure continues to be one of the most important issues facing accountants, and disclosure may take various forms. Discuss the various forms of disclosure available in published financial statements.

17. ACC 541 Course Real Knowledge / acc541.com ACC 541 Week 5 Individual Assignment Reporting Paper For more course tutorials visit www.acc541.com You are a controller in a midsized manufacturing company that has acquired 100% of another company. The acquired company includes two segments and two different pension plans. Both of these reporting issues are new to your CEO, and your CEO wants to eliminate the segments. Write a 700- to 1,050-word executive memo that explains the required reporting for defined contribution, defined benefit, and other postretirement plans. Also include an explanation of what must happen for the two segments to be eliminated. (You do not need to know details about the segments to answer this.

18. ACC 541 Course Real Knowledge / acc541.com ACC 541 Week 6 DQ 1 For more course tutorials visit www.acc541.com A corporation may use stock splits and stock dividends to change the number of shares of its stock outstanding. From an accounting viewpoint, explain how the stock split effected in the form of a dividend differs from an ordinary stock dividend.

19. ACC 541 Course Real Knowledge / acc541.com ACC 541 Week 6 DQ 2 For more course tutorials visit www.acc541.com What type of accounting or which area of accounting are you planning to enter as your profession? Why?

20. ACC 541 Course Real Knowledge / acc541.com ACC 541 Week 6 Team Assignment Auditing a Publicly Traded Company For more course tutorials visit As a Staff I assigned to the audit of a publicly traded company, your senior has asked you to evaluate both share-based payment reporting and special purpose entities (SPE) reporting for the company. Research share-based payment reporting and SPE reporting individually. Write a 700- to 1,050-word executive memo as a team that includes a description of what you will look for to see if the client is consistent with the generally accepted accounting principles (GAAP). Pay particular attention to accounting treatment of share-based payment and accounting consolidation theory as it relates to special purpose entities. Keep the memo as brief as possible while fully exploring the issues.

21. ACC 541 Course Real Knowledge / acc541.com ACC 541 Week 6 Team Assignment Auditing a Publicly Traded Company For more course tutorials visit As a Staff I assigned to the audit of a publicly traded company, your senior has asked you to evaluate both share-based payment reporting and special purpose entities (SPE) reporting for the company. Research share-based payment reporting and SPE reporting individually. Write a 700- to 1,050-word executive memo as a team that includes a description of what you will look for to see if the client is consistent with the generally accepted accounting principles (GAAP). Pay particular attention to accounting treatment of share-based payment and accounting consolidation theory as it relates to special purpose entities. Keep the memo as brief as possible while fully exploring the issues.

22. ACC 541 Course Real Knowledge / acc541.com The Best way to predict the Future is to create it.....To Best way.... www.acc541.com