Acc 291 genius

ACC 291 Entire Course and Final Guide
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ACC 291 is a online tutorial store we provides ACC 291 Entire Course
And Final Guide You can find here.
For this week's checkpoint we had to look up three job postings in the
field of accounting. I'm glad that I got this opportunity because it
actually opened my eyes and expanded my knowledge in the
accounting field. The three job positions are listed below. The first job
title was Senior Internal Auditor. A Senior Internal Auditor
responsibilities is to plan and perform financial, operational audits,
and identify business process risk. This job position only specified that
the pay was well over 100k a year!!!! Qualifications BA/BS, and
minimum of 3-4 years public accounting. The second job posting was
a Tax Manager. Tax Manager is responsible for conducting basic tax
research, maintain tax records and ensure proper tax accounting.
This position requires a BA in Accounting, and a minimum of 7-8
years of expereience.The job pay is listed as 120k!!! The third job
posting was Assistant Corporate Controller- SR Management.
Assistant Corporate Controller- SR Management position Inventory
Accounting for North America, Credit management for North America
and Corporate accounting for Latin America, responsible for assuring
accuracy of inventory and sales and works closely with external
auditors on receivable audits. The requirements for this position is as

follows, BA/BS, public accounting experience preferred, Strong verbal
and written communication. For the Assistant Corporate Controller-
SR Management the salary pay starts at 110k-130k with bonus and
benefits.
I didn't know that Accounting career actually paid this much. I might
think about changing my careers.
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ACC 291 Final Exam Guide (New)
Discussion Question 1:
Based on what you know about accounting, what role do you see it
playing in business operations? How dependent do you think a
business is on its accounting department? Why?
Accounting plays many important roles especially when it comes to
business operations. Accounting is mainly responsible for almost all
of the financial needs of the business. It keeps track of all spending,
profit and loss that the company inquires.

The business is very dependent on it accounting department.
Accounting department is responsible for monitoring more than the
cash flow, it also works closely with IRS, government to make sure
that everything is being done correctly (payroll, taxes, etc). The
accounting side of the business can be considered to be the lungs of
the company next to the heart.
Based on what you know about accounting, what role do you see it
playing in business operations? How dependent do you think a
business is on its accounting department? Why?
Accounting plays many important roles especially when it comes to
business operations. Accounting is mainly responsible for almost all
of the financial needs of the business. It keeps track of all spending,
profit and loss that the company inquires.
The business is very dependent on it accounting department.
Accounting department is responsible for monitoring more than the
cash flow, it also works closely with IRS, government to make sure
that everything is being done correctly (payroll, taxes, etc). The
accounting side of the business can be considered to be the lungs of
the company next to the heart.
Why are ethics so important in the field of accounting?

Wow where should I start? First of all the when dealing with
accounting there must be consistent clear communication between
the business and the accounting department. Honesty is always the
best policy. Good ethnics keeps the business running at its top level.
The company's personal information, employee information could be
given to the wrong hands and it can destroy the company. A good
accounting department has way too much to lose and they will not
want to risk a horrible reputation in the field.
Another response
People bring all their financial information to an accountant who in
turn looks through all of it with a fine tooth comb. People need to
know that they can trust this person with all of their personal
information. Most licensed professionals swear to a code of ethics,
whether they follow them or not is up to that professional.
Unfortunately there are many out there that do not and they ruin the
trust for other professionals. Accountants really need to have the
trust of their clients being that they work with peoples taxes and
finances and need much information from their clients.
Another response
Ethics are important in the field of accounting for several reasons.
Ethics mean different things to differnt depending on the role of the
accountant. If an accountant is hired by an individual or a business,
that accountant is trusted with the finances of the person or business.
The accountant is trusted to give an honest account of finances and
not to defraud or jeopardize that individuals or companies
relationship with the government, creditors of financiers. Individuals
and businesses also trust the ethics of accountants insofar that they

do not disclose their information to those that do not have a right to
it. Finally, In the accounting profession, much like many other
professional service professions, an accountants reputation is the
continuing source of employment. If they are knows to have a bad or
even flexible ethical code then they can develop a bad reputation and
experience a loss of business.
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ACC 291 Final Exam Guide
we have another New set of Final Exam Guide which could be found
on this link
Financial Statements
Today, I will be describing a balance sheet, income statement,
retained earnings statement, and statement of cash flows and how a
company uses these financial statements as a tool to make future
decisions for the company.
Balance Sheet

Financial Statements
Today, I will be describing a balance sheet, income statement,
retained earnings statement, and statement of cash flows and how a
company uses these financial statements as a tool to make future
decisions for the company.
Balance Sheet
A balance sheet a statement sheet that reports the company’s
financial balances of the business. This sheet includes the company’s
total of assets and liabilities. It is used for all three types of business
sole proprietorship, business partnership and corporate business
company’s. Creditors rely on this financial sheet to determine if the
company will be able to repay.
Income Statement
An Income Statement is a financial statement that shows the
company’s profit and losses. It basically shows all the company’s
gains and losses that were made during a period of time. After the
company deducts the expenses from the revenue then you will get a
total net income. This is a great statement to use especially because
this will show investors how much net income is the company
bringing in, or how financially stable the company truly is.
Retained Earnings Statements
Retained Earnings Statements reports the changes to the retained
earnings (net income in a corporation) during a certain time period.
This financial statement shows dividends, profits and loses. Investors
and Lenders monitor the retained Earning Statements especially when

it comes to monitoring dividends. Some invest use this tool to see if
the company is paying high/low dividends. Retained Earnings
Statement is part of the balance sheet under Stockholders equity.
Statement of Cash Flow
Statement of Cash Flows provides information regarding the
company’s cash receipts. This statement gives a detailed account of
the operating, investing and financial activities of the company. It
also allows investors a chance to observe how financially stable the
company is so that they can make a choice if they want to take a risk
on investing into the company. Also the accounting department needs
this statement in order to see if the company has enough money for
payroll uses.
All four of these financial statements are all extremely important tools
to use in the business. Another statement that was not listed but is
often used is called comparative statements. Comparative statement
gives a side by side comparison of the financial statements above.
Reference

http:yourdictionary.com /accounting_statements.org Retrieved
1/28/10
Thomas, Y. 2005-08-27 “Accounting 101 pg. 52 Statements
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ACC 291 Final Exam Guide

ACC 291 Final Exam Study Guide
Question 207
On January 1, a machine with a useful life of five years and a residual
value of $40,000 was purchased for $120,000. What is the
depreciation expense for year 2 under the double-declining-balance
method of depreciation?
IFRS Multiple Choice Question 01
As a recent graduate of State University you're aware that IFRS
requires component depreciation for plant assets. A friend has asked
you to succinctly explain what component depreciation means. Which
of the following correctly describes component depreciation?
Compare and contrast sole proprietorships, partnerships, and
corporations.
Sole proprietorships means that a business that owned by one person.
That includes and not limited to all profits and losses, debts and
unlimited liability, all will come from the solely one owner and not a
group or in this case a partner or co-owner etc. Partnerships are seen
much differently than sole proprietorships. Partnerships is a business
that owned by more that one person/s. This is the number one
difference from being a sole proprietorship or sole owner. Basically,
two or more people come together and split the cost, debts, and
liability. Corporations is an business that has separate entity owned
by stockholders. The huge difference between corporations and the
other two is that they are owned by stockholders. Stockholders make
decisions that is first best for their company, secondly the company
that they have together.
Why would a entrepreneur want to choose one over the other?

An Entrepreneur is a person that wants to start a business with their
vision and have more power of the decision making. The best choice
for an entrepreneur is to choose sole proprietorship out of all the
three choices. The first and most important reason is because it is
much easier to start a business as sole proprietorships. Sole
proprietorship takes all the profit that and doesn't have to split it
between any other owners or corporations.
If I was to start a new business which one would I choose?
In this case it depends on the type of business. My case I will be
opening a hair salon and I would prefer sole partnerships. i choose
that because I want to be in control and I don't want to split the profit.
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ACC 291 Week 1 Assignment Comparative Analysis
Problem
Purpose of Assignment The purpose of this assignment is to help you
understand the basics of financial statement analysis using financial
ratios on the assets section of the balance sheet, data interpretation,
and how ratios are used to gain insight about the management of
receivable. Assignment Steps Resources: Financial Accounting: Tools
for Business Decision Making Develop an 875-word analysis providing
conclusions concerning the management of accounts receivable

based on the financial statements of Columbia Sportswear Company
presented in Appendix B and the financial statements of VF
Corporation presented in Appendix C, including the following: Based
on the information contained in these financial statement, compute
the following 2014 values for each company: For Discussion Question
1: Post your response to the following:
• When reviewing a financial report, why should information be
reliable, relevant, consistent, and comparable?
• In other words, why are these accounting characteristics
important?
• What kinds of problems could be created if a financial report is
not reliable, relevant, consistent, or comparable?
It is extremely vital that the company has accurate financial
reporting. This information determines whether or not to invest in
your company's stock. This information will help them decide if it is
profitable to invest or not to invest in your company based what is in
your financial history. The information must be relevant because it
will help the company, investors and lenders make decisions. It helps
answer questions like, "how stable is your company", or "what future
does this company have". The information should be reliable. In other
words the information that is reported must be able to be verified,
backed up with truthful information. Comparable occurs when
different companies use the same accounting principles. This makes it
much easier to compare results between company's. Consistency
happens when the company uses the same accounting method every
year. When the financial statements are reported each year, it paints
a financial picture of where the company is headed now and in the
future.

What kinds of problems will occur if the information does not include
these things?
Falsified or manipulated statements doesn't only effect the company
but it also to name a few effects the lenders, creditors, investor's, etc.
This will result in the company not having a faithful representation.
Another response
The main objective of generating financial information is providing
useful information that can be used in decision-making... only if this
information is relevant, reliable, comparable, and consistent, can it
be useful for decision makers. (Kieso, 2003).
Relevance gives a basis for making decisions that will impact the
future of a business, and it confirms and corrects expectations from
the past. If the information makes a difference in making decisions, it
is relevant.
Reliability means that the information can be depended on and it can
be proven to be free of error, and the information is factual. The
information cannot favor one set of users over another. CPAs audit
financial statements to ensure reliability.
Comparability is also an important characteristic of financial
reporting... this happens when different businesses use similar
accounting principles, making it much easier for one to compare
companies, and the method used in a business must be disclosed to

the users of the information to enable the users to convert the
information as accurately as possible.
Consistency simply means that the business uses the same
accounting principles on a yearly basis... consistently. This helps
decision makers analyze a company's trends. A company can change
the methods used if they can justify the change, showing that the
new method is more useful for analysis. If the method is changed, it
must be disclosed in the notes that go with the statements to show
users a lack of consistency.
These characteristics are very important to a business... decisions
cannot be made based on incorrect information, and everyone
involved in a business venture of any kind, whether they be
management, owners, or investors and creditors, as well as
consumers, etc. must be able to rely on the financial information
provided in order to make any type of decision. Without this
information, it is difficult to imagine any business succeeding, even
for a short time.
Examples of problems that could occur without reliable, relevant,
consistent, or comparable information includes not being able to get
loans or investments; management could make decisions that cause
irreparable damage to entire operations, consumers could easily lose
faith and cut their ties... the possibilities are endless for companies
that lack these qualities in their financial reporting.
DQ2

For Discussion Question 2: Post your response to the following:
• How does information from financial reports influence business
decisions?
• Why is it important for business managers to understand the
information found on financial reports?
How does information from financial reports influence business
decisions?
Once the information from the financial reports have been posted
then a team will review the company's financial history to see what
decision were profitable or not. The decisions that were made
previous to the financial reports being posted will show which way
the company needs to go to continue to remain #1.
Why is it important for business managers to understand the
information found on financial reports?
IT is extremely important for he business managers to understand the
information found on the financial reports. The business managers
are going to be the people that are going to make decisions for the
company. They need to know how to interpret the financial reports
and come up with different strategies that will continue to make the
company money.

Another response
The information from financial reports influences business decisions
because it shows where the company stands. The managers use the
information from the financial report compared to the current year
from the previous year, whether the company growths or losses. It is
very important for business managers to understand the information
found on financial reports because the information from the financial
reports enables business managers to see how to improve and keep
the business afloat. It also gives business managers an insight what
came in and went out and the total operating cost of the company as
well as cutting cost in a certain areas. The information from the
financial reports helps the manager manages the business
accurately.
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ACC 291 Week 1 Discussion Question 1
How would you describe the entries to record the disposition of
accounts receivables?

Axia College Material
Appendix B
Cash ManagementMatrix
Directions: Using the matrix, list how each of the principles of internal control works, and give an
example for each. Next, list how each of the principles of cash management works, and give an
example for each.
Principles of Internal
Control
How it Works Example
Establishment of responsibility Happens when the company assigns
one person to be in control of a
specific job or have authority to
make decisions.
My job, Our Sales department is
the only one that can waive a
restocking fee. It allows the Sales
team to be in control of the
customers returns
Segregation of duties This is when the company has more
than one person to control a task or
job
A church- You have people who
count the offering and then you have
someone who writes down and logs
in what was received
Documentation procedures Evidence or proof of all company
transactions
My job we deliver ship shingles to
our customers, and we make the
driver sign prior to leaving and we
make the customer sign a “Proof Of
Delivery”form
Physical, mechanical, and
electronic controls
Allows the company to control assets
through physical or electronic based
systems or programs.
Our job has a system called Cisco and
this tracks the employees breaks and
lunches. Also, monitors how long the
CSR have been ready or working.
Physical control would be the
security guard, they require
identification prior to entry.
Independent internal
verification
Anyinformationthat canbe reviewed
, compare, andreconciliationbya
employee
My job has a way of tracking our
inventory and when someone says
that they were shorted on their
order we can go back and track the
inventory and compare the numbers
in the system and a physical count to
determine if the numbers were
incorrect

Other controls Bonding of employees, company
protects against abuse of assets.
Our company fired a girl just recently
because she had used the company
card business card for personal us
that was not work related.
Principles of Cash
Management
How it Works Example
Invest idle cash Occurs when any excess funds or
cash needs to be invested,
My father’s company makes wise
investments and it turns around in
his favor
Plan the timing of major
expenditures
A company wants to make sure that
there is money set aside for major
cash needs
During the recession profits dropped
lower than expected so some
companies pulled from these funds
Delay payment of liabilities When a company pays the bills at an
appropriate time not late and not
too soon.
Ok, when times are tough at home
and bills are due I organize the bills
by which bills needs to be paid the
soonest, because if I pay the bills too
early I will cut off my excess funds
that could be used for something
else
Keep inventory levels low Happens when a company keeps the
inventory low so that it will continue
to bring profit
See’s Chocolate factory has to make
sure that they are not over producing
or making too much or else the sit
and the company will lose money
Increase the speed of
collection on receivables
Money that is owe to the company
by other people or customers is
money that can not be counted
towards the companies funds
When a customer places a order for a
product and has not paid yet, the
company can not count the money as
their’s until it is received.
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How are bad debts accounted for under the direct write-off method?
What are the disadvantages of this method?
Income statement is a financial statement that shows how much money is coming from
product sales and services prior to any expenses being taken out. Both internal and external
users such as managers and investors are able to access this. For example, if a investor
wanted to see if the company made money or lost money they would use this financial
statement report.
Balance sheet shows what condition the company is currently in. whereas the other financial
statements only came monthly or annually. For example, what if the management planning
team wanted to see the company's current assets, ownership equity and liabilities? All they
have to do is run the balance sheet report.
CVP income statement or Cost Volume statement reports or monitors the effects of the
changes in cost and volume when it comes to the company profits. For example, I work at a
manufacturing plant for roofing shingles. The CVP analyst studies the cost which includes
but not limited too, manufacturing, material, labor cost. This financial statement report would
help the management team budget the cost of manufacturing goods.
Statement of cash flow tracks the movement of cash coming in or out of the business. This
financial statement will show if the company made cash or not, or if the net income
increased or decreased. For example, the owner or the management department will use
this to determine if the company has earned enough money to be able to for any expenses.
Retained earnings statements is a percentage that is kept by the company to be reinvested
or to be used to pay debts. For example, if a company was looking to expand their business
by purchasing top of the line equipment they can use this statement to see how much money
the company has put away.
References:
http://www.investopedia.com/terms/r/retainedearnings.asphttp://financial- Retrieved 2/18/2010
statements.suite101.com/article.cfm/financial_statements_the_p_l. Retrieved 2/18/2010
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ACC 291 Week 1 Wileyplus Assignment E8-4, E8-11,
BYP8-1, and BYP8-2 (New)

Wiley Plus Assignment Week 1
·E8-4, E8-11, BYP8-1, and BYP8-2 in MS Excel
 Exercise 8-4 Wainwright Company
 Exercise 8-11 Fedex Corporation
 Broadening your Perspective 8-1 Tootsie Roll
 Broadening your Perspective 8-2 Tootsie Roll and Hershey
 DiscussionQuestion1: Post yourresponse tothe following:
  How would you describe the difference between financial and
managerial accounting? What are the distinguishing features of managerial
accounting?
 There are many differences between financial and managerial
accounting. The financial accounting statements are available to
external users such as employees, stockholders, creditors, investors,
etc. This is available to them so that they can monitor the company's
performances quarterly or annually. Managerial accounting provides
financial information for managers and other internal people or
department. Managerial accounting is confidential so it is only
observed by internal users such as management, owner, and will
provided to external users such as the public. Management uses this
for budgeting purposes or to monitor profit loss/gain within the
company. Managerial accounting can be available to them as often
as needed. Managerial accounting statements is a great way for
management to make decisions based on what has been reported.
 Another response
 The differencesbetweenmanagerialaccountingandfinancial accountingare distinct.
Managerial accountingreportsare for those inmanagerial anddecisionmakingpositions.
The managersuse the financial reporttoanswerquestions,whichwouldadvance the
companyand itsemployees.The managerwouldwanttoknow if certaininvestmentsshould
be made and shouldthe companyadvance an employee'ssalary.The managerneedsthe
reportto decide if a factoryisbuiltor if a certainstockis brought.The financial accountant
has the jobof showingthe externaluserssuchascreditorsandstockholdersapicture of the

company'sstability.
The manager's purpose istomanage by makingstable plans,delegate duties,motivatethe
workers,andcontrol the atmosphere.Distinguishingfeaturesof managerial accountingare
the fact no cpa will auditthe report,andthere isno specificfrequencyof the report.The
reportsare done ina needto know basisandfor a specificreason,whichisforbusiness
purposes.The reportsare detailedandpertaintospecificbusinessdecisions.The financial
accountantneedonlybe concernedwiththe company'sfinances.

 DQ2
 DiscussionQuestion2: Post yourresponse tothe following:
  Select a management function (planning, directing and motivating, or
controlling) and explain how that function relates to business as a whole.
Next, select a different function listed by a classmate. Discuss with your
classmate how the functions you each selected complement each other.
 The management functions that I choose was controlling.
Controlling job is to make sure that the each
department/person is keeping the company's activities or plans on
track and in order to achieve that they must work closely with
Management planning function. Controlling continually compares the
company's performance to make sure that the planned standards
are being met. In my opinion this is known as the "dirty work".
Controlling operations have to know what to look for and how to keep
track of all the company's activities. They have to take actions and
quickly correct any errors and make sure that the company goals are
being achieved in a timely matter or the time that it was planned. If
there are errors it is job of the controlling operations to take quick
action. The controlling operations not only correct errors after it
happens but they also are in charge of foreseeing any potential
errors and act quickly to get that resolved.

 Another response
 I chose Controllingaspartof the managementfunction.The controllingfunctionrelatesto
businessasa whole because ithelpsmonitoringthe firm’sperformance tomake sure the
plannedgoalsare beingmet.Managersneedtopay attentiontocostsversusperformance
of the organization.letsay,if the companyhasa goal of increasingsales by10% overthe
nexttwomonths,the managermay checkthe progresstowardthe goal at the endof month
one.If theyare not reachingthe goal the managermust decide whatchangesare neededto
getback on track.

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ACC 291 Week 2 - Fordyce and Atwater (New)

P10-5A
Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note
on December 31, 2007. The proceeds from the note are to be used in
financing a new research laboratory. The terms of the note provide
for semiannualinstallment payments, exclusive of real estate taxes and
insurance, of $29,433. Payments are due June 30 and December 31.
Complete the installment payments schedule for the first 2 years.
(Round answers to 0 decimal places, e.g. 125. Use rounded amounts
for future calculations.)
Prepare the entries for (1) the loan and (2) the first two installment
payments. (For multiple debit/credit entries, list amounts from largest
to smallest eg 10, 5, 3,
2.) Show how the total mortgage liability should be reported on the
balance sheet at December 31, 2008.
P10-6A
On July 1, 2011, Atwater Corporation issued $2,098,000 face value,
12%, 10-year bonds at $2,507,354.This price resulted in an effective-
interest rate of 9% on the bonds. Atwater uses the effective-interest
method to amortize bond premium or discount. The bonds pay
semiannual interest July 1 and January 1.
Prepare an amortization table through December 31, 2012 (3 interest
periods) for this bond issue.
Prepare the journal entry to record the accrual of interest and the
amortization of the premium on December 31, 2011

Prepare the journal entry to record the payment of interest and the
amortization of the premium on July 1, 2012, assuming no accrual of
interest on June 30
Cost, Volume, and Profit Formulas
By
Kamilah Crooms
Due February 28, 2010
Explain the components of cost-volume-profit analysis.
The components of cost volume-profit analysis consist of Level or volume of activity,
Unit Selling Price, Variable Cost per unit, total fixed costs, and Sales mix.
What does each of the components mean?
Level or volume of activity is the activity that causes change or behavior when it comes
to the cost. Unit selling Price is the cost for the product basically how much each unit
is selling for. The Variable Cost per unit is something that can change depending on
the activity. The total fixed cost does stay the same as activities change but differ per
unit. The Sales mix is basically what the name says. It’s a mixture of sale items when
more than one product sold the sales will remain the consistent.
Basedon the formulas you have reviewed, what happens to contribution margin per
unit when unit selling prices increase?
Contribution margin is the amount of revenue left over after subtracting the variable cost.
So basically Unit sales price subtracting or minus variable cost.
Illustrate your explanation with an example from a fictitious company of how an
increase in unit selling prices might affect contribution margin.

Kelly’s Sweetheart Flowers
The owner of Kelly’s Sweetheart Flowers is selling their bouquet of flowers for $10
per unit. The Variable Cost per unit is $4.00. The contribution margin will be
($10-$4) = $6. If the sells price increases to say $15, then the contribution margin
will be ($15-$6) = $9 per unit.
When fixed costs decrease, what does this do for sales? Illustrate your explanation
with an example from a fictitious company.
Kelly’s Sweetheart Flowers
When the fixed cost decreases, the contribution margin ratio the net income and sales will
increase.
For example,
The flowers are $10 per unit. The variable cost per unit is $4.00. The contribution
margin will be ($10-$4) = $6. The fixed cost is $3. We subtract Contribution margin
– Fixed Cost= Net income. The net income is $3.00.
Define contribution ratios
The contribution margin ratio is the contribution margin per unit margin divided by the
unit selling price.
What happens to contribution ratios as one of the components changes?
Shown in the example above, if one or more of the components changes is will cause the
net income to increase or decrease.

Reference
statements.suite101.com/article.cfm/cost_volume_profits*the_p_l. Retrieved
2/28/2010
//http:yourdictionary.com /CVP.org Retrieved 2/26/2010
Thomas, Y. 2005-08-27 “Accounting 101 pg. 52 Statement
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ACC 291 Week 2 Assignment Financial Reporting Problem,
Apple Inc

Purpose of Assignment The purpose of this assignment is to help you
understand the basics of financial statement analysis related to the
assets section of the balance sheet, data interpretation, and how
financial information is obtained to understand how a company
accounts for its long-lived assets. Assignment Steps Resources:
Financial Accounting7 How should mixed costs be classified in CVP
analysis? What approach is used to effect the appropriate
classification?
According to our class materials all mixed cost must be classified into
their fixed and variable and variable elements. The method that can
be used to determine is called the high/low method. To determine
the variable cost the analysis takes the total cost and divide it with
the low activity level. To get the fixed cost then the company would
have to subtract the total variable with either the high or low activity
level.
9. Cost volume profit CVP analysis is based entirely on unit costs. Do
you agree? Explain.
In my opinion when it comes to making financial decisions for the
company, often times more than one method is used. Cost volume
profit is also based on Volume or level activities, unit selling prices,
variable cost per unit, total fixed and sales mix.
14. You can find the break point in dollars by drawing a horizontal
line to the vertical axis. I you want to find the break even point in
units it will be a vertical line from the break even point to the
horizontal axis.
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What are the differences among valuation, depreciation,
amortization, and depletion?
Is it appropriate to calculate depreciation using two different
methods? Why?
Internal Cash Control
By
Kamilah Crooms
Accounting 220
Jess Stern

Internal Cash Control
The accounting department receives from sales invoices once a month. Most
of the information is missing on the invoices.
The accounting department relies on each department within the company and all
the information has to be submitted completely and in a timely matter. In this
scenario most of the information that has been turned in has information that is
missing on the invoices. I would say that the internal controls that are not being
followed are Documentation procedures. Company documentation is very important
and must be turned in complete. These documents show proof of delivery or proof of
services to the customer. Any incomplete documents can be very costly and can
cause a delay in the company being paid for any services rendered. For example,
one of the requirements in a transportation department is to make sure that the
drivers verify the load and sign for the load prior to leaving the yard, these
documents says that the load left in good condition. Well, it so happened that we
allowed a driver to leave without signing the paperwork. This caused a delay in

accounting because we had to get signatures from the driver and the customer
which took a month later to complete.
Rob, Sue, and Bob use the same cash register at the donut shop.
Rob, Sue, and Bob all use one register has often turned into not the best decision
ideally for the company. It can increase the risk for the drawer being short and it will
be hard for the company to find out which employee or employees had shorted the
register. The internal controls that are not being followed are Establishment of
responsibility. Happens when the company assigns one person to be in control of a
specific job or have authority to make decisions (pg 161 Internal Control and Cash). When
the company signs one person to be responsible over the register it will allow the company
to hold that one person responsible for any shortages.
Sam does the ordering of materials at the beginning of everymonth and pays the bill.
In this case Sam is ordering materials and paying all the bills. This process is actually known
as related activities (pg 162 Internal Control and Cash). This occurs when one person is
doing two different responsibilities just like Sam. The internal Control that is not being
applied is Segregation of Duties. It is better for the two to be a separate responsibility
because it will minimize the billing errors.

Bank reconciliations are done by the person who is responsible for all cash
responsibilities.
The problem with this scenario is that the same person is responsible for all
cash responsibilities, why is this person doing the only one that does this job?
Having one person take on such a major responsibility increases the chances
of embezzlement and thief. The internal control that is not being applied is
rotating employees’ duties and requiring employees to take vacations. One person
should not be completely in control of one job, the company should encourage
vacations or switching positions to prevent incorrect handling of the company’s
valuable information.
New checks came in and are left on the shelf with other supplies.
This is a tough scenario because there are all sorts of internal controls that are
not being used in this case. I would say in my opinion that the first internal
control that comes to my mind that is not being applied is bonding of employees
who handle cash.
Every employee that works near or with expensive equipment should be held reliable
or responsible for the company’s assets. Bonding of employees who handle cash
protects the company by insuring that the employee is or isn’t a risky applicant
(background checks) or reassuring that the employee that they will be prosecuted to
the fullest extinct if they are found guilty of thief. For example, I had worked at Mc
Donald’s and

there were my shift managers and one employee that were caught with stealing
money from the company. This situation had happen very differently. The armor
truck dropped off a deposit that belonged to another company (armors mistake) but
they signed it. Those employees thought that nothing was going to be traced back to
them but the little did they know, all evidence traced back to them. They each
received jail time, and felony records.
Everyone has access to the computer system and the last audit was seven
years ago by the former accountant
This scenario has two things that are going on at the same time. I will first
start off with the computer system and how everyone has access to the
computer. The internal control that is not being applied is Physical, Mechanical,
and Electronic Controls. This allows the company to control assets through
physical or electronic based systems or programs. It is extremely important for a
company to invest in computer or informational protection for the company
and for their employees. Today’s technology age most companies are
investing in a computerized program. This will help protect from internal errors
and external protection. For example, all companies invest in a virus
protection this will ensure that the company’s information is protected and not
in the wrong hands.

Invest idle cash
Invest idle cash occurs when any excess funds or cash needs to be invested. The money
should be highly invest and risk free. For example, a major company should make
investments with their assets into profitably investments and risk free.
Plan the timing of major expenditures
This is when a company sets aside money for major cash needs. We live in a world that
things happen daily. A good company would set aside emergency funds. For example,
during a terrible thunderstorm, the winds practically ripped off the roofing shingles off a
commercial business. The company will be able to use the money for emergency.
Delay payment of liabilities
Delay payment of liabilities is when a company pays bills not too soon and not late. This
allows the company to have money available for bills that that really need to be paid allowing
excess funds to be free for other uses.
Keep inventorylevels low
This occurs when the company keeps the inventory low so that it will bring in more profits.
For example, if the managers at a fast-food over plan and fix too many hamburgers and the
customers don’t buy it, then the food will go bad and the company will lose profit.
Increase the speed of collection on receivables

This occurs when money is owed to the company, the company cannot claim these until the
funds have been received. Some companies offer incentives to encourage customers to pay
early or on time. For example, my job encourages their customers by letting them know that
there will be a price increase on or after a certain date and this really works because the
customers want to pay at a lower price.
References:
http:yourdictionary.com /accounting_statements.org Retrieved 2/13/2010
Thomas, Y. 2005-08-27 “Accounting 101 pg. 52 Statement
-------------------------------------------------------------------
What types of industries have unearned revenue?
Why is unearned revenue considered a liability?
When is the unearned revenue recognized in the financial statements?
Current assets

When it comes to a company's classified balance sheets you will find
current assets sheet. Current assets is cash or cash equilivants that
the company will use. What you will find on a current asset sheet is
Cash and equilvants, Short term investments, Accounts receivables,
and other assets.
Long-term investments
Long-term investments when it comes to balance sheet are
investments that the company intends to hold onto. The investments
that are listed are as follows, bonds, stocks and cash. You will also
find short-term investments in the company. The difference between
short-term and long-term investments is that the short-term
investments will be sold and the long-term investments normally the
company will choose to keep it.
Property, plant, and equipment
Property, plant, and equipment are what the company calls "fixed
assets". Property, plant and equipment are assets that can not be
easily converted into cash. These are basically items such as company
car (used to deliver products), computers and copier machine, and
freezer used for restaurants.
Intangible assets
Intangible assets are non-monetary items that can not be seen or
touched. For example, trademarks, copywriters, patents and goodwill.
Intangible assets are normally listed in the separate assets.
references
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ACC 291 Week 2 Individual WileyPLUS Assignment Week
Two

we have another New set of week 2 Willeyplus assignment which
could be found on this link
Axia College Material
Appendix C
Budgets Matrix
Directions: Using the matrix, define each of the budgets listed and briefly describe its uses.
Budget Definition Describe its uses
Sales budget Estimate of the expected sales for
the period. All of the other
budgets depend on the sales
budget. This is where all the
other budgets will start from
The sales budget shows dollars
and units. This will allow
management to see how many
units will be produced for the
period
Production budget A production of units needed to
be produced in order to meet the
projected sales
Shows management how many
units will be produced during
each budget period and what
amount is needed to fulfill
inventory demands
Direct materialsbudget Is the estimated quantity or cost
of the raw materials that is
needed in order to produce the
units required to fulfill inventory
Shows management how much
raw materials that is already on
hand and or that needs to be
ordered to meet inventory
demands.
Direct labor budget A estimate of cost and quantity of Shows how many hours, how

direct labor needed in order to
meet production
many laborers needed to produce
the units for that budget period.
Management will decide what
will be the right amount of
laborers needed and if the
company will be able to meet the
budget
Manufacturing overhead
budget
An estimated expected amount of
manufacturing cost for the
budget period
This list all overhead cost
involving cash disbursement in a
quarter
Selling and administrative
expense budget
Anticipated selling and
administrative expenses in the
budget period
Shows area of budget expenses
that are not listed other than
manufacturing. Expenses such as
marketing, promotion cost etc for
the budget period
Budgeted income statement Estimate of expected profitability
of operations in a budget period
Is a very important tool because it
shows the company estimated
profit for the budget period.
Cash budget A projection of expected cash
flows in and out of the business.
Cash budget helps management
keep a tally or total of all cash
balances.
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ACC 291 Week 2 IndividualWileyPLUS PracticeCh 8,9,10
Quiz

Resource:WileyPLUS
Complete the WileyPLUS Week Two Practice Quizzes for chapters 8,
9, and 10. Discussion Question 1: Post your response to the
following:
• You know how important it is to create budgets for your
household. How does budgeting help management make good
business decisions?
Budgeting is a very important skill that can be applied to everyday
life and also when it comes to making good business decisions. I
really like the way our class resources says about Budgeting.
Budgeting is used as a planning tool used by management to make
good decision for the company. If a company is successful than more
than likely that means that the management team is very good at
managing the company finances. Budgeting helps management plan
ahead, defines what is most important, shows warning signs, reach a
company target without over or under budgeting and etc.
Another response
In a business, a budget helps a business make good decisions because
they are used by the company to plan for future events and
coordinate the events and duties in the company. They also gives
objectives used to evaluate the performance of the company on each
level which can help to make future decisions that will not hurt the
company based on the projected objectives. It can also be used to
alert the company of possible problems or negative trends in the
company that need to be addressed so that there is a clear picture of
the overall health of the company before decisions are made. The
budget helps the company to be able to make an informed decision

when making one. It is there in order to make sure that making a
decision like taking on another company will not hurt the company
and is something that the compnay can sustain based on the budget.
DQ2
Discussion Question 2: Post your response to the following:
• What are some of the different types of budgets?
• Describe in detail one type of budget covered in the text.
• Describe what the budget is used for and what information it
provides a business.
• Then, as you respond to your classmates, discuss how the
budget you described relates to the budgets they described.
• Discuss how a business benefits from each of the budgets.
There are many different types of budgetting. For example, there
sales budget which allows management to see how many units that
need to be produced, production budget which will allows everyone
to see how many units are going to be produced in or needed to be
produced in order to meet the inventory for that budget period. One
budget that I can describe in detail is called the direct labor budget
and this budget shows how many people, hours is needed in order to
meet the required budget for that period. This will give management
an idea of how much money is needed such as paying the cost of
labor. The company benefits by each of these budgets because it will
help manage just how much money it will cost the company during

this period. Management can also see if there are different ways to
cost the company out of pocket cost down during this period.
Another response
I chose to write about the Production Budget. The Production Budget
shows the cost of each unit needed to produce an item or
manufacture a product. The formula used by the Production Budget :
Budget sales units + Desired ending finished goods units - Beginning
finished goods units = Required production units.
An example would be, every Easter the bakeries in the Bronx loads up
on Hot Cross Buns. My mother and grandmother would buy these
tasty sweet breads,and eat them for breakfast. I personally would
like to eat them every week but, they are only sold during the Easter
season. Maybe, it has something to do with the glazed cross on the
top.
Every Easter Holiday, there appears these Hot Cross Buns and the
bakeries production department allows for the purchases for items
needed to make the buns. After Easter has gone, Hot Cross Buns are
not included in the budget.
-------------------------------------------------------------------
ACC 291 Week 2 Learning Team Weekly Reflection

Discuss the objectives for Weeks One and Two. Your discussion
should include the topics you feel comfortable with, any topics you
struggled with, and how the weekly topics relate to application in
your field.
What is a Flexible budget?
• A Flexible budget is a budget that change or is flexible during
different levels or activity. Unlike the static budget which is a
budget based on one activity level, the flexible budget is based off
of more than one activity level.
• The steps to development a flexible budget is :
a) Identify the activity index, and the range of activity
b) Find out what the variable cost, and determine the variable
cost per unit
c) Find out what the fixed cost and determine the budgeted
amount for each unit
d) Organize the budget for selected additional activity within the
appropriate range

• The information found on a flexible budget cannot begin with
the master budget. The flexible budget uses the same guidelines
the original budget. The budget consists of Sales, Cost of Goods
Sold, Selling Expenses, General and Administrative Expenses,
Income Taxes, and finally the Net Income.
• The information on the budget is a great tool to be used for
evaluation performances. The flexible budget can be used for
monthly comparison purposes. Also during the process that
management is identifying the activity index and the range of
activity it will allow them to see the cost of direct labor hours for
that budget period.
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ACC 291 Week 2 Wileyplus Assignment P8-3A, BE9-11,
DI9-5, E9-7, E9-8, BYP9, P9-2A (New)
·P8-3A, BE9-11, DI9-5, E9-7, E9-8, BYP9, P9-2A.
 Problem 8-3A: Bosworth Company
 Brief Exercise 9-11: Nike, Inc.
 Do It! 9-5
 Exercise 9-7: Wang, Co.
 Exercise 9-8: Cleand Company
 Broadening Your Perspective 9-1: Tootsie Roll

Capstone Discussion Question: Post your response to the following:
 Think back over what you have studied and learned in this course. Do you
have a new perception of or appreciation for the field of accounting and
how it contributes to business? Explain.
To be perfectly honest with you I truly had no clue what accounting did for a
company and how important it was. I always thought that accounting only
dealt with payroll. In fact accounting does much more that just payroll and
monitor company supplies (coffee, paper, pens & pencils). The accounting
sets budgets for the entire company, monitors outflow and inflow of profits,
plans budgets for each department, and much more. When I first begun
this class I was really nervous, I truly thought that I was going to have a
hard time understanding the accounting but I happy to say that I was
wrong. I understood every part of this course.
On a personal note I would like to thank you Jess. If it wasn't for your pep
talk I probably would had gave up. You are truly a great instructor. I wish
you all the best! God Bless
Another response
Accountinghastakena whole newmeaningtome inmy vocabulary.Priortothiscourse, I justtook
accountingas a calculatorand crunchingnumbers.Inow have a new respectforaccountingandall
the aspectsthat are involved.Ineveronce tookinto considerationprofit,sales,revenue,and
balance sheetsalsobeingincludedwithaccounting.There issomuchmore involvedwith
accounting,andhad I not takenthiscourse I wouldhave neverknown.Accountingisavery
importantpart of runninga business.Ifeel thatitisimperative toall people thinkingof openinga
businessshouldtake some type of accountingclasstobecome more aware of how to run the
accountingpart of a business.
 -------------------------------------------------------------------
ACC 291 Week 3 Assignment The Liabilities Section of
O’Brian’s Balance Sheet

Business Plan
By
Kamilah T. Crooms

The name of my business is called DestinyWear. DestinyWear is a urban fashion
clothing company for woman, men and youth. DestinyWear specializes in making clothing
for every occasion. My name is Kamilah Crooms and I am the owner and CEO of
DestinyWear.My goal is to ensure that my company will be succesfull in all areas and in
each department. In order for me to make sure that the company was going to begin in the
right direction I had to priortize what was most important in establishing my business plan.
The main priority is that I had to first choose the appropriate business structure, a high
demanding product, and most of all an outstanding accounting team.

Business Structure
Upon establishing DestinyWear I had to decide which business struture that I felt was
best for me to pursue. I decided that as a Entreprenuer the best choice for me abd the
direction of the company would be for me to be sole proprietorship. Sole proprietorship
allowed me to be the sole owner of DestinyWear. The first and most important reason that I
wanted sole proprietorship is because it is much easier to start a business as sole
proprietorships. Sole proprietorship takes all the profit that and doesn't have to split it
between any other owners or corporations. I also want the power to make and change
decisions along the way without having to first consult anyone else.
DestinyWear Products
DestinyWear products will range from jeans, shirts, accessories and shoes. The
company will first start off with its most profitable product and that will be the DestinyWear
designer jeans line. The jeans line has over twenty different jeans designs
from straight leg, baggy, cargo, overalls, shorts and much more. The jeans line will provide
services within the United States and Canada and will eventually service International
customers. The DestinyWear jeans line will have its own building. In this building the bottom
floor will consist of the factory and the top floor will have the different departments such as
management, marketing and most importantly the accounting department.

DestinyWear Accounting Department
The accounting plays a major role in establishing my company DestinyWear. The
accounting department does more than managing and reporting the company’s financial
documents it is the greatest tool in establishing my business. The key to a powerful
accounting department here at DestinyWear is applying the principles of internal control.
These principles consist of establishment of responsibilities, segregation of responsibilities,
documentation procedures, Physical, mechanical, and electronic controls, Independent
internal verification and other controls such as Bonding of employees. In order to ensure
that this business plan works DestinyWear has to hire nothing but the best qualified
employees.
DestinyWear Accounting Staff
DestinyWear accounting team of fine employees will all be hired through the
company. There are several requirements that have to be met in order for myself as the
owner and Human Resource department to even consider the applicant for accounting. We
looked for characteristics, education and work history experience. The first and far most
important qualifying requirements are education. The applicant has to have a Bachelor
BA/BS in accounting degree a plus if he or she has a master’s.
The second requirement is experience. The applicant must have the minimum of five
years of experience working in accounting. He or She must have knowledge and
employment experience of working with financial statements, cash management and internal
control. Employees must be experienced in Invest idle cash, planning the timing of major
expenditures, delay payment of liabilities keeping inventory levels low, and increasing the
speed of collection on receivables. In the category of experience we had to hire applicants
according to the position that had to be filled in accounting. For example, if a position in
accounting such as management or supervisory needed to be filled, then we would look for
years of experience in management or supervisory positions. I personally prefer that every
employee have some type of management experience.

Last but not least, the employees characteristics. It is a must that every accounting staff
member has and applies professionalism, great ethic and moral skills, accuracy, and most
importantly punctuality, and reaching company deadlines. These characteristics are very
important to have at DestinyWear.
DestinyWear Accounting Management Team
The DestinyWear accounting management team will be reporting to me and to the
other head staff each week to report updates and any new changes. The management team
is responsible to have all the different types of budgeting reports that includes Sales, Labor,
etc. Management must follow the responsibility reporting system for each department. The
managers will use the company’s financial information to predict outcomes of the business. I
require a report from each responsibility center, cost center, profit center and investment
center to be reported each month. Management is responsible to ensure that the company
does not over or under budget and if any changes it must be reported immediately.
Conclusion
DestinyWear will be a very successful team not only because of the products that we
produce but because of having a great accounting team. With the help of accounting team I
DestinyWear products will be in every wardrobe in America.
REFERENCES
 //http:yourdictionary.com /CVP.org Retrieved 3/20/2010
 Thomas, Y. 2005-08-27 “Accounting 101 pg. 52
Statements. March 19, 2010

 Drucker, P. Managing in the next society 2002.
 -------------------------------------------------------------------
Why does a company choose to form as a corporation?
What are the steps required to become a corporation?
What are the advantages and disadvantages of the corporate form of
doing business?
Costco Wholesale Corporation
If we look at the financial statements of the company we can find that
the company is financially strong. Its strength are:
1. It has enough amount of current asset to repay its current
liability. The current ratio of the company 8.18 indicates that the
company has $8.18 liquid asset to repay its $1 of current liability.
2. The operating cost of the company is increasing because the
company is able to reduce its expenses.
3. Cash from operating activity has increased for the company.

Apart from this strength the company also has some weakness in its
financial statement:
(i) Increasing inventory indicates that the company inventory
conversion period is increasing.
(ii) The cash from investing activity shows that the company cash
outflow is more in the short term investment i.e. in non operating
activity.
(iii) The overall has for the year 2008 has declined for the company.
Net Income:
If we look at the trend in net income of the company we can find that
the company net income looks fluctuating but it has improved it net
income in 2008 as compared to 2007.
Debt ratio as a percentage of total assets:
If we look at the debt ratio as percent of total asset we can find that
the debt ratio is declining in 2008 as compared to 2007 i.e. the
company is increasing equity to finance debt.
Debt as a percentage of total equity:
As we can see that the debt as percent of total equity is declining in
2008 as compared to 2007 i.e. the company is increasing equity in its
capital structure.
As we can see that there is nothing negative in 2008 for the company
and this is the reason it has positive trend as compared to 2007.
Hence there is no need to correct anything for the company
-------------------------------------------------------------------

Why is preferred stock referred to as preferred?
What are some of the features added to preferred stock that make it
more attractive to investors?
Would you select preferred stock or common stock as an investment?
Why?
Week 1 DQ 1
Due Tuesday, Day 2
Go to the U.S. Securities and Exchange Commission’s Web site at
http://www.sec.gov and the Financial Accounting Standards Board’s
Web site athttp://www.fasb.org. Identify the mission and main
activities of each organization. Then, analyze the similarities and
differences between the roles of each entity. Which entity has more
influence over financial statement reporting? Explain your answer.
According to the SEC website their mission is to protect investors,
maintain fair, orderly, and efficient markets, and facilitate capital
formation. The SEC also requires public companies to disclose
meaningful financial and other information to the public. This
provides a common pool of knowledge for all investors to use to judge
for themselves whether to buy, sell, or hold a particular security. The
SEC is concerned primarily with promoting the disclosure of
important market-related information, maintaining fair dealing, and
protecting against fraud.

According to the FASB website the mission of the FASB is to establish
and improve standards of financial accounting and reporting that
foster financial reporting by nongovernmental entities that provides
decision-useful information to investors and other users of financial
reports. Since 1973, the Financial Accounting Standards Board
(FASB) has been the designated organization in the private sector for
establishing standards of financial accounting that govern the
preparation of financial reports by nongovernmental entities
The major difference in the SEC and the FASB is that the SEC deals
with reporting of financial statements for all industries while the
FASB deals mainly with the private nongovernmental entities. Both
are concerned with the fairness of financial reports and work in the
interest of the public. I believe that the SEC has more influence over
financial statement reporting because they can bring civil action
against companies and individuals for violations of securities laws.
Although according to the FASB website, “the Commission’s policy
has been to rely on the private sector for this function to the extent
that the private sector demonstrates ability to fulfill the responsibility
in the public interest.
Response 2
Go to the U.S. Securities and Exchange Commission’s Web site at
http://www.sec.gov and the Financial Accounting Standards Board’s
Web site athttp://www.fasb.org. Identify the mission and main
activities of each organization. Then, analyze the similarities and
differences between the roles of each entity. Which entity has more
influence over financial statement reporting? Explain your answer.
U.S. Securities and Exchange Commission (SEC)

According to the SEC’s website “The mission of the U.S. Securities
and Exchange Commission is to protect investors, maintain fair,
orderly, and efficient markets, and facilitate capital formation”(U.S.
Securities and Exchange Commission, 2010, Para. 1).
The main activities of the SEC are to interpret federal securities
laws; issue new rules and amend existing rules; oversee the
inspection of securities firms, brokers, investment advisers, and
ratings agencies; oversee private regulatory organizations in the
securities, accounting, and auditing fields; and coordinate U.S.
securities regulation with federal, state, and foreign authorities. (U.S.
Securities and Exchange Commission, 2010)
Financial Accounting Standards Board (FASB)
According to the FASB’s website “The mission of the FASB is to
establish and improve standards of financial accounting and
reporting that foster financial reporting by nongovernmental entities
that provides decision-useful information to investors and other users
of financial reports. That mission is accomplished through a
comprehensive and independent process that encourages broad
participation, objectively considers all stakeholder views, and is
subject to oversight by the Financial Accounting Foundation’sBoard
of Trustees” (Financial Accounting Standards Board, n.d., Para. 3).
The main activities of the FASB are to identify financial reporting
issues based on requests/recommendations from stakeholders or
through other means. The FASB Chairman decides whether to add a
project to the technical agenda, after consultation with FASB
Members and others as appropriate, and subject to oversight by the
Foundation'sBoard of Trustees. The Board deliberates at one or more
public meetings the various reporting issues identified and analyzed
by the staff. The Board issues an Exposure Draft to solicit broad
stakeholder input. (In some projects, the Board may issue a
Discussion Paper to obtain input in the early stages of a project) The
Board holds a public roundtable meeting on the Exposure Draft, if
necessary. The staff analyzes comment letters, public roundtable
discussion, and any other information obtained through due process

activities. The Board redeliberates the proposed provisions, carefully
considering the stakeholder input received, at one or more public
meetings. The Board issues an Accounting Standards Update
describing amendments to the Accounting Standards Codification
(Financial Accounting Standards Board, n.d.).
Both the SEC and the FASB have the same goals of fairness,
accuracy, and understandability of financial accounting and
reporting. Both agenecys accomplish these goals in the best interest of
the overall public.
The differences between the SEC and the FASB is that the FASB
regulates financial reporting in the private sector of businesses (but
are subject to the rules and regulations of the SEC) and the SEC deals
with regulating the financial reporting of publicly held corporations.
I believe that the SEC has the greatest influence over financial
statements reporting because they have the final approval on all
changes of the rules and regulations. The Sec can also bring civil or
administrative enforcement actions against individuals and
companies in violation of the securities laws.
References
Financial Accounting Standards Board. (n.d.). Facts about FASB.
Retrieved July 15, 2010, from Financial Accounting Standards
Board:http://www.fasb.org/facts/index.shtml#mission
U.S. Securities and Exchange Commission. (2010, May 3). The
Investors Advocate: How the SEC Protects Investors, Maintains
Market Integrity, and Facilitates Capital Formation. Retrieved July
15, 2010, from U.S. Securities and Exchange Commission:
http://www.sec.gov/about/whatwedo.shtml

Week 1 DQ 2
Due Thursday, Day 4
Search the Internet or the Online Library for information about the
Sarbanes-Oxley Act. A useful guide to some of these provisions is
located at http://www.soxlaw.com. Summarize at least two provisions
of the law, and discuss your interpretation of these provisions with
your classmates. Do you think this law will make financial statements
more reliable? Also, discuss how Sarbanes-Oxley establishes
boundaries to ensure ethical practices. What does the law allow or
prohibit, and why?
The Sarbanes-Oxley act has many provisions to give companies
guidelines for responsible, and ethical financial reporting. One of
those provisions is listed in Section 302 of the act. The provision is
that periodic statutory financial reports be certified that signing
officers have reviewed the reports, the report does not contain any
untrue, or misleading information. The financial statements fairly
present the financial condition. The signing officers are responsible
for internal controls. A list of all deficiencies in internal controls, and
a list of fraud involving employees, and anything that could negatively
affect the internal controls.
Another provision pertains to the "management assessment of internal
controls". This provision ensures that information is published in
annual reports regarding the adequacy of internal controls, structure
and procedures.

The Sarbanes-Oxley act is designed to help companies promote
ethical accounting procedures. The act gives guidelines as to how
financial statements are reported. The act requires verification that
officers within the company have checked the information in the
reports for accuracy and true. The act also requires that the
companies have internal controls in place to ensure ethical reporting
practices. The main thing that the Sarbanes-Oxley promotes is
transparency in reporting.
Response 2
Section 802 of the Sarbanes-Oxley Law defines the penalties that may
be assessed against individuals who failed to comply with the Act. An
individual could be subject to 20 years in jail for altering, destroying,
mutilating, concealing, falsifying records, documents or tangible
objects. Guilt is define by the intent to impede a legal investigation.
This part of the law gets to the heart of how Arthur Anderson reacted
by destroying documents important to Worldcom. The law further
defines that any accountant who knowingly violates their ethics by
wilfully violates the requirements of maintenance of all audit or
review papers. These papers are subject to review up to five years.
The second Section that I reviewed was the Section 302. This actually
is my favorite part of the law because it directly holds the officers and
directors accountable for the accuracy of reporting in their financial
statements. It defines that the management must review and
understand the financial statements and sign that they are true and
accurate. It also holds the management accountable for the internal
controls, requiring any deficiencies to be reported. In the past
directors of companies relied heavily on the internal officers,
management, to report the company performance without questioning
the accuracy or taking their role on oversight committees seriously.
They could hide behind a veil of trust of the key leaders. This Section

clearly puts the responsibility for the Board to remain independent of
the executives and function more effectively on the respective
oversight committees they serve. The example I would share is what
happened in WorldCom. The company leaders shared what they
wanted to with the Board, who trusted implicitly the top leaders. Had
they questioned their legal representation or auditors, they potentially
could have uncovered the fraud that was committed by the creation of
shell companies, with WorldCom employees as stockholders.
I would love to think this law would protect the investing community.
Financial reporting has improved to some extent. Unfortunately the
scams still continue. Example would be Barney Madoff or what
happened in the financial mortgage industry. These unethical
practices were conducted after Sarbanes Oxley was implemented.
Madoff was able to provide false financial information to investors.
Financial industry was allowed to get to aggressive in underwriting
and product suite. Fines and penalties are deterrents. Ethics still
must be inherent in an individual and company. Laws and
requirements are a guide. There will never be enough auditors,
inspectors or oversight boards to catch all of the fraud in the
corporate community.
The law prohibits falsifying information, failing to notify of material
changes, and destruction of records.
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ACC 291 Week 3 Individual WileyPLUS Assignment

Resource:WileyPLUS
Complete the followingWileyPLUS Week Three Exercises and
Problems:
 Exercise E9-7
 Exercise E10-5
 Exercise E10-10
 Exercise E10-11
 Exercise E10-15
 Exercise E10-18
 Problem P10-5A
Lucent Technologies
Axia College of University of Phoenix

LucentTechnologiesisacompanybasedonnetworkingforservice providers,government,and
enterprisesworldwide(LucentTechnologies,n.d.,Para1).The products andservicestheyworkwith
are separatedintothree categories;serviceandmaintenance,wirelessmobilitynetworking,and
wire line networking. LucentTechnologiesisbackedbyBell Labs,whichdoesresearchand
developmentinnetworkingtechnologies.
Duringthe years of 2001 to 2003 thiscompanyhas experiencedadecrease in demandbecauseof
othercompanies’lossorcapital usedtowardspending.Thisismainlydue toadownturninthe
economy.Asan investorthisinformationisnecessarytoknow because itexplainsthe decreaseor
increase insectionsof the balance sheet.Inordertocompare the growth or decline of the
company’sprofit,aninvestormustchange a balance sheetintoacommon-size balancesheet.First
whenlookingatthe balance sheetaninvestorwill seethatthe amountof paidin capital has
increasedfromthe yearof 2003 to 2004, the assetshave increased,butthe liabilitieshave
decreased.Whenrunningadebt/assetratioitisnoticedthatthisratiodropsfrom 1.2 in2003 to 1.0
in2004. Thisshowsthe company’sriskis low whenconcerningfinancial leverage,usuallywhenthe
debtratiois lessthanone percentitis financedmainlybycompanyequity,sothiscompanyisclose
to beingdebtfree fromcreditors.
Afterchangingthe balance sheettoa common-size balance sheetthereare several factorsan
investorwill lookat.The currentassetshave droppedto.48 from .49 in2004. Thisdoesnot show
harm to the companybecause onlythe accountsreceivable droppedwhile the restof the current
assetsincreased.Thismeansthe companyisnotinas much dangerof defaultonmoneyowedtoit.
It doeshave a rise inmarketable securities.The one concerninthe assetsisthe increase of prepaid
cost of pensionsandgoodwill.Goodwill canbe usedfortax breaksbut prepaidpensionscannot
benefitthe company.
Whenlookingatthe liabilitiessectionaninvestorwill seeadropin pensionandliabilitiesandan
increase inlongtermdebt,bothof these couldbe affectedbecause of the dropinthe economy.
Long termliabilitiesare oftenincreasedtohelpacompany control interestrate increasessoasan
investorcuttingbackon pensionliabilitiescutsbackcost to the companyand watchinginterestrate
increase showthe companyisconcernedwithitsearningandinvestors.Thiswouldbe encouraging
or an investor. The stockholdersdeficitshowsadropinaccumulateddeficitsfrom -1.43to -1.22 and
total deficitsof -.26 to -.08. Thisshowsthe companyisworkingto control any moneylossand
turningitto the company’sadvantage.Overall itshowsthe companyisstill earningaprofitalthough
small.Withan increase of assetsanda drop inliabilitiesthe companyisshowingitisworkingina
lowriskcapital.
Afterreviewingthisinformation,acreditororinvestormustbe able to compare thiscompanyto the
industrytotals.Bycomparinghowthiscompanycomparesto othercompaniessimilartoit,a person
can see if it iscompetitive andworthtakingarisk.Runningratioswill alsoshow if the companyis
capable of payingoff any debtsithas or if it can acquire the neededcashincase of emergencies.
Overall asan investor,Iwouldsaythiscompanywouldbe worthinvestingin.

Reference
AxiaCollege.(2007).UnderstandingFinancial Statements.RetrievedMay10, 2010 from AxiaCollege,
Week2 Assignment,ACC/230.
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ACC 291 Week 3 Individual WileyPLUS Practice Quiz Ch.
11,12
Resource:WileyPLUS
Preparing an Income Statement

The companies’ net income is profitable when the sales exceed the
cost of goods sold. In this, the gross profit is $761k. This is beneficial
to the company. Though we took the cost of goods away from the
net sales there are still other areas which need to take a piece of
the pie. For this company, once the SG&A and depreciation are
taken out, the company still contains a profit of $290k. But the buck
does not stop there. Once the interest income and interest expense
are adjusted the balance before earnings and taxes is $290k. After
taxes are taken out, the company is left with a net profit of $174k.
In this case I think the company has achieved success with a net
profit of $174k. If the company were unable to be profitable, the
company would eventually go out of business. We would be able to
tell if the company was not profitable by looking at each section
individually. The cost of goods sold is what stands out for me. If we
pay more to make the product then we are actually selling it for,
there is no profit to be made. So, I think it should all start there.
-------------------------------------------------------------------

Discuss the objectives for Week Three. Your discussion should include
the topics you feel comfortable with, any topics you struggled with,
and how the weekly topics relate to application in your field.
Week 3 DQ 1
Due Tuesday, Day 2
Post your answer to Problem 3.5 on p. 109 (Ch. 3). How might the
information contained within the stockholder equity statement be
used for management and investor decision-making? Provide
specific examples of situations in which the stockholder equity
information might be used.
The statement of stockholders’ equity provides the changes in the
equity accounts during the accounting period more in depth than
the balance sheet. The information found on the statement of
stockholders’ equity includes retained earnings, common and
preferred stock, and additional paid in capital. Management uses
the statement of stockholders’ equity to ensure they are reaching
their goal of maximizing shareholder's equity. The use of market

ratios help with the analysis of the statement of stockholders’
equity, such as earnings per share, price-to-earnings, dividend
payout, and dividend yield. These ratios will help both management
and investors in analyzing the company. For example, if I were
looking to invest in a company’s stocks I would utilize all of the
financial ratios, as well as the market ratios. The earnings per share
ratio is calculated before the price to earnings ratio, P/E, because
the earnings per share ratio is used in the second. If a company
pays dividends, the dividend payout ratio will come in handy. It tells
us “The percentage of earnings paid to shareholders in dividends”
(Investopedia, 2010, p. 1).
References
Investopedia. (2010). Dividend Payout Ratio. Retrieved August 3,
2010, from
Investopedia:http://www.investopedia.com/terms/d/dividendpayo
utratio.asp
Response 2
Explain what can be found on a statement of stockholders’ equity.
The major elements of stockholders' equity include capital stock,
paid-in capital, retained earnings, treasury stock, unrealized loss on
long-term investments, and foreign currency translation gains and
losses.

How might the information contained within the stockholder equity
statement be used for management and investor decision-making?
Provide specific examples of situations in which the stockholder
equity information might be used.
Management may look at the stockholder’s equity statement
retained earnings section to determine if company should borrow
money for capital investments or finance it through various forms
of equity. It may also be used by the stockholder to evaluate the
compensation paid to the company officers. Investors may also look
at the statement for cumulative net unrealized gains and losses
before purchasing stock in the company. Investors are also
interested in the paid in capital because they can compare it to the
additional paid in capital and the difference between the two
values will equal the premium paid by investors over and above the
par value of the shares.
DQ 2
Week 3 DQ 2
Due Thursday, Day 4
Provide an example from the text or the Internet that demonstrates
a situation in which a company’s net profits appeared good in the

statements, but the gross or operating profits presented a different
picture. Discuss how this might have occurred. Respond to the
following question, addressed in Problem 3.6 on p. 109 (Ch. 3):
“Why is the bottom-line figure, net income, not necessarily a good
indicator of a firm’s financial success?” Look for indicators like
liquidity or solvency to answer this discussion question.
An example that demonstrates the situation is Enron. Enron’s
financial statements did not show all the expenses and costs.
Instead of showing them on the income statement they made
entries so the cost and expenses would post in the balance sheet.
The same was done with the revenues. This way it would be less
expenses and the net profit appeared good. Many debts and losses
were not reported in the financial statements. From the third
quarter of 2000 through the third quarter of 2001, the directors
fraudulently used reserve accounts within Enron Wholesale to mask
the extent and volatility of its windfall trading profits, particularly
its profits from theCalifornia energy markets; avoid reporting large
losses in other areas of its business; and preserve the earnings for
use in later quarters. By early 2001, Enron Wholesale's undisclosed
reserve accounts contained over $1 billion in earnings. The head of
the company improperly used hundreds of millions of dollars of
these reserves to ensure that analysts' expectations were met. In
addition, Skilling and others improperly used the reserves to
conceal hundreds of millions of dollars in losses within Enron's EES
business unit from the investing public.This would show the
creditors that Enron was making profits and its position was solid.

The net income is not necessarily a good indicator of a firm’s
financial success because the income statement only shows the
profit or loss at a period of time and does not show the whole
picture of the company. The Balance Sheet, Statement of cash flow,
Statement of shareholders’ equity and the Income Statement all
together give the real picture of the business. Each one of them
shows different aspects of the business. These statements show
where the income is actually coming from; is it from sales or from
loans the company is borrowing? If the company is selling a
building or any other asset but that does not mean that it is selling
more products and making profit. Looking at the Income
Statements the company might be making profit but at the same
time it is extremely leveraged.
Response 2
A company’s net income is not the whole picture, just part of it.
There are lots of things that contribute to the net income that may
not be significative to the company’s success. If the value of a dollar
has a sudden change that can affect the bottom line if the company
happens to hold the medium of exchange that can benefit by the
change that might occur. The company can falsely inflate the
bottom line. A company’s net income is coupled with liabilities, cash
flow, and selects financial ratios. Looking at it this way is a much
better way of seeing what the company’s success is like. A company
can change up many things to make it look like their income is
better. These things that can be changed are single sales events,

cash infusion, or false financial statements. Some things like debt
that a company has, the company’s cash on hand, their capital
assets conditions, or even their sales trends. To figure the success of
the company, you must look at the whole picture. One thing cannot
tell you all the facts of the company’s affairs. You cannot tell the
net income of the company just from the bottom line. Look at all
the financial records.
Response 3
Provide an example from the text or the Internet that demonstrates
a situation in which a company’s net profits appeared good in the
statements, but the gross or operating profits presented a different
picture. Discuss how this might have occurred. Respond to the
following question, addressed in Problem 3.6 on p. 109 (Ch. 3):
“Why is the bottom-line figure, net income, not necessarily a good
indicator of a firm’s financial success?” Look for indicators like
liquidity or solvency to answer this discussion question.
Net income is not necessarily a good indicator of a firm’s financial
success because they have ways to manipulate it by increasing their
revenues or hiding some of their expenses. For investors trying to
decide where to invest their money, they need to look more into
assessing how the company came up with the numbers they
presented.
An example of this situation is when Laribee Wire Manufacturing
Co. exaggerated in recording their inventory value which allowed
them in acquiring loans from six banks totaling to about $130
million using it as collateral. At the same time, they reported $3

million in net income for the period, but in actuality they lost $6.5
million.
This company showed a higher net income by reporting fake
inventory in which its value was overstated and transferred over to
their income statement. When the banks assessed their financial
statements, it was enough to sway them into lending the loans they
needed.
Reference:
Investopedia. (2010). Spotting Creative Accounting On The Balance
Sheet. Retrieved
fromhttp://www.investopedia.com/search/searchresults.aspx?q=S
potting+Creative+Accounting+On+The+Balance+Sheet&submit=Sea
rch
-------------------------------------------------------------------
ACC 291 Week 3 Wileyplus Assignment P9-7A, E10-5, E10-
8, E10-13, E10-22, E10-24, BYP10, P10-9A, P10-13A,
IFRS10-4 (New)

·P9-7A, E10-5, E10-8, E10-13, E10-22, E10-24, BYP10, P10-9A, P10-
13A, IFRS10-4.
 Exercise 10-5: Olinger Company
 Exercise 10-8: Ortega Company
 Exercise 10-13: Romine Company
 Exercise 10-22: Cole Corporation
 Exercise 10-24: Nance, Co.
 Broadening Your Perspective 10-1: Tootsie Roll
STOCKDIVIDEND
Stock Split
University of Phoenix

Stock Dividend
In the presenttime,the stockdividendhasbecome importantconcept.When dividendis
giveninformof stock,itis calledstockdividend.Inthisformof dividend,the cashdoesnotuse.It is
important,whenthe corporationdeclaresstockdividend,the marketvalueof the share decreases
because the numberof stockincreases. The manycompaniespreferstockdividenddue tothe tax
benefit.If the individual getsstockdividend,he doesnotpayanytax on stockdividend.Thusthe
stock dividendreducestax burden. Onthe otherhand,the ownershipof investorsalsospursupin
the companybecause the numberof holdingshare increases.Thereisalsodisadvantageof stock
dividend.The marketvalueof the share decreases,sothe marketvalue of holdingalsodecreases
(Kennon, 2009).

The ABC Companyisleadingcompanyinitsindustry.The numberof outstandingshare of
the companyis one million.Onthe otherhand,the numberof investorsisfive millions.The valueof
marketcapitalizationis$100 million.The managementdeclares20% stock dividend.Thusthe
200000 shareswill be distributedasastock dividend. The numberof outstandingshare willbe
increasedby200000 and the newtotal numberof outstandingstockwill be 1.2million.Onthe other
hand,the newvalue pershare in the marketwill be $83.33 (100 million/1.2million).Thisexampleis
takenfrombelowmentionedlink:
Stock Split
The stock splitisalsoan importantconcept.Whenthe managementwantstoincreases
numberof shares,the managementfollowsthismethod.Inthismethod,the face value of the share
issplitand numberof share getsincreased.Due toincrementinnumberof outstandingshare,the
marketvalue of pershare alsogetsaffectedbutthe total marketcapitalizationof the companydoes
not affect.Bothstocksplitand stockdividendincrease numberof outstandingsharesbutbothare
differentdue tothe accountingtreatment.Inthe stocksplit,the investorsdonotgetany real
benefit. Itisalso knownasnon-cashdistributionof dividend. The mottobehindstocksplitisto
increase tradingof the sharesinthe market(Baker,2009)
For example,the face value of pershare is$100 and the total outstandingsharesare 100
million.If the managementof the companyannouncesstocksplitinratioof 1:2, the total
outstandingshareswill be increasedby100 million,thusthe new total numberof the share will be
200 million.Onthe otherhand,the face value of the share will reduce by50%. So the new face value
of the share will be $50. Due to effectof stocksplit,the holdingshare of the investorwill also
increase inthe prorate basis.If the investorhas10 shares,now he will have 20 shares.It isimportant
thingthat the total issuedcapital will notbe changed. The illustrationof stocksplithasbeengot
fromfollowinglink:

Reverse Stock Split
The reverse stocksplitisjustopposite of stocksplit.Inthisprocess,the management
reducesthe numberof outstandingshares.The companyincrease face valueof the share.Inthis
methodcorporationdecidesaratiosuchas 2:1. Thus the company accumulatestwosharesinone
share.In thismethod,the total marketvalue of companydoesnotchange.Due to reverse stock
split,the earningpershare andface value of pershare rises.Thusthe reverse stocksplitprovides
justopposite resultfromstocksplit.Itisimportantquestion,whycompanyselectsthismethod.
Whenthe managementseemsthatthe face value of the share islessas comparedto competitors
thenthe companygoesfor thismethodtomake its share value toequal to competitor’sshare’sface
value.Itisalso a soundstrategyto increase treadingof shares.If the face value of share istoo cheap
incomparisonto competitors,the investorswill be discouragedforinvestment.Forincreasingthe
confidence of investors,the managementusesthis method(Mladjenovic,2009).
For example,aninvestorholds100 sharesof XYZ Companyand the face value pershare is
$50. If the managementgoforreverse stocksplitoptionanddeclaresone share for10 sharesthen
the holdingof the individual will reduce 9sharesforevery10 shares.Thusthe new holdingof the
investorwill be 10(100/10) sharesbut the face value pershare will be $500. Itis alsoimportantthat
the total marketcapitalizationwillremainassame asbefore reverse split.The example of the
reverse splitistake formbelowmentionedlink: http://www.sec.gov/answers/reversesplit.htm.

References
Baker,H. K. (2009). Dividendsand Dividend Policy.JohnWileyandSons.
Kennon,J.(2009). All AboutDividends.RetrievedMay31, 2010, from
http://beginnersinvest.about.com/od/dividendsdrips1/a/aa040904_2.htm
Mladjenovic,P.(2009). Stock Investing forDummies.Dummies.
-------------------------------------------------------------------
Why are companies required to prepare a statement of cash flows?
Why is the statement of cash flows divided into three sections?
Differentiating Depreciation Methods
There is one main difference between straight line depreciation and
accelerated depreciation. Straight line is decided by taking the cost of
the assets, figuring out the salvage cost when the use of the asset is
finished and how many years of use the asset has. A person then takes
the cost minus salvage and divides the remainder by the number of

years of use. This amount is the depreciation expense subtracted each
year from the cost. The accelerated depreciation does not have the
same amount of deprecation subtracted each year. It does have the
cost minus salvage value to figure out the amount to use but is then
divided out differently. A person takes the sum of the years of a
product’s useful life, such as three years is 3 + 2 + 1 = 6, then a
person would divide the depreciation amount by 3/6 the first year, 2/6
the second and finally 1/6 for the final year. So the amount of
depreciation expense is larger to smaller with accelerated and equal
amounts for straight line.
The advantages of straight line method are it is easier and faster to
figure. The advantage of accelerated method is it is more accurate
when figuring depreciation expense. The accelerated method has an
advantage and disadvantage concerning taxes. A company can use
the accelerated method to take advantage of bigger tax breaks at the
beginning of an assets life, but since this amount drops during the
lifespan if the company needs added tax breaks it will not receive
them from these assets in the future. With the straight line method the
amount of tax breaks are even through the life of the product. Most
companies choose this form of depreciation for reporting purpose on
taxes but will use the accelerated method to figure taxable income.
As mentioned before the advantage of straight line depreciation is it is
easier to figure and uses the same total each year for deduction of
depreciation expense but the disadvantage is that if use for taxable
income and reporting a company does not get a bigger tax break at
the beginning of the assets life when they have just put out the cost for
the item and may need a bigger tax break.
-------------------------------------------------------------------

What are some common ratios used to analyze financial information?
Which are the most important?
What are some examples of how ratios are used in the decision
making process?
Two popular methods of financial statement analysis are horizontal
analysis and vertical analysis. What are the differences between
these two methods?
-------------------------------------------------------------------
ACC 291 Week 4 Individual WileyPLUS Assignment
Analyzing an Income Statement

The net income of Kodak has decreased a bit; it appears that the
company is more profitable. By conducting a side by side analysis
from 2004 to 2003 the company has increased in current assets and
decreased in total assets. It appears that the company went down in
property, plant and equipment net as well as discontinued
operations. So, despite the decrease in total assets it looks like the
company has made a good decision.
The company has also decreased its total liabilities by about 4%. I
believe this to be good because the short term borrowings and long
term debt has decreased. To me, this means that the company is
tightening their belt and paying off old debt.
Total shareholders’ equity has down a little bit in dollars, but on the
percentage level the company’s percentage has gone up. I believe
this is because the company issued $104k more shares in 2004 than
in 2003. The company has the same amount of shares outstanding
in 2004 that it did in 2003 as well. Retained earnings on the stock
have gone up in 2004 as well. I believe this is contributed by the
more shares that have been issued.
I believe the profitability of the company is under good standings.
They appear to be making the necessary adjustments in the
company to stay with in a profitable income.
-------------------------------------------------------------------
ACC 291 Week 4 IndividualWileyPLUS Practice

Resource:WileyPLUS
Cash Flow Statement Analysis
Cash Flow Statement Analysis
The cash flow statement is important financial statement of the
corporation. The cash flow statement states from where cash has
come and where cash has been gone. Thus the cash flow statement
makes a relationship between beginning balance and ending
balance of cash. The cash flow statement is prepaid on the basis of

income statement and balance sheet of the company. The Little Bit
Inc’s beginning cash balance including marketable securities was
$24000. On the other hand, the ending cash balance including
marketable securities of the company was $40000 (Weygandt,
Kimmel & Kieso, 2009).
The net income of the company was $5500 during 2009. The
company generated cash inflow from operating activity is less as
compared cash out flow from operating activities. The company
generated $9000 negative cash balance in operating activity
section of the cash flow statement. On the other hand, in the
investment section, the firm has also negative cash balance. The
firm has $7000 negative balance in investment section of the cash
flow statement. The Little Bit Inc made investment during the year
instead of selling of assets. Last section of the cash flow statement
is financing activity section. In which, all finance related activities
come. The corporation sold some shares and borrowed some money
from outside lenders therefore the company has positive case
balance by $32000 in financing activity section.
Reference

Weygandt, J.J.,Kimmel, P.D. & Kieso, D.E. (2009). Managerial
Accounting: Tools for Business Decision Making. John Wiley and
Sons.
-------------------------------------------------------------------
Discuss the objectives for Week Four. Your discussion should include
the topics you feel comfortable with, any topics you struggled with,
and how the weekly topics relate to application in your field.
Week 5 DQ 1
Due Tuesday, Day 2
In what ways does the statement of cash flows relate to the
balance sheet and income statement?

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