Acc/531 Week 5 Assignment

1. Write checks to pay the following bills. The beginning balance in the checkbook is $4562.79.

Before diving directly into the article from the Governmental Accounting Standards Board (GASB) titled Governments to Report Liabilities Connected with Their Obligations to Clean Up Pollution (2006), one must first take a step back and take time to read, comprehend, and take to heart exactly what this organization stands for. Taken directly from their main web page under the tab labeled Education, the first thing seen in big, bold, blue letters is, “Due Process: The GASB Is Listening” followed by a definition of what listening means, “to hear with thoughtful attention”. When researching a little more into the GASB, it is easy to see how crucial listening truly is for them in order to fully accomplish their

When I first took the test to see what I scored, I was surprised with many of my results.

4. Total conversion cost = $128,000 + $16,000 + $9,000 + $64,000 + $41,000 + $35,000 + $46,000 = $339,000

While looking over my answers on the “Multiple Intelligence Scoring Sheet”, I’ve noticed that I only have “strong abilities” in the musical category. However, I also have abilities in interpersonal and intrapersonal as well. I honestly do agree on with Howard Gardner’s Theory and his descriptions because each category is written with logical meanings. After reviewing the types of roles that I was put in; the three listed are actually perfect for me, and the others don’t quite correlate with me personally, except spatial-visual.

Right from the beginning of this course I had a terrible feeling that I was not going to learn what I had to or finish it with a good grade. It all began when I found out that I had to be in contact with an administrator in order to obtain the data needed to complete the final project. Dirksen (2014) wrote that one should never give up, even when everything seems against you. That is exactly what I did. I tried and fortunately, I was able to find help, gain a lot of knowledge from the material I had to read, good advices from my assistant principal, and learn how analyze school data in detail and put together a Data-Driven Decision Making Team together (3D). Also, and probably the most important, I learned to think more like a leader than a teacher.

I requested a check on 01/19/16. Sangeeta said she did not received a check payment for this invoice and did not make a payment to this account. I called AmeriPower and I was told this account has been passed due on three different occasion. I resend this check request to Sangeeta for payment again today.

You have done a very good progress this week. Your grades are good and improving. You have not missed any assignment or class. I am very proud of what you are doing. Keep doing such a good job. Your grades have been updated. Check them in the Excel document I attached to my email.

Too many disposals of small groups of assets that are recurring in nature qualify for discontinued operations under prior GAAP. This caused financial statements to be less decision useful for users. Additionally, the guidance on discontinued operations resulted in higher costs for preparers because it can be complex and difficult to apply. The FASB issued ASU 2014-08 to address those problems by changing the criteria for reporting discontinued operations, while simultaneously enhancing convergence with the International Accounting Standard Board’s reporting requirements for discontinued operations.

Do you feel that there might be an ethical issue present? For the moment, assume that no laws have been broken and just focus on any possible ethical issues.

There is a statistical difference in the current level of democracy between North and South Africa.

Therefore, the author made a Hypothesis: Ceteris paribus, reported revenue under early revenue recognition is more timely in providing economic information than that under SOP 91-1. An efficient stock market impounds value-relevant information of economic transactions in a quick and unbiased fashion. The author tried to find the relationship between reported revenue and stock return to prove the hypothesis by employing reverse regression methodology. After analysis of data, the author’s conclusion is that early revenue recognition increases the timeliness.

The revenue recognition principle according to Weygandt, Kimmel and Kieso (2009), "dictates that companies recognize revenue in the accounting period in which it is earned." The reporting of revenue generally affects not only the results of the operations of a given entity but also its financial position. In that regard, the relevance of understanding both the concepts as well as practices of revenue recognition cannot be overstated. In the words of Nikolai, Bazley and Jones (2009), "revenues should be recognized when (1) realization has taken place, and (2) they have been earned."

Nowadays, as our economy is facing possible everyday crises, managers undergo an increasing pressure in order to keep their company 's earnings stable. Shareholders and analysts expect companies to meet forecasted goals and not to deviate from these. Especially, reliable companies are to report positive results and shall not present any 'surprises '. Managers therefore often turn to their accounting departments for help, whose job it then is to improve the bottom line by changing the information shown in financial

Earnings management has attracted increasingly more attention in recent years, especially since it became calculable through the Jones model (1991). Earning, as one of the most significant indicators of the firm’s financial performance, conveys huge amount of information to the creditors, shareholders, suppliers as well as the customers, and thus exerts a great influence on their further decisions. As a consequence, managers have different incentives to manage earnings information, such as to convey more inside information about the firm to the public, meet analysts’ expectations, seek for the managers’ own profit, and avoid the debt covenant.