Running head: AUDITING A PUBLICLY TRADED COMPANY
Staff I - Team A
March 26, 2012
Ensuring a compa
ACC 541 Week 5 DQ1
Explain operating segments of an enterprise. How does SFAS No. 131 define an operating segment?
What thresholds must be met for an operating segment to be a reportable segment?
According to SFAS No. 131, an operating segment engages in
Running head: REPORTING
Following the recent acquisition of the new compa
ACC 541 Week 3 DQ2
Doherty Company leased equipment from Lambert Company. The classification of the lease will impact
both the balance sheet and income statement on both Doherty and Lambert.
1. What criteria must be met by the lease in order that Doherty
Running head: RESPONSE TO CLIENT REQUEST II
Response to Client Request II
RESPONSE TO CLIENT REQUEST II
Consulting Firm - Team A
March 12, 2012
Pending Lawsuit Effects
This memo elaborates on the Fina
ACC 541 Week 5 DQ2
Pension accounting has become more closely associated with the method of determining pension
Discuss the following methods of determining pension benefits.
Defined contribution plan.
Defined benefit plan
Discuss the following
ACC 541 Week 4 DQ2
The following three independent sets of facts relate to (1) the possible accrual or (2) the possible
disclosure by other means of a loss contingency.
1. A company offers a one-way warranty for the product that it manufactures. A history
ACC 541 Week 4 DQ1
Angela Company is a manufacturer of toys. During the year, the following situations arose:
A safety hazard related to one of its toy products was discovered. It is considered probable that
liabilities have been incurred. Based on past e
Running head: RESPONSE TO CLIENT REQUEST
Response to Client Request I
TO: Consulting Supervisor
This memorandum gives a summary
ACC 541 Week 3 DQ1
What are the four criteria used for determining if a lease is to be treated as a capital lease? How is the
balance sheet impacted? How is the income statement impacted?
Chapter 13 of our reading assignment states that FASB classify leas
ACC 541 Week 3 DQ3
Is possible to capitalize a lease that does not to meet any of the SFAS No. 13 criteria for a capital lease?
In your answer consider the conceptual framework definitions of assets and liabilities.
In my opinion, I do not think it is pos
Running head: CLIENT UNDERSTANDING
It is important to understand accounting jargon to increase accountability by firms, and
ensure that their books of accounts reflect their true fi
ACC 541 Week 1 DQ3
IFRS is a principal based accounting system that relies on the judgement of professionals.
GAAP, however, is a rule based accounting system. If and when the U.S. transitions to an IFRS
standard, how will this impact Generally Accepted A
ACC 541 Week 2 DQ1
Please post your response to the following:
MVP Corp uses LIFO to value its inventory.
The 2008 inventory records disclose the following:
Beginning Inventory: Units
ACC 541 Week 2 DQ2
Compare and contrast two of the following inventory valuation methods: first infirst out (FIFO), last in
first out (LIFO), or weighted average. Explain the benefits of each inventory valuation method you
selected and how the inventory i
ACC 541 Week 1 DQ2
What is the current situation regarding the transition to the IFRS. What are some of the obstacles
that are postponing the transition?
International Financial Reporting Standards (IFRS) are Standards, Interpretations and the
ACC 541 Week 1 DQ1
What is the importance of the mission of the FASB?
The FASBs mission is to establish and improve standards of financial accounting and reporting
for the guidance and education of the public, including issuers, auditors, and users of fin