Category: Accounting

ASSIGNMENT: watch the documentary entitled, Enron
Brief Overview of the Movie:
Enron, The Smartest Guys in the Room tells the inside story of the spectacular rise and fall of one of the most scandal-ridden corporations in American history. Based on the best-selling book of the same name, this film takes a look at the collapse of the once seventh-largest company in the United States, where executives misappropriated billions of dollars, leaving investors scrambling and ruining the life-savings of thousands of employees.
Through insider accounts and corporate recordings, the documentary follows the birth of Enron in 1985 to its zenith in 2000, becoming the largest natural gas merchant in North America. Its rise is plagued by unethical and underhanded business practices, including profiteering on the California energy crisis at the expense of the public. The company’s collapse is heralded by the extravagant and outrageous spending of its top executives, who leave the company and its employees in a sinking ship. Two different sources (you may find another, if you like)
https://search.yahoo.com/yhs/search?p=enron+the+smartiest+guy+in+the+room&fr=srp-dd-share&fr2=p:s,v:w,m:KgMoviesYKC,ct:copy-link
The Enron Scandal Questions
Who were the main leaders in this documentary and what role/position did they hold in the company. Who were the accountant?
Some of the accounting firms were making $1 million per week. Do you think they knew about the frankness? explain your answer
Contrast Enron’s code of ethics with the events that unfolded. Did the code of ethics have any influence on the day-to-day operations? If not, what is the point of having this document?
There are several people in the film who had positions of power within Enron but allowed the deception to continue. Of everyone, who do you think was most at fault for the Enron scandal? Why do you think it was able to grow as large as it did?
In 2001, when Enron filed for bankruptcy, it was the seventh largest business in the country and had $63.4 billion in assets. How is it possible that a company this large was such a scandal? Do you think there are still corporations like Enron today, where their finances are overblown?
What do you think about the information presented about the board of directors? Do you think they were actually innocent in the scandal?
At the end, Skilling went before Congress and claimed that the events were not actually as scandalous as they seemed, but that the problem was that the assets of Enron were tied up. Given Skilling’s history, is this believable?
Jeff Skilling was sentenced to 24 years in prison for the Enron scandal. Is this a just punishment? If not, what do you think would have been a better punishment?
Imagine that you had stock in the Enron Corporation. In 2000, the shares reached a value of $90.75 each, but by November 2001, they were worth less than a dollar. How would you feel if your finances or hopes for retirement were tied up in this?
Agree or disagree with the following statement and justify your answer: ”When investing in the stock market, there is an assumed risk. People who lost even hundreds of thousands of dollars should have assumed that risk when they invested.”
What surprised you most about this film?
The film shows the reach of destruction from the Enron scandal. Thousands of people lost money, workers in the company lost jobs, executives were sentenced to prison and other’s defamed their names and there was even suicide.
With this in mind, what are your thoughts about the role that accountants plays in corporations? On greed?
Is money the root of all evil?
What place does the pressure to succeed have in the Enron scandal?
Although many of the decisions made by Enron executives were illegal,
there were still financial decisions they made that were scandalous but technically legal. Should private companies and the stock market be more regulated to prevent this from happening or would that interfere with the main ideas of capitalism?

Overview
You are the accountant for ACC KarParts, a thriving company that makes auto parts. You oversee all accounting functions within the company. Quinn, your supervisor, has informed you that if the company’s profits grow by 30% this year, you will receive a $30,000 bonus, and she will receive a $60,000 bonus. No bonuses will be awarded if profit growth is less than 30%. Near the end of this fiscal year, the two of you have the following conversation:
Quinn: We are getting close to 28% profit by the end of this year. If this happens, neither you nor I will get any bonus. What can be done to reach our target and get our bonus?
You: There is nothing we can do to reach 30% profit this year. However, we can plan to reach that target next year.
Quinn: If we claim some of next year’s revenue as part of the current year, you will get your bonus, I will get mine, and the investors will be happier. Therefore, everybody will be happy.
You: Uh, Quinn, that would be an unethical action.
Quinn: We are simply moving revenue from one period to another. We are not faking the revenue transactions.
As an accountant, what would you do in this situation?
Instructions
Write a 2–3 page report explaining to Quinn why you can’t move revenue from one period to another. In the report:
Explain the importance of ethics in accounting.
Apply ethical principles and professionalism to the case at ACC KarParts.
Based on generally accepted accounting principles, recommend at least three acceptable legal alternatives to meet company goals.
Use three sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library, or review library guides.
Evaluate a business’s accounting system for compliance with accounting principles, regulations, and ethical business practices.

For this discussion, think about your personal experience with the topics along with the material covered in this module. 
Instructions:
This module discusses the different types of costs that are found in different types of businesses and how they are applied to jobs. Discuss all of the following:
The flow of costs from raw materials to cost of goods sold (the flow all the way through the production process until they are sold to a customer) in a manufacturing organization.  
How the cost flows differ in a depending on the type of business (retail organizations, service organizations, and manufacturing organizations). 
How costs flow in your organization based on your understanding of the material. 
Optional Additional Videos of Examples:
1. Direct vs. Indirect Costs: 
Source: Accounting University.  (2017).  What is a Direct Cost vs. Indirect Cost?  Retrieved from: https://youtu.be/PT4zQYdQIz4
2. Job vs. Process Costing: 
Source: ProfAlldredge. (2015).  Managerial Accounting: Job vs. Process Costing.  Retrieved from:https://youtu.be/YkiQbR4BO5ELinks to an external site.
3. Allocating overhead using a predetermined overhead rate
Source: Ingram, K. (2013).  Allocating Overhead Using a Predetermined Overhead Rate.  Retrieved from: https://youtu.be/L0B2UDwmBoM

Hello please see the rurbric and details on assignment in the attachement. The approved ttopic of discussion is https://www.ifrs.org/projects/work-plan/annual-improvements-to-ifrs-accounting-standards-cost-method-amendments-to-ias-7/#current-stage. 

Overview
Footnotes can provide additional information or details for financial statements. This short paper will allow you to identify the main function of footnotes and evaluate footnotes from various companies.
This activity will help you complete Project One.
Directions
For this assignment, you will be taking a close look at the key elements of footnotes and their purpose. Several links are provided in the Supporting Materials section, including three different organizations’ financial statements plus resources on how to research and read the financial statements found on the U.S. Securities and Exchange Commission (SEC) website. These are the financial statements of the organizations you will need for the assignment.
Finally, after you have had the opportunity to evaluate three different companies, give thought to why footnotes require more than numbers.
Specifically, you must address the following rubric criteria:
Identify the key elements of footnotes. Consider the following questions to guide your response:
What information is typically included in footnotes?
How do companies know what information they need to include in their financial statement footnotes?
Identify the purpose of footnotes. Consider the following questions to guide your response:
Why are footnotes important and how are they used with financial statements?
What kind of statement components are footnotes typically prepared for?
Why do financial statements need supplemental information to explain numbers?
Evaluate different company situations and their applications of footnotes. Include three different companies. Consider the following questions to guide your response:
How do the various companies utilize footnotes?
How are companies’ situations similar or different?
What to Submit
Submit your short paper as a 1- to 2-page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Sources should be cited according to APA style.
Supporting Materials
following resources support your work on this assignment:
Website: Using EDGAR to Research Investments
This website explains how to research a public company’s financial information and operations by reviewing the filings the company makes with the SEC. It is not necessary to click on additional links on the website for this assignment.
Website: How to Read a 10-K/10-Q
This website explains what a 10-K and 10-Q are and how they can be used to follow or invest in a U.S. public company. It is not necessary to click on additional links on the website for this assignment.
Website: Walmart Inc. Form 10-K
This is one of Walmart’s annual reports, Form 10-K. Pay close attention to the footnotes of this document. It is not necessary to click on additional links on the website for this assignment.
Website: Alphabet Inc. Form 10-Q
This is one of Alphabet Inc.’s quarterly reports, Form 10-Q. Alphabet, Inc., is the parent company of Google. Pay close attention to the footnotes of this document. It is not necessary to click on additional links for this assignment.
Website: Tesla, Inc. Form 10-K
This is one of Tesla, Inc.’s annual reports, Form 10-K. Pay close attention to the footnotes in this document. It is not necessary to click on additional links for this assignment.
Please use these websites as sources for the paper.

Topic 1:
Research the process for how the FASB Standards were set. Do you agree or disagree with the way the US sets financial accounting standards. Be sure to note your sources and in-text citation in APA format including the complete website. Topic 2:
Using the FASB Codification as your source, search on the time value of money then identify one of the topics that discusses the use of time value of money. Assume your manager says that the time value of money concept is a waste of time for the topic you selected and to just book the entry. What would you do in this situation? Be sure to note the code section (ASC xxx-xx-xx-x) that you use. ********************************************************************
AT LEAST TWO REFERENCES PER TOPIC. TOPICS ARE SEPARATE
FOLLOW RUBRIC

Academic Report Guideline(Co-op)
(please do not include this text in the final report, just follow its guidelines and use the cover page above)
The report should be submitted within two weeks after you finish your Co-op training Program.
In addition, the report should be approximately 3000 – 4000, single –spaced and consider taking the following format
General instructions for writing the final report:
The report must be written in English language.
The word limit is 3000-4000.
If the report word count is not within the required word limit, marks will be deducted.
The font size is 12, Times New Roman, justified, 1.5 space.
Main headings use font size of 16 and bold.
Add page numbers in the middle bottom of the page.
Plagiarism or copying from other sources will result in ZERO marks.
This report must be submitted on Blackboard (WORD format only) via the allocated folder.
Your work should be clearly and completely presented; marks may be reduced for poor presentation. This includes filling your information on the cover page.
Assignment will be evaluated through BB Safe Assign tool. Late submission will result in ZERO marks being awarded.
First Page
The first page should display the student’s full name, internship start and finish dates, working hours per week, company/institution name, and the cover page.
The field instructor should sign on the first page.
A Brief Executive Summary of the Internship
A one-page summary of the company/institution and a short account of the major activities carried out during the internship period.
Acknowledgment
To allow the student to express her/his thankful and gratitude to individuals (such as: field instructor, academic supervisor, colleagues…etc.) who help them in carrying out and completing her/his training journey. This part will aid the students to learn basic elements of academic writing. To express their appreciation in a concise and professional manner.
Table of Contents
Contents of the report with page numbers, list of tables, and list of figures.
Introduction
A brief of the report. The Aim of the report.
Chapter 1: Description of the company
This section should answer the following questions:
What is the full title of the company/institution?
Give a brief history of the company, full mailing address and relevant weblinks
What is the type of ownership of the company/institution?
State the main shareholders and their shares.
What is the sector that the company/institution operates in?
Specify the products and services produced and offered to its customers/clients.
Who are regarded as the customers/clients of your internship company (consider the end users, retailers, other manufacturers, employees,etc.)?
Provide an organization chart of the company, along with information on the number of employees. Provide a list of functions performed by different departments/divisions in the internship organization. Provide an overview off the production system or service procedure (what are the resources, inputs, outcomes, andconstraints?)
Provide a process chart of a major product and/or service.
The following questions can be classified as your major fit (Finance, Accounting, Ecommerce and Management).
What kind accounting/finance/IT//quality/marketing standards and principles are used in the organization?
Discuss telecommunication technologies (Database, Instant Messenger, Networking, Ecommerce tools) used in the company.
Describe the quality planning and control activities in the internship organization.
Describe the quality control activities throughout the life cycle of the product/service groups
What kind of financial analysis and decision-making methods are used by corporate treasurers and financial managers in the internship organization?
What types of marketing, selling, and human resources analysis are performed (cost system, evaluation of consumers, needs, product strategy, distribution strategy, promotional strategy)?
Chapter 2: Internship activities
This is the main body of your report. During the internship period, the focus of the training may on the following types of analysis and questions. You do not have to answer all the questions in the list: Describe your working conditions and functions, such as: Who is your supervisor (include his/her name and his/her position); other team members or co-workers and what their functions are to complement yours.
Provide a detailed description about the department(s) that the trainee did her/his training with them. Adding all sub-divisions for this department(s) if it is available. Student can add to this description a supported chart.
Detailed descriptions about all tasks and activities that the trainee did them during her/his training period.
Gained skills and how they added value to your work
Other tasks that are not related to the trainee’s major that done by her/him at the company should be included in this chapter as well.
What types of incentives did you get as a trainee to be more proactive and productive?
Describe what kind of working documents and analysis you did there and what experiences you have gained throughout yourtraining. Provide examples of your work.
A comparison between theory (things you have learned in the classroom) and practice (things you did or observed at the company) must be made and highlighted. In this section the student can add a supported table includes which academic course (s) (course title and code) helped to perform training tasks. For example, two columns; the first one shows the course name and second column shows the tasks performed and related to this course.
Show some work samples that you have encountered/conducted at the company through graphs, pictures, data, drawings, or design calculations and include them in your report.
Lessons learnt (what the overall benefits gained from the training program)
Chapter 3: Recommendations
Advantageous that helped the student in completing the training program.
Disadvantageous and challenges that faced the student and how he/she did overcome them.
Recommendations to improve training program in the college.
Recommendation for the training company. Conclusion Sum up and summary of the training experience. Reference If it is needed Appendix (option) This will help the instructor to have a background about the trainee and his/her previous experiences. Also, it helps the students in writing their CVs for future job application especially for fresh graduates who do not have previous practical experiences.
Basic information (name, city, contact details…etc.).
Job objectives.
Academic qualifications.
Practical experiences.
Skills this will help the instructor to have a background about the trainee and his/her previous experiences

Based on the given outline, rewrite the answers for 4 questions in your own words. Keep this format, no essay. This is from chatGPT, so make sure to paraphrase please.

Should the audit client’s industry and business affect the auditor’s use of preliminary analytical procedures and the determination of planning materiality? 
Posts should incorporate at least two sources from authoritative literature.
Posts should include examples to support your viewpoints.

o This is a formal presentation and it should look formal.
o English language.
o PowerPoint format.
o Use bright colours for the background.
o Use graphs, tables and diagrams.
o Do NOT overdecorate the document.
o Do NOT use small font size.
o Do NOT use too much words in every slide.
– First slide:o Words limit: No word limit.Slide number: No more than 10 slides.