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ACC403 all discussions

Module 1 Discussions
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Locked before Monday, November 10, 2014 12:00 AM PST
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GAAP and IFRS
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Suppose a store sells a MP3 player in December to a customer
who agrees to pay for it in January. Should the business recognize (report) the
sale as a December transaction or as a January transaction? It really does not
matter as long as the storeowner discloses the rule the decision is based on
and applies it consistently to other transactions. Because businesses may use
different reporting rules, however, clear communication also requires full and
fair disclosure or the accounting rules chosen.

Communicating business results would be simpler if each type
of business activity were reported using only one measurement method. World
economies and financial reporting practices, however, have not evolved
uniformly. Even in highly sophisticated countries such as the United States,
companies exhibit significant diversity in reporting methods. Providers of
accounting reports assume that users are educated about accounting
practices.

Question:

What is U.S. GAAP? What is IFRS? Comment on the differences
between these two measurement rules and discuss the application of each.

Do research on the Internet and show the reference for the
information. Don’t forget to respond to a colleague’s posting also.

Professor’s Note: In addition to searching the Internet for
text related to this threaded discussion, please watch the following videos
(click on the following link to access these videos) and post your
comments.
http://www.youtube.com/watch?v=NFnD4MoLZ54 Quarter close, Q4 2012: Eurozone, FASB
disclosure, and other financial reporting

http://www.youtube.com/watch?v=C9KomlV206o Impact of the joint FASB/IASB leasing
proposal

Grading Criteria: Try to add information not previously
discussed by others. Please, provide factual information (not merely opinions)
backed up by details or examples. Your comments should be in your own words and
include references.

Module 2 Discussions
Net Income and Cash Flow
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Revenue represents the benefit a company experiences from
operating its business. In accounting terms, revenues are increases in assets
or decreases in liabilities resulting from business operations. Accrual
accounting requires companies to recognize all revenue in the period in which
it is earned regardless of when cash is collected.

Expenses are the sacrifices that have to be made in order to
obtain revenues. In accounting terms, expenses are decreases in assets or
increases in liabilities resulting from efforts to generate revenues. Accrual
accounting requires that companies expenses in the period in which they are incurred
regardless of when cash is paid.

The income statement compares revenues (benefits) with
expenses (sacrifices) over some period of time (e.g., a month, a quarter, or a
year). Net income is a measure of the extent to which benefits exceeded sacrifices.
A net loss indicates that sacrifices exceeded benefits. The statement of cash
flow explains the change in cash from the beginning to the end of the
accounting period, including the change in cash from operating activities,
investing activities, and financing activities.

Question:

Why may net cash flow from operating activities on the cash
flow statement be different from the amount of net income reported on the
income statement? Use a specific example to justify your answer.

Do research on the Internet and show the reference for the
information. Don’t forget to respond to a colleague’s posting also.

Professor’s Note: In addition to searching the Internet for
text related to this threaded discussion, please watch the following videos
(click on the following link to access these videos) and post your
comments.

http://www.youtube.com/watch?v=mr1Mu_z_N4o What is cash
flow?

http://www.youtube.com/watch?v=38WcNba0Ic0 Cash Flow 1 Statement of Cash Flows Format
Grading Criteria: Try to add information not previously
discussed by others. Please, provide factual information (not merely opinions)
backed up by details or examples. Your comments should be in your own words and
include references.

Module 3 Discussions
The accountant’s role in society requires trust and
credibility. Accounting information is worthless if the accountant is not
trustworthy. Similarly, tax and consulting advice is useless if it comes from
an incompetent person. The high ethical standards required by the profession
state “a certified public accountant assumes an obligation of self-discipline
above and beyond requirements of laws and regulations.” The American Institute
of Certified Public Accountants (AICPA) requires its members to comply with the
Code of Professional Conduct.

Credible financial reporting relies on a system of checks
and balances. Corporate management is responsible for preparing financial
reports while outside independent accountants (CPAs) audit the reports. The
massive surprise bankruptcies of Enron in late 2001 and WorldCom several months
later suggested major audit failures on the part of the independent auditors.
An audit failure means a company’s auditor does not detect, or fails to report,
that the company’s financial reports are not in compliance with GAAP. The audit
failures at Enron, WorldCom, and others prompted Congress to pass the
Sarbanes-Oxley Act (SOX).
Assignment:

Summarize the six articles that are included in Section I of
the AICPA Code of Professional Conduct. Discuss the provisions that are
included in SOX to strengthen the audit function.
Do research on the
Internet and show the reference for the information. Don’t forget to respond to
a colleague’s posting also.
Professor’s Note: In addition to searching the Internet for
text related to this threaded discussion, please watch the following videos
(click on the following link to access these videos) and post your
comments.
http://www.youtube.com/watch?v=uz-TSaCL3LQ Business Accounting: How to perform an
External Audit-Accounting Supplemental-Program Steam

http://www.youtube.com/watch?v=3rVmbGfhaps Basic Accounting:
What Are Generally Accepted Auditing Standards?

Grading Criteria: Try to add information not previously
discussed by others. Please, provide factual information (not merely opinions)
backed up by details or examples. Your comments should be in your own words and
include references.
Module 4 Discussions
Managerial Accounting
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The purpose of management accounting is to support decision
making by collecting, processing, and communicating information that helps
management plan, control, and evaluate business processes and company strategy.
Organizations don’t typically have a job title called management accountant.
Instead, this type of work is done by many individuals in varying positions –
not all accountants.
The ability to develop and use good management accounting is
actually an important ability for many individuals, including finance
professionals, operational and marketing managers, top-level executives, and
information technologists.
Let’s discuss the role of the management accountant and the
type of work they do in some more depth. Do research on the Internet and find
information about the importance of the management accounting within an
organization. Please, add examples of management accounting tasks performed by
individuals. How has the role of the managerial accountant in today’s business
environment? How has the role changed and evolved over time?
Do research on the Internet and show the reference for the
information. Don’t forget to respond to a colleague’s posting also.
Professor’s Note: In addition to searching the Internet for
text related to this threaded discussion, please watch the following videos
(click on the following links to access the videos) and post your
comments.
http://www.youtube.com/watch?v=k_gZcHQSVDw Video 1:
Institute of Management Accountants

http://www.youtube.com/watch?v=cazXO31PTKA Video 2:
Chartered Institute of Management Accountants

Module 5 Discussions
Traditional wisdom was to create a product, figure out the
cost, add a profit margin, and then determine the price. Target costing is
another way to “watch” costs and setting prices.

Do research on the Internet including following links and
show the reference for the information. Don’t forget to respond to a
colleague’s posting also.

Grading Criteria: You do not need to discuss every aspect of
the topic(s) covered by this threaded discussion. Choose one or two relevant
aspects for further investigation and share your knowledge with the class. Try
to add information not previously discussed by others. Please provide factual
information (not merely opinions) backed up by details or examples. Your
comments should be in your own words and include references.
Accounting for Management. (n.d.). Target Costing Approach
to Pricing. Retrieved from
http://www.accountingformanagement.com/target_costing_pricing_products_and_services.htm
J Feil, P. , Yook, K., & Kim, I. Japanese Target
Costing: A Historical Perspective. (2004, Spring). International Journal of
Strategic Cost Management. Retrieved from
http://economiceducation.us/dotAsset/785833.pdf
Part 5 Target Costing. BMALeanManagement. (2011, July 4).
YouTube Video. Retrieved from http://www.youtube.com/watch?v=hiiw1t4DA0Q

Module 6 Discussions
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Locked before Monday, November 10, 2014 12:00 AM PST
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What is Important?
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Given the readings and assignments in this course, identify
and briefly discuss two important concepts applicable to the business decision
making process.