What category of product has the highest sales volume? What category has the lowest sales volume? What are the top two regions in the world for sales volume of consumer office supplies?

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Auditing

Refer to Tableau (Links to an external site.). If you do not already have a login, please register.

Your instructor will provide you with an Excel spreadsheet with the data for the ABC Company to use in this case.

Required:

Sort the file from largest to smallest Sales revenue. Determine a lower bound for the upper stratum. Defend your choice.

Assume that the ABC Company’s FYE is 12/31/12. Check for appropriate sales cutoff. Identify any potential errors in sales revenue.

Use Tableau to determine the market segment of sales by product category and consumer market region. What category of product has the highest sales volume? What category has the lowest sales volume? What are the top two regions in the world for sales volume of consumer office supplies? Which market region is an emerging market for Superstore Sales?

What month is the highest in terms of sales value? What is the year with the highest sales so far for the ABC Company?

Use the “Show Me” feature to determine which category of furniture sales yields the lowest profit, regardless of geographic location.

Learn about how to create a forecast in Tableau using the following link (and associated webinar): Forecasting with Tableau (Links to an external site.). Assume that you wish to develop an expectation to compare likely sales levels by month across the three product categories, that is, furniture, office, and technology. What is your forecast of sales for FYE 2013 for each of these categories? How would you use these forecasts as compared to actual FYE 2013 amounts as asserted by management?

Your written response paper should be 8-10 pages in length. Type your paper in a Word document and follow APA format, according to CSU Global Writing Center Requirements (Links to an external site.). Include a title page and reference page. Use four (4) outside academic sources other than the textbook, course materials, or other information provided as part of the course materials.

What are the most challenging concepts for you to understand? Have you found any supplemental resources or websites that have helped you to better comprehend the material?

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DQ 1-2

Currently, the two major sets of rules related to accounting are Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). How do the two systems differ? How are they similar? Do you think that GAAP and IFRS should converge? Explain. Participate in follow-up discussion by adding new information that supports or challenges the assertions made by your classmates. Your initial post should be 250-500 words, include at least one reference, and demonstrate solid academic writing skills.

Explain the statement: “The adjusting process is necessary for reporting the financial statements on an accrual basis.” Select one of the following four categories of adjusting entries (prepaid expenses, unearned revenues, accrued expenses, accrued revenues) and explain why this type of adjustment is needed. What are some of the typical accounts that are affected by this type of adjusting entry? What are some of the typical entries prepared during the adjusting process?

Explore the textbook chapter and related resources for this topic. What are the most challenging concepts for you to understand? Have you found any supplemental resources or websites that have helped you to better comprehend the material? Participate in follow-up discussion by explaining concepts to your classmates, or by commenting on additional resources that were shared.

Explain how the AIS application helped the Malaysian agricultural industry. Describe how the ALPHA method can be applied to small agricultural organizations.

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ALPHA and AIS Integration

The Malaysian agricultural industry is impressive. There are two internal forces of AIS change that occurred in ALPHA, namely, a new business model and corporate structure.
Read the following article before you begin the assignment:
Forces of Accounting Information System: Organizational Change and Governance of A Malaysian Agricultural Company.
Instructions
Write a 2–3-page paper in which you:
Summarize the ALPHA and AIS integration.
Explain how the AIS application helped the Malaysian agricultural industry.
Describe how the ALPHA method can be applied to small agricultural organizations.

With which accountant’s philosophy do you agree? How can you explain the diverse opinions? What policies or procedures, if any, should CBU develop to avoid such problems in the future?

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Inventory Situation Case Study

On January 1, CBU installed a new computer system for tracking and calculating inventory costs. On December 31, at years-end closing, CBU’s system reported inventory at $4.5 million for financial statement purposes. At midnight, the auditors performed a physical inventory count and found the inventory total to be $3.5 million. To correct the discrepancy, CBU’s accounting staff processed an adjusting entry to reduce inventory by $1.0 million. The next day, 2 accountants were discussing the events of the previous night. Accountant A was proud of the audit and said it illustrated the benefit of having a good system of internal control. CBU had followed good internal control procedures by having a regular physical inventory count to safeguard a valuable enterprise resource. Accountant A was relieved that the problem was resolved: the financial numbers were corrected before they were reported. In short, he felt successful and thought CBU should feel fortunate to have his accounting staff as control advisors. Accountant B felt differently. She was concerned about the bad decisions that were made throughout the year based on the incorrect inventory numbers. She felt that she and the other accountants should have helped develop more timely and effective system controls.

With which accountant’s philosophy do you agree? How can you explain the diverse opinions? What policies or procedures, if any, should CBU develop to avoid such problems in the future? Your response should also include a Biblical perspective. Also, try to include accounting and auditing standards to support your opinion.

Prepare an unadjusted trial balance, in correct format, from the following alphabetized account information. Assume accounts have normal balances. Assets, liabilities, then owner equity accounts.

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Mastery Assignment Ch. 3


Complete the following problems on an excel spreadsheet. Number your entries based on the letter. Be sure to use the appropriate account name for each transaction. Each transaction should have two accounts (debit and credit)

PA12.) Sewn for You had the following transactions in its first week of business. Prepare the necessary journal entries to record these transactions.

A. Jessica Johansen started Sewn for You, a seamstress business, by contributing $20,000 and receiving stock in exchange.
B. Paid $2,250 to cover the first three months’ rent.
C. Purchased $500 of sewing supplies. She paid cash for the purchase.
D. Purchased a sewing machine for $1,500 paying $200 cash and signing a note for the balance.(compound entry)
E. Finished a job for a customer earning $180. The customer paid cash.
F. Received a $500 down payment to make a wedding dress.
G. Received an electric bill for $125 which is due to be paid in three weeks.
H. Completed an altering job for $45. The customer asked to be billed.

PA16.) Prepare journal entries to record the following transactions for the month of July:
Use the appropriate date.
A. on first day of the month, paid rent for current month, $2,000
B. on tenth day of month, paid prior month balance due on accounts, $3,100
C. on twelfth day of month, collected cash for services provided, $5,500
D. on twenty–first day of month, paid salaries to employees, $3,600
E. on thirty–first day of month, paid for dividends to shareholders, $800

PA20.) Prepare an unadjusted trial balance, in correct format, from the following alphabetized account information. Assume accounts have normal balances. Assets, liabilities, then owner equity accounts.

Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500).

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Mastery Assignment Ch. 4

 
Complete the following problems in Excel. Use a different tab for each problems using the correct number format. Make sure you use two accounts (debit and credit) for the adjusting entries. Read the problems carefully.

PA10.) Prepare journal entries to record the following transactions. Create a T–account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500).
A. March 1, paid interest due on note, $2,500
B. December 31, interest accrued on note payable, $4,250

PA13.) Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data.

A. supplies actual count at year end, $6,500
B. remaining unexpired insurance, $6,000
C. remaining unearned service revenue, $1,200
D. salaries owed to employees, $2,400
E. depreciation on property plant and equipment, $18,000

PA15.) Prepare an adjusted trial balance from the following account information, considering the adjustment; data provided (assume accounts have normal balances). Equipment was recently purchased, so there is neither depreciation expense nor accumulated depreciation.

Adjustments needed:
Salaries due to employees, but unpaid at the end of the period, $2,000
Insurance still unexpired at end of the period, $12,000



Calculate the final inventory value for Spartan Corp based on individual inventory items using the lower-of-cost-or-market method. Record the journal entry to write-down inventory assuming the write-down is common for the inventory.

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Extra credit

Use the following information for questions 1 & 2 (6 pts total)
Spartan Corp. manufactures and sells two products. Information related to the inventory of
Spartan Corp is provided below.
Cost
Replacement
Cost
Net
Realizable
Value
Net Realizable
Value Less a
Normal Profit
Margin
Product A
Models
Elite 115,000 105,000 135,000 110,000
Standard 105,000 125,000 120,000 100,000
Economy 90,000 75,000 90,000 70,000

Product B
Models
Pro 65,000 60,000 90,000 55,000
Residential 55,000 65,000 80,000 60,000

1. Calculate the final inventory value for Spartan Corp based on individual inventory items using the lower–of–cost–or–market method:


2. Record the journal entry to write–down inventory assuming the write–down is common for the inventory.


Presented below is information related to Spartan Company (10 pts total).

Cost Retail
Beginning inventory $ 250,000 $ 300,000
Purchases 1,450,000 2,250,000
Markups 95,000
Markup cancellations 25,000
Markdowns 25,000
Markdown cancellations 15,000
Sales revenue 2,300,000

3. Compute the ending inventory by the conventional retail inventory method (5 pts).


4. Compute the ending inventory by the cost retail inventory method (5 pts)

Presented below is information related to Cougar Company (9 pts total).
Cougar Company manufactures one product and uses dollar–value LIFO to determine its ending  inventory. The company reported $940,000 inventory On December 31, 2019. Inventory data are
as follows:
Inventory at Price index
Year year–end prices (base year 2019)
2020 $1,248,000 1.04
2021 1,680,000 1.05
2022 1,748,000 1.15

5. Compute the inventory at December 31, 2020 and 2021 using the dollar–value LIFO method for each year.

Give a brief overview of the purpose and explain how the following IFRS/IAS’s have been complied with in Barlow world’s group financial statements. Briefly describe the objective of the international Integrated Reporting Council Integrated report framework.

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Financial Reporting (IAS & IFRS)

Download a copy of the Annual report for the Barloworld group annual report About Barloworld | Barloworld Limited – AFS 2020 ()

a) Give a brief overview of the purpose and explain how the following IFRS/IAS’s have been complied with in Barlow world’s group financial statements:

(i) IFRS 8 Operating segments (20 Marks)

(ii) IAS 33 Earnings per share (20 Marks)

(iii) IFRS 5 Non-current Assets held for Sale (20 Marks)

(60 marks)

2.2.1.1 (i) Briefly describe the objective of the international Integrated Reporting Council Integrated report framework

(ii) Utilising the groups online integrated report, describe and comment on the strategy, business model, the six capitals and strategic enables through which the group seeks to create value over the short, medium and long term and the process used to manage material risks.

(30 marks)

Assignment Guidance Notes

– Your assignment should be no longer than 1500 words in total.

– Make sure that you have the full annual report for 2020 including the consolidated financial statements and notes to the accounts for Barloworld Limited.

The learning outcomes covered by this assessment are:

LO1. Understand the regulatory framework for financial reporting and critically evaluate UK and international approaches to financial reporting regulation

LO2. Explain, apply and critically evaluate the accounting rules contained in IAS and IFRS.

LO3. Understand the effects of different accounting policies on financial statements.

What are the practical accounting issues and challenges for the preparers of financial statements related to cryptocurrencies? What type of asset is a cryptocurrency and how should changes in their value be reflected in profit and loss, and when?

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Impact of Cryptocurrencies (digital assets) on financial reporting.

A more specific problem identified within the general area. Think about why this problem is important to study and specify what is already known about the problem.
There are no accounting rules dedicated to cryptocurrencies. Under current US GAAP and, under IFRS, intangible asset accounting is applied. The result of the lack of such guidance has led to a variety of accounting treatments used in practice which have created significant challenges for preparers of financial statements.

What is not known about the problem that is important to study. Be specific.

• What are the practical accounting issues and challenges for the preparers of financial statements related to cryptocurrencies?
• What type of asset is a cryptocurrency and how should changes in their value be reflected in profit and loss, and when?
• Issues about accounting for revenues and disclosures of information in financial statements
• Risk factors related to accounting for cryptocurrencies

* Review various accounting theories, which ones are applicable to the issues related to financial reporting of cryptocurrency assets?

Evaluate at least three types of financial fraud common to the selected company and its associated industry supported with a detailed description of each type of financial fraud and how it can occur.

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Operations Strategies

You will create a financial risk mitigation plan to reduce overall costs and increase efficiency in operations for your selected company. Your strategy is to apply best practices for mitigating financial risk and fraud exposure in the company’s operations. You will conduct research to identify industry best practices for risk mitigation to reduce financial fraud exposure and then integrate the relevant best practices into the risk mitigation plan as appropriate for the company. Your findings and recommended strategies would be presented as a financial risk mitigation plan for your selected company.
Instructions
Write a 5–6 page paper in which you:
Describe a selected a company, its operations, and its associated industry and evaluate these areas to develop a financial risk mitigation plan.
Evaluate at least three types of financial fraud common to the selected company and its associated industry supported with a detailed description of each type of financial fraud and how it can occur.
Recommend at least two proposed strategies for mitigating financial risk and fraud exposure based upon financial methods, auditing techniques, and industry best practices used to mitigate financial risk.