Revenue is a common place for fraud because it is a significant measure of a company’s success.
Revenue is a common place for fraud because it is a significant measure of a company’s success.
Describe two U.S. or international accounting fraud cases related to improper revenue recognition.
Cite the resource where you found the information.
Reflect on each fraud case, and share your thoughts on why it was deemed fraud and how a company can avoid making similar mistakes.
DQ2 Revenue Recognition [WLOs: 1, 2, 3, 4] [CLO: 1]
Prior to beginning work on this discussion, review the following:
Chapter 8 in the textbook
Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the Writing Center for proper use of citations.
Discuss areas of judgment that may be needed to apply the five steps of revenue recognition. The following may assist you in creating a more robust conversation around this topic:
List the five steps, and explain judgments for each one.
What happens if the criteria are not met?
Give examples when appropriate.
ACC306 Intermediate Accounting II
Week 2 Discussion
DQ1 Collection of Cash [WLOs: 1, 2, 3, 4] [CLOs: 2, 3]
Prior to beginning work on this discussion, review the following:
Chapters 9 and 10 in the textbook
Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the Writing Center for proper use of citations.
Companies monitor factors such as days sales outstanding (DSO) and inventory levels to assess its ability to collect cash quickly from a potential customer. In your post,
Discuss the financial ratios a firm can use to measure the time it will take to collect cash from a potential customer on average.
Show how the ratios are computed, and explain how each works.
Elaborate on why this is important to a business.
DQ2 Accounts Receivable [WLOs: 2, 3, 4] [CLOs: 2, 3]
Prior to beginning work on this discussion, review the following:
Chapters 9 and 10 in the textbook
Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the Writing Center for proper use of citations.
Why would a company be willing to sell its accounts receivable at a discounted amount (i.e., the amount received from the buyer is less than the recorded amount)? Give at least three reasons and explain why.
ACC306 Intermediate Accounting II
Week 3 Discussion
DQ1 Future Economic Benefits [WLOs: 3, 4, 7] [CLOs: 4, 5]
Prior to beginning work on this discussion, review the following:
Chapters 11 and 12 in the textbook
Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the Writing Center for proper use of citations.
What are some of the judgments used in estimating the future economic benefit (i.e., measuring the value) of intangible assets? Why would you want to estimate risk associated with cash flows?
DQ2 Intangible Assets [WLOs: 1, 2, 3, 4] [CLOs: 4, 5]
Prior to beginning work on this discussion, review the following:
Chapters 11 and 12 in the textbook
Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the Writing Center for proper use of citations.
An intangible asset is similar to any economic resource in that its value is equal to the sum of the present values of the projected cash flows related to use of the asset in operations. Plant assets are not revalued under U.S. GAAP, but revaluation is an option under IFRS. In your post, discuss the following:
What are some of the benefits of revaluation from the standpoint of a financial statement user?
What happens on the balance sheet when plant assets are revalued?
ACC306 Intermediate Accounting II
Week 4 Discussion
DQ1 Contingent Loss [WLOs: 1, 2, 3, 4] [CLO: 1]
Prior to beginning work on this discussion, review the following:
Chapter 13 in the textbook
Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the Writing Center for proper use of citations.
Auditors face several issues when assessing the probability of a contingent loss and a range of possible losses. In your post, address the following:
Discuss the ways in whichS. GAAP and IFRS estimates of contingent losses can differ.
How is the terminology different between U.S. GAAP and IFRS?
Why are the differences in estimating contingent losses important to know?
DQ2 Gain Contingencies [WLOs: 1, 2, 3, 4] [CLO: 1]
Prior to beginning work on this discussion, review the following:
Chapters 13 in the textbook
Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the Writing Center for proper use of citations.
Discuss the advantages and disadvantages of disclosing gain contingencies for a financial statement user. Why is this information important to the user?
ACC306 Intermediate Accounting II
Week 5 Discussion
DQ1 Fair Value [WLO: 3] [CLO: 1]
Prior to beginning work on this discussion, review the following:
Chapter 14 in the textbook
Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the Writing Center for proper use of citations.
Explain how the use of the fair value option for investments in debt securities can mitigate volatility in reported earnings caused by measuring related assets and liabilities differently, without applying complex hedge accounting provisions. Additionally,
Illustrate your point with an example.
Include how to reduce volatility in your response.
DQ2 Debt [WLO: 4] [CLO: 5]
Prior to beginning work on this discussion, review the following:
Chapter 14 in the textbook
Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the Writing Center for proper use of citations.
Discuss the benefits to financial statement users when accountants separate the debt and equity features of hybrid debt securities. Additionally,
Why might this be necessary?
Explain your reasoning.
What might impact the way a user will classify the debt and equity features?
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