Premium Essay

Acct 555 Week 1 Assignment

In: Business and Management

Submitted By jugjug
Words 260
Pages 2
Week 1 Assigment – ACCT 555
2-16
a) 1 b) 3 c) 2 d) 1
2-17
a) 1 b) 2 c) 4 d) 3
2-19
a) Leadership responsibilities for quality within the firm b) Monitoring c) Acceptance and continuation of clients and engagements d) Monitoring e) Monitoring f) Engagement performance g) Relevant ethical requirements h) Human resources i) Human resources j) Leadership responsibilities for quality within the firm
2-20
a) The factors to consider are the historical review of the company’s financial statements including the performance and reputation of the previous firm. Another would be the integrity of the officers of the company to determine whether they would give accurate information. b) Other issues related to public companies include the documents that need to be submitted to the SEC on a quarterly and yearly basis.
3-23
a) 4 b) 3 c) 3
3-25
a) 4 b) 4 c) 3
3-26
a) It tries to say that all the information was presented in a fair manner and that there may be some mistakes but they will not affect the materiality of the financial statements. b) That the financial statements and audit were done in accordance with the rules and regulations required. c) That the auditors reviewed it and that they feel the information was fair and accurate. d) Because the auditor is representing the whole firm and not just himself as an individual. e) That the audit was done with the practices and protocol on how they should be done in the United…...

Similar Documents

Free Essay

Week 1 Assignment 1

...get online. Once you are online and logged into your Phoenix website, you will have a few things you get graded on from discussion questions, to assignments, to participation grade. In order to achieve your participation grade you need to go to the electronic forum are of your Phoenix website. This is your discussion area and it list different forums for you to choose from and participate in. When you are able to communicate with your teacher and fellow classmates that is asynchronous communication. It is important that you keep in constant contact with your classmates and teachers and to stay organized when doing it which is where the threaded discussions come in. Each new thread will list the subject of the thread so that everyone can group there same conversations together. In these threaded discussions is where us as classmates can offer feedback to one another and also receive feedback from our teachers. Main Forum, chat room, individual forum A message intended for your instructor concerning feedback you received on an assignment ( would go in individual forum) A message responding to a classmates bio ( would go in chat room) A message replying to a discussion question ( would go in main forum) A message about a classmates hobby or outside interest (would go in chat room) A message about clarifying assignment instructions (would go in main forum)...

Words: 273 - Pages: 2

Free Essay

Assignment 1 Week 1

...Associate Level Material Six Dimensions of Health Worksheet Part 1 For each of the following six dimensions of health, list at least one characteristic, activity, belief, or attitude that reflects that dimension in your life. Provide a brief explanation with each example. Refer to Ch. 1 in the text for explanations of these dimensions. Physical health: Exercise at least five days a week. Physical fitness has to be up to par to stay in the military. I usually watch my diet because I am not as young as I use to be. Social health: Right now I really do not have a social life. It might not be healthy but I guess I do it to protect myself. Having to move around a lot does not allow me to build the friendships that I am looking for. Intellectual health: Being in the military sometimes requires critical thinking to complete a mission. Many times it’s accomplishing a mission that you have already done. I usually refer back to those past missions and put together the pieces that I need to accomplish the new one. I take to account failures and successes of my past missions and use it for the current one. I also take in to account other people’s failures and successes. Environmental health: I try to surround myself with people I can learn from. At the beginning of my career I use to hang out with soldiers who were not looking to approve themselves and just got into trouble. Once my son was born, I knew the life had to change. I decided to work on bettering......

Words: 609 - Pages: 3

Premium Essay

Acct Week 7 Assignment

...the form of a loan in the amount of $1 million in order to justify NutraCea’s recognition of revenue from the sale. This resulted in overstated product sales revenues by 35% in the 2nd quarter of 2007 and 29% in the 3rd quarter of 2007. Moreover, NutraCea also inappropriately documented revenue on a bill and hold Transaction in regards to a $1.9 million sale of product to ITV Global, Inc. in the 4th quarter of 2007. Which resulted in a misstatement of NutraCea’s operating loss of by over 89% in the 2nd quarter, 17.6% in the 3rd quarter and close to 7% in total all for the fiscal year 2007. To put the icing on the cake NutraCea misstated Form 10-K for the fiscal year 2007. All parties involved in the accounting scheme except for Former CFO, Todd C. Crow agreed to settle out of court (subject to the approval of the U.S District court of Arizona) without confessing or refuting any fault. The parties involved included: NutraCea who consented to: 1) a permanent order from all future violations of “Section 17(a) of the Securities Act of 1933 ("Securities Act"), Sections 10(b), 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Securities Exchange Act of 1934 ("Exchange Act"), and Rules 10b-5, 12b-20, 13a-1, and 13a-13 thereunder.” Former CEO, Bradley D. Edison, who consented to: 1) a permanent order from all future violations of “Section 17(a) of the Securities Act, Sections 10(b) and 13(b)(5) of the Exchange Act, and Rules 10b-5, 13a-14, 13b2-1, and 13b2-2 thereunder, and for......

Words: 990 - Pages: 4

Premium Essay

Acct 555 Week 7 Homework

...Khalia Brewer Accct 555 Week 7 Homework 20-17 A.(2)- have a paymaster who has no other payroll responsibility distribute the payroll checks. B.(3)- Employees might be paid for hours they did not work. C.(3)- authorization of transactions from the custody of related assets. 20-20 |TYPE OF TEST |TRANSACTION-RELATED AUDIT OBJECTIVE(S) | |1. Substantive test of |To determine if monthly payroll costs have been correctly allocated (accuracy). | |transactions | | |2. Test of control |To determine if recorded payroll transactions are for work actually performed by existing | | |employees (occurrence). | |3. Substantive test of |To determine if employees are paid for the hours they have worked (accuracy). | |transactions | | |4. Substantive test of |To determine if the appropriate person is paid and amount and time are correct (accuracy and | |transactions |timing). | |5.......

Words: 1595 - Pages: 7

Premium Essay

Week 1 Assignment 1

...IS4550 Unit 1 Assignment 1 Internet-use policy for ABC Credit Union Purpose The purpose of this Acceptable Use Policy is to provide guidelines which will be applied in determining acceptable use of this Web site, and to notify you of the terms of this service. As a user of this service, you agree to comply with this policy, the stated acceptable uses and the terms of service. A signed Acceptable Use Policy must be signed by each faculty and staff. Online Conduct The intent of this policy is to make clear certain uses, which are and are not appropriate. ABC Credit Union will not monitor or judge all the content of information transmitted over this service, but will investigate complaints of possible inappropriate use. ABC Credit Union may at any time make determinations that particular uses are or are not appropriate with or without notice to you, according to the following guidelines. You must respect the privacy of others; for example: you shall not intentionally seek information on, obtain copies of, or modify files, other data, or passwords belonging to others, or represent themselves as another user unless explicitly authorized to do so by that user. You must respect the legal protection provided by copyright and license to programs and data. You must respect the integrity of computing and network systems; for example, you shall not intentionally develop or use programs that harass other users or infiltrate a computer, computing system or network and/or......

Words: 1035 - Pages: 5

Premium Essay

Acct 555 Week 7 Homework

...Khalia Brewer Accct 555 Week 7 Homework 20-17 A.(2)- have a paymaster who has no other payroll responsibility distribute the payroll checks. B.(3)- Employees might be paid for hours they did not work. C.(3)- authorization of transactions from the custody of related assets. 20-20 |TYPE OF TEST |TRANSACTION-RELATED AUDIT OBJECTIVE(S) | |1. Substantive test of |To determine if monthly payroll costs have been correctly allocated (accuracy). | |transactions | | |2. Test of control |To determine if recorded payroll transactions are for work actually performed by existing | | |employees (occurrence). | |3. Substantive test of |To determine if employees are paid for the hours they have worked (accuracy). | |transactions | | |4. Substantive test of |To determine if the appropriate person is paid and amount and time are correct (accuracy and | |transactions |timing). | |5.......

Words: 1595 - Pages: 7

Premium Essay

Acct 555 Week 5

... Christopher Todaro ACCT 555 – External Auditing Professor Havens Week 5 Homework February 5, 2015 Chapter 12 12-17: The following questions concern the characteristics of IT systems. Choose the best response. a. Effective management of information technologies in an organization embraces the viewpoint that (1)most technologies reduce existing risk conditions. (2)technologies reduce some types of risks while introducing new types of risks to be managed. (3)technologies generally increase an organization’s overall net risks. (4)the objective of technology implementations is to increase profitability on a net basis. b. Which of the following is generally not considered a category of IT general controls? (1)Controls that determine whether a vendor number matches the pre-approved vendors in the vendor master file. (2)Controls that restrict system-wide access to programs and data. (3)Controls that oversee the acquisition of application software. (4)Controls that oversee the day-to-day operation of IT applications. c. As general IT controls weaken, the auditor is most likely to (1)reduce testing of automated application controls done by the computer. (2)increase testing of general IT controls to conclude whether they are operating effectively. (3)expand testing of automated application controls used to reduce control risk to cover greater portions of the fiscal year under audit. (4)ignore obtaining knowledge about the design of general IT controls and whether they have been......

Words: 1276 - Pages: 6

Premium Essay

Week 1 Assignment 1

...Week 1 Assignment 1 Michael Conley ITT Technical Institute Abstract This paper will be identifying, analyzing, and explaining five likely threat/vulnerabilities for the scenario given. I will go into detail on what you should do to lower the risk or vulnerability. The last thing I will talk about in this paper is what you should do to try and make it better and more secure. There are definitely some potential risks and vulnerabilities with the given scenario. The first one to point out would be that they are using Windows Vista. Another issue is the VPN connection with the laptops. Issue number three would be the servers. The fourth problem I foresee is back up. The final problem I see in the network is with the ISP. This is not a very old and outdated OS, since Microsoft is still supporting it, but there are more vulnerabilities with using Vista as opposed to Windows 7. Windows 7 is also more versatile, it is able to be run on more than just desktops unlike Vista. Windows 7 is able to be used on laptops, desktops, and netbooks which Vista cannot be used on all of those. Windows 7 puts all of the security notifications and other system problems in one place unlike Vista where you have to search through the control panel to find things. Windows 7 you just go to the action center. The likelihood of there being a serious security issue with windows Vista is low for right now.......

Words: 1019 - Pages: 5

Premium Essay

Acct 1 - Week 1 & Week 2

...P1 – 5A: 1. Since the boat belongs to Jensen himself and not to the company, Jensen should not list the boat on either the assets or the liabilities. 2. No matter the surge in demand Jensen should still record his inventory at what it is and not what he thinks it should be. 3. Jensen should not include the $10,000 that his brother owes him in this balance sheet. Jensen does not have that money now. It’s been 5 years anyways. He probably won’t ever see that money again. Merando Corporation Balance Sheet December 31, 2014 Assets | Liabilities & Stockholder’s Equity | Cash | $20,000 | Accounts Payable | $30,000 | Accounts Receivable | 40,000 | Notes Payable | 15,000 | Inventory | 25,000 | Stock Holder’s Equity | 40,000 | TOTAL ASSETS | $85,000 | TOTAL LIABILITIES | $85,000 | P2 – 3A: Question #1 Income Statement Ramirez Enterprises April 30, 2014 Sales Revenue | $5,100 | Cost of Goods Sold | (1,060) | Gross Profit | $4,040 | Insurance Expense | 210 | Interest Expense | 400 | Income Tax Expense | 165 | Depreciation Expense | 335 | Salaries and Wages Expense | 700 | Net Income | $2,230 | P2 – 3A: Question #2 Ramirez Enterprises Classified Balance Sheet April 30, 2014 Assets Current Assets Cash $1,270 Accounts Receivable 810 Inventory 967 Prepaid Insurance 60 Total Current Assets $3,107 Short-Term Investments Stock Investments ...

Words: 314 - Pages: 2

Free Essay

Acct 555 Week #5 Homework

...ACCT 555 External Auditing Chapter 12, pages 390–397: Problems 12-17, 12-18, and 12-27 Chapter 13, pages 429–430: Problems 13-22, 13-23, and 13-24 Chapter 12, pages 390–397: Problems 12-17, 12-18, and 12-27 12-17 a. (2) technologies reduce some types of risks while introducing new types of risks to be managed. b. (1) Controls that determine whether a vendor number matches the pre-approved vendors in the vendor master file. c. (3) expand testing of automated application controls used to reduce control risk to cover greater portions of the fiscal year under audit. d. (3) The sales system automatically computes the total sale amount and posts the total to the sales journal master file. 12-18 a. (1) A system that performs relatively uncomplicated processes and produces detailed output. b. (3) completeness of sales transactions. c. (3) completeness of input. d. (3) procedures contained within the program. 12-27 Here are a few recommendations for change that I would suggest to improve Hardwood Lumber Company’s information systems function: Limited access to the important and sensitive information and clean up the structure of the organization and clearly define the chart of organization. The vice president of information systems should report daily to senior management – not to or under the authority of user personnel. This will ensure that the information systems are not subordinate to a user which could improperly allocate information systems......

Words: 578 - Pages: 3

Premium Essay

Acct 540 Week 5 Assignment

...Hayley Wicks ACCT 540 Week 5 Assignment The Sample Brief Memorandum in the back of our text is an excellent example of combing everything we have learned so far in this course with regards to content, but it lacks proper APA format when using in-text citations, and it does not include a works cited. It is evident in this memorandum that the research process was performed efficiently and effectively, and fully progressed through the steps of determining the relevant facts, identifying the research problem, conducting research questions, identifying the key terms on which to gather data, and finally organizing the research to propose a conclusion. In addition, the author of the memo makes references to authoritative sources and uses the plain English described by the SEC when explaining his or her findings from the research process. The author of the sample memorandum states the relevant facts related to the research topic at the very beginning of the memorandum. I find the most significant fact to be the fact that Sony’s financial statements did not disclose the losses from Sony Pictures. The facts stated help the reader to identify the problems related to this topic. Namely, the problems that need to be addressed include misrepresentations of goodwill, and financial statement disclosures for different segments. Once the problems are understood, the researcher can proceed to ask the research questions that will lead him or her to a solution. Based on the issue regarding...

Words: 852 - Pages: 4

Premium Essay

Acct 564 Week 1 Assignment

...Week 2 Assignment Acct 564- International Accounting and Multinational Enterprises Chapter 3 Exercise 5. On May 19, 2004, the IASB published a single volume of its official pronouncements that will be applicable from January 1, 2005. Required: Access the IASB Web site (www.iasb.org), search for these pronouncements, and prepare a list of them. The IASB published its official pronouncements and the list of them are as follows: * A new standard were introduce such as IFRS 6 Exploration for and Evaluation of Mineral Resources. * five Interpretations-IFRICs 1-5 * Amendments were made related to IAS 19 Employee Benefits, IAS 39 Financial Instruments: Recognition and Measurement and SIC-12 Consolidation-Special Purpose Entities * Amendments were made for other IFRSs resulting from those pronouncements together with editorial corrections. http://www.ifrs.org/Archive/Press-Relases-Archive/2005/Pages/IASB-publishes-complete-standards-for-2005.aspx Chapter 4 Exercise 1 The cost of inventory in the current year is calculated as: Cost of materialsLess: Abnormal WasteAdd: cost of direct laborAdd: Allocation of Variable overhead costsAdd: Allocation of fixed overhead ( based on normal production levels)Cost of Inventory | $100,000$(10,000)$60,000$30,000$2,5000------------------------------------------------- 2,05,000 | Answer: B $2,05,000 Exercise 4 | Cost | Useful LifeYears | | Depreciation | Motor | $20,000 | 5 | $20,000/5 |...

Words: 1158 - Pages: 5

Premium Essay

Acct 301 Homework Assignments Week 1 to 7

...ACCT 301 HOMEWORK ASSIGNMENTS WEEK 1 TO 7 To purchase this visit following link: http://www.activitymode.com/product/acct-301-homework-assignments-week-1-to-7/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 301 HOMEWORK ASSIGNMENTS WEEK 1 TO 7 ACCT 301 Homework Assignments Week 1 To 7 ACCT 301 Week 1 Homework (Problems & Solutions) ACCT 301 Week 2 Homework (Problems & Solutions) ACCT 301 Week 3 Homework (Problems & Solutions) ACCT 301 Week 4 Homework (Problems & Solutions) ACCT 301 Week 5 Homework (Problems & Solutions) ACCT 301 Week 6 Homework (Problems & Solutions) ACCT 301 Week 7 Homework (Problems & Solutions) Activity mode aims to provide quality study notes and tutorials to the students of ACCT 301 Homework Assignments Week 1 To 7 in order to ace their studies. ACCT 301 HOMEWORK ASSIGNMENTS WEEK 1 TO 7 To purchase this visit following link: http://www.activitymode.com/product/acct-301-homework-assignments-week-1-to-7/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 301 HOMEWORK ASSIGNMENTS WEEK 1 TO 7 ACCT 301 Homework Assignments Week 1 To 7 ACCT 301 Week 1 Homework (Problems & Solutions) ACCT 301 Week 2 Homework (Problems & Solutions) ACCT 301 Week 3 Homework (Problems & Solutions) ACCT 301 Week 4 Homework (Problems & Solutions) ACCT 301 Week 5 Homework (Problems & Solutions) ACCT 301 Week 6 Homework (Problems & Solutions) ACCT 301 Week 7 Homework (Problems & Solutions) Activity mode aims to provide quality study notes and tutorials to the......

Words: 631 - Pages: 3

Premium Essay

Acct Week 1 Hw

...2-16 A. 2 International Auditing and Standards Board B. 2 Measures of the quality of the auditors performance C. 3 Due professional care be exercised by auditor D. 3 The Criteria of audit planning and evidence gathering 2-17 A. 2 Having appropriate system of quality control B. 1 yes, yes, yes C. 2 yes, yes, yes D. 3 Provide reasonable assurance that the integrity of the client is considered 2-19 A. Engagement Performance B. Monitoring C. Acceptance and Continuation of clients and engagements D. Engagement Performance E. Engagement Performance F. Engagement Performance G. Relevant Ethical Requirement H. Human Resources I. Human Resources J. Leadership Responsibilities 2-20 A. They first need to make sure that they understand rules and regulations of filing with the SEC. They must also do their research on mobile homes to ensure they have a good understanding of the industry. B. There are a lot of specific forms that need to be filed with the SEC when compared to dealing with a private company. Financial statements need to be reviewed. They will have to file form S-1 if they plan to issue new securities, form 8-K reports significant events that are of interest to investors, form 10-K filed annually 60-90 days after close of fiscal year, form 10-Q filed quarterly contains certain financial information and requires auditor reviews 3-23 A. 2 The report includes additional......

Words: 414 - Pages: 2

Premium Essay

Acct 550 Week 2 Homework Assignment

...ACCT 550 Week 2 Homework Assignment To Buy This material Click below link http://www.uoptutors.com/acct-550/acct-550-week-2-homework-assignment E4-4 (Multiple-Step and Single-Step) Two accountants for the firm of Allen and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2012 information related to Webster Company ($000 omitted). Administrative expense | | Officers’ salaries | $ 4,900 | Depreciation of office furniture and equipment | 3,960 | Cost of goods sold | 63,570 | Rent revenue | 17,230 | Selling expense | | Transportation-out | 2,690 | Sales commissions | 7,980 | Depreciation of sales equipment | 6,480 | Sales revenue | 96,500 | Income tax expense | 7,580 | Interest expense | 1,860 | Instructions (a) Prepare an income statement for the year 2012 using the multiple-step form. Common shares outstanding for 2012 total 40,550 (000 omitted). (b) Prepare an income statement for the year 2012 using the single-step form. (c) Which one do you prefer? Discuss. E4-12 (Earnings per Share) At December 31, 2011, Schroeder Corporation had the following stock outstanding. 8% cumulative preferred stock, $100 par, 107,500 shares | $10,750,000 | Common stock, $5 par, 4,000,000 shares | 20,000,000 | During 2012, Schroeder did not issue any additional common stock. The following also occurred during 2012. Income from continuing operations......

Words: 463 - Pages: 2