Generally Accepted Accounting Principles (G.A.A.P.).Briefly discuss Generally Accepted Accounting Principles or G.A.A.P. What are they? What is their purpose? Name the U.S. and international standard-setting bodies that established these principles. Are all companies required to follow these principles? Why or why not?
Your answer should illustrate understanding of generally accepted accounting principles and their international counterpart. Respond to at least two of your classmates’ posts.
Annual Reports.Visit the website for Tootsie Roll (www.tootsie.com). Click on “Company Information” then “Financial Information”. Open the latest annual report and review it to find the answers to the following questions:
§ What are Tootsie Roll’s corporate principles? Do you agree with these principles, or do you feel there are additional principles that should be included?
What was the total amount of Tootsie Roll’s assets for the most current year available?
§ What was the total amount of Tootsie Roll’s liabilities for the most current year available?
§ What is the amount of the difference between Tootsie Roll’s assets and liabilities? What is this difference called?
Based on your initial findings at the Tootsie Roll website, would you consider investing in them? Why or why not? Your answer should illustrate critical thought and understanding of the annual report and financial statements. Respond to at least two of your classmates’ posts.
Week One Homework Problems. Complete the following Workbook Template Week One or you may complete the Problem 1-3B on page 36, 1-4B on page 37 (Chapter 1) and Problem 2-7B on page 90 (Chapter 2) of your text. Submit your work to your instructor by the posted due date. Show all your work in order to earn full credit
Debits and Credits. Define debits and credits and explain how they are used to record business transactions. Is it true that debits always increase and credits always decrease? Why or why not?
Respond to at least two of your classmates’ posts.
Revenue & Expense. Review the section called “Investor Insight” in Chapter 3 of your text which shows the major revenue and expense accounts of the Chicago Cubs baseball team. Considering the huge increase in professional baseball players’ salaries in the last decade, what do you think has happened to total expenses and net income of professional baseball teams? If net income has not decreased, what has been done to offset the higher salaries? Should fans be expected to pay higher prices for ‘America’s national pastime’ to help offset the costs of higher salaries? Respond to at least two of your classmates’ posts
Week Two Homework Problems. Complete Workbook Template Week Two or you may find the problems 3-2B on page 150 and 3-5B on page 151 from Chapter 3 of your text. Also complete problems E4-13, E4-14, E4-15, E4-16, E4-17, and E4-18 from Chapter 4. Submit your work to your instructor by the posted due date. Show all your work in order to earn full credit.
Perpetual Inventory System. Present a detailed explanation of the recording of purchases under a perpetual inventory system. Use hypothetical figures to illustrate the perpetual inventory system. After presenting your hypothetical figures, discuss how a perpetual inventory system is different from a periodic inventory system. Your answer should illustrate understanding of the perpetual inventory system. Respond to at least two of your classmates’ posts.
Inventory Valuation Methods. Identify the differences between F.I.F.O., L.I.F.O., and theaverage-cost methodof inventory valuation. Be sure to include the effects of each method oncost of goods soldandnet incomein your answer. Also discuss the differences between the physical movement of goods and cost flow assumptions. Your answer should illustrate understanding of the three major inventory valuation methods, and the relationship between physical inventory flow and cost flow assumptions. Respond to at least two of your classmates’ posts.
Week Three Homework Problems. Complete the following Workbook Template Week Three or you may complete the problems E5-2, E5-6 and P5-5B from Chapter 5 and Problems 6-2B and 6-3B Chapter 6. Submit your work to your instructor by the posted due date. Show all your work in order to earn full credit.
Why do I need accounting?Consider the following scenario: Your friend (who is also in school) just emailed you to express frustration with his accounting class. In the email, he said, “Why do I need to take accounting? What will I ever need to know about reporting and analyzing long-lived assets? I am a management major.” Write a 100- to 250-word response to your friend, including specific details about the benefits of learning accounting. Focus particularly on reporting and analyzing long-lived assets from a manager’s perspective. Discuss the benefit and purpose of learning accounting as a business student. Respond to at least two of your classmates’ posts.
Sarbanes-Oxley Act of 2002. Search the Internet and locate an annual financial report for a public U.S. company. Read the Notes to the Financial Statements to determine the criteria for cash equivalents and how cash and cash equivalents are handled. Discuss your findings. Find information about the internal control policy of the company and summarize this policy in your post. Is it in compliance with SOX? What are some references to SOX mentioned in the annual report? Your answer should demonstrate understanding of the Sarbanes-Oxley Act, and be a minimum of 100 to 200 words in length. Respond to at least two of your classmates’ posts.
Week Four Homework Problems. Complete the following Workbook Template Week Four or you may complete the problems P8-2B and P8-6B from Chapter 8 and Problems 9P-2B and P9-7B from Chapter 9. Submit your assignment to the instructor by the posted due date. Show all your work to earn full credit.
Liabilities and Financial Analysis. Discuss current liabilities and long-term liabilities. What are the differences between the two? Illustrate your understanding of liabilities, making sure to identify major types of current liabilities. Respond to at least two of your classmates’ posts
Colgate’s Annual Report. Obtain a copy of Colgate’s annual report from the Ashford Online Library or from a valid academic source found elsewhere on the Internet. Use this information to answer the following questions. If researching online, go to the Colgate company website (http://www.colgate.com). Use the ratios discussed in Chapter 11 (dividend payout ratio and return on common stockholders’ equity) to evaluate Colgate’s dividend and earnings performance from a stockholder’s perspective. Your answer should illustrate understanding of dividend ratios and return on equity ratios, an analysis of financial statements. Respond to at least two of your classmates’ posts.
Sarbanes-Oxley Act of 2002/Methods of Depreciation. Select one of the following topics for your research paper:
Research and discuss the Sarbanes-Oxley Act of 2002. Identify key components of the Sarbanes-Oxley Act of 2002, and its primary objective. What are some of the criticisms surrounding the Act? Are there any economic consequences for companies as a result of implementing the Act? Has the Sarbanes-Oxley Act achieved its goals so far?
Explain the methods of depreciation. Explain the methods of depletion. How do depletion and depreciation methods differ? Compare and contrast the depreciation and depletion methods. Use scholarly references (no Wikipedia, Answers.com, etc.) to support the points you make in your paper.
Indirect Method vs. Direct Method. Financial statement preparers have two choices in preparing the statement of cash flows: the indirect method and the direct method. The indirect method is used extensively in practice even though the F.A.S.B. has expressed a preference for the direct method. Discuss the similarities and differences between the direct and indirect methods, and the advantages of using each method.
Your answer should illustrate understanding of the cash flow statement. A minimum of 100 to 200 words is required for your answer. Respond to at least two of your classmates’ posts.
Horizontal vs. Vertical Analysis. Discuss the horizontal and vertical analysis of a financial statement, and how each is used to help financial statement users make better decisions. Also, explain the liquidity, solvency, and profitability ratios introduced throughout the text. Describe how the ratios are used in analyzing a firm’s liquidity, solvency, and profitability. Your answer should illustrate understanding of financial statement analysis, including ratios. A minimum of 100 to 200 words is required for your answer. Respond to at least two of your classmates’ posts.
You should begin working on elements of the Final Project in Week One. Each week, there is a recommended learning activity associated with helping you complete the Final Project. There are ungraded and graded practice exercises, which will allow you to practice applying accounting skills learned in class to different scenarios. Work through the problems, starting with Chapter 1, following the instructions in the textbook and Excel template.
Download and open the Excel file marked “BUS 591 Final Project Template”. Review the instructions presented on the Instructions Tab in the Workbook and the weekly recommended learning activity. If you complete each part as recommended, you will have the complete Final Project finished by Week Six. Chapters 1, 2 and 3 are ungraded practice problems, while Chapters 4 and 13 are graded problems. Take your time and complete all requirements. Also, if you complete the practice problems from Chapter 3, completing the graded portion from Chapter 4 will be much easier.
Do not work ahead unless you read the corresponding chapters. For example, read Chapters 3 and 4 before completing the Continuing Cookie Chronicle problem from those chapters.