Ashford University ACC 305

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ACC 305 Week 1 to 5 complete course

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ACC 305 Week 1 Assignment

Week One Exercises. Complete these problems: E3-18 (Page 152), E3-20 (Page 152),
and Judgment Case 3-5(Page 161).
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ACC 305 Week 1 Discussion 1 FASB and Ethics

Research Case 1-3 (page 45)
The purpose of this case is to introduce you to the information available on the
website of the Financial Accounting Standards Board (FASB).
Required:
Access the FASB home page on the Internet. The web address is www.fasb.org.
Answer the following questions.
1. Describe the mission of the FASB.
2. Who are the current Board members? Briefly describe their backgrounds.
3. How are topics added to the FASBs technical agenda?
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ACC 305 Week 1 Discussion 2 Cash versus Accrual

Judgment Case 2-1 (page 109)
You have recently been hired by Davis & Company, a small public accounting firm.
One of the firms partners, Alice Davis, has asked you to deal with a disgruntled
client, Mr. Sean Pitt, owner of the citys largest hardware store. Mr. Pitt is applying to
a local bank for a substantial loan to remodel his store. The bank requires accrual
based financial statements but Mr. Pitt has always kept the companys records on a
cash basis. He does not see the purpose of accrual based statements. His most
recent outburst went something like this: After all, I collect cash from customers,
pay my bills in cash, and I am going to pay the bank loan with cash. And, I already
show my building and equipment as assets and depreciate them. I just dont
understand the problem.

Required:
1. Explain the difference between a cash basis and an accrual basis measure of
performance.
2. Why, in most cases, does accrual basis net income provide a better measure of
performance than net operating cash flow?
3. Explain the purpose of adjusting entries as they relate to the difference between
cash and accrual accounting.
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ACC 305 Week 2 Assignment 1

Integrating Case. From Chapter 5 complete Integrating Case 5-23 on page 296
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ACC 305 Week 2 Assignment 2

Assignments

Integrating Case.
E4-16, E4-19, E4-22 Judgment Case 4-9 on page 227, E5-3 on page 275, and E5-10.
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ACC 305 Week 2 Discussion 1 Earnings Management Case

4-3
Judgment Case 4-3 (page 225)
Companies often are under pressure to meet or beat Wall Street earnings
projections in order to increase stock prices and also to increase the value of stock
options. Some resort to earnings management practices to artificially create desired
results.
Required:
Is earnings management always intended to produce higher income? Explain.
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ACC 305 Week 2 Discussion 2 Revenue Recognition Case 52

Revenue earned by a business enterprise is recognized for accounting purposes at
different times, according to the circumstances. In some situations revenue is
recognized approximately as it is earned in the economic sense. In other situations
revenue is recognized at point of delivery.
Required:
1. Explain and justify why revenue often is recognized as earned at point of delivery.
2. Explain in what situations it would be useful to recognize revenue as the
productive activity takes place.
3. At what times, other than those included in (1) and (2) above, may it be
appropriate to recognize revenue?
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ACC 305 Week 3 Assignment

Required Readings
a. Chapter 6: Time Value of Money Concepts
b. Chapter 7: Cash and Receivables
Discussions
Present Value of Annuities. Complete Communication Case 6-3 on page 334.
Internal Control. Complete Judgment Case 7-5 on page 391.
Quiz
Assignments
Receivables & Bank Reconciliation. Complete P7-10 (Page 388) & P7-14 (Page 389)
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ACC 305 Week 3 Communication Case 6-3

Communication Case 6-3 on page 334
Harvey Alexander, an all-league professional football player, has just declared free
agency. Two teams, the San Francisco 49ers and the Dallas Cowboys, have made
Harvey the following offers to obtain his services:
49ers: $1 million signing bonus payable immediately and an annual salary of $1.5
million for the five-year term of the contract.
Cowboys: $2.5 million signing bonus payable immediately and an annual salary of
$1 million for the five-year term of the contract.
With both contracts, the annual salary will be paid in one lump sum at the end of
the football season.
Required:
You have been hired as a consultant to Harveys agent, Phil Marks, to evaluate the
two contracts. Write a short letter to Phil with your recommendation including the
method you used to reach your conclusion. Assume that Harvey has no preference

between the two teams and that the decision will be based entirely on monetary
considerations. Also assume that Harvey can invest his money and earn an 8%
annual return.
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ACC 305 Week 3 Judgment Case 7-5

Judgment Case 7-5 on page 391
For each of the following independent situations, indicate the apparent internal
control weaknesses and suggest alternative procedures to eliminate the
weaknesses.
1. John Smith is the petty cash custodian. John approves all requests for payment
out of the $200 fund, which is replenished at the end of each month. At the end of
each month, John submits a list of all accounts and amounts to be charged and a
check is written to him for the total amount. John is the only person ever to tally the
fund.
2. All of the companys cash disbursements are made by check. Each check must be
supported by an approved voucher, which is in turn supported by the appropriate
invoice and, for purchases, a receiving document. The vouchers are approved by
Dean Leiser, the chief accountant, after reviewing the supporting documentation.
Betty Hanson prepares the checks for Leisers signature. Leiser also maintains the
companys check register (the cash disbursements journal) and reconciles the bank
account at the end of each month.
3. Fran Jones opens the companys mail and makes a listing of all checks and cash
received from customers. A copy of the list is sent to Jerry McDonald who maintains
the general ledger accounts. Fran prepares and makes the daily deposit at the bank.
Fran also maintains the subsidiary ledger for accounts receivable, which is used to
generate monthly statements to customers.
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ACC 305 Week 4 Assignment

Required Readings
a. Chapter 8: Inventories: Measurement

b. Chapter 9: Inventories: Additional Issues

Discussions
LIFO vs. FIFO. Complete Communication Case 8-4 on page 442.
Overstatement of Ending Inventory. Complete Ethics Case 9-11 on page 497.
Quiz
Assignments
Week Four Exercises. E8-13, E8-14, E8-18, P8-5, E9-19, E9-21, and P9-1.
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ACC 305 Week 4 Communication Case 8-4

Communication Case 8-4 on page 442
You have just been hired as a consultant to Tangier Industries, a newly formed
company. The company president, John Meeks, is seeking your advice as to the
appropriate inventory method Tangier should use to value its inventory and cost of
goods sold. Mr. Meeks has narrowed the choice to LIFO and FIFO. He has heard that
LIFO might be better for tax purposes, but FIFO has certain advantages for financial
reporting to investors and creditors. You have been told that the company will be
profitable in its first year and for the foreseeable future.
Required:
Prepare a report for the president describing the factors that should be considered
by Tangier in choosing between LIFO and FIFO.
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ACC 305 Week 4 Ethics Case 9-11

Danville Bottlers is a wholesale beverage company. Danville uses the FIFO inventory
method to determine the cost of its ending inventory. Ending inventory quantities
are determined by a physical count. For the fiscal year- end June 30, 2011, ending
inventory was originally determined to be $3,265,000. However, on July 17, 2011,
John Howard, the companys controller, discovered an error in the ending inventory

count. He determined that the correct ending inventory amount should be

$2,600,000.
Danville is a privately owned corporation with significant financing provided by a
local bank. The bank requires annual audited financial statements as a condition of
the loan. By July 17, the auditors had completed their review of the financial
statements which are scheduled to be issued on July 25. They did not discover the
inventory error.
Johns first reaction was to communicate his finding to the auditors and to revise the
financial statements before they are issued. However, he knows that his and his
fellow workers profit-sharing plans are based on annual pretax earnings and that if
he revises the statements, everyones profit-sharing bonus will be significantly
reduced.
Required:
1. Why will bonuses be negatively affected? What is the effect on pretax earnings?
2. If the error is not corrected in the current year and is discovered by the auditors
during the following years audit, how will it be reported in the companys financial
statements?
3. Discuss the ethical dilemma John Howard faces.
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ACC 305 Week 5 Assignment

Required Readings
a. Chapter 10: Property, Plant, and Equipment and Intangible Assets: Acquisition
and Disposition
b. Chapter 11: Property, Plant, and Equipment and Intangible Assets: Utilization and
Impairment
Discussions
Research and Development. Complete Ethics Case 10-12 on page 553.
Depreciation Methods. From Chapter 11 complete E11-5 (page 599) and E11-10
(page 600)
Assignments

Operational Assets & Depletion. Complete P11-5 on page 608 & P11-7 on page 610
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ACC 305 Week 5 Final Paper

Focus of the Final Paper
Submit a seven to ten page paper on one of the major topics listed below. The
paper should incorporate at least three other appropriately documented and related
articles drawn from the Universitys Library. (Note: you may advance your own
topic, but it must be approved by your instructor.)
Explain the role of the FASB in monitoring and controlling business reporting and
accounting practices in the modern organization. In what ways do FASB rules limit
business practices and reporting financial information? How do such rules and
regulations protect the business and public stakeholder communities? To whom is
the FASB accountable and who appoints members to FASB?
Explain how external stakeholders use financial information such as company
income statements and balance sheets to make decisions about the company in
such cases as advancing credit or offering leasing vehicles. Discuss how common
financial ratios and investment analysis is used to conduct due diligence by external
parties and how factors such as accounts receivables, accounts payables, earnings
returns, returns on inventory, etc. are applied to evaluate a firms financial and
business health.
Discuss depreciation as a tool for managing and evaluating the life and utility of
assets of the firm. What are the methods and under what conditions would each
method be used and applied? Does a firms tax planning influence the decision?
How do external stakeholders assess the validity of depreciation schemes?
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