Journal article Week 3
What is the PCAOB? What is its areas of authority? What is the SEC? What is its authority? How do
PCAOB: Public Company Accounting Oversight Board and authorities to make sure
public accounting firms are aud
7-21. Distinguish between the two subsections of Section 404 of the Sarbanes-Oxley Act of 2002.
State responsibility for auditors to establish and maintain data over financial reporting
Provide an assessment of data of the end of the most rece
16-1. Identify three revenue accounts that are verified during the audit of balance sheet accounts; also,
identify the related balance sheet accounts.
Sales: accounts receivable
Interest: Notes receivable
Royalties: intangible assets
1. Compute key ratios and other financial measures for Crazy Eddie during the period 1984-1987.
Identify and briefly explain the red flags in Crazy Eddies financial statements that suggested the
firm posed a higher-than-normal level of audit r
What is auditing? What is it purpose? What companies are audited?
Auditing is the process of checking financial statements, in according to GAAP fairly. Needs
to be independent opinion to avoid bias, economic self-interest. Public corporations ar
What is KPMG? What FIFA? What did KPMG announce regarding FIFA? Why was KPMG involved with
KPMG is one of the Big Four accounting firms. FIFA is Federation International
Football Association, is pro soccer. KPMG announced that there are Conc
1. What is GAAP? How is it determined? What entities use GAAP?
a. GAAP is Generally accepted accounting principles and are concepts and standards. Used
by GASB and FASB and used by all public and governmental companies
2. What is non-GAAP reporting? Why d
Week 4 Journal Article
What responsibilities do auditors have to detect fraud? What areas of fraud detection are easier for
auditors to do? What areas are more difficult, given the limits of their knowledge of the company and access
ACC380 Chapter 5 In-Class Exercises
Louis files as a single taxpayer. In April of this year he received a $900
refund of state income taxes that he paid last year. How much of the refund, if any,
must Louis include in gross income under the follow
ACC 380 Chapter 6 In-Class Exercises
Which of the following is a true statement?
A. All business expenses are deducted for AGI.
B. Investment expenses are typically deducted for AGI.
C. Tax preparation fees are deducted for AGI.
D. Generally rental
ACCT380 In-Class Exercise
4-26. Jeremy earned $100,000 in salary and $6,000 in interest income during the year.
Jeremy has two qualifying dependent children who live with him. He qualifies to file as
head of household and has $17,000 in itemized
Tax Return-Individual (Chapter 5&6)
Finish by the end of class on Wednesday June 21
Due by the end of Exam 1 on Monday, June 26
Please complete the federal individual income tax return forms for the following taxpayer. Unless
a) You are the CEO of Walmart. Your economists inform you that they predict a recession
starting next year. Analyze what you expect what will happen to the price and quantity of
a typical good sold at your stores.
Due to anticipated recession, demand for
Long term investments- AFS securities
long term investments- AFS security
net unrealized gains and losses
1. Price is one element of the marketing mix that produces revenue; the other
elements produce costs. Price also communicates the companys intended
value positioning of its product or brand.
a. Price premium =reap big profits
2. Pricing in a di
Problem set 2
1. (100%) For the scenarios discussed below, use supply and demand curves and a graph
to analyze what will happen to both price and quantity in equilibrium given the
information available below. Graphs MUST be half a page each. When it is
Decision Forcing Questions
1. What are the differences between Matsushita and Sonys products?
Matsushita is the largest home appliances and household equipment (HAHE) producer in the
world, and has competed with low- priced Chinese counterparts in the int
Lets consinder a mortgage application using HMDA (The Home Mortgage Disclosure Act). Here is a sample from 30
mortgage applications (excel file is available in D2L) :
Change Restaurant Menu
Social Media Marketing
Total Marketing Expense
Angelica Maciel, Operations Management, DePaul University, 05/11/2017
Weekly sales of copy paper at Cubicle Suppliers are in the table below. Compute a three-period moving
average and a four-period moving average for weeks 5, 6, and 7. Compute MAD for
Chapter Packet Key
1. Which of the following describes the primary objective of the balance sheet?
A. To measure the net income of a business up to a particular
point in time.
B. To report the difference between cash inflows and cash outflows fo
Everything you need to know about
sitting for the Uniform CPA Exam as
an Illinois Candidate.
The information provided in this brochure is intended to inform
Illinois candidates about the application process, administration,
Chapter #3: Adjusting Entries
Part 1: Two Systems of Accounting (Review)
1.1: Cash Method
1.2: Accrual Method
Part 2: The Adjustment Process
2.2: Allocating Recorded Costs between Two or More Accounting Periods
Basic objectives level one: Why
1. Useful for making investment and credit decisions.
2. Helpful to present to potential investors the amounts, timing, uncertainty of future cash flows.
3. Information on economic resourc
Chapter #1: Uses of Accounting Information and the Financial Statements
Part 1: Introduction to Accounting
1.1: Three Main Types of Accounting
1.1.1: Financial Accounting
1.1.2: Cost/Managerial Accounting
1.1.3: Tax Accounting
Chamr 9 Ngteg: Inventories
The general rule for inventory is to record it at historical cost( as determined by fo, Iifo, average cost or
specic identication). However inventory needs to be reported at the Lower of Cost or Market.
The Lower of Costlhistori
Chapter 5 Outline
Balance Sheet and Statement of Cash Flows
Usefulness of the balance sheet
Used to assess the liquidity, solvency and nancial exibility of a company.
Liquidityability to pay your debts when they become due
Financial Statements and Financial Reporting:
Essential characteristics of accounting
1. Identification, measurement and communication of financial information
2. Economic entities
3. Interested parties