Question;Week#10;Discuss the advantages of;understanding accounting as it relates to your current or future position.;(Consider careers in management, sales, business operations, finance, and;business ownership.);Discuss the ways in which you;will apply the accounting concepts reviewed in this course to your personal;school, or work environment. Identify the topics that you believe will stick;with you the most;Week#9;Discuss the primary advantages;and disadvantages of applying the direct write-off and the allowance method of;writing off accounts. Even though the direct write-off method is not acceptable;for generally accepted accounting principles (GAAP) reporting, take a position;on whether or not estimating the allowance for doubtful accounts distorts gross;income. Propose an alternative method to increase the accuracy of reporting.;Explain your rationale.;Identify at least three (3) risk;factors inherent in estimating the amount of customer write-offs. Explain the;procedural steps in which accountants or auditors would follow to identify;where material misstatement of receivables and associated gross income has occurred.;Explain your rationale.;Week 8;From the e-Activity, describe the;ways in which the fraud occurred, and identify which accounts were impacted in;the case you researched. Describe the accounting method used to commit the;fraud, where in the accounting process the fraud occurred, and the impact to;users of financial statements. Provide specific examples in your response.;Employee theft is a major problem;in the U.S. retail industry. Information obtained from SecurityInfoWatch;reported that 23 major retailers alone apprehended over 1.1 million shoplifters;and dishonest employees, and recovered more than $189 million from these;thieves in 2012. Identify at least four (4) internal controls effective in;mitigating employee theft and / or fraud. Provide at least two (2) examples of;internal controls that could be implemented to reduce theft in the U.S. retail;industry.;Week#7;Reporting;Accuracy"?;Imagine you are a consultant;hired to convert a manual accounting system to an automated system. Suggest the;key advantages and disadvantages of automating a manual accounting system.;Identify the most important step in the conversion process. Provide a rationale;for your response.;Identify key risk factors;inherent in the automated process. Take a position on whether or not you;believe that automation of accounting control systems reduce human error.;Support your position.;Week#6;Identify at least three (3) risks;and three (3) benefits of using the perpetual inventory management system.;Discuss the main types of inventory errors that could occur using the perpetual;inventory system, and the major impact to the balance sheet and income;statement. Provide specific examples.;From the e-Activity, identify the;primary benefits in using the costing method (LIFO, FIFO, and weighted average);that is used to record inventory. Explain at least three (3) reasons that would;lead each of your chosen companies to switch to a different costing method.;Week;5;Imagine you have been hired as a;consultant to a merchandising company using the periodic system versus the;perpetual system. Prepare a list of advantages and disadvantages for both;systems. In an attempt to sway the opinion of the business owner using the;periodic system, prepare a convincing argument for switching to the perpetual;system. Justify your position.;*From the e-Activity, identify;the inventory tracking method that is used to record the cost of goods sold and;ending inventory. Suggest the key risks inherent in recording inventory in;using both methods. Provide a rationale for your response.;Advantages of perpetual system;From the e-Activity, identify the inventory tracking;method that is used to record the cost of goods sold and ending inventory.;Suggest the key risks inherent in recording inventory in using both methods.;Provide a rationale for your response.;Week#4;Identify the key;steps in the closing process that provide the most opportunity to make mistakes;in processing account transactions. Make at least two (2) recommendations for;improving the accuracy and reliability of the information in the gaps that you;have identified. Justify your response.;From the e-Activity;identify at least three (3) benefits afforded to the users of the financial;statements and the company of accelerating the closing process. Provide a;rationale to support your response.;Week#3 Posted;Explain the major advantages and;disadvantages inherent in using both the cash and the accrual basis of;accounting, and determine the one (1) that you believe provides the most useful;financial information to users. Identify at least two (2) types of businesses;that would benefit by preparing financial statements using either the cash or;accrual basis of accounting. Justify your response.;Define the generally acceptable;accounting principles that justify making adjusting entries, and speculate on;the primary impact to investors and creditors if companies did not make;adjusting entries until the end of the calendar or fiscal year.;Week #2;From the e-Activity, identify the;job aspects, educational requirements, and preeminent accounting fields in;which to work. Determine at least two (2) ways that accounting or accountants;can have a direct impact on society. Provide specific examples.;In your own words, explain the;recording process and the accounting equation to someone who has no accounting;experience;Week #1;Accountants are in;a position to provide advice to business owners to determine which organization;structure is best for their particular business venture. Imagine that you were;approached by a friend or relative interested in starting a specialty business;to design men and women clothing. Discuss the advantages and disadvantages of;at least two (2) forms of business structures. Make a recommendation regarding;the structure your friend or relative should use based on this particular;venture. Explain your rationale.
Paper#47936 | Written in 18-Jul-2015Price : $42