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Accounting research and communication exam-midterm -3 parts of exam




Question;Accounting research and communication examPART;I LETTER TO CLIENT;Part I;possible points: 30;YOU WERE;ASKED TO REVIEW THE WEBSITE AND RECENT FINANCIAL STATEMENTS FOR HOME;DEPOT CORPORATION.;Assignment: Prepare a 2 page (maximum) letter;addressed to the Accounting Manager of a new do-it-yourself retail company;(?UFix?) looking to setup accounting policies for their initial financial;statements. The Accounting Manager has asked you to search for Home Depot?s;financial statements. Find this company?s most recent financial statement;filing and discuss whether any current significant events should UFix take into;consideration. Also, the Accounting Manager is preparing for a meeting with;UFix?s Chief Financial Officer to discuss observations and best practices on;accounting policies based on the research you are being asked to do.;The letter should include;information on three areas, namely;1.;What current events may;have an impact on the financial statements based on your research of Home;Depot?s recent financials? Cite/support how you found it?;2.;Significant accounting;policies - Which ones would you recommended as best practice?;3.;Your observations to assist;the Accounting Manager with the upcoming meeting with the Chief Financial;Officer.;Your letter format should;incorporate the methods discussed in the course textbook and class notes.;Please note: CLARITY and an;appropriate style of presentation is required for this professional letter. You;will be graded on the information provided, research support and the;manner/style in which the information is presented.;Question2;Not yet;answered;Points;out of 20.00;Flag question;Question;text;PART II EFFECTIVE WRITING;Part II maximum points: 20;From the course textbook Effective;Writing;a) Eighteen (18) guidelines;for effective writing were presented. List as many as you can.;(1 point for each correct item);b) In your opinion, what;tools, techniques or methods would best suit the following scenarios to ensure;professional and effective communication? (1 point max per bullet item;below);1.;Oral presentation to;your fellow students;2.;Accounting research;for the appropriate revenue recognition for a new product to your manager;3.;Presentation of a;significant conclusion to the client of an identified accounting issue where;the advice to be given is not based on any particular guidance but rather;professional judgment;Question3;Not yet;answered;Points out;of 20.00;Flag question;Question;text;PART III;RESEARCH;Part III possible points: 20;a) What is revenue and how is;revenue recognized? Is there different guidance for software revenue;recognition? (5 points);?;One page maximum response;with technical references from the FASB Codification (choose any organized;format for your response);b) Given your studies;conducted during class on revenue recognition, please illustrate in anOUTLINEwhat you would present to a newly;appointed audit committee chairman of Lifesaver Software Company (?Lifesaver?).;Lifesaver is a company that owns hardware and writes proprietary software;that is used to monitor sick patients in hospitals. Also, include why;effective accounting research is often critical in determining the appropriate;revenue recognition policy for a company.;In addition, the audit committee chairman has;been asking questions about what Lifesaver?s accounting policy is on;capitalizing consulting fees incurred during the software development phase.;Use specific examples and any references to;relevant accounting guidelines in addressing these questions. Theoutlineshould be appropriately formatted and;written. Two pages maximum. (15 points)


Paper#37910 | Written in 18-Jul-2015

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