ACC 491 Week 3 DQ 1, DQ 2, DQ 3, DQ 4 and DQ 5

ACC 491 Week 3 DQ 1, DQ 2, DQ 3, DQ 4 and DQ 5

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ACC 491 Week 2 Learning Team Assignment – Auditing, Attestation, and Assurance Services Paper

ACC 491 Week 2 Learning Team Assignment – Auditing, Attestation, and Assurance Services Paper

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ACC 491 Week 2 Individual Assignments — From the Text

ACC 491 Week 2 Individual Assignments — From the Text

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ACC 491 Week 2 DQ 1, DQ 2, DQ 3, DQ 4 and DQ 5 – What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit?

What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit?

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ACC 491 Week 1 Individual Assignment – Generally Accepted Auditing Standards Paper

ACC 491 Week 1 Individual Assignment – Generally Accepted Auditing Standards Paper

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ACC 491 Week 1 DQ 1, DQ 2, DQ 3, DQ 4 and DQ 5 – What are the Five Deadly Sins of Financial Misstatements?

ACC 491 Week 1 DQ 1, DQ 2, DQ 3, DQ 4 and DQ 5 – What are the Five Deadly Sins of Financial Misstatements?

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ACC 306 Week 5 P 21-14 Surmise Company – The comparative balance sheets for 2011 and 2010 are given below for Surmise Company

P 21–14 – Surmise Company – Statement of cash flows; indirect method; limited information ● LO4 LO8

The comparative balance sheets for 2011 and 2010 are given below for Surmise Company. Net income for 2011 was $50 million.

Required:

Prepare the statement of cash flows of Surmise Company for the year ended December 31, 2011. Use the indirect method to present cash flows from operating activities because you do not have sufficient information to use the direct method. You will need to make reasonable assumptions concerning the reasons for changes in some account balances. A spreadsheet or T-account analysis will be helpful.

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ACC 306 Week 5 P 21-11 Arduous Company – The comparative balance sheets for 2011 and 2010 and the income statement for 2011 are given below for Arduous Company

P 21–11 – Arduous Company – Prepare a statement of cash flows; direct method ● LO3 LO8

The comparative balance sheets for 2011 and 2010 and the income statement for 2011 are given below for Arduous Company. Additional information from Arduous’s accounting records is provided also.

a. During 2011, $6 million of customer accounts were written off as uncollectible.

b. Investment revenue includes Arduous Company’s $6 million share of the net income of Demur Company, an equity method investee.

c. Treasury bills were sold during 2011 at a gain of $2 million. Arduous Company classifies its investments in Treasury bills as cash equivalents.

d. A machine originally costing $70 million that was one-half depreciated was rendered unusable by a rare flood. Most major components of the machine were unharmed and were sold for $17 million.

e. Temporary differences between pretax accounting income and taxable income caused the deferred income tax liability to increase by $3 million.

f. The preferred stock of Tory Corporation was purchased for $25 million as a long-term investment.

g. Land costing $46 million was acquired by issuing $23 million cash and a 15%, four-year, $23 million note payable to the seller.

h. A building was acquired by a 15-year capital lease; present value of lease payments, $82 million.

i. $60 million of bonds were retired at maturity.

j. In February, Arduous issued a 4% stock dividend (4 million shares). The market price of the $5 par value common stock was $7.50 per share at that time.

k. In April, 1 million shares of common stock were repurchased as treasury stock at a cost of $9 million.

Required:

Prepare the statement of cash flows of Arduous Company for the year ended December 31, 2011. Present cash flows from operating activities by the direct method. (A reconciliation schedule is not required.)

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ACC 306 Week 5 Final Paper

ACC 306 Week 5 Final Paper

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ACC 306 Week 5 Ethics Case 21-7 After graduating near the top of his class, Ben Naegle was hired by the local office of a Big 4 CPA firm in his hometown

Ethics Case 21–7 – Ben Naegle – Where’s the cash? ● LO1 LO3

After graduating near the top of his class, Ben Naegle was hired by the local office of a Big 4 CPA firm in his hometown. Two years later, impressed with his technical skills and experience, Park Electronics, a large regional consumer electronics chain, hired Ben as assistant controller. This was last week. Now Ben’s initial excitement has turned to distress.

The cause of Ben’s distress is the set of financial statements he’s stared at for the last four hours. For some time prior to his recruitment, he had been aware of the long trend of moderate profitability of his new employer. The reports on his desk confirm the slight, but steady, improvements in net income in recent years. The trend he was just now becoming aware of, though, was the decline in cash flows from operations.

Ben had sketched out the following comparison ($ in millions):

Profits? Yes. Increasing profits? Yes. The cause of his distress? The ominous trend in cash flow which is con sistently lower than net income.

Upon closer review, Ben noticed three events in the last two years that, unfortunately, seemed related:

a. Park’s credit policy had been loosened; credit terms were relaxed and payment periods were lengthened.

b. Accounts receivable balances had increased dramatically.

c. Several of the company’s compensation arrangements, including that of the controller and the company president, were based on reported net income.

Required:

1. What is so ominous about the combination of events Ben sees?

2. What course of action, if any, should Ben take?

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