Part 1
Now that your boss has reviewed your financial statement paper, prepare a quick presentation- 3 to 4 slides of content (include a title slide and reference slide) Finalize your key assignment for submission, based on the high level considerations discussed in your paper.
Part 2
Then, research and analyze a company that has had publicly known problems with their internal control.
- Analyze what went wrong that caused the system of internal control to fail, and what could have been done differently to prevent the problems.
- Make 3 recommendations or suggestions on how the company could have improved its internal control system.
The deliverable for this section is a paper of 600-900 words. This does not include the title or references. All references must be properly cited in APA format.
Develop a company and determine what it will produce and sell. The requirement for this company is that it be a high-end, special-order type of manufactured product. Complete the following in a Word document of 1,000 words:
- Develop a list of inputs along with their associated costs, such as labor, materials, and overhead. You can research this information, make it up, or do a combination of both. Be specific as to costs.
- You are to determine the selling price. Show your calculations, and discuss why you have determined this to be a good sale price.
- How many items of your product will you need to produce to meet this sale price? How did you calculate this?
- Determine which of the costing systems discussed in this class will work best for your company. Explain why.
- Explain why those not chosen were not a good fit for your company.
- You must explain "why not chosen" for a minimum of 3 costing methods.
- P
You are an accountant at a local CPA firm that is auditing the accounting records of ABC Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit. During your audit, you have identified that because of a weak internal control system, an adjusting entry for prepaid insurance was not recorded for the first 3 months of the year at $500 per month.
Identify the limitations of the internal control system. Provide at least 3 limitations.
Provide at least 2 examples of internal control procedures, and explain how these procedures can be implemented.
Identify symptoms of a lack of internal control.
Explain the impact of the missing journal entry on the financial statements of the company.
2-3 pages APA format with citations
Debt securities such as bonds pay a stated interest rate. This interest rate depends on the risk of investment. In addition, bond prices change when investment risk changes. Standard and Poor’s provide ratings for companies. Stock prices also fluctuate. Fluctuations depend on various factors.
Find an article about a company that has been affected recently by its bond rating or its stock price. Relate the story to what we learned this week about accounting for bonds (liabilities) and stock (stockholders’ equity).
Respond to two or more of your classmates’ postings in any of the following ways:
- Build on something your classmate said
- Explain why and how you see things differently
- Ask a probing or clarifying question
- Share an insight from having read your classmate’s posting
- Offer and support an opinion
- Expand on your classmate’s posting.
