In week 3 we switch gears and begin discussing the Regulation (tax and business law) portion of
the CPA Exam. In this discussion we will review the tax profession as a whole. Spend some time
researching different tax accountant jobs on the internet. What
Refer to the financial statements and related disclosure notes of PetSmart in Appendix B located at the
back of the text.
1. What categories does the company use to classify its assets?
Current Assets: Cash and cash equivalents, Short- term inve
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The following questions were answered incorrectly. Review feedback if provided to see hints or
Melton Company sold some machinery to Addison Company on January
1. What is the purpose of the statement of cash flows? What information does it provide?
The purpose of the statement of cash flows is to provide information about a companys cash receipts and cash
payments during a period. The statement of cash flows the
Professional Research: FASB Codification
Employees at your company disagree about the accounting for sales returns. The sales manager believes
that granting more generous return provisions can give the company a competitive edge and increase
Jessica L. Brown
December 7, 2015
Extraordinary Circumstances: The Journey of a Corporate Whistleblower
The book is the story of Cynthia Cooper, the Vice President of Internal Audit at
WorldCom, who uncovered the massive fraudulent activities at
For the Year Ending December 31, 2015
Cost of Goods Sold (1)
Gross Profit on Sales Expenses:
Salaries and Wages
Repairs and Maintenance
Taxes and Licenses (excluding FICA and FUTA taxes)
This week, please read Sunbeam: The Revenue Recognition Principle and answer questions 1
and 2 from the Case Questions at the end of the reading. This case deals with a few violations of
accounting principles you have learned in your financial accounting
Read Waste Management: The Definition of an Asset and answer questions 1 and 2 from the
Case Questions at the end of the reading. This case deals with a few violations of accounting
principles you have learned in your financial accounting courses.
Watch the first 5 segments of Ethics in Corporate America: A Crisis of Credibility video
available in the Content area of the course. In the first few minutes of the video they suggest that
business ethics is an oxymoron. What do you think? As someone get
There is a lot of information available to CPA candidates online you just have to know where to
find it. Visit the link for the NASBA website provided in the Content area of the course. Once
there select exams, then CPA exam. Also, read the CPA Exam Candi
This week we will switch gears and begin looking at auditing. Similar to our discussion in Week
3, well spend some time researching the auditing profession on the internet. If you have some
experience in an auditing related job, please share with the clas
The discussion this week will focus on ethical behavior. What do you think makes someone an
ethical person? In every accounting class Ive taught when I ask the students to raise their hands
if they consider themselves to be an ethical person, they ALL rai
As mentioned before, this course is not meant to be a CPA review program. However, there are
several comprehensive review options available to students including the Becker, Wiley, or
Kaplan program. Spend some time researching a CPA Exam review program.
The table below contains selected financial information included in the 2013 financial
statements of Del Monte Foods Co. and Smithfield Foods Inc.
($ in millions)
Accounts receivable, net
$ 191.7 $