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ACC 556 Week 1 Discussion

"Financial Statements" Please respond to the following:

• From the e-Activity, analyze Apple’s most recent financial statements. Based on your analysis, predict whether Apple’s financial health will likely improve or deteriorate over the next five (5) years. Provide a rationale for your response.

• From the e-Activity, examine Apple’s statement of cash flows. Recommend at least two (2) actions that Apple could take in order to maximize the use of its cash flows. Provide a rationale for your response.

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ACC 556 Week 2 Discussion

"Accounting Systems and Accruals" Please respond to the following:

• From the e-Activity, examine the greatest threats to a computerized accounting system. Suggest two (2) preventive measures or remedies to protect the system and / or mitigate negative impact to the system. Provide a rationale for your response.

• Pretend that you are a criminal and want to commit fraud by altering your company’s accruals. Create a brief (one [1] paragraph) plan for committing the fraud. Predict the major potential resulting damage to the company’s financial statements from the fraud.

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ACC 556 Week 3 Discussion

"Accounting for Inventories" Please respond to the following:

• Suggest which type of income statement a retailer should use. Defend your suggestion.

• Analyze inventory valuation methods discussed in the textbook. Based on your analysis, recommend the most accurate valuation method that reflects current economic conditions. Provide a rationale for your recommendation.

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ACC 556 Week 4 Discussion

"Internal Controls" Please respond to the following:

• Imagine that a coworker wants to circumvent an internal control to steal money from your company. Speculate on two (2) internal controls that your coworker might attempt to circumvent in order to steal the money. Recommend two (2) actions that the company could take in order to prevent the theft.

• Outline an anti-fraud program that you would implement at your company (current or previous). Suggest the approach you would take to sell this program to your senior executives. Provide a rationale for your response

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ACC 556 Week 5 Discussion

"Accounts Receivable Management" Please respond to the following:

• Examine the five (5) steps to managing accounts receivable. Speculate on the step that is most vulnerable to fraud. Suggest at least two (2) actions that a company can take in order to protect this step from fraud.

• Imagine that your company has tasked you with developing a plan for factoring accounts receivables. Create one (1) scenario that demonstrates the key benefits and / or detriments to your company from factoring accounts receivable.

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ACC 556 Week 6 Discussion

"Plant Assets" Please respond to the following:

• Imagine that you are the Chief Financial Officer (CFO) of a startup airline company. The executive management team has tasked you with making a recommendation about whether the company should buy or lease airplanes. Analyze the major pros and cons for leasing and buying assets. Based on your analysis, provide a recommendation to the executive team.

• Compare and contrast the three (3) methods for depreciating plant assets. Recommend the method that maximizes profits for both a shorter period of time and a longer period of time.

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ACC 556 Week 6 Assignment 1 Financial Analysis

Assignment 1: Financial Analysis

Use the Internet or Strayer databases to research one (1) publicly traded company and review its last annual report. Use an investor’s view to perform financial analysis and discuss various non-financial factors impacting investment decision.

Write a two to three (2-3) page paper in which you:

1. From an investor’s view, review the last annual report for chosen company. Use financial analysis tools of liquidity, profitability, and solvency to evaluate the company’s performance and reasons for investing or not investing. Include the company’s ranking in the industry, and its major competitors.

2. From an investor’s views, discuss at least three (3) non-financial factors that suggest investing in this company. These may include environmental responsibility (sustainability), corporate governance, etc. Explain the main reasons why these are important to an investor.

3. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.

Your assignment must follow these formatting requirements:

• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.

• Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

• Analyze and interpret financial statements.

• Evaluate management control systems and examine their relationship with accounting and planning, including feedback and non-financial performance measurements.

• Use technology and information resources to research issues in financial accounting for managers.

• Write clearly and concisely about financial accounting using proper writing mechanics.

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ACC 556 Week 7 Discussion

"Liabilities" Please respond to the following:

• Hypothesize a scenario in which one could intentionally misstate liabilities for his or her personal financial gain. Recommend two (2) actions that companies can take to prevent or detect intentional misstatements of liabilities for personal financial gain. Justify your response.

• From the e-Activity, imagine that you are advising an investor who is considering purchasing bonds from the selected company. Analyze the types of bonds the chosen company issues and make a recommendation to the investor as to which type of bond would provide the most value. Justify your response.

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ACC 556 Week 8 Discussion

"Budgeting" Please respond to the following:

• Analyze the major pros and cons of preparing company budgets. Determine at least two (2) critical budget items that you believe are essential in managing a company. Provide a rationale for your response.

• Analyze the most common responsibility reporting systems. From your analysis, argue at least one (1) pro and one (1) con of using responsibility reporting systems.

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ACC 556 Week 9 Discussion

"Cash Flows" Please respond to the following:

• Outline a strategy for companies to spend excess cash and maximize the value of that spend. Provide a rationale for your response.

• From the e-Activity, compare and contrast the selected company’s statement of cash flows to its income statement. Suggest at least two (2) items from each statement that investors should analyze when deciding whether or not to purchase the company’s stock. Justify your response.

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ACC 556 Week 10 Discussion

"Extraordinary Items and Ratio Analysis" Please respond to the following:

• Choose at least two (2) items or events that you would consider to be extraordinary to a company. Propose the manner in which you would disclose these items or events to investors. Justify your response.

• Determine the two (2) financial ratios that you believe to be the most important indicators of financial health for a company. Predict two (2) positive or two (2) negative financial outcomes should the chosen ratios change dramatically from one year to another. Provide a rationale for your response.

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ACC 556 Week 10 Assignment 2 Budget Planning and Control

Assignment 2: Budget Planning and Control

Use the Internet and / or Strayer databases to research budget planning and control. Imagine that the company that you currently work for, have previously worked for, or would like to work for in the future has tasked you with preparing a budget plan.

Write a three to four (3-4) page paper in which you:

1. Describe the company that you currently work for, have previously worked for, or would like to work for in the future. Determine at least two (2) compelling reasons that this company should prepare and manage a budget. Predict the two (2) most likely positive and negative financial outcomes for this company if it properly or improperly performs effective budgeting.

2. Outline a high-level budget plan for the company. In your high-level budget plan, recommend the most appropriate budgeting phases for the company.

3. Propose two (2) methods and techniques that the company should use to manage its budget over time in preparation for the fact that budgets are ever changing. Justify your response.

4. Imagine that the company is facing a financial challenge that is causing the actual amounts of money that it spends to become significantly off target from its budgeted amounts. Prepare an action plan to resolve the budget misalignment. In your action plan, recommend at least one (1) budgeting technique to resolve the budget and actual discrepancies. Provide a rationale for your response.

5. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.

Your assignment must follow these formatting requirements:

• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions.

• Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length.

The specific course learning outcomes associated with this assignment are:

• Evaluate management control systems and examine their relationship with accounting and planning, including feedback and non-financial performance measurements.

• Evaluate decision making tools for capital investments, budgeting, and budgeting controls.

• Analyze financial accounting tools and techniques that convert financial accounting data into information for decision making.

• Use technology and information resources to research issues in financial accounting for managers.

• Write clearly and concisely about financial accounting using proper writing mechanics.

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using this rubric.

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ACC 556 Week 11 Discussion

"Sum It Up" Please respond to the following:

• Provide two (2) examples that demonstrate a change in your theories of financial accounting for managers since the beginning of this course.

• Rate the three (3) most important concepts that you have learned in this course in order of importance (one [1] being the most important; three [3], the least). Provide a rationale for your rating scheme.

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ACC 556 FINAL EXAM PART 1

Final Part 1

• Question 1

2 out of 2 points

1.Under the corporate form of business organization

• Question 2

Accountants do not attempt to measure the change in a plant asset's market value during ownership because

• Question 3

Budget reports provide the feedback needed by management to see whether actual operations are on course.

• Question 4

Intangible assets are rights, privileges, and competitive advantages that result from ownership of long-lived assets without physical substance.

• Question 5

A corporation is not an entity that is separate and distinct from its owners.

• Question 6

The market rate of interest is often called the

• Question 7

A current liability is a debt that can reasonably be expected to be paid

within one year, or the operating cycle, whichever is longer.

• Question 8

A budget can be used as a basis for evaluating performance.

• Question 9

Vertical analysis is a technique for evaluating a series of financial statement data over a period of time to determine the increase (decrease) that has taken place.

• Question 10

Bonds with a face value of $400,000 and a quoted price of 104¼ have a selling price of

• Question 11

The current cash debt coverage ratio is considered a better representative of liquidity than the current ratio because it involves the entire year rather than a balance at one point in time.

• Question 12

On January 1, 2014, Ermler Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2014, is

• Question 13

One objective of the income statement is to separate the results of continuing operations from those of discontinued operations.

• Question 14

All of the following are true regarding financial statement analysis ratios associated with liabilities except

• Question 15 A primary objective of the statement of cash flows is to show the income or loss on investing and financing transactions.

Answer

• Question 16

A master budget is most useful in evaluating a manager's performance in controlling costs.

• Question 17

The master budget reflects management's long-term plans encompassing five years or more.

• Question 18

The debt to assets ratio measures the percentage of the total assets provided by creditors.

• Question 19

A company whose current liabilities exceed its current assets may have a liquidity problem.

• Question 20

During 2014, Phelps Corporation reported net sales of $3,000,000, net income of $1,320,000, and depreciation expense of $80,000. Phelps also reported beginning total assets of $1,000,000, ending total assets of $1,500,000, plant assets of $800,000, and accumulated depreciation of $500,000. Phelps’s asset turnover ratio is

• Question 21

Cash dividends are not a liability of the corporation until they are declared by the board of directors.

• Question 22

Once cost is established for a plant asset, it becomes the basis of accounting for the asset unless the asset appreciates in value, in which case, market value becomes the basis for accountability.

• Question 23

The book value of a plant asset is the difference between the

• Question 24

On January 1, a machine with a useful life of five years and a residual value of $15,000 was purchased for $75,000. What is the depreciation expense for year 2 under straight-line depreciation?

• Question 25

Which of the following is not properly classified as property, plant, and equipment?

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ACC 556 FINAL EXAM PART 2

Final Part 2

• Question 1

A comparison with other companies that provides insight into a company's competitive position is most commonly known as which of the following types of comparisons?

• Question 2

All of the following statements regarding changes in accounting principles are true except which of the following?

• Question 3

A critical factor in budgeting for a service firm is to

• Question 4

Bogey Co. recorded operating data for its Cheap division for the year. Bogey requires its return to be 10%.

Sales $ 1,400,000

Controllable margin 160,000

Total average assets 4,000,000

Fixed costs 100,000

What is the ROI for the year?

• Question 5

A flexible budget

• Question 6

A manager of a cost center is evaluated mainly on

• Question 7

The single most important output in preparing financial budgets is the

• Question 8

Quincy Corp. earned controllable margin of $500,000 on sales of $6,400,000. The division had average operating assets of $5,200,000. The company requires a return on investment of at least 8%. How much is residual income?

• Question 9

Laser Performance Inc. has the following information available (amount in thousands).

Net Income $30,000

Average Total Liabilities 80,000

Average Current Liabilities 36,000

Cash Provided by Operations 48,000

Cash Sales 130,000

Capital Expenditures 22,000

Dividends Paid 6,000

What is the current cash debt coverage?

• Question 10

The primary purpose of the statement of cash flows is to

• Question 11

The following information pertains to Marsh Company. Assume that all balance sheet amounts represent average balance figures.

Total asset $400,000

Stockholders’ equity—common 200,000

Total stockholders’ equity 280,000

Sales revenue 120,000

Net income 25,000

Number of shares of common stock 8,000

Common dividends 9,000

Preferred dividends 6,000

What is Marsh’s payout ratio?

• Question 12

If the board of directors authorizes a $100,000 restriction of retained earnings for a future plant expansion, the effect of this action is to

• Question 13

Which one of the following is not a benefit of budgeting?

• Question 14

2 out of 2 points

1 - Issued $125,000 of par value common stock for cash.

2 - Recorded and paid wages expense of $60,000.

3 - Acquired land by issuing common stock of par value $50,000.

4 - Declared and paid a cash dividend of $10,000.

5 - Sold a long-term investment (cost $3,000) for cash of $3,000.

6 - Recorded cash sales of $400,000.

7 - Bought inventory for cash of $160,000.

8 - Acquired an investment in Zynga stock for cash of $21,000.

9 - Converted bonds payable to common stock in the amount of $500,000.

10 - Repaid a 6 year note payable in the amount of $220,000.

What is the net cash provided by operating activities?

• Question 15

Which of the following is not typically a characteristic experienced by a company during the growth phase of the corporate life cycle?

• Question 16

Cochran Corporation, Inc. has the following income statement (in millions):

COCHRAN CORPORATION, INC.

Income Statement

For the Year Ended December 31, 2014

Net Sales $240

Cost of Goods Sold 80

Gross Profit 160

Operating Expenses 65

Net Income $ 95

Using vertical analysis, what percentage is assigned to net income?

ct Answer:

• Question 17

If there were 60,000 pounds of raw materials on hand on January 1, 120,000 pounds are desired for inventory at January 31, and 410,000 pounds are required for January production, how many pounds of raw materials should be purchased in January?

• Question 18

Which one of the following items is not necessary in preparing a statement of cash flows?

Question 19

Holden Packaging Corporation began business in 2014 by issuing 80,000 shares of $5 par common stock for $8 per share and 20,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2014 balance sheet, Holden Packaging would report

• Question 20

Which of the following income statement figures would probably be the best indicator of a company’s future performance?

• Question 21

The date on which a cash dividend becomes a binding legal obligation is on the

• Question 22

On the basis of the budget reports,

• Question 23

Assume the following sales data for a company:

2015 $910,000

2014 $770,000

2013 700,000

If 2013 is the base year, what is the percentage increase in sales from 2013 to 2014?

• Question 24

A master budget consists of

• Question 25

Ratios are used as tools in financial analysis

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