Read the following situations and explain how the risk of material misstatement should be assessed and how detection risk could be affected by the assessment.

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Assignment Question(s):

IMPORTANT NOTE: Answer in your own words, DO NOT COPY from slides, fellow students, or internet sources without proper citation.

Q1. Read the following situations and explain how the risk of material misstatement should be assessed and how detection risk could be affected by the assessment. 

(The first one is answered for you to get the idea).

 

  1. Kelvin is a trucking company. The company is publicly held, and growing rapidly throughout the southeast. But Richard Kelvin and his sons control 55 % of the stock. Richard is chairman of the board and CEO.He personally makes all major decisions with little consultation with the board of directors. Most of the directors, however, are either members of the Kelvin family or long-standing friends. The board confirms Richard Kelvin’s decisions.

 

Q2. Read the following situations relating to the audit of internal control over financial reporting, what would be the audit report you will choose as an auditor and why?  

(The first one is answered for you to get the idea).

  1. During the audit of Health Recipe Pharmaceuticals, you are surprised to find several control deficiencies in the entity’s internal control. You determine that there is a reasonable possibility that any one of them could result in a significant misstatement. Although the odds are extremely low that the deficiencies, singly or taken together, will result in a material misstatement of the entity’s financial statements, the large number of problems causes you concern. Management’s written assessment concludes that the entity’s ICFR was effective ‘as of’ the report date.

 

What is financial statement analysis? Why is financial statement analysis an important area of study? What is learned from the process of financial statement analysis?

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Financial statement analysis

Create a discussion thread that addresses the following areas:

What is financial statement analysis?
Why is financial statement analysis an important area of study?
What is learned from the process of financial statement analysis?
Discuss the Biblical implications of reliable and representationally faithful financial statements.

create 1 thread of at least 500 words. Support your assertions with at least 2 research sources in addition to the course textbook; the Bible may be 1 of those sources.

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Biblical integration

You will create 1 thread of at least 500 words. You must support your assertions with at least 2 research sources in addition to the course textbook; the Bible may be 1 of those sources. In-text citations that correspond to the research sources are required within the thread posting

Prepare a classified as of December 31, 2019 for .

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Homework Assignment #1

 

Trial Balance
       
  Account Name    
CL Accounts Payable   10,200
CA Accounts Receivable 7,600  
PPE Accumulated Depreciation-Building   2,800
PPE Accumulated Depreciation-Equipment   3,400
LTL Bonds payable (long-term)   12,000
PPE Building 14,000  
CA Cash 6,240  
CS Common Stock   30,000
IA Copyright 1,240  
PPE Equipment 30,400  
CA Inventory 8,000  
INV Investment in Corp Securities (Long Term) 4,000  
CA Short Term Investments 3,280  
PPE Land 1,600  
CA Prepaid Rent 240  
RE Retained Earnings   17,640
CL Unearned Revenue   560
    76,600 76,600

 

Prepare a classified Balance Sheet as of December 31, 2019 for Benjamin Corp

 

What is the breakeven point in months? What is the present value of the cash inflows each year? What is the total present value of the project? What is the net present value?

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Net Present Value

Compute the Net Present Value for the following Project.

Initial investment $15,000

Interest rate: 13%

Cash Inflow Table is given below:

Year Cash Inflow
1 $1000
2 $2500
3 $4000
4 $4500
5 $5000
6 $4500
   
  1. a) What is the breakeven point in months?
  2. b) What is the present value of the cash inflows each year?
  3. c) What is the total present value of the project?
  4. d) What is the net present value?
  5. e) What is the Internal Rate of Return?

 

Provide a description of the relationship you expected to observe in the data, along with screenshots of the visualization results. Clearly identify the part of the visualization that leads you to believe that a specific location/day is an anomaly.

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Project 1: Memo Template I

Souper Bowl Inc.—December 31, 2016 Disaggregated Revenue Analytics

Purpose: The purpose of this memo is to document
[Provide the purpose of the memo]

Data: We obtained a listing of daily sales by location from the client’s IT system. We tested the details for mathematical accuracy, as summarized in the table below:
[Present Table(s)/Graph(s)]

Procedures: Based on our risk assessment process, we identified the following assertions as significant risks related to revenues/sales:
[Create a bulleted list of assertions]
[Provide support for the assertions in the bullet list]

The analytics that we performed are as follows:

• Visualization Analysis #1: Title: [Provide a title]
• [Provide a description of the relationship you expected to observe in the data, along with screenshots of the visualization results. Clearly identify (using circles, arrows, etc.) the part of the visualization that leads you to believe that a specific location/day is an anomaly. Ensure that all tables and graphics are properly labeled (x axis, y axis, etc.)]
• Results:
• [In each of the “Results” sections, include a brief summary of your findings so that your manager can see (in words) the way that you interpret the visualization screenshots.]

• Visualization Analysis #2: Title: [Provide a title]
• Results:
• [The number of analyses that you perform is up to you. Remember that you want to impress your manager, but you also know that the manager’s time is valuable. Therefore, each analysis that you report should offer new information and conclusions (e.g., avoid repeating the same type of analysis with different coloring, shapes, etc., if the conclusions drawn are the same.)]

Conclusion: Based on the procedures described above, the audit team will pull supporting sales information to substantively test transactions from the following
locations and days:
• [This section of the memo can be achieved by using lists or tables, but regardless of the style of presentation, it should clearly describe which item(s) you are recommending that the audit team look into further (based on all the analyses above). For each item, you should reference which analysis # the item comes from. The item should be a specific location on a specific day, or a sample of certain days from a set of observations that exhibit the same unusual trend based on your analyses above (e.g., if you identify an unusual relationship for Q4 for location #1001, but you cannot identify one specific day or set of days that is driving the unusual relationship, you may choose to sample from Q4 instead). Remember that it takes time and resources to test
each selection, so be strategic in your selections and include justification for your decisions in this section of the memo.]

Tesla announces its highest ever Q3 revenues! But price is down about 5%!…what is going on? Why do you think investors are now doubting long-term growth?

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Discussion 1

Basic on the article piece below and Source: https://www.wsj.com/articles/tesla-tsla-q3-earnings-report-2022-11666139620

1-. Student should write their opinion in 2 small paragraphs.
Tesla announces its highest ever Q3 revenues! But price is down about 5%!…what is going on?
As you may have seen, Tesla announced its third quarter results after the market closed on Wednesday night. It reported earnings per share (EPS) of $1.05, beating analyst expectations, and also posted its highest ever Q3 revenues of $21.45 billion, just shy of analyst expectation of $21.88 billion. However, the after-market trading when investors heard this news was a sell-off, and Tesla’s stock price was down 6% overnight, and is down about 3-4% in current trading, as of writing this post. So what didn’t investors like about this (fairly strong?) financial performance? Musk himself said that the company “expects to sell every car that we make for as far into the future as we can see”… so that should be good news!

However, in addition to slightly missing the revenue expectations, Tesla also announced a cut to its full-year growth expectations–Tesla had originally set a target to boost vehicle deliveries by 50% from last year (a massive target!)–but it appears they will not meet that this year. This has clearly spooked some investors who have very large growth expectations built into their valuations! So while the quarterly performance was quite solid, it seems investors are now perhaps doubting the long-term growth projections of the firm.
See this WSJ article attached to this post for more info. Perhaps there are other sources with a different take on the matter?

2- Student should also answer in 2 small paragraphs: Why do you think investors are now doubting long-term growth?

Critique Citigroup’s internal controls and the purpose they serve. Distinguish between operation and design control deficiency. Determine the reasons that led Citigroup Inc. to pay $10.5 million in penalties.

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Discussion – Accessing Nonrenewable Resources

1. Week 4 Assignment – Case Study on Audit and Internal Control

Overview
In the United States, the management and auditors of publicly held companies must evaluate their internal controls annually. The purpose of the evaluation is to look for any control deficiencies. Doing so will help avoid any penalties such as the $10.5 million that the SEC imposed on Citigroup Inc. as a result of its internal controls failures. See the article from SEC.gov, Citigroup to Pay More Than $10 Million for Books and Records Violations and Inadequate Controls. You are an external auditor hired by Citigroup to perform an audit. You will be reporting to Citigroup’s audit committee.

Instructions
Write a 2-3 page report for the audit committee in which you:

1. Critique Citigroup’s internal controls and the purpose they serve.

2. Distinguish between operation and design control deficiency.

3. Determine the reasons that led Citigroup Inc. to pay $10.5 million in penalties.

4. Recommend techniques that will overcome the weaknesses of Citigroup’s internal controls; justify the recommendation.

5. Use three sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library, or review library guides.

This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions. The specific course learning outcome associated with this assignment is:

  • Evaluate internal control as an indicator of effectiveness and accuracy of financial statements. 2.

By submitting this paper, you agree: (1) that you are submitting your paper to be used and stored as part of the SafeAssignTM services in accordance with the Blackboard Privacy Policy; (2) that your institution may use your paper in accordance with your institution’s policies; and (3) that your use of SafeAssign will be without recourse against Blackboard Inc. and its affiliates.

Is there anything that Tesla and Elon Musk are thinking about doing to allay investor concerns?

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Discussion Questions 

Basic on the article piece below and Source: https://www.wsj.com/articles/tesla-tsla-q3-earnings-report-2022-11666139620 

1-. Student should write their opinion in 2 small paragraphs.

Tesla announces its highest ever Q3 revenues! But price is down about 5%!…what is going on?

As you may have seen, Tesla announced its third quarter results after the market closed on Wednesday night. It reported earnings per share (EPS) of $1.05, beating analyst expectations, and also posted its highest ever Q3 revenues of $21.45 billion, just shy of analyst expectation of $21.88 billion. However, the after-market trading when investors heard this news was a sell-off, and Tesla’s stock price was down 6% overnight, and is down about 3-4% in current trading, as of writing this post. So what didn’t investors like about this (fairly strong?) financial performance? Musk himself said that the company “expects to sell every car that we make for as far into the future as we can see”… so that should be good news!

However, in addition to slightly missing the revenue expectations, Tesla also announced a cut to its full-year growth expectations–Tesla had originally set a target to boost vehicle deliveries by 50% from last year (a massive target!)–but it appears they will not meet that this year. This has clearly spooked some investors who have very large growth expectations built into their valuations! So while the quarterly performance was quite solid, it seems investors are now perhaps doubting the long-term growth projections of the firm.

See this WSJ article attached to this post for more info. Perhaps there are other sources with a different take on the matter?

2- Student should also answer in 2 small paragraphs: Is there anything that Tesla and Elon Musk are thinking about doing to allay investor concerns?

 

 

Demonstrate an understanding of key fiscal management issues in a global environment. Demonstrate an understanding of the principles of corporate finance with global reach. Synthesize the key corporate finance concepts and practices.

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Accounting Question

Provide a reflection of at least 500 words (or 2 pages double spaced) of how the knowledge, skills, or theories of this course have been applied, or could be applied, in a practical manner to your current work environment. If you are not currently working, share times when you have or could observe these theories and knowledge could be applied to an employment opportunity in your field of study.

Requirements:

  • Provide a 500 word (or 2 pages double spaced) minimum reflection.
  • Use of proper APA formatting and citations. If supporting evidence from outside resources is used those must be properly cited.
  • Share a personal connection that identifies specific knowledge and theories from this course.
  • Demonstrate a connection to your current work environment. If you are not employed, demonstrate a connection to your desired work environment.
  • You should NOT, provide an overview of the assignments assigned in the course. The assignment asks that you reflect how the knowledge and skills obtained through meeting course objectives were applied or could be applied in the workplace.

Course Description

This advanced corporate finance research seminar course will provide students with principles and core concepts of corporate finance as it relates to fiscal management in a global environment. Students will conduct a study of various global corporate finance concepts and practices used by managers to ensure organizational goals and strategies are implemented as intended. Topics include the environment of global finance, foreign exchange risk management, global financing strategy, global investment strategy, and global reporting and controlling decisions among others. The final project in the seminar will be the development of a scholarly research paper analyzing a contemporary global corporate finance problem.

Course Objectives

Upon completion of this course:

Demonstrate an understanding of key fiscal management issues in a global environment (DBA/PhD ISLO #1, 2).

Demonstrate an understanding of the principles of corporate finance with global reach (DBA/PhD ISLO #1, 2).

Synthesize the key corporate finance concepts and practices (DBA/PhD ISLO #1, 2).

Understand foreign exchange risk management and key global financing strategy concepts (DBA/PhD ISLO #1, 2).

Present key principles of global reporting (DBA/PhD ISLO #1).

Demonstrate effective writing and critical thinking skills. (DBA ISLO #3).

Effectively communicate research ideas and issues verbally in a clear and logical manner (DBA ISLO #3).

Create a final capstone scholarly research paper on a contemporary issue in corporate finance. (DBA/PhD ISLO #1, 3, 4).

DBA and Ph.D. Program Intended Student Learning Outcomes

Based upon these broad-based goals, the Hutton & Plaster School of Business has identified the following general intended student learning outcomes (DBA/Ph.D. BUS ISLO) for students:

  1. Students will be able to synthesize and integrate current research and literature to problems found in the areas of accounting, finance, economics, management, and marketing.
  2. Students will be able to construct research-based, strategic, effective, and ethical solutions to optimize organizational performance (both domestic and international).
  3. Students will be able to develop advanced communication, collaboration, research, and critical thinking skills.
  4. Students will be able to execute rigorous research and present scholarly work that contributes to the professional body of knowledge of business and provides linkages to practical business applications.

Content Specialty Intended Student Learning Outcomes

Further, the Hutton & Plaster School of Business has identified the following intended student learning outcomes for students pursuing a content specialty:

Content Specialty in Accounting (ACTG) ISLOs

  1. Students will be able to utilize advanced knowledge of accounting.
  2. Students will be able to develop advanced analytical and critical thinking skills to evaluate information, solve problems, and make sound ethical decisions in the different areas of accounting.
  3. Students will be able to conduct research on issues and questions relevant to the accounting profession.
  4. Students will be able to interpret the ethical and legal responsibilities of professional accountants.

Content Specialty in Entrepreneurship (ENTR) ISLOs

  1. Students will be able to utilize advanced knowledge of entrepreneurship.
  2. Students will be able to formulate a plan for the creation of a new venture.
  3. Students will be able to develop advanced analytical and critical thinking skills to evaluate information, solve problems, and make sound ethical decisions in the different areas of business.

Content Specialty in Healthcare Administration (HCA) ISLOs

  1. Students will be able to utilize advanced knowledge of healthcare administration.
  2. Students will be able to formulate healthcare administration strategies designed to allow the organization to achieve its objectives.
  3. Students will be able to develop advanced analytical and critical thinking skills to evaluate information, solve problems, and make sound ethical decisions in the area of healthcare administration.

Content Specialty in Marketing (MKTG) ISLOs

  1. Students will be able to utilize advanced knowledge of marketing.
  2. Students will be able to formulate marketing strategies designed to allow the organization to achieve its objectives.
  3. Students will be able to develop advanced analytical and critical thinking skills to evaluate information, solve problems, and make sound ethical decisions in the area of marketing.

Content Specialty in Project Management (PROJ) ISLOs

  1. Students will be able to utilize advanced knowledge of the project management process including planning the project, initiating the project, executing the project, monitoring the project, and controlling the project.
  2. Students will be able to examine the ethical and legal responsibilities of project managers.
  3. Students will be able to develop advanced analytical and critical thinking skills to evaluate information, solve problems, and make sound ethical decisions in the different areas of project management.

Content Specialty in Strategic Management (MGMT) ISLOs

  1. Students will be able to utilize advanced knowledge of management.
  2. Students will be able to formulate management strategies designed to allow the organization to achieve its objectives.
  3. Students will be able to develop advanced analytical and critical thinking skills to evaluate information, solve problems, and make sound ethical decisions in the different area of management.

School of Business Mission and Goals

The mission of the Hutton & Plaster School of Business is to foster academic excellence and student achievement at both the undergraduate and graduate levels. Students are provided with a strong academic foundation in business, and are prepared to become productive, competent, and ethical professionals. The Hutton School of Business provides a learning environment that is characterized by student-oriented instructional methodologies and the development of leadership and life-long learning skills in its students.

At the Hutton School of Business, the following broad-based goals for students have been developed:

  1. Students will acquire the relevant disciplinary knowledge and competencies appropriate to their program of study.
  2. Students will acquire effective business-related professional skills.
  3. Students will be challenged to assess their personal values and connect them to ethical behaviors appropriate to their intended endeavors.

Course Website

Access to the course website is required via the iLearn portal on the University of the Cumberlands website: http://www.ucumberlands.edu/ilearn/ or https://ucumberlands.blackboard.com/