ACC 305 TUTOR Peer Educator/acc305tutordotcom

1. ACC 305 TUTOR Peer Educator/acc305tutordotcom FOR MORE CLASSES VISIT www.acc305tutor.com

2. ACC 305 Entire Course (Ash Course) • 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 2 Problem E4-22 Tiger Enterprises

3. ACC 305 Week 1 Assignments E 3-18, E 3-20, J Case 3-5 (Ash Course) • ACC 305 Week 1 Assignments E 3-18, E 3-20, J Case 3-5

4. ACC 305 Week 1 DQ 1 FASB and Ethics (Ash Course) • Research Case 1-3 (page 45) • 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.

5. ACC 305 Week 1 DQ 2 Cash versus Accrual And Financial Disclosures (Ash Course) • Judgment Case 2-1 (page 109) • 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. His most recent outburst went something like this: “After all, I collect cash from customers, pay my

6. ACC 305 Week 2 DQ 1 Earnings Management Case 4-3 (Ash Course) • Judgment Case 4-3 (page 225) • 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.

7. ACC 305 Week 2 DQ 2 Revenue Recognition Case 5-2 (Ash Course) • Judgment Case 5-2 (page 291) • 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.

8. ACC 305 Week 2 Problem E4-16 Bluebonnet Bakers (Ash Course) • ACC 305 Week 2 Problem E4-16 Bluebonnet Bakers

9. ACC 305 Week 2 Problem E4-19 Wainwright Corporation (Ash Course) • ACC 305 Week 2 Problem E4-19 Wainwright Corporation

10. ACC 305 Week 2 Problem E4-22 Tiger Enterprises (Ash Course) • ACC 305 Week 2 Problem E4-22 Tiger Enterprises

11. ACC 305 Week 2 Problem E5-3 Installment sales (Ash Course) • ACC 305 Week 2 Problem E5-3 Instalment sales

12. ACC 305 Week 2 Problem E5-10 Project Contracts (Ash Course) • ACC 305 Week 2 Problem E5-10 Project Contracts

13. ACC 305 Week 2 Problem Integrating Case 5-23 (Ash Course) • ACC 305 Week 2 Problem Integrating Case 5-23

14. ACC 305 Week 2 Problem Judgment Case 4-9 (Ash Course) • ACC 305 Week 2 Problem Judgment Case 4-9

15. ACC 305 Week 3 Communication Case 6-3 (Ash Course) • ACC 305 Week 3 Communication Case 6-3 • Communication Case 6-3 on page 334 • 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. • Cowboys: $2.5 million signing bonus payable immediately

16. ACC 305 Week 3 Judgment Case 7-5 (Ash Course) • ACC 305 Week 3 Judgment Case 7-5 • Judgment Case 7-5 on page 391 • 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.

17. ACC 305 Week 3 P7-10, P7-14 (Ash Course) • ACC 305 Week 3 P7-10, P7-14

18. ACC 305 Week 3 P7-14 El Gato Painting Company (Ash Course) • ACC 305 Week 3 P7-14 El Gato Painting Company

19. ACC 305 Week 4 Assignment E8-13, E8-14, E8-18, P8-5, E9-19, E9-21, P9-1 (Ash Course) • ACC 305 Week 4 Assignment E8-13, E8-14, E8-18, P8-5, E9-19, E9-21, P9-1

20. ACC 305 Week 4 Communication Case 8-4 (Ash Course) • ACC 305 Week 4 Communication Case 8-4 • Communication Case 8-4 on page 442 • 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

21. ACC 305 Week 4 Ethics Case 9-11 (Ash Course) • Ethics Case 9-11 on page 497 • 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

22. ACC 305 Week 5 Ethics Case 10-12 (Ash Course) • ACC 305 Week 5 Ethics Case 10-12 • 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

23. ACC 305 Week 5 Final Paper (FASB) (Ash Course) • Focus of the Final Paper • 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.) • Explain the role of the FASB in monitoring and controlling business reporting and accounting

24. ACC 305 Week 5 P11-5, P11-7 (Ash Course) • ACC 305 Week 5 P11-5, P11-7

25. ACC 305 Week 5 Problem E11-5, E11-10 (Ash Course) • ACC 305 Week 5 Problem E11-5, E11-10

26. ACC 305 TUTOR Peer Educator/acc305tutordotcom FOR MORE CLASSES VISIT www.acc305tutor.com