Should the IRS and the Department of the Treasury consider alternative tax systems, such as Flat Tax, National Sales Tax or “Fair Tax”, or Value-Added Tax as viable options for the US taxpayer, compared to the current Federal Tax System?

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Federal Income Tax

Should the IRS and the Department of the Treasury consider alternative tax systems, such as Flat Tax, National Sales Tax or “Fair Tax”, or Value-Added Tax as viable options for the US taxpayer, compared to the current Federal Tax System?

What are the challenges and benefits of adopting and implementing each system? 10 minimum sentences

 

Why would standard cost be a more appropriate transfer cost between cost centers than actual cost?

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Standard cost

Essay: Why would standard cost be a more appropriate transfer cost between cost centers than actual cost?

 

Distinguish between the accounting for capital expenditures and revenue expenditures. Differentiate between the cash and accrual bases of accounting.

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Capital expenditures and Revenue expenditures

In an essay paper:

Distinguish between the accounting for capital expenditures and revenue expenditures.

Differentiate between the cash and accrual bases of accounting.

ONLY USE textbook for source material. To Access textbook ( (H) Survey of Accounting Carl S. Warren, 2018 Cengage ISBN.13: 978-1-305-96188-3 ) The textbook can be accessed from here.

For this paper the information appears to be in chapters 2 and 3.

 

Describe how total variable costs and unit variable costs behave with change in the level of activity.

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Change in the level of activity

Essay: Describe how total variable costs and unit variable costs behave with change in the level of activity.

 

What would you advise Mr. Eatough to do in this situation? Justify your advice with the guidance provided in The IIA’s IPPF, referencing specific sections of the Standards and the Code of Ethics and taking practical considerations into ac-count.

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Case Of study #1

CASE A 1999 Wall Street Journal article (April 7, 1999, page c1) described a now settled U.S. Securities Exchange Commission (SEC) case against W. R. Grace & Co., claiming that the company engaged in “profit management” in its National Medical Care unit. In the early 1990s, executives at W.R. Grace & Co became troubled about the performance of the company’s National Medical Care Inc. unit. The Problem: earnings were growing too fast. Profit was increasing more than 30% a year, exceeding the unit’s growth target. While most companies would be ecstatic, Grace executives worried that the unit couldn’t keep it up. So they quietly stashed the excess profit in an all-purpose reserve, which they later would tap in a way that masked real problems—including slowing earnings. The profit stockpile soon was discovered by ” auditors, who repeatedly told Grace that this was wrong, internal memos show. But instead of standing firm, the accountants gave the financial statements a clean bill of health .. .
Internal company and audit-firm memos, as well as deposition excerpts, show a breakdown in controls at Grace and far larger distortions to earnings than previously disclosed. At least six ” auditors and Norman Eatough, Grace’s former in-house audit chief, questioned the propriety of Grace’s ac-counting maneuvers .. .

Some business people insist the SEC’s initiative is much ado about very little, noting that companies have leeway to use accounting techniques to deliver consistent earnings, as long as any adjustments aren’t “material.” That’s the fuzzy disclosure standard under securities laws, often defined by accountants as events that have more than a 5 percent or 10 percent impact on earnings. “Any CFO anywhere has managed earnings in a way the SEC is now jumping up and down and calling fraud,” maintains Wallace Timmeny, a lawyer .. . Mr. Eatough, Grace’s in-house audit chief, meanwhile was growing concerned . . . . (in a report to the CFO he laid out what he called “deliberate deferral of reported income.”) But, fearing his job was in jeopardy, he stopped short of calling it fraud . ..

12 What would you advise Mr. Eatough to do in this situation? Justify your advice with the guidance provided in The IIA’s IPPF, referencing specific sections of the Standards and the Code of Ethics and taking practical considerations into ac-count.

Why do you think there have been so many accounting scandals in recent years?

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Discussion 1

Why do you think there have been so many accounting scandals in recent years?

As part of the analysis, explain how the selected NFP organization uses the required fund categories and recommend at least two areas of potential interest to stakeholders concerning the NFP’s revenue and expense status. Explain the format utilized to prepare the Statement of Cash Flows, pointing out at least two areas of emphasis that differ from GAAP accounting format.

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Financial Reporting Review of a Not-for-Profit Organization

Not-for-Profit (NFP) organizations are different from governmental entities in that they lack the authority of law to generate revenues and have greater flexibility in administering their budgets.
Select one NFP organization in an area of interest to you and review their financial statements and audit report. The NFP organization selected must have their financial statements and audit report publicly available on their website.

Instructions
Write a 3–5 page paper in which you do the following:
Determine if the NFP’s statements conform to the FASB guidance, explaining how the selected NFP uses the required fund categories and recommending at least two areas of potential interest to stakeholders concerning the NFP’s revenue and expense status.
Analyze the selected NFP’s financial statements to determine if the statements conform to the Financial Accounting Standards Board (FASB) guidance from Not-for-Profits. (Note: You have to click “Accept” to see the guidance.)
As part of the analysis, explain how the selected NFP organization uses the required fund categories and recommend at least two areas of potential interest to stakeholders concerning the NFP’s revenue and expense status.
Explain the format utilized to prepare the Statement of Cash Flows, pointing out at least two areas of emphasis that differ from GAAP accounting format.

The financial statements of NFP organizations include a Statement of Cash Flows.
Analyze this Statement of Cash Flows in order to explain the format utilized.
Point out any unique areas of emphasis that differ from GAAP accounting format.
Compare the organization’s reporting of pledges and contributions to its reporting of exchange transactions, discussing at least three of the funds used.
NFP organizations report pledges and contributions in addition to reporting exchange transactions.

Assess the fiscal condition of the selected NFP organization, interpreting financial indicators specific to NFPs and financial ratios widely accepted as being indicative of fiscal health.
Use at least three quality 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.
Produce writing that contains accurate grammar, mechanics, and spelling in accordance with SWS style.

Discuss the important information contained on your State Board of Accountancy website. If you are an international student, then select the state or territory of your choice.

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State Board of Accountancy website

The student will post one thread of at least 750 words.
Module: Week. The references are excluded from the word count. For each thread, students must support their assertions with at least 2 scholarly citations in addition to the textbook in APA
format.. Any sources cited must have been published within the last five years.
Acceptable sources include scholarly academic articles and of course the textbook, the Bible, etc.

Discuss the important information contained on your State Board of Accountancy website. If you are an international student, then select the state or territory of your choice. You may locate the website for your state or territory by visiting the link below. https://boa.virginia.gov/

Include the following in your report:

1. Specific educational requirements to sit for the CPA exam and, ultimately, to become a CPA;
2. Experience requirements;
3. Fees for CPA license and examination;
4. Information about ethics;
5. CPE requirements; and
6. Other information provided on the websites

Analyze the balance sheet and income statement of the company that you have selected, and outline your method for evidence collection which should include, but not be limited to, the type of evidence to collect and the manner in which you would determine the sufficiency of the evidence. Discuss the audit risk model and ascertain which sampling or non-sampling techniques you would use in order to establish your preliminary judgment about materiality.

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Week 8 Assignment 2 – Audit Planning and Control

Overview
It is common industry knowledge that an audit plan provides the specific guidelines auditors must follow when conducting an external audit. External public accounting firms conduct external audits to ensure outside stakeholders that the company’s financial statements are prepared in accordance with generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS).
Use the Internet to select a public company that appeals to you. You may also use the company dossier in the Nexis Uni database to find company information.
Imagine that you are a senior partner in a public accounting firm hired to complete an audit for the chosen public company.

Instructions
Write a 4–6 page paper in which you:
Outline the critical steps inherent in planning an audit and designing an effective audit program. Based on the type of company selected, provide specific details of the actions that the company should undertake during the planning and designing of the audit program.
Examine at least two performance ratios that you would use in order to determine which analytical tests to perform. Identify the accounts that you would test, and select at least three analytical procedures that you would use in your audit.
Analyze the balance sheet and income statement of the company that you have selected, and outline your method for evidence collection which should include, but not be limited to, the type of evidence to collect and the manner in which you would determine the sufficiency of the evidence.
Discuss the audit risk model and ascertain which sampling or non-sampling techniques you would use in order to establish your preliminary judgment about materiality. Justify your response.
Assuming that the end result is an unqualified audit report, outline the primary responsibilities of the audit firm after it issues the report in question.

Use the Strayer Library to locate at least two quality academic resources in this assignment. Note: Wikipedia and other similar websites do not qualify as academic resources.
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:
Outline the process for designing an audit program, including analytical procedures, evidence collection, and responsibilities of the audit firm.

Give an example of how a current ratio could be misleading and what you would do to avoid being misled.

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Discussion

The current ratio, as a measure of a company’s ability to pay its short-term debt, provides valuable information, but it is open to misinterpretation. Give an example of how a current ratio could be misleading and what you would do to avoid being misled.