Acct 567 Devry Week One Homework

Using no more than 250 words, write a description of the object depicted in the two photographs.

The goal of communications is to make ethics a live, ongoing conversation. If ethics is something that is constantly addressed, referenced frequently in company meetings, and in personal conversations among managers and employees, then people are more aware and more willing to defend the company’s policies when they see or hear of problems. Employees will hold other employees responsible and accountable for living the company’s values.

These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.

These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.

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

Access the "Litigation" section of the SEC's website at www.sec.gov/litigation.shtml. Click on "Accounting and Auditing Enforcement Releases." Click on "AAER-3234" filed January 20, 2011. Read the release and the related SEC Complaint. Summarize the release and complaint in 2-3 pages (12-point, double spaced).

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.

In the present day forensic accounting plays a huge role in many of the court cases publicized by the media. With the spotlight on the profession, this is a good opportunity to discuss the following topics:

During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.

How inventory costs are handled is another area in which the IFRS and U.S. GAAP differ. Under U.S. GAAP, a company can either use the last-in, first-out (LIFO) or the first-in, first-out (FIFO) inventory method. Under IFRS, the LIFO method is not allowed to be used. The advantage to having one accounting standard is enhanced comparability between countries. It also removes the need to have to adjust LIFO inventories to FIFO inventories in comparison analysis between companies that use different accounting standards.

The first topic area involves an observation of how managers and accountants currently utilize loopholes in FASB accounting standards to present better earnings results to investors, creditors, and regulatory authorities. Many business professionals support earnings management as routine practices that stay within authoritative boundaries, while other business professionals view these activities as unethical. The practitioners of earnings management misapply discretionary judgment to avoid the intent of accounting standards. In his speech The Numbers Game, on earnings manipulation, Arthur Levitt listed five, accrual-based earnings management practices: (a) “big bath” restructuring charges, (b) creative acquisition accounting, (c) “cookie jar reserves”, (d)

Forensic accounting began as just a necessary solution to the age old problem: what arrows does someone have in their quiver to avoid, detect, and address fraud? Since then, forensic accounting has spun off from its brother, professional

Subsequently, the field of accounting has received more attention in recent years due in part to the increase in high profile, white-collar crimes involving the accounting practices of large corporations such as the Adelphia, Enron, and WorldCom debacles in the early 2000’s. The Association of Certified Fraud Examiners (ACFE) estimates that occupational fraud losses cost organizations $994 billion annually (“Report to the Nation, 2014). The accounting scandals, the growing occurrences of occupational fraud and the changing needs of the legal society are the driving force behind an

Outline the frauds identified in the case and explain the inconsistencies with proper accounting treatment. Relate your answer to broad accounting concepts and accounting standards where relevant. (8 marks; approximately 800 words)

33). Identify which of the following is not a characteristic of a management control system.