1. Franklin University ACCT 495 Homework
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ACCT 495 Week 1 Assignment 2
Professional Skepticism
To assess your ability to evaluate the critical thought process as it relates to an accountant's
professional skepticism.
Action Items
1. Read the following articles:
• AU Section 230: Due Professional Care in the Performance of Work
• PCAOB Staff Audit Practice Alert No. 10 – Maintaining and Applying Professional Skepticism
in Audits
2. After reviewing the auditing standard and the practice alert, write three to four paragraphs in
your own words, evaluating “professional skepticism” by defining and describing what it means to
you and how important it is for auditors and accountants in evaluating information provided by
clients.
3. Your paper must be written according to the following guidelines:
• You must incorporate research into your paper from at least two relevant, scholarly
resources in addition to your textbook.
• Follow all applicable APA Guidelines regarding in-text citations, the list of cited references,
and document formatting for this paper. Failure to properly cite and reference sources constitutes
plagiarism.
• The title page and reference list are not included in the page count for this paper.
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ACCT 495 Week 1 Assignment 3
ACCT 495 Week1 Assignment3Auditor'sQuestionsforCFO
To assess your ability to evaluate financial statement data for a corporation in preparation of year-
end financial statements and disclosure notes.
Action Items
1. Review the journal, ledgers, and financial statements prepared by the CFO found in
Requirement 1's reading. The Requirement 1 document can be found in the Business Activity Model
(BAM) under the Year 1 folder. The password is provided by your instructor.
2. Develop and list 7-10 in-depth questions and/or requests for additional information that you
would ask the CFO to provide in order to clarify the financial statement data that you read over. The
answers will be used in the preparation of year-end financial statements and disclosure notes.
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ACCT 495 Week 4 Assignment 4
ACCT 495 Week4 Assignment4Auditor'sQuestionsforCFO
To evaluate financial statement data for a corporation in preparation for year-end financial
statements and disclosure notes.
Action Items
1. Review the journal, ledgers, and financial statements prepared by the CFO found in
Requirement 5's reading. The Requirement 5 document can be found in the Business Activity Model
(BAM) under the Year 2 folder. The password is provided by your instructor.
3. 2. Develop and list 7 to 10 in-depth questions and/or requests for additional information that
you would ask the CFO to provide in order to clarify the financial statement data that you read over.
The answers will be used in the preparation of year-end financial statements and disclosure notes.
3. Be as specific as possible and phrase your requests in the form of questions that would
normally be asked of a client.
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ACCT 495 Week 4 Assignment 4.2:
Principlesof EthicsforInternal AuditorsMade Manageable
To assess your ability to evaluate the general theories and principles of ethics; thoughts related to
various guides to ethical analysis; and consideration of a multi-step professional practice model to
apply to various ethical issues encountered in your professional practice.
Action Items
1. Read Principles of Ethics for Internal Auditors Made Manageable.
2. 2. After reviewing the article, write three to four paragraphs in your own words summarizing
the general theories and principles of ethics; thought related to various guides to ethical analysis;
and consideration of a multi-step professional practice model to apply to various ethical issues
encountered in your professional practice.
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ACCT 495 Week 7 Assignment 7
4. ACCT 495 Week7 Assignment7Auditor'sQuestionsforCFO
To evaluate financial statement data for a corporation in preparation for year-end financial
statements and disclosure notes.
Action Items
1. Review the journal, ledgers, and financial statements prepared by the CFO found in
Requirement 7's reading. The Requirement 7 document can be found in the Business Activity Model
(BAM) under the Year 3 folder. The password is provided by your instructor.
2. Develop and list 7 to 10 in-depth questions and/or requests for additional information that
you would ask the CFO to provide in order to clarify the financial statement data that you read over.
The answers will be used in the preparation of year-end financial statements and disclosure notes.
3. Be as specific as possible, and phrase your requests in the form of questions that would
normally be asked of a client
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ACCT 495 Week 11 Assignment 11 Program ReflectionAssignment
Purpose
To reflect on your learning experience in the Accounting or Forensic Accounting programs.
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ACCT 495 Assignment 2-1
ACCT 495 Assignment2-1:Issue andRule Research - Year One 30 points
5. Purpose
To assess your ability to research accounting issues and rules related to a start-up company.
Action Items
1. Reflect upon each of the issues identified in Week 1 Auditor’s Questions with your group.
2. Research all identified issues except start-up costs since this is covered in 3-1: Year One
Group Paper with your group members.
3. Assign an issue or issues to each member of your group to research.
4. Develop a 1 – 2 page, double-spaced paper for each issue that does the following:
o States the identified accounting issue
o Identifies the accounting rule(s) that pertain to the issue
o Explains in your own words the accounting rule(s) and treatment of the issue
5. Instructions to access the RIA Checkpoint and the FASB Accounting Standards Codification
databases. Accounting research data can be accessed either through the:
a. RIA Checkpoint database – Practice Area: Accounting, Audit and Corporate Finance located
on the Franklin library website or through the
b. American Accounting Association (AAA) FASB Codification student login. Login information
for the AAA website can be obtained from your professor.
Please be sure to adhere to APA guidelines on this assignment. If you have questions
regarding APA, please access theFranklin Style Manual.
Review the six (6) steps utilized in applied accounting research.
Note: This assignment will form the basis for the preparation of corrected financial statements the
following week in 3-1: Year One Group Paper. This present assignment is necessary to form the "I"
(Issues) and "R" (Research) needed for preparation of the "A" (Analysis) and "C" (Conclusion) that
combine to form the IRAC methodology.
Submission Instructions
• Each group member will submit their 1-2 page paper(s) to the group designated leader for
this assignment.
6. • The group leader will submit one copy of the combined papers to each member of the group
and one copy to the professor in class.
• Each group member will retain a copy of the combined research paper for an in-class
assignment.
Grading Criteria
• Completion of the assignment : 0 – 20 points
• Participation in class discussions : 0 – 10 points
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ACCT 495 Assignment 3-2: Peer EvaluationOne
To evaluate the performance of your group members so far during this course.
Action Items
1. Complete the Peer Evaluation Form provided for yourself and each member of your group
related to all group work for Weeks 1 through 3.
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ACCT 495 Assignment 3-1: Year One Group Paper
Purpose
7. To assess your ability to:
• recommend year-end financial statements and disclosure notes (format and structure)
• evaluate issuance of common stock
• assess accounting treatment for start-up costs
• analyze capitalization vs. expense treatment
• evaluate revenue recognition including income deferral
• formulate accounting for net operating losses
• calculate earnings per share
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ACCT 495 Assignment 5-1
ACCT 495 Assignment5-1:Issue andRule Research - Year Two 27 points
Purpose
To assess your ability to research accounting issues and rules related to a start-up company.
Action Items
1. Reflect upon each of the issues identified in Week 4 Auditor’s Questions with your group.
2. Research all identified issues with your group members.
3. Assign an issue or issues to each member of your group to research.
4. Develop a 1 – 2 page, double-spaced paper for each issue that does the following:
o States the identified accounting issue
o Identifies the accounting rule(s) that pertain to the issue
o Explains in your own words the accounting rule(s) and treatment of the issue
8. 5. Instructions to access the RIA Checkpoint and the FASB Accounting Standards Codification
databases. Accounting research data can be accessed either through the:
a. RIA Checkpoint database – Practice Area: Accounting, Audit and Corporate Finance located
on the Franklin library website or through the
b. American Accounting Association (AAA) FASB Codification student login. Login information
for the AAA website can be obtained from your professor.
Please be sure to adhere to APA guidelines on this assignment. If you have questions
regarding APA, please access theFranklin Style Manual.
Review the six (6) steps utilized in applied accounting research.
Note: This assignment will form the basis for the preparation of corrected financial statements the
following week in 6-1: Year Two Group Paper. This present assignment is necessary to form the "I"
(Issues) and "R" (Research) needed for preparation of the "A" (Analysis) and "C" (Conclusion) that
combine to form the IRAC methodology.
Submission Instructions
• Each group member will submit their 1-2 page paper(s) to the group designated leader for
this assignment.
• The group leader will submit one copy of the combined papers to each member of the group
and one copy to the professor in class.
• Each group member will retain a copy of the combined research paper for an in-class
assignment.
Grading Criteria
• Completion of the assignment : 0 – 20 points
• Participation in class discussions : 0 – 7 points
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9. ACCT 495 Assignment 5-2
ACCT 495 Assignment 5-2: Application of Ethical Decision Making 47 points
Purpose
To assess your ability to:
• Analyze the application of ethical decision making to real-life situations
• Communicate your results using the multi-step professional practice model below
Action Items
1. Review the article Principles of Ethics for Internal Auditors Made Manageable.
2. Based on your readings and review, write a 2 to 3 page paper, double-spaced, applying the
multi-step professional practice model to the following Case Study:
Example Case: As An Internal Auditor, For Whom Do You Work?
In this example, you are an internal auditor for an industrial chemical company. Your company
continuously ships products and accepts returns of previously shipped products to approximately
5,000
distributors nationwide. From an accounting perspective, inventory is flowing back and forth,
concurrently increasing and decreasing accounts receivable (A/R) balances. Customers sometimes
receive "imperfect" products. In many of these cases, the defective inventory is not returned because
shipping costs are prohibitively high. The standard contract with most customers allows them to
identify
and describe the defects in the products and reduce the invoice by the amount charged for the
defective products.
The A/R supervisor (a CPA) is continuously debiting and crediting customer accounts without
knowing
10. the validity of the "defective product" claims. A part of your job as the internal auditor is to ensure
that
the A/R supervisor is accounting for returns and payments properly. While doing a review, you
discover
that numerous customers with large A/R balances are regularly paying less than the full invoice price
(e.g., a customer is billed for $60,000 but subsequently pays only $50,000) and considering the
invoice
to be paid in full due to shipment of "imperfect products." When the reduced payment is accounted
for,
the accounting clerk is instructed to credit it to a previously impaired balance rather than the
corresponding invoice. This practice makes it impractical and economically infeasible to
subsequently
match the "imperfect product" write-downs to the specific product alleged to be defective. You
discover
that the practice has been going on for some time and that a material portion of the A/R balance is
uncollectible but not recorded as such.
Upon further investigation, you discover that the A/R department is understaffed and lacks the
resources to verify customer claims. Also, you learn that the CFO has instructed A/R personnel to
consider all invoices to be collectible and apply payments to prior balances. The CFO justifies this
policy with two reasons: (1) he places little belief in customer claims of imperfect product, and (2) the
external auditors have not complained about the treatment. He benefits directly from the policy in the
form of large bonuses tied to the inflated amount of reported net income.
You approach the CFO and state that the policy is inappropriate and must be changed. In your
judgment, the accounting is not in accordance with GAAP and obfuscates both the balance sheet
and
the income statement. The CFO tells you he will not change the policy and asks you, "Who signs
your
paychecks?"
3. Organize your paper using the following Professional Practice Model:
1. FACTS. Obtain the relevant facts.
11. 2. STAKEHOLDERS. Identify and list the stakeholders (Internal and External).
3. ISSUES - ETHICAL. Identify and verbalize the ethical issues.
4. PRINCIPLES - ETHICAL. Identify and list the ethical principles involved.
5. ANALYSIS – BRAINSTORM ALTERNATIVES & CONSEQUENCES.
6. CONCLUSION – Choose the Best Action
• Please be sure to adhere to APA guidelines on this assignment. If you have questions
regarding APA, please access the Franklin Style Manual.
Submission Instructions
• Click the Submit button in the Toolbox to upload your completed assignment prior to your
class meeting.
• Bring a copy of your assignment to class for your professor.
Grading Criteria
• Issue Identification - Properly identified and states the ethical issue(s): 0 - 9 points
• Rule - Explains each of the four classical ethical theories: 0 - 9 points
• Analysis - Provides an in-depth analysis by applying the facts to the theories based on the
issue(s): 0 - 15 points
• Conclusion - Provides critical analysis for a course of action : 0 - 9 points
• Grammar and APA effectiveness: 0 - 5 points
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ACCT 495 Assignment 6-1
ACCT 495 Assignment 6-1: Year Two Group Paper 50 points
12. Purpose
To assess your ability to:
• recommend year-end financial statements and disclosure notes
• analyze deferred taxes
• calculate property depreciation (fractional and taxdepreciation methods)
• assess accounting for bad debts
• evaluate treatment of notes payable (amortization schedules and expense accruals)
Overview
To accomplish this assignment, you will be producing an assignment that is structured utilizing the
I.R.A.C. method. As a reminder, I.R.A.C. is an acronym for:
1. Issue(s)
2. Rule(s)
3. Analysis
4. Conclusion
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ACCT 495 Assignment 8-1
ACCT 495 Assignment 8-1: Issue and Rule Research - Year Three 30 points
Purpose
To assess your ability to research accounting issues and rules related to a start-up company.
Action Items
1. Reflect upon each of the issues identified in Week 7 Auditor’s Questions with your group.
13. 2. Research all identified issues with your group members.
3. Assign an issue or issues to each member of your group to research.
4. Develop a 1 – 2 page, double-spaced paper for each issue that does the following:
o States the identified accounting issue
o Identifies the accounting rule(s) that pertain to the issue
o Explains in your own words the accounting rule(s) and treatment of the issue
5. Instructions to access the RIA Checkpoint and the FASB Accounting Standards Codification
databases. Accounting research data can be accessed either through the:
a. RIA Checkpoint database – Practice Area: Accounting, Audit and Corporate Finance located
on the Franklin library website or through the
b. American Accounting Association (AAA) FASB Codification student login. Login information
for the AAA website can be obtained from your professor.
Please be sure to adhere to APA guidelines on this assignment. If you have questions
regarding APA, please access the Franklin Style Manual.
Review the six (6) steps utilized in applied accounting research.
Note: This assignment will form the basis for the preparation of corrected financial statements the
following week in 9-1: Year Three Group Paper . This present assignment is necessary to form the
"I" (Issues) and "R" (Research) needed for preparation of the "A" (Analysis) and "C" (Conclusion)
that combine to form the IRAC methodology.
Submission Instructions
• Each group member will submit their 1-2 page paper(s) to the group designated leader for
this assignment.
• The group leader will submit one copy of the combined papers to each member of the group
and one copy to the professor in class.
• Each group member will retain a copy of the combined research paper for an in-class
assignment.
Grading Criteria
• Completion of the assignment : 0 – 20 points
• Participation in class discussions : 0 – 10 points
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Research-Year-Thre-48899
ACCT 495 Assignment 8-1
ACCT 495 Assignment 8-1: Issue and Rule Research - Year Three
30 points
Purpose
To assess your ability to research accounting issues and rules related to a start-up company.
Action Items
1. Reflect upon each of the issues identified in Week 7 Auditor’s Questions with your group.
2. research all identified issues with your group members.
3. Assign an issue or issues to each member of your group to research.
4. Develop a 1 – 2 page, double-spaced paper for each issue that does the following:
o States the identified accounting issue
o Identifies the accounting rule(s) that pertain to the issue
o Explains in your own words the accounting rule(s) and treatment of the issue
5. Instructions to access the RIA Checkpoint and the FASB Accounting Standards Codification
databases. Accounting research data can be accessed either through the:
a. RIA Checkpoint database – Practice Area: Accounting, Audit and Corporate Finance located
on the Franklin library website or through the
b. American Accounting Association (AAA) FASB Codification student login. Login information
for the AAA website can be obtained from your professor.
Please be sure to adhere to APA guidelines on this assignment. If you have questions
regarding APA, please access theFranklin Style Manual.
Review the six (6) steps utilized in applied accounting research.
15. Note: This assignment will form the basis for the preparation of corrected financial statements the
following week in 9-1: Year Three Group Paper . This present assignment is necessary to form the
"I" (Issues) and "R" (Research) needed for preparation of the "A" (Analysis) and "C" (Conclusion)
that combine to form the IRAC methodology.
Submission Instructions
• Each group member will submit their 1-2 page paper(s) to the group designated leader for
this assignment.
• The group leader will submit one copy of the combined papers to each member of the group
and one copy to the professor in class.
• Each group member will retain a copy of the combined research paper for an in-class
assignment.
Grading Criteria
• Completion of the assignment : 0 – 20 points
• Participation in class discussions : 0 – 10 points
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ACCT 495 Assignment 9-2
ACCT 495 Assignment9-2:PeerEvaluationThree
To evaluate the performance of yourgroupmemberssofarduringthiscourse.
ActionItems
1. Complete the PeerEvaluationFormprovidedforyourselfandeachmemberof yourgroup
relatedtoall group workfor Weeks7 through9.
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ACCT 495 Assignment 9-1
ACCT 495 Assignment9-1:Year Three GroupPaper50 points
Purpose
To assessyourabilityto:
• recommendyear-endfinancial statementsanddisclosure notes(lease,securities,andpensions)
• analyze the accountingtreatmentof capital leases
• assessthe accountingtreatmentof investmentsecurities
• evaluate pensionaccounting(definedbenefitplans)
• examine accrual-basedaccountingissues(missedaccruals)
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