Fundamental Principles [CLOs: 2, 3]. Due by Day 7. Complete problem 2.65 Fundamental Principles on page 72 of the textbook. In each of the situations, identify the elements of the fundamental principles that are most applicable. In addition, discuss what action(s) (if any) you believe auditors should take with respect to these issues. Be sure […]

Client Request for Attorney Letter with Cole & Cole, CPA’s [CLOs: 1, 2, 5]. 1st Post Due by Day 3. Read problem 11.56 Client Request for Attorney Letter on pages 491 and 492 of the textbook. Describe the omissions, ambiguities, and inappropriate statements and terminology in Brown’s letter. Remember that this is Brown’s letter requesting […]

Inventory Count Observation: Planning and Substantive Procedures [CLOs: 1, 3]. 1st Post Due by Day 3. Sammy Smith is the partner in charge of the audit of Blue Distributing Corporation, a wholesaler that owns one warehouse containing 80 percent of its inventory. Smith is reviewing the audit documentation that was prepared to support the firm’s […]

Impact of Sarbanes Oxley Act [CLOs: 2, 5]. 1st Post Due by Day 3. Your long-time client, Central Office Supply, has been rapidly expanding and the board of directors is considering taking the company public. CEO Terry Puckett has heard that costs of operating a public company have increased significantly as a result of the […]

Confirmation of Trade Account Receivables [CLOs: 1, 3]. 1st Post Due by Day 3. L. King, CPA, is auditing the financial statements of Cycle Company, a client that has receivables from customers arising from the sale of goods in the normal course of business. King is aware that the confirmation of accounts receivable is a […]

DQ1 Journal Entries [CLOs: 3, 5What are journal entries and why are they used? Explain why adjusting entries are needed and describe the major types. Cite a specific example of an adjusting entry and how Quickbooks can help track them. Utilize this week’s lecture to formulate your post. Respond to at least two of your […]

Chart of Accounts [CLO: 1Why is the customer interview process important with regard to the Chart of Accounts (COA)? Why would you customize a COA to a specific business? How would the COA differ for a service business versus a retail business that sells products? Utilize this week’s lecture to formulate your post. Respond to […]

Computerized Accounting Software [CLO: 2Discuss the advantages and disadvantages of using a computerized accounting software package. What specific challenges would you face when converting from a non-computerized accounting method to a system like QuickBooks? Utilize this week’s lecture to formulate your post. Respond to at least two of your classmates’ posts in a manner that […]

Discuss both internal and external users of the financial statements. Explain how external stakeholders use financial information such as company income statements and balance sheets to make decisions about the company in terms of granting loans and buying stock in the company. Discuss how common financial ratios and investment analysis is used to conduct due […]

Intangible Asset Valuation. Write: Make sure your response addressing the following question is more than 200 words and you include an in- text citation or a brief quote from the reading material where appropriate.   Explain how intangible assets may pose a significant valuation problem. Does the determination of useful life for an intangible asset […]