Category: Accounting

Explain why organizations create budgets and the two distinct purposes for budgeting. Further, discuss the types of budgets that comprise the master budget.

Select one of the following questions to answer in your discussion:

Describe activity-based costing and how costs are computed and assigned to cost pools. Further, explain how ABC differs from traditional absorption costing.

Explain why organizations create budgets and the two distinct purposes for budgeting. Further, discuss the types of budgets that comprise the master budget.

Discuss a self-imposed budget as well as the advantages and disadvantages of the same.

Describe the IMA’s ethical principles and relate each one of the principles to the Bible.

Describe the IMA’a procedure for resolution of ethical conflicts and how this relates to Biblical principles.

 

Briefly describe the reporting units that compose the consolidated entity of United Way of America. How are they operationally interrelated?

Week Six Problems/Exercises

Briefly describe the reporting units that compose the consolidated entity of United Way of America. How are they operationally interrelated?

Using the consolidated statement of financial position, identify and briefly explain the consolidation eliminations. Then describe the components and amounts of each of the major items composing the consolidated net assets and equity. Finally, using the statement of financial position information along with the footnote information, describe the components of the custodial funds asset and custodial funds liability in the consolidated columns.

Using the consolidated statement of activities, what are the four largest revenue sources? What are the four largest expenses? What is the consolidated total of fund-raising expenses?

Using the supplemental schedule, the statement of functional expenses, and the footnotes, describe the four largest program services categories. What are the three largest expense categories?

Accessing Form 990, briefly describe the major types of information required on this Internal Revenue Service form.

How has financial accounting changed as new technologies arise? Make sure to address how financial data is at risk and how it can be protected.

Major accounting scandals from the 1990’s until the present. Two major scandals from the late 1990’s and early 2000’s were Enron and World Com. Make sure to mention the accounting principle(s)/rule(s) violated in the scandal.

The FASB was created in 1973. What kind of guidance was available to accountants before 1973? How has that changed with the creation of the FASB?

How has financial accounting changed as new technologies arise? Make sure to address how financial data is at risk and how it can be protected.

Research different accounting software programs. Quickbooks is the most popular accounting software but find other programs that are also available. Include software programs that are available for specific industries and include the pros and cons of each program you discuss. You should discuss at least 3 accounting software programs.

Find the most recent annual report for one of your favorite companies. (The company must be publicly traded, i.e. the stock sold on a stock exchange, to easily find the annual report). Discuss the company’s performance over the year of the report. Look at the revenue/net income trends for the company (3 years of data will be given). Note any other significant financial information from the balance sheet or income statement. Give your opinion on the company’s future and back your opinion up with information from the annual report.

 Describe how and why an automated AIS would benefit the business. Explain the attributes and advantages of an automated AIS and the specific ways an automated AIS would benefit the business. [ACC-315-01]

7-1 Final Project

Describe the current accounting environment and the stakeholders of a business. [ACC-315-01]

Map one accounting cycle (sales, accounts receivable, accounts payable, inventory, or payroll) using a data-flow diagram and system flowchart.
[ACC-315-02]

Use an REA diagram to identify the pertinent resources, events, and agents within the chosen accounting cycle. [ACC-315-02]

Create a table that identifies weaknesses and potential threats to a business and potential internal controls to address the weaknesses and
threats found in the chosen cycle. [ACC-315-03]

For the chosen cycle, describe the data elements that need to be captured in the accounting information system (AIS), and organize that data
into relational database tables. Include the data type, structures, and whether the data element is a primary or foreign key. [ACC-315-05]

Executive Summary Presentation: Prepare a presentation as a visual accompaniment to the recommendation.

Explain your findings. Describe the business’s strengths and weaknesses and what the results indicate about the business’s ability to be
successful. [ACC-315-01]

Describe how and why an automated AIS would benefit the business. Explain the attributes and advantages of an automated AIS and the
specific ways an automated AIS would benefit the business. [ACC-315-01]

Recommend accounting application software that would help the business. Explain the features of accounting application software along with your rationale for the chosen software. [ACC-315-04]

What types of Direct Materials would be used in this business?What are examples of the Manufacturing Overhead for this business?

Memo #2 – Chapter 15

As the new managerial accountant, Mr. Profit does not understand the differences between Direct Materials, and Manufacturing Overhead. Explain these to Mr. Profit.

Write a word memo to explain the differences.

What types of Direct Materials would be used in this business?

What are examples of the Manufacturing Overhead for this business?

Give 2-3 examples of reporting and how it could be useful to approach the banker to get the loan approved?

Analyse the nature of this company’s dividend policy and discuss possible reasons for it.For the share price performance, do we need to analyse all share price changes, even the small ones?How should we calculate the gearing ratio?

What do you learn from your section? What is the most important element within this section?) Identify any key performance indicators which you believe are missing, and again link these to stakeholder groups with your reasons as to why their inclusion would be beneficial.

Critically analyse the investment rating of your company, with reference to Ratings Agency information. Has this changed over the period? If so, why?

Analyse the type of financing that this company uses and comment on the balance between its debt and equity – calculate the gearing ratio. Comment on any significant changes in long-term financing over the past couple of years.

Analyse the nature of this company’s dividend policy and discuss possible reasons for it.For the share price performance, do we need to analyse all share price changes, even the small ones?How should we calculate the gearing ratio?

 Discuss the taxability of the different types of assets. Are some tax-preferred assets upon bequeath, and are there non-tax benefits to the cash?

What information would you need from Sarah in order to give her sound advice?

Sarah doesn’t know what any of this stuff means- write a memo to her as if she is a client of a financial planner (should be about 3 pages). Outline the pros and cons of each type of investment and what she should consider before making a decision. Remember this is someone who does not have an MBA. You need to walk her through the correct thought process and use easy numerical examples. When using technical terminology, explain what it means and provide relevant analogies.

Discuss the taxability of the different types of assets.

Are some tax-preferred assets upon bequeath, and are there non-tax benefits to the cash?

Come up with a plan that helps “equalize” the after-tax receipts for her two children and husband (hint: the lawyer probably shouldn’t be given the 401k). This question does not need to be a memo.