Why is an adequate environment and system of internal control important for an organization in order to produce reliable financial statements? Find an example of an organization that does not have strong internal control.

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Ethics writing assignments

Writing Assignment #1:
Now that we have completed chapters 1-4 you have been exposed to all four financial statements (Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows,) the account types (Revenues, Expenses, Assets, Liabilities, and Equity,) and ideas about internal controls and ethics as they relate to accounting. You have also worked on topics that include management’s estimates for particular amounts, management’s choice about an accounting method to use, or transaction that would likely require management approval. It is time to purposefully consider how these topics relate to each other. Additionally, it is important for business students to develop an ethical decision-making model and a sense of good ethical behavior. This assignment is intended to help work on both those objectives.

Part 1 — Financial Statements and Internal Control Describe why you think it is important for external stakeholders to have access to a company’s financial statements. Consider who “external stakeholders” may be and provide some examples of how or why the external stakeholders would use a company’s financial statements.
Why is an adequate environment and system of internal control important for an organization in order to produce reliable financial statements? Find an example of an organization that does not have strong internal control. (You can search to find examples or use personal experience, or both.) Describe what you think contributed to the organization’s internal control weaknesses.

Part 2 — Ethics and Fraud Briefly describe what ethics are and how you think ethical standards apply to the business environment. Include in your answer a description of the fraud triangle and how you think the fraud triangle is related to both internal control and ethics. How could “management” in a business unethically use their influence or responsibilities to produce financial statements that are misleading? Would it be fraudulent if they did so? Why or why not?

Part 3 — Ethics and Cheating Why do you think high ethical standards are an attribute that KSU expects of its students? Do you think “cheating” or acts of academic dishonesty that occur in your academic environment impact the value of your education and the value of your college degree? Do you think that a student who commits acts of academic dishonesty can be a trustworthy business partner in the future?

 

Write a paper on one of the four building blocks of financial ratios we have studied in this course. Select one of the categories in Exhibit 13.16 in your text and discuss all ratios in that category: Liquidity and Efficiency, Solvency, Profitability, or Market Prospect ratios.

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Building Blocks of Financial Ratios

Part 2:
Write a paper on one of the four building blocks of financial ratios we have studied in this course. Select one of the categories in Exhibit 13.16 in your text and discuss all ratios in that category: Liquidity and Efficiency, Solvency, Profitability, or Market Prospect ratios. Explain how each of the ratios within that class is calculated and how they are used to analyze financial statements. Then, select a recently filed set of financial statements and calculate all the ratios in the building block you selected for that company. Explain what these ratios tell you about the company. In this context, a recent set of financial statements would be those issued in the current or previous year.

Reminder: Your Part 2 paper should be two to three pages in length total and conform to CSU Global Writing Center e, . Include at least 4 scholarly references as needed in addition to the course textbook to support your views. The CSU Global Library o is a good place to find these references.

Part 1 of the Portfolio Project will open at the start of the week in which it is scheduled. Both Parts 1 and 2 of the Portfolio Project are due by 11:59 p.m. MT on Sunday of the assigned week. Please refer to the CSU Global late policy for Critical Thinking assignments if you have any questions on due dates.

Submit your written assignment to the Module 8 Portfolio Project Assignment in Canvas.
Review the grading rubric to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment.

Identify and explain the purpose of the two types of deferrals and two types of accruals discussed in this chapter. Refer to the following book.

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Survey of Accounting

Identify and explain the purpose of the two types of deferrals and two types of accruals discussed in this chapter. Refer to the following book.

Warren, Survey of Accounting (IRSC Special Ed.) 8th Ed., South Western, 2018.

Describe the recognition and measurement differences currently existing between IFRS and U.S. GAAP. What impacts could these differences have on disclosure requirements? Create an overview of considerations regarding income taxes that the company may encounter.

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Consolidations and Special Issues

Part 1

Deliverable Length: 1,000–1,200 words

Review the financial reports and notes of the company you have chosen from the EDGAR Web site. Using this company as your point of reference, provide general information on the following questions:

Create an overview on IFRS.

What will be some of the main concerns for your company as they move from U.S. GAAP to IFRS?

Generate a list of differences that you would expect to see on your Income Statement and your Balance Sheet after the convergence process is complete.

Describe what impact the convergence will have on your company’s inventory account (IAS 2).

Describe some of the differences between IFRS and US GAAP regarding the accounting for financial instruments.

Give a minimum of two examples of how your company will be impacted by the conversion process (IAS 32, IAS 39 & IFRS 7)

Part 2

Deliverable Length: 1,000–1,200 words

For this assignment, use the company you have chosen from the EDGAR Web site as your point of reference.

After the reporting period has ended, you could potentially encounter other events that will have impacts on your company (IAS 10).

Describe the recognition and measurement differences currently existing between IFRS and U.S. GAAP.

What impacts could these differences have on disclosure requirements?

Create an overview of considerations regarding income taxes that the company may encounter.

Give 2 examples of areas you see as the greatest concern.

What impact will the convergence process have on your company’s tax planning?

A key area of contention between IFRS and U.S. GAAP lies in the classification and measurement of leases.

Describe the 2 main types of leases and where the differences lie.

What impact will this have your company?

Give your opinion on the U.S. moving into IFRS.

For the company you have selected, what do you see as the major advantages and disadvantages of convergence?

Provide a minimum of 3 examples of each supported by your research.

 

Explore the textbook chapter(s) and related PowerPoint(s) for this Topic. What concepts associated with statement of cash flows do you expect to encounter once you start working in the profession? Discuss how will knowledge of these concepts help you in your current or future job(s)?

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Discussion Question 7,8

Q7-1

Select a publicly traded company and access its most recent financial statements from its annual report. Include the name of the company in your subject line, and do not choose a company that one of your classmates has already posted on. Provide a link to the statements in your post. Examine the statement of cash flows for that company, and calculate the cash flow ratios presented in the lecture for the company that you have chosen. Make general comments about the company’s operations based upon what you view in the statement of cash flows and the ratios that you calculate. If there are any items that you see on the financial statements that you do not understand, identify those for your classmates and instructor to provide guidance on. Participate in follow-up discussion by critiquing the posts provided by your classmates and defending their challenges to your post. Your initial post should be 200 words, and should demonstrate solid academic writing skills. Please include proper citations in your discussion post. Points will be deducted if proper citations are not used.

 

Q7-2

Explore the textbook chapter(s) and related PowerPoint(s) for this Topic. What concepts associated with statement of cash flows do you expect to encounter once you start working in the profession? Discuss how will knowledge of these concepts help you in your current or future job(s)? Participate in follow-up discussion by comparing your response to classmates’ and describe the differences of opinions on what will be important to each of you in the future. Your initial post should be 200 words, and demonstrate solid academic writing skills.

 

Q8-1

Explore the FASB Codification sections related to pensions (plan accounting) (§960, §962, & §965). Identify one concept that you did not know prior to completing this research and share it with the class, citing the code section. Identify one question that has arisen as you have explored pensions in the Codification, and post this question as well. Participate in follow-up discussion by challenging or defending the methods as explained by your classmates, or answering their questions. Your initial post should be 200 words, and should demonstrate solid academic writing skills. Please include proper citations in your discussion post. Points will be deducted if proper citations are not used.

 

Q8-2

Find a publicly traded company that provides post-retirement benefits for its employees. Provide a link to the balance sheet in your post, and explain the details of the postretirement benefits based on the amounts and disclosures found in the financial statements. What have you learned about the pension plan or postretirement benefits of the company? Would you want to work there based on the pension plan? Do not choose a company that has already been reported on by one of your classmates. Participate in follow-up discussion by critiquing the posts provided by your classmates and defending their challenges to your post. All posts should be grammatically correct and proofread for spelling. Please include proper citations in your discussion post. Points will be deducted if proper citations are not used

 

Provide a high-level description that summarizes your accounting project management experience.

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Project Management Work Experience

Provide a high-level description that summarizes your accounting project management experience and includes:
1. The Project Objective;
2. Outcome,
3. Your Role on the Project,
4. Your responsibilities, and
5. Deliverables

Select two (2) of the following major ethics systems (1 compatible with a Christian worldview and 1 incompatible with a Christian worldview): egoism, enlightened egoism, utilitarianism, deontology, justice, and virtue ethics. Compare and contrast the two (2) ethics systems.

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Discussion Thread: Christian- and Non-Christian-Based Ethical Systems Options

Select two (2) of the following major ethics systems (1 compatible with a Christian worldview and 1 incompatible with a Christian worldview): egoism, enlightened egoism, utilitarianism, deontology, justice, and virtue ethics. Compare and contrast the two (2) ethics systems. Include an evaluation of the selected systems with respect to a Christian worldview. Must use scholarly sources.

Find the “Consolidated Statements of Income” on page 48. What does the Income statement tell us? Does the Income Statement measure activity as of a point in time or does it measure activity over a period of time? What are the two basic elements of the Income Statement and how do they relate to measuring Net Income?

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Case #1: Starbucks

Read the annual report for Starbucks to do the whole part of the income statement and follow the requirement for the case study.

  1. Find the “Consolidated Statements of Income” on page 48. What does the Income statement tell us?
  2. Does the Income Statement measure activity as of a point in time or does it measure activity over a period of time?
  3. What are the two basic elements of the Income Statement and how do they relate to measuring Net Income?

Refer to the Starbucks Corporation 2018 Annual Report to address the following questions. You can find this at:

https://s22.q4cdn.com/869488222/files/doc_financials/annual/2018/2018-Annual-Report.pdf

Your answers to each question should not be longer than one or two sentences and your entire deliverable should be no longer than two pages of text (one page would be preferable).

General

  1. Why does Starbucks produce an Annual Report? Is it only to comply with regulations?

Balance Sheet

  1. Find the “Consolidated Balance Sheets” on page 50. What does the Balance Sheet tell us?
  2. Does the Balance Sheet measure activity as of a point in time or does it measure activity over a period of time?
  3. What are the three basic elements of Starbucks Balance Sheet?
  4. What is the Balance Sheet Equation?
  5. Which balance sheet elements tell us about Starbucks’ “investing” activities and which tell us about Starbucks’ “financing” activities?

Income Statement

  1. Find the “Consolidated Statements of Income” on page 48. What does the Income Statement tell us?
  2. Does the Income Statement measure activity as of a point in time or does it measure activity over a period of time?
  3. What are the two basic elements of the Income Statement and how do they relate to measuring Net Income?

Notes to the Financial Statements

  1. Find the “Notes to Consolidated Financial Statements.” What do the notes tell us?

Auditor’s Report

  1. Find the “Report of the Independent Registered Pubic Accounting Firm” on page 77. What does this report tell us?

 

How important is the issue of noncompliance in the US? Find a least one example of an individual or corporation who committed tax fraud on their return. Discuss the facts related to the incident.

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Noncompliance in the US

How important is the issue of noncompliance in the US? Find a least one example of an individual or corporation who committed tax fraud on their return. Discuss the facts related to the incident.

Conduct a mock interview with the Career Impact Center or an accounting professional who is able to critique your interview skills. Provide the date of the mock interview, the interviewer, and the questions asked. Summarize your experience from the mock interview, including how this experience will help you prepare for a career in accounting and help you obtain a position.

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Mock Interview and Career Preparation

Assessment Description
The purpose of this assignment is to help prepare you for a career in accounting.

First, begin by selecting one of the two career preparation activities listed below. Your selected event must take place during the current semester.

1. Conduct an interview with someone in the accounting or finance profession who works in an area in which you are interested. For example, if you are interested in auditing, interview an auditor. If you want to work for a nonprofit, interview a nonprofit accountant or CFO. Learn about their career, such as why they decided to work in that area, what they like and dislike about their work, what certifications they have and why, etc. Use the interview as an opportunity to learn more about the field you are studying in and wish to work in after graduation.

2. Conduct a mock interview with the Career Impact Center or an accounting professional who is able to critique your interview skills. Provide the date of the mock interview, the interviewer, and the questions asked. Summarize your experience from the mock interview, including how this experience will help you prepare for a career in accounting and help you obtain a position.
Then write a paper of 750 to 1,000 words that includes an explanation of your chosen career preparation activity, provides a summary of the interview questions used and applicable responses, and an explanation of the career preparation activity as it relates to your career path.

At least two external sources should be cited for either option.
(Papers must be submitted by the due date provided in your classroom. Name the file LastnameFirstinitial.ACC460.CP, where the CP refers to Career Prep).

Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.