Question;BUS 591;Financial Accounting and Analysis;Generally Accepted Accounting Principles (G.A.A.P.).Briefly;discuss Generally Accepted Accounting Principles or G.A.A.P. What are they?;What is their purpose? Name the U.S. and international standard-setting bodies;that established these principles. Are all companies required to follow these;principles? Why or why not?;Your answer should illustrate understanding of generally accepted accounting;principles and their international counterpart. Respond to at least two of your;classmates? posts.;Annual Reports.Visit the website for Tootsie Roll;(www.tootsie.com). Click on ?Company Information? then ?Financial Information?.;Open the latest annual report and review it to find the answers to the;following questions;? What are Tootsie Roll?s corporate principles? Do you agree with these;principles, or do you feel there are additional principles that should be;included?;What was the total amount of Tootsie Roll?s assets for the most current year;available?;? What was the total amount of Tootsie Roll?s liabilities for the most;current year available?;? What is the amount of the difference between Tootsie Roll?s assets and;liabilities? What is this difference called?;Based on your initial findings at the Tootsie Roll website, would you;consider investing in them? Why or why not? Your answer should illustrate;critical thought and understanding of the annual report and financial;statements. Respond to at least two of your classmates? posts.;Week One Homework Problems. Complete the following Workbook;Template Week One or you may complete the Problem 1-3B on page 36, 1-4B on page;37 (Chapter 1) and Problem 2-7B on page 90 (Chapter 2) of your text. Submit;your work to your instructor by the posted due date. Show all your work in order;to earn full credit;Debits and Credits. Define debits and credits and explain;how they are used to record business transactions. Is it true that debits;always increase and credits always decrease? Why or why not?;Respond to at least two of your classmates? posts.;Revenue & Expense. Review the section called ?Investor;Insight? in Chapter 3 of your text which shows the major revenue and expense;accounts of the Chicago Cubs baseball team. Considering the huge increase in;professional baseball players? salaries in the last decade, what do you think;has happened to total expenses and net income of professional baseball teams?;If net income has not decreased, what has been done to offset the higher;salaries? Should fans be expected to pay higher prices for ?America?s national;pastime? to help offset the costs of higher salaries? Respond to at least two;of your classmates? posts;Week Two Homework Problems. Complete Workbook Template Week;Two or you may find the problems 3-2B on page 150 and 3-5B on page 151 from Chapter;3 of your text. Also complete problems E4-13, E4-14, E4-15, E4-16, E4-17, and;E4-18 from Chapter 4. Submit your work to your instructor by the posted due;date. Show all your work in order to earn full credit.;Perpetual Inventory System. Present a detailed explanation;of the recording of purchases under a perpetual inventory system. Use;hypothetical figures to illustrate the perpetual inventory system. After;presenting your hypothetical figures, discuss how a perpetual inventory system;is different from a periodic inventory system. Your answer should illustrate;understanding of the perpetual inventory system. Respond to at least two of;your classmates? posts.;Inventory Valuation Methods. Identify the differences;between F.I.F.O., L.I.F.O., and the average-cost methodof;inventory valuation. Be sure to include the effects of each method on cost;of goods soldand net incomein your answer. Also;discuss the differences between the physical movement of goods and cost flow;assumptions. Your answer should illustrate understanding of the three major;inventory valuation methods, and the relationship between physical inventory;flow and cost flow assumptions. Respond to at least two of your classmates?;posts.;Week Three Homework Problems. Complete the following Workbook;Template Week Three or you may complete the problems E5-2, E5-6 and P5-5B from;Chapter 5 and Problems 6-2B and 6-3B Chapter 6. Submit your work to your;instructor by the posted due date. Show all your work in order to earn full;credit.;Why do I need accounting?Consider the following;scenario: Your friend (who is also in school) just emailed you to express;frustration with his accounting class. In the email, he said, ?Why do I need to;take accounting? What will I ever need to know about reporting and analyzing;long-lived assets? I am a management major.? Write a 100- to 250-word response;to your friend, including specific details about the benefits of learning;accounting. Focus particularly on reporting and analyzing long-lived assets;from a manager?s perspective. Discuss the benefit and purpose of learning;accounting as a business student. Respond to at least two of your classmates?;posts.;Sarbanes-Oxley Act of 2002. Search the Internet and locate;an annual financial report for a public U.S. company. Read the Notes to the;Financial Statements to determine the criteria for cash equivalents and how;cash and cash equivalents are handled. Discuss your findings. Find information;about the internal control policy of the company and summarize this policy in your;post. Is it in compliance with SOX? What are some references to SOX mentioned;in the annual report? Your answer should demonstrate understanding of the;Sarbanes-Oxley Act, and be a minimum of 100 to 200 words in length. Respond to;at least two of your classmates? posts.;Week Four Homework Problems. Complete the following;Workbook Template Week Four or you may complete the problems P8-2B and P8-6B;from Chapter 8 and Problems 9P-2B and P9-7B from Chapter 9. Submit your;assignment to the instructor by the posted due date. Show all your work to earn;full credit.;Liabilities and Financial Analysis. Discuss current;liabilities and long-term liabilities. What are the differences between the;two? Illustrate your understanding of liabilities, making sure to identify;major types of current liabilities. Respond to at least two of your classmates?;posts;Colgate?s Annual Report. Obtain a copy of Colgate?s annual;report from the Ashford Online Library or from a valid academic source found;elsewhere on the Internet. Use this information to answer the following;questions. If researching online, go to the Colgate company website;(http://www.colgate.com). Use the ratios discussed in Chapter 11 (dividend;payout ratio and return on common stockholders? equity) to evaluate Colgate?s;dividend and earnings performance from a stockholder?s perspective. Your answer;should illustrate understanding of dividend ratios and return on equity ratios;an analysis of financial statements. Respond to at least two of your;classmates? posts.;Sarbanes-Oxley Act of 2002/Methods of Depreciation. Select;one of the following topics for your research paper;Research and discuss the Sarbanes-Oxley Act of 2002. Identify key components;of the Sarbanes-Oxley Act of 2002, and its primary objective. What are some of;the criticisms surrounding the Act? Are there any economic consequences;for companies as a result of implementing the Act? Has the Sarbanes-Oxley Act;achieved its goals so far?;Explain the methods of depreciation. Explain the methods of depletion. How;do depletion and depreciation methods differ? Compare and contrast the;depreciation and depletion methods. Use scholarly references (no Wikipedia;Answers.com, etc.) to support the points you make in your paper.;Indirect Method vs. Direct Method. Financial statement;preparers have two choices in preparing the statement of cash flows: the;indirect method and the direct method. The indirect method is used extensively;in practice even though the F.A.S.B. has expressed a preference for the direct;method. Discuss the similarities and differences between the direct and;indirect methods, and the advantages of using each method.;Your answer should illustrate understanding of the cash flow statement. A;minimum of 100 to 200 words is required for your answer. Respond to at least;two of your classmates? posts.;Horizontal vs. Vertical Analysis. Discuss the horizontal;and vertical analysis of a financial statement, and how each is used to help;financial statement users make better decisions. Also, explain the liquidity;solvency, and profitability ratios introduced throughout the text. Describe how;the ratios are used in analyzing a firm?s liquidity, solvency, and;profitability. Your answer should illustrate understanding of financial;statement analysis, including ratios. A minimum of 100 to 200 words is required;for your answer. Respond to at least two of your classmates? posts.;FINAL PAPER;You should begin working on elements of the Final Project in Week One. Each;week, there is a recommended learning activity associated with helping you;complete the Final Project. There are ungraded and graded practice exercises;which will allow you to practice applying accounting skills learned in class to;different scenarios. Work through the problems, starting with Chapter 1, following;the instructions in the textbook and Excel template.;Download and open the Excel file marked ?BUS 591 Final Project Template?.;Review the instructions presented on the Instructions Tab in the Workbook and;the weekly recommended learning activity. If you complete each part as;recommended, you will have the complete Final Project finished by Week Six.;Chapters 1, 2 and 3 are ungraded practice problems, while Chapters 4 and 13 are;graded problems. Take your time and complete all requirements. Also, if you;complete the practice problems from Chapter 3, completing the graded portion;from Chapter 4 will be much easier.;Do not work ahead unless you read the corresponding chapters. For example;read Chapters 3 and 4 before completing the Continuing Cookie Chronicle problem;from those chapters.
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