ACC 548 Week 5 Learning Team Assignment Reporting Requirements M to purchase http://allmysolution.com/ACC-548_c119.htm Product Description One issue in accounting is the qualifications of an accountant when working for a client. It is expected that a CPA will not engage in an assignment without proper qualifications. Your firm has the ability to bid on two projects: the first is engagement and examination work—not consulting or audit—for a small county hospital. The second is work for a private, not-for-profit nursing
(0.5 points) an organization that reports on the reliability and ethics of other companies and organizations 5. What is a debt settlement program? (0.5 points) a program that says it can get you out of debt by negotiating payments with your creditors 6. What is bankruptcy? (0.5 points) the inability to pay back your creditors Lesson 3 (3.0 points) 1.
Chic Paints Plan Introduction to business (Section 4)Which accounting function will you be reviewing?Accounts Receivable/Credit ControlOverview of the business (PC 1.3)How big is the business – staff, offices, turnover?Chic Paints Ltd manufactures and supplies specialist paint products such as those used on boats, cars and industrial machines. It operates business to business. The company was formerly part of Ashstead Plc, but was the subject of a management buyout (MBO) from its previous owners in 2008 by five of its directors, whom had managed the company for many years. Prior to the MBO the Ashstead Plc operated a conglomerate manufacturing a wide range of products but this was considered to be no longer viable and as a result Chic Paints Ltd was sold off. Following the MBO the company moved away from the household paints market and towards the niche market of specialised paints as there is less competition and profit margins are higher.
Prior to the purchase, Little was involved in a patent infringement with Ideas, Inc. MegaCorp, Inc. agreed to pay $5 million in damages, and deduct it as necessary business expense. However, the IRS states that MegaCorp, Inc. must characterize the payment as capital expenditure. That is why MegaCorp, Inc. has come for help to determine if they are entitled to the deduction. ISSUE Can companies deduct payments as business expense if they incurred the liability through the purchase of another company? CONCLUSION MegaCorp, Inc. must capitalize the $5 million payment for the infringement liability as capital expenditure.
Professor Darlene Green-Connor ACC 403 November 27, 2012 Sarbanes-Oxley Act The Sarbanes-Oxley Act was put in place by Congress in 2002 in response to the financial fraud committed by multiple corporations. The main objective of the Act was to restore faith in investors whom experienced financial losses due to the financial fraud committed by the corporations. The Sarbanes-Oxley Act, also known as SOX, contains many laws and regulations that must be followed by small and large companies. Some of the results of the SOX are: external auditors gained more independence in reviewing corporate financial statements for accuracy, the board of directors’ oversight role was increased, upper management is required to certify the accuracy of financial
Sarbanes-Oxley Act Peggy Baker Liberty University May 1, 2011 Abstract Financial statements are a means of communication between companies and investors. The information provided in financial statements has not always been true. The collapse of companies such as Enron, the scandals that followed, and the distrust from the public caused lawmakers to create the Public Company Accounting Reform and Investor Protection Act of 2002. This act is now known as the Sarbanes-Oxley Act. The Sarbanes-Oxley Act’s (SOX) main provisions include: (1) oversight board, (2) corporate executive accountability, nonaudit services, retention of work papers, auditor rotation, conflicts of interest, hiring of auditors, and internal controls.
Matt LaFlamme Bus law 9am The Sarbanes–Oxley Act, also known as SOX was enacted July 30, 2002. SOX is administered by Securities and Exchange Commission, which sets time limits for compliance and publishes rules on requirements. SOX is not a business practice and does not regulate on how a business should store their records, it defines which records need to be stored and for how long they need to be stored. SOX was enacted due to the reaction of multiple major corporate and accounting scandals, which include Enron , Tyco international and WorldCom. These scandals cost investors billions of dollars when the share prices of affected companies collapsed, and shook the publics’ faith in the security markets.
| Question #6 | Assume that Robert reported the problem to the NTSB and that he has applied for an accounting position with your company. The hiring decision is down to two candidates, Robert and Susan, both of whom are former employees of ABC. John, the person who will make the hiring decision, knows that Robert and Susan both knew of the problem and that Robert reported but Susan did not report. Robert and Susan are equivalent in all other respects. Who do you believe John will hire, Robert or Susan?
Or Financial statements (balance sheet, income statement, statement of cash flows, and statement of stockholders’ equity) are the primary means accountants use to communicate financial information to investors, creditors, regulatory agencies, and others. Choose one of these financial statements and provide an example of the statement from your current organization, if possible. Provide a brief analysis of what is contained on the statement. The text identified three common legal forms of business organizations: sole proprietorships, partnerships, and corporations. IF you were to start or your business (or if you already have started your own business) what type of legal form would you use?
Or Financial statements (balance sheet, income statement, statement of cash flows, and statement of stockholders’ equity) are the primary means accountants use to communicate financial information to investors, creditors, regulatory agencies, and others. Choose one of these financial statements and provide an example of the statement from your current organization, if possible. Provide a brief analysis of what is contained on the statement. The text identified three common legal forms of business organizations: sole proprietorships, partnerships, and corporations. IF you were to start or your business (or if you already have started your own business) what type of legal form would you use?