Discuss exchange and nonexchange transactions What is the difference? What are the four eligibility requirements?

1. Name and describe the many types of revenue nonprofits and governments generate.

2. Talk about the use of modified accrual accounting in governments why? How is revenue recognized under modified accrual accounting?

3. One of your problems deals with property taxes what are the specific requirements for property tax revenue.

4. Discuss exchange and nonexchange transactions What is the difference? What are the four eligibility requirements?

5. List the four categories of nonexchange, give an example of each and tell us what the asset and revenue recognition criteria are for each. See Statement 33.

6. What does restricted, unrestricted and temporary restricted mean in terms of revenue (FASB 116 might help here)?

7. Explain the difference between expenses and expenditures and list examples of each.

Johnson Corporation purchases $372,500 in goods per year on terms of 1/10, net 30. If the firm chooses to pay on time but does not take the discount, what is the effective annual percentage cost of its nonfree trade credit?

Johnson Corporation purchases $372,500 in goods per year on terms of 1/10, net 30. If the firm chooses to pay on time but does not take the discount, what is the effective annual percentage cost of its nonfree trade credit?

Describe the most significant differences between the FASB and the IASB.

1. Describe the most significant differences between the FASB and the IASB.
2. Compare and contrast the conceptual frameworks of the IASB and FASB.
3. Discuss which conceptual framework is more coherent or relevant or applicable and explain why.
4. Evaluate the likelihood that IASC will someday replace the FASB

Should ceo pay be regulated by government. Why or why not. If so how?

Should ceo pay be regulated by government. Why or why not. If so how?

What industry meets the conditions of a perfectly competitive industry and how the individual firms would respond to an increase in the market demand for the product.

What industry meets the conditions of a perfectly competitive industry and how the individual firms would respond to an increase in the market demand for the product.

McNair, Inc. expects to begin operations on January 1, 2010; it will operate as a specialty sales company that sells laser pointers over the internet. McNair expects sales in January 2010 to total $200,000 and to increase 10 percent per month in February and March. All sales are on account. McNair expects to collect 70 percent of accounts receivable in the month of sale, 20 percent in the month following the sale, and 10 percent in the second month following the sale.

McNair, Inc. expects to begin operations on January 1, 2010; it will operate as a specialty sales company that sells laser pointers over the internet. McNair expects sales in January 2010 to total $200,000 and to increase 10 percent per month in February and March. All sales are on account. McNair expects to collect 70 percent of accounts receivable in the month of sale, 20 percent in the month following the sale, and 10 percent in the second month following the sale.

a. Prepare a sales budget for the first quarter of 2010.

b. Determine the amount of sales revenue McNair will report on the first 2010 quarterly pro forma income statement.

c. Prepare a cash receipts schedule for the first quarter of 2010.

d. Determine the amount of accounts receivable as of March 31, 2010.

Should CEO pay be regulated by government? Why or why not? If so, how?

Should CEO pay be regulated by government? Why or why not? If so, how?

Your audit manager has assigned you to train your peers on an audit team about fraudulent financial reporting schemes.

Your audit manager has assigned you to train your peers on an audit team about fraudulent financial reporting schemes.

Identify and explain 5 fraudulent financial reporting schemes to your peers.

Use 2 examples involving accounting transactions to demonstrate each of the schemes that you identified.

Show how auditors can utilize analytical procedures, test of details, and confirmations to uncover the schemes that you identified.

Identify and explain 5 characteristics that may increase the possibility that financial statement fraud will occur in a company. Use examples to explain the company characteristics.

Identify and explain 5 characteristics that may increase the possibility that financial statement fraud will occur in a company. Use examples to explain the company characteristics.

Most people agree that managers should make ethical decisions and that firms have a responsibility to obey the law. Beyond this, however, do firms have a social responsibility? If firms really have a social responsibility, specifically identify the social obligations that they have and how they can coexist with the responsibility to provide maximum returns to shareholders. If not, why not?

Most people agree that managers should make ethical decisions and that firms have a responsibility to obey the law. Beyond this, however, do firms have a social responsibility? If firms really have a social responsibility, specifically identify the social obligations that they have and how they can coexist with the responsibility to provide maximum returns to shareholders. If not, why not?

Should the CFO (or the finance group) take the lead or play a key role in overhauling the firm s performance measurement system? Why or why not?

Should the CFO (or the finance group) take the lead or play a key role in overhauling the firm s performance measurement system? Why or why not?

What are the major payoffs from overhauling the performance measurement system?

What are some pitfalls in design and implementation? Where does corporate culture fit in the process?

Are the tax consequences of the formation of a partnership similar to those of S corporations?

Are the tax consequences of the formation of a partnership similar to those of S corporations?

How?

If there are differences, how and why are they different?

Suppose the company changed its depreciation calculation procedures (still within GAAP) such that its depreciation expense doubled. How would this change affect Brandywine s net income, total profit margin & cash flow?

1. Suppose the company changed its depreciation calculation procedures (still within GAAP) such that its depreciation expense doubled. How would this change affect Brandywine s net income, total profit margin & cash flow?

2. Explain the difference between equity section of a not for profit business and an investor owned business.

Understanding, analyzing, and providing accurate and relevant information to key areas helps guide management decisions. Review the job postings and financial data on the Anthony s Orchards website. Based on these postings, how do the two job descriptions influence your decision making about marketing variances? The method of paying a sales person can influence and change behavior. How do you recommend paying your salespeople in order to have them sell in the best interest of the company? How will the decision impact the company? Should the company focus on gross margin or contribution margin when determining its pricing strategy and its impact on throughput accounting?

Understanding, analyzing, and providing accurate and relevant information to key areas helps guide management decisions. Review the job postings and financial data on the Anthony s Orchards website. Based on these postings, how do the two job descriptions influence your decision making about marketing variances? The method of paying a sales person can influence and change behavior. How do you recommend paying your salespeople in order to have them sell in the best interest of the company? How will the decision impact the company? Should the company focus on gross margin or contribution margin when determining its pricing strategy and its impact on throughput accounting?

You have recently landed a job in the Accounting Department of a public company listed on the NASDAQ exchange. You have been asked to prepare year end adjusting entries, including an appropriate adjustment to the Allowance for Doubtful Accounts. According to the Aged Accounts Receivable analysis, the Allowance should be $200,000. After showing your analysis to your supervisor, he tells you to change the age category of a $400,000 customer balance from 120 days past due to Current , and to prepare a new invoice to that customer with a date that places it within the Current category.

You have recently landed a job in the Accounting Department of a public company listed on the NASDAQ exchange. You have been asked to prepare year end adjusting entries, including an appropriate adjustment to the Allowance for Doubtful Accounts. According to the Aged Accounts Receivable analysis, the Allowance should be $200,000. After showing your analysis to your supervisor, he tells you to change the age category of a $400,000 customer balance from 120 days past due to Current , and to prepare a new invoice to that customer with a date that places it within the Current category.

(1) What wouild be the effect of this change on the Income Statement, Balance Sheet, and Statement of Cash Flows?

(2) What action should you take? Hint: The Institute of Management Accountants has a recommended course of action in its Statement of Ethical Professional Practice. (IMA is also a very good organization for students to join in order to network with accounting professionals. Annual dues are at a very minimal student rate.)

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