Question;ACC;557 Discussion Questions;Week 1;DQ 1;Improper or Illegal;Methods" Please respond to the;following;From the e-Activity, identify the;company, the accounting impropriety or illegality, how it was detected, the;outcome, and propose a strategy that might have prevented the situation.;Indicate how the strategy should be implemented.;Assess the impact to the;company?s financial performance based on the impropriety and the resulting;effect to stakeholder confidence in management, recommending how the company;can minimize the resulting impact to the business.;DQ 2;General Accounting;Principles" Please respond to the following;?Bookkeeping and accounting are;the same.? In terms of your role in the provision of financial services;present data to support the accuracy of this statement and support your;position.;Analyze the accounting equation;as a concept that underpins the work of professional accountants and how an;understanding of the equation can impact business decision making.;Week 2;Sarbanes-Oxley Act;(SOX)" Please respond to the following;From the e-Activity, recommend;how the SOX framework can ensure reliable and complete financial information;and how accounting professionals have benefitted from its use. Provide support;for your response.;Evaluate how the SOX has;reinforced investors? and creditors? confidence in companies and how these;individuals can take steps to verify the accuracy of the financial statements;of potential investments or loans. Provide support for your rationale.;DQ 2;Accounting for a Specific;Circumstance" Please respond to the following;From the e-Activity research you;gathered, analyze how you, as the Chief Financial Officer (CFO) of a ?big box;store? that has potential pollution, environmental-disposal, or demolition;problems, would handle these costs in your financial statements and communicate;this proposed plan to your colleagues on the management team. Indicate how any;resistance would be overcome. Support your stance with the information that you;obtained through your research.;Recommend the advantages and;disadvantages of recording the above-referenced costs in the financial;statements and how this might alter the company?s public image.;Week 3;DQ 1;Researching Financial;Information" Please respond to the following;From the e-Activity, analyze one;company?s financial position and determine whether or not the stock potential;will rise, remain stable, or decrease in value. Determine whether you would;invest in it or not at this time. Provide a rationale for your response.;Assess how profitable the company;has been over the past 5 years and determine how you would advise the company;about its future profitability potential.;DQ 2;Most people are familiar with;cash as a form of compensation to employees. To conserve cash, companies have;devised creative methods (gift cards, barter,stock options, bonuses, free;meals, etc) to pay employees and independent contractors. Using the Internet;analyze non-cash forms of compensation to employees and/or independent;contractors.;As a CFO of a new company, analyze;non-traditional compensation (or fringe benefits) to conserve cash.;Discuss the advantages and;disadvantages to using this type of benefit.;For instance, assess the impact to employee morale, fraud, etc.;Week 4;DQ 1;Accounting Methods;Please respond to the following;Analyze the risks to;merchandising that a business may experience and how they might be minimized.;Determine if automation of accounting has had a positive or negative impact on;business, in general, and how you arrived at that conclusion.;Create a corporate policy designed to minimize inventory shrinkage;related to theft, stocking errors, shipping errors, etc., indicating how the;policy will be enforced and procedures that may need to be implemented.;DQ 2;Inventories" Please;respond to the following;Imagine you are accountable for a;franchise fast-food restaurant. Evaluate the best method of inventory costing;and make a recommendation to the company?s leaders about why it is best suited;for your franchise fast-food restaurant to reduce the possibility of employee;theft of product or other shrinkage concerns.;Inventory control requires;constant attention. Propose a set of guidelines that reflect the necessary;monitoring controls for three distinct types of business (e.g., a shoe;retailer, a physician?s office, and a food vending truck) to minimize loss and;waste. Indicate how each control will minimize risk of inventory loss.;Week 5;DQ 1;Internal Controls;Please respond to the following;From the e-Activity, analyze the;situation from the company you selected and the internal controls that may have;been compromised to allow the problem to occur and the resulting financial;impact to the business. Propose a plan to prevent this type of situation in the;future.;Match the situation with the;primary components of the fraud triangle factor (opportunity, financial;pressure, or rationalization) that best describes it and specifically create;strategies to address this component of the triangle to prevent recurrence for;the above-mentioned company.;DQ 2;Receivables" Please;respond to the following;Assess the external and internal;factors that influence credit policy and decision making within a company that extends credit to its;customer when providing a good or service on account. Indicate the factor of;most significance in today?s business environment. Provide support for your;rationale.;Assuming that a certain;percentage of customers will be deemed high risk, recommend a strategy to;minimize a company?s bad debt exposure. Indicate how the company would;implement the strategy. Provide support for your recommendation.;Week 6;DQ 1;Information Protection and;Privacy" Please respond to the following;Based on the e-Activity, evaluate;the circumstances that contributed to the privacy violation, the consequence to;the company to the breach, and management?s response to the breach, indicating;the appropriateness of the response. Suggest how the company may have presented;the breach and / or responded differently once the breach was discovered.;Provide support for your rationale.;Assess the ethical considerations;for information privacy, indicating how these considerations should be;addressed with a corporate policy. Provide support for your rationale.;DQ 2;Debt Covenants" Please;respond to the following;Based on your research conducted;in the e-Activity, assess the key components of the loan covenant typically;used in business loans. Indicate the necessity of each covenant and the;likelihood that default will be prevented. Suggest whether or not you agree or;disagree with lenders using the covenant approach for protection. Provide a;rationale for your position.;Create an alternative strategy;for lenders to use to protect themselves for loan default. Indicate how this approach would be more;desirable than debt covenants. Provide support for your strategy.;Week 7;DQ 1;Effects of a Merger;Please respond to the following;Based on the company you;researched in the e-Activity, assess the key drivers of the merger. Indicate;how the merger will most likely create more value for the company stakeholders;indicating whether or not you believe the value will be realized. Provide support;for your rationale.;Assess the accounting;complexities related to mergers and acquisition, indicating how management;accounted for these complexities in the merger you researched. Suggest whether;or not you agree or disagree with the accounting approach used in the merger.;Provide support for your position.;DQ 2;Retained Earnings;Please respond to the following;The items contained in the;Retained Earnings section of a balance sheet are often complex and confusing.;Suggest an improvement for the reporting on this information that will help the;users of the statement to have a better understanding of the activity. Provide;support for your suggestion.;Evaluate what a cumulative loss;in the retained earnings section of a company?s balance sheet might indicate;about the financial performance in the future, indicating how this may;influence decisions made about the company. Provide support for your answer.;Week 8;DQ 1;Venture Capital;Please respond to the following;Based on your research conducted;in the e-Activity, evaluate the business decision to use a venture capitalist;to raise funds, indicating whether or not you believe the company will benefit;from this decision in the long run. Provide support for your position.;Assess the challenges for;businesses using the resources of a venture capitalist, given that significant;returns on the investment are likely to be impacted by the firm. Indicate how a;business can manage these expectations. Provide support for your rationale.;DQ 2;Investment Valuation;Please respond to the following;While US GAAP requires assets to;be valued at the lower of cost or market, there is a belief that assets with;value fluctuations should be valued at market and adjusted on a regular basis.;Create an argument supporting the use of market value for investment valuation.;Provide support for your argument.;Assess the potential abuses of;companies using a market value approach to investment valuation and how it may;impact decisions made by the public relying on the information.;Week 9;DQ 1;Cash Flow Reporting;Please respond to the following;Given the complexities related to;preparing and interpreting the statement of cash flow, evaluate the current;requirement under GAAP and IFRS, indicating improvements that you would make to;each method?s requirement to better serve the users of the information. Provide;a rationale for your changes.;Analyze the impact of erroneous;classifications in the Operating Activities section of the statement of cash;flows, detailing how the distortion can impact the decisions made by financial;statement users. Suggest how these errors may be minimized.;DQ 2;Use of Cash Flows;Statements" Please respond to the following;Assess what information may be;revealed about the sustainability of a company by review and analysis of a;company?s statement of cash flows that may not be revealed in the balance sheet;or income statement. Provide support for your rationale.;Create an argument indicating;that the statement of cash flows contains the most valuable information related;to a company?s performance for users of financial statement information.;Provide support for your argument.;Week 10;DQ 1;Financial Analyst;Skills" Please respond to the following;Based on the information;presented in the e-Activity, recommend the skills that are required to be a;successful Financial Analyst, indicating how the role of a Financial Analyst;adds value to a company. Provide support for your answer.;Assess the key ratios used by;Financial Analyst to evaluate the financial performance of company, indicating;the ratio that you believe to be most indicative of future performance. Provide support for your rationale.;DQ 2;Financial Analysis;Please respond to the following;Determine three key ratios that;should be used when evaluating the financial performance of a company;indicating what information this will reveal to an analyst and the impact to;decisions made about the company.;Given that financial analysis is;reactive based on events that have already occurred, suggest how financial;analysis may obtain information to be proactive to the decision-making process.;Provide support for your rationale.;Week 11;DQ 1;Course Wrap-Up" Please;respond to the following;Explain two concepts in this;course that provided the most value to you.;Indicate how these two new areas;of knowledge will benefit you in your current job or future career / endeavors.;DQ 2;Financial Accounting;Please respond to the following;Predict one major change in;financial accounting that may likely occur within the next 10 years.;As a CFO, recommend how you would;integrate these changes into your business.
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