ACC 497 WEEK 1
The idea of keeping good records of finances, property, or materials
date back to just some of the earliest societies and branches over various
different civilizations and generations. The history and evolution of
Case Studies; 1-3, 1-4, & 2-2
Advanced Topics in Accounting Research
Case 1-3 Politicization of Accounting Standards
Throughout the Great Depression of 1930, the Securities and
Exchange Commission, SEC was created. The SEC has the
I:1-48 Pedro Bourbone is the founder and owner of a highly
successful small business and, over the past several years, has
accumulated a significant amount of personal wealth. His portfolio
of stocks and bonds is worth nearly $5,000,000 and generates
25) The process of formally recording or incorporating an item in the financial statements
of an entity is
26) The primary purpose of the statement of cash flows is to provide information
54) Which of the following statements accurately describes the workers compensation
A. The employer can avoid liability if the injured employee was contributory negligent.
B. The employer is liable for employment-related injuries only if negligent.
88) Use of auditor judgment or of a risk matrix is necessary in revising planned detection
A. risk assessments are not quantified
B. assessed control risk at the account balance level does not support the planned level of
82) Specific audit objectives are normally
A. the same as the categories of managements financial statement assertions
B. developed for each item in the financial statements and derived from the categories of
managements financial statement assertions
ACC 497 Final Exam
Your exam has been submitted
Submitted on Nov 16, 2015, 12:03 PM
Section 1: Business Structure
1) The uniform law, issued in 1984 by the Committee on C
65) Ricky has rented a house from Sarah since last year. The rent is usually $800 per
month, but Sarah reduced the monthly rent down to $600 for all 12 months this year in
exchange for Ricky constructing an addition to the house. The addition has a fair m
76) The function of auditing is
A. to locate every financial error
B. to provide interested parties with added assurance that the financials are not materially
C. to provide more precise accounting information for accurate tax reporting
D. to l
37) Expenditures should be budgeted by character. An example of a character classification
A. current expenditures.
C. public safety.
D. police department.
38) Which of the following funds is accounted for on the modified accrual basis of
60) Antonio owns land held for investment with a basis of $28,000. The city of Lafayette
exercises the right of eminent domain and Antonio receives a payment of $48,000. What is
Antonio's realized gain?
61) In April
49) Damages intended to punish a defendant and deter the defendant and others from
engaging in the same tortious conduct in the future are called
A. penalty damages.
B. retribution damages.
C. punitive damages.
D. nominal damages.
50) Where a contract cal
Theory & Analysis Case Study
A theory is basically just a belief but in order for a theory to be successful or useful it
Managerial Analysis BYP1-2
Managerial Analysis BYP1-2
Love All is a fairly large manufacturing company located in the southern United States.
The company manufactures tennis rackets, tennis balls, tennis clothing, and tenn
Week 5 Summary
The most critical concept that I have learned this week pertains to profit and
non-profit organizations. Throughout the week I have learned that the
difficulties of non-profit organizations measures the overall success because it
The case discusses the differences in charitable
donations and the debt of St. Jude and Universal Health
services. It provides in showing how not-for-profit
organizations are run and how governmental entities are
run in comparison. It illustrates the reco
Week 1 DQS and Summary
Please comment on one of these current accounting issues.
Please share your resources.
Codification of GAAP
Rules-based versus principle-based accounting
The codification of GAAP was initially introduced and enforced as of
Week 2 DQS AND SUMMARY
What are some nonfinancial performance measures? What do they tell
us about the performance of an organization? Why is it important for
managers to include nonfinancial performance standards in their
analysis of their operations
Week 3 DQS
What is the purpose of conducting tax research? Are results of tax
research conclusive? Why or why not?
Tax research is completed like any other research. The ultimate idea is to
determine further information about a respective topic. Peopl
E1-17 Runcke Motor Company
Head Lamps Purchased
Head Lamps removed from Inventory
Head Lamps remaing in Inventory
Cost per head lamp
Cost in raw material inventory at Sep 30
Head Lamps Used in Production
Case Study Assignment
Case 3-5 International versus U.S. Standards
A.) Discuss the qualitative concept of comparability. In your opinion, would
the financial statements of companies operating in one of the foreign
countries listed above
Financial Statements Paper Part II
ACC 497 WEEK 3
Financial Statements Paper Part II
The Home Depot has an established reputation within the country
among do-it-yourself customers and professionals. Moreover, the reputation
of the companys dedication to c
Assignment From the Reading
A.) What are the primary information needs of each manager?
Andre Agassi, Sales Manager (supervises all sales representatives).
The primary information of the manager should be reviewing performance
Week 4 DQs and Summary
Provide 2 examples of risks and liability factors in an audit? What are
the implications to the auditor? What are the implications to the
One example of a risk and liability in audits is that CPA claims, bear witne
Following is a list of ways that the Private Securities
Reform Act of 1995 (Reform Act) will potentially change
auditors legal liability. The Reform Act:
Establish a cap on damages which would otherwise
reduce the maximum amount that auditors
ACC 497 Advanced Topics in Accounting Research
This case evaluates the differences in charitable contributions and
debts of both St. Jude and Universal Health Services. Furthermore, this
demonstrates how non-profit organizations from
Assignments from the Readings (Week 4)
I: 15-62 Case Study Problem
Determine whether you can accept at face value Mals information
concerning his charitable contributions.
The contributions of Mal for the year are significantly less than 20% of th
Runcke Motor Company manufactures automobiles. During September 2011 the
company purchased 5,000 head lamps at a cost of $9 per lamp. Runcke withdrew 4,650 lamps
from the warehouse during the month. Fifty of these lamps were used to replace the head