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ACC 305 Week 1 Assignments E 3-18, E 3-20, J Case 3-5<br>ACC 305 Week 1 DQ 1 FASB and Ethics<br>ACC 305 Week 1 DQ 2 Cash versus Accrual & Financial Disclosures<br>ACC 305 Week 2 DQ 1 Earnings Management Case 4-3<br>ACC 305 Week 2 DQ 2 Revenue Recognition Case 5-2<br>ACC 305 Week 2 Problem E4-16 Bluebonnet Bakers<br>ACC 305 Week 2 Problem E4-19 Wainwright Corporation<br>ACC 305 Week 2 Problem E4-22 Tiger Enterprises<br>ACC 305 Week 2 Problem E5-3 Installment sales<br>ACC 305 Week 2 Problem E5-10 Project Contracts<br>ACC 305 Week 2 Problem Integrating Case 5-23<br>ACC 305 Week 2 Problem Judgment Case 4-9<br>ACC 305 Week 3 Communication Case 6-3<br>ACC 305 Week 3 Judgment Case 7-5<br>ACC 305 Week 3 P7-10, P7-14<br>ACC 305 Week 3 P7-14 El Gato Painting Company<br>ACC 305 Week 4 Communication Case 8-4<br>ACC 305 Week 4 Assignment E8-13, E8-14, E8-18, P8-5, E9-19, E9-21, P9-1.<br>ACC 305 Week 4 Ethics Case 9-11<br>ACC 305 Week 5 Ethics Case 10-12<br>ACC 305 Week 5 P11-5, P11-7<br>ACC 305 Week 5 Problem E11-5, E11-10<br>ACC 305 Week 5 Final Paper (FASB)<br>
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ACC 305 Entire Course ACC 305 COURSE TUTORIAL ACC 305 Week 1 Assignments E 3-18, E 3-20, J Case 3-5 • ACC 305 Week 1 Assignments E 3-18, E 3-20, J Case 3-5 • ACC 305 Week 1 DQ 1 FASB and Ethics • ACC 305 Week 1 DQ 2 Cash versus Accrual & Financial Disclosures • ACC 305 Week 2 DQ 1 Earnings Management Case 4-3 • ACC 305 Week 2 DQ 2 Revenue Recognition Case 5-2 • ACC 305 Week 2 Problem E4-16 Bluebonnet Bakers • ACC 305 Week 2 Problem E4-19 Wainwright Corporation ACC 305 Week 1 Assignments E 3-18, E 3-20, J Case 3-5
ACC 305 Week 1 DQ 1 FASB and Ethics ACC 305 COURSE TUTORIAL ACC 305 Week 1 DQ 2 Cash versus Accrual & Financial Disclosures You have recently been hired by Davis & Company, a small public accounting firm. One of the firm’s partners, Alice Davis, has asked you to deal with a disgruntled client, Mr. Sean Pitt, owner of the city’s largest hardware store. Mr. Pitt is applying to a local bank for a substantial loan to remodel his store. The bank requires accrual based financial statements but Mr. Pitt has always kept the company’s records on a cash basis. He does not see the purpose of accrual based statements. • The purpose of this case is to introduce you to the information available on the website of the Financial Accounting Standards Board (FASB). • Required: • Access the FASB home page on the Internet. The web address is www.fasb.org. Answer the following questions. • 1. Describe the mission of the FASB. • 2. Who are the current Board members? Briefly describe their backgrounds. • 3. How are topics added to the FASB’s technical agenda?
ACC 305 Week 2 DQ 1 Earnings Management Case 4-3 ACC 305 COURSE TUTORIAL ACC 305 Week 2 DQ 2 Revenue Recognition Case 5-2 Revenue earned by a business enterprise is recognized for accounting purposes at different times, according to the circumstances. In some situations revenue is recognized approximately as it is earned in the economic sense. In other situations revenue is recognized at point of delivery. Required: 1. Explain and justify why revenue often is recognized as earned at point of delivery. 2. Explain in what situations it would be useful to recognize revenue as the productive activity takes place. • Companies often are under pressure to meet or beat Wall Street earnings projections in order to increase stock prices and also to increase the value of stock options. Some resort to earnings management practices to artificially create desired results. • Required: • Is earnings management always intended to produce higher income? Explain
ACC 305 Week 2 Problem E4-16 Bluebonnet Bakers ACC 305 COURSE TUTORIAL ACC 305 Week 2 Problem E4-19 Wainwright Corporation • ACC 305 Week 2 Problem E4-16 Bluebonnet Bakers ACC 305 Week 2 Problem E4-19 Wainwright Corporation
ACC 305 Week 2 Problem E4-22 Tiger Enterprises ACC 305 COURSE TUTORIAL ACC 305 Week 2 Problem E5-3 Installment sales • ACC 305 Week 2 Problem E4-22 Tiger Enterprises ACC 305 Week 2 Problem E5-3 Installment sales
ACC 305 Week 2 Problem E5-10 Project Contracts ACC 305 COURSE TUTORIAL ACC 305 Week 2 Problem Integrating Case 5-23 • ACC 305 Week 2 Problem E5-10 Project Contracts ACC 305 Week 2 Problem Integrating Case 5-23
ACC 305 Week 2 Problem Judgment Case 4-9 ACC 305 COURSE TUTORIAL ACC 305 Week 3 Communication Case 6-3 • ACC 305 Week 2 Problem Judgment Case 4-9 Harvey Alexander, an all-league professional football player, has just declared free agency. Two teams, the San Francisco 49ers and the Dallas Cowboys, have made Harvey the following offers to obtain his services: 49ers: $1 million signing bonus payable immediately and an annual salary of $1.5 million for the five-year term of the contract.
ACC 305 Week 3 Judgment Case 7-5 ACC 305 COURSE TUTORIAL ACC 305 Week 3 P7-10, P7-14 • For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses. • 1. John Smith is the petty cash custodian. John approves all requests for payment out of the $200 fund, which is replenished at the end of each month. At the end of each month, John submits a list of all accounts and amounts to be charged and a check is written to him for the total amount. John is the only person ever to tally the fund. ACC 305 Week 3 P7-10, P7-14
ACC 305 Week 3 P7-14 El Gato Painting Company ACC 305 COURSE TUTORIAL ACC 305 Week 4 Assignment E8-13, E8-14, E8-18, P8-5, E9-19, E9-21, P9-1. • ACC 305 Week 3 P7-14 El Gato Painting Company ACC 305 Week 4 Assignment E8-13, E8-14, E8-18, P8-5, E9-19, E9-21, P9-1.
ACC 305 Week 4 Communication Case 8-4 ACC 305 COURSE TUTORIAL ACC 305 Week 4 Ethics Case 9-11 • You have just been hired as a consultant to Tangier Industries, a newly formed company. The company president, John Meeks, is seeking your advice as to the appropriate inventory method Tangier should use to value its inventory and cost of goods sold. Mr. Meeks has narrowed the choice to LIFO and FIFO. He has heard that LIFO might be better for tax purposes, but FIFO has certain advantages for financial reporting to investors and creditors. You have been told that the company will be profitable in its first year and for the foreseeable future. Danville Bottlers is a wholesale beverage company. Danville uses the FIFO inventory method to determine the cost of its ending inventory. Ending inventory quantities are determined by a physical count. For the fiscal year- end June 30, 2011, ending inventory was originally determined to be $3,265,000. However, on July 17, 2011, John Howard, the company’s controller, discovered an error in the ending inventory count. He determined that the correct ending inventory amount should be $2,600,000.
ACC 305 Week 5 Ethics Case 10-12 ACC 305 COURSE TUTORIAL ACC 305 Week 5 Final Paper (FASB) • Ethics Case 10-12 on page 553 - Mayer Biotechnical, Inc - Research and development ● LO8 • Mayer Biotechnical, Inc., develops, manufactures, and sells pharmaceuticals. Significant research and development (R&D) expenditures are made for the development of new drugs and the improvement of existing drugs. During 2011, $220 million was spent on R&D. Of this amount, $30 million was spent on the purchase of equipment to be used in a research project involving the development of a new antibiotic. Submit a seven to ten page paper on one of the major topics listed below. The paper should incorporate at least three other appropriately documented and related articles drawn from the University’s Library. (Note: you may advance your own topic, but it must be approved by your instructor.)
ACC 305 Week 5 P11-5, P11-7 ACC 305 COURSE TUTORIAL ACC 305 Week 5 Problem E11-5, E11-10 • ACC 305 Week 5 P11-5, P11-7 ACC 305 Week 5 Problem E11-5, E11-10
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