The document provides details about the final project for an accounting course. The project requires students to apply their accounting knowledge to address advanced topics through a case study of a selected company. It involves analyzing how different business entities, consolidations, estate planning, trusts, and insolvency would affect the company's financial reporting and stakeholders. The project is divided into three milestones and a final submission where students must demonstrate competencies through tasks like describing the impact of various scenarios on financial statements, outlining a company's corporate structure and tax planning strategy, and advising on the effects of potential insolvency.

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Product Description
According to the American Institute of Certified Public Accountants (AICPA), CPAs in today’s
environment must not only have a high level of technical competence and a sense of
commitment to service, but they must also have good communication and analytical skills
and the ability to work well with people. Employers are looking for individuals who have the
ability to analyze and evaluate complex business problems and the interpersonal skills and
maturity to make decisions in a client and customer service environment.
In your final project for this course, you will apply your cumulative knowledge from the
financial reporting courses you have taken to address advanced accounting topics. The
topics in this course will integrate the accounting competencies needed to work in an
organizational setting. You will apply accounting foundations to advanced, real-world
situations by demonstrating knowledge and skills to determine solutions
The purpose of this project is to continue to build upon your foundational competencies,
including communication, quantitative, and analytical thinking and problem solving, human
relations, and technology through a cumulative case study built on a real-life company.
The project is divided into three milestones, which will be submitted at various points
throughout the course to scaffold learning and ensure quality final submissions. These
milestones will be submitted in Modules Three, Five, and Seven. The final project will be
submitted in Module Nine.
In this assignment, you will demonstrate your mastery of the following course outcomes:

2. Differentiate between partnerships and corporations for selecting an appropriate business
entity
Analyze the effects of consolidations on financial statements for proper reporting
Determine effective strategies for estate planning to minimize tax liability
Evaluate the need for trusts in various scenarios for income protection
Illustrate how insolvencies impact business entities and their related stakeholders for
informing recommendations
You will continue to work with the retail company that you chose in ACC 610 or, if you
transferred into ACC 620, you will continue with the retail company you chose from the
following options: Wal-Mart, Target, Sears, Kroger, or Amazon. You have adopted this
company to apply learning concepts in authentic scenarios. Through this project, you will
conclude your portfolio that you have been assembling throughout the financial reporting
series.
Your portfolio pieces for this project will include a financial analysis paper, spreadsheets to
be included in that analysis paper, and a summary report.
Specifically, the following critical elements must be addressed:
I. Business Entities—Partnerships and Corporations Assume your company is involved in a
major lawsuit. The probable damages are estimated to be $2,000,000.
A. Describe the effects damage estimates would have on the financial statements of a
corporation and a partnership.
B. How do disclosure requirements differ from a corporation to a partnership and what
information is required?

3. C. Are the shareholders at risk for any personal liability with the company set up as a
corporation? Defend your response.
D. If your company was set up as a partnership, would the partners be at risk for personal
liability? Defend your response.
II. Consolidations of Financial Statements A. Based on research from your chosen company,
explain the corporate structure in terms of consolidation. How is it organized from a
consolidated viewpoint? What are the reasons for this particular type of organization? B.
How does the consolidation impact how the accounting information flows into the
consolidated financial statement? Describe the process. C. Are there any income tax
benefits from consolidating the financial statements for your company? Defend your
response
III. Estate Planning A. In terms of minimizing tax liability, how would estate planning differ
from a partnership to a corporation? B. For estate planning purposes, what are the
advantages of setting your business up as a corporation versus a partnership? Defend your
response. C. Describe your company’s succession plan and whether it aligns with your
company’s vision. D. Based on your responses, what estate planning strategy would be
most effective in minimizing tax liability? Why?
IV. Trusts A. Draw a conclusion about the purpose for the company’s trust based on the
research of your company. B. Why would a small business owner want to set up a trust and
how could it be used for estate planning purposes? C. Evaluate the similarities and
differences between trusts and corporations. In an attempt to protect income, which would
be most suitable for a company?
V. Conclusion There has been a major global crisis, and your company’s board of directors
has announced that the company is going bankrupt. No one could have seen this one
coming. Your CEO has called you in to his office to start the insolvency process. Based on

4. the latest published financial statements, your job is to come up with a plan that will be used
to inform the company, its shareholders, and its creditors. A. As your company’s controller,
compose a summary report to your CEO advising him on the effects of the insolvency. B.
From a global perspective, what effects would the insolvency of your company have on the
U.S. economy as well as the global economy (i.e., other countries)? C. Construct a
worksheet for the CEO showing the effects of the insolvency on the company, shareholders,
and creditors.