Essay on Acc 564 Assignment 1

3–9. Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2011. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $1,900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000; Parks and Recreation, $150,000; and Miscellaneous, $50,000.

Also a sales type lease must involve a dealer or manufacturer’s profit or loss. This exists if the assets fair value at inception of the lease differs from the cost or carrying value.

Kay, D. (2012). Relationship Between Planning and Control Explained. Available: http://dailyojo.com/articles/relationship-between-planning-and-control-explained.html. Last accessed 19th Nov 2012

Please complete the following 7 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.

Congress established the Sarbanes-Oxley Act of 2002, which is otherwise called the Public Company Accounting Reform and Investor Protection Act, in the beginning of corporate and accounting scandals that prompted liquidations, serious stock misfortunes, and a loss of trust in stocks (Batten, 2010). The demonstration forces new obligations on corporate administration and criminal authorizes on those supervisors who spurn the law, and it

The most important aspect in the financial statement is to follow and regulate the internal control system of the organization. This is the most important point in this act as it detects that the internal control system of the corporations is sound or not. It wants to report about the internal control system of the organization so that the actual picture of the organization

Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 291 Week 2 Wileyplus Assignment New in order to ace their studies.

The Sarbanes-Oxley Act of 2002 was a piece of legislation enacted by the United States Congress with the intent “to improve corporate governance and restore faith of investors” (Hanna, 2014). I have studied this act in my accounting courses, and the primary reason the act seems to have been implemented is due to the various accounting scandals involving major corporations at the time, such as Enron and WorldCom (Hanna, 2014). The United States economy was still recovering from the dot-com bubble that burst in the late 1990s (Hanna, 2014), and a mild recession that occurred during 2001. Thus, the major accounting scandals that were causing large corporations to fold further shook investor confidence. In my opinion, if it weren’t for this act, many investors would have abandoned the stock market permanently or at least restricted their investments to highly conservative blue chip companies, hindering the ability for other companies to raise capital for growth.

An international education company which send students to the U.S.A from Turkey. The exact definition of the company is based on Summer Work And Travel program. Let’s find the definition out with the help of 5W1H questions.

Finally, Title IV section 404 requires management to include an internal controls assessment in its annual report to the SEC. The purpose of this legislative action now requires management to be responsible for establishing and maintaining an adequate internal control structure and procedures for financial reporting; provide an assessment of the effectiveness of the company’s internal controls. (Williams, 2011)

Section 404. Management assessment of internal control: This section needs every annual report of a in public listed company to contain internal control report stating management’s responsibility to establish and maintain an adequate system of internal control financial reporting similarly as an assessment of the effectiveness of internal control structure and procedures. Auditors audit the financial statements of the company must issue a consulting report regarding the effectiveness of the company internal

The Sarbanes- Oxley Act of 2002 helps to make sure that companies are complying with internal control. If a company fails to keep track of their internal control, then they are subject to fines or imprisonment. The act also gives the companies executives the responsibility to make sure that the company has reliable internal controls. Under one part of the law, companies are required to develop sound principals of control over financial reporting and must verify that the controls are working properly (University of Phoenix, Axia College, 2009). Public Company Accounting Oversight Board also helps companies ensure that their finances are in order, because they established auditing standards and regulates auditor activity.

3-1 Describe the parts of the standard unqualified audit report. Specify the conditions required to issue the standard unqualified audit report. Understand combined reporting on financial statements and internal control over financial reporting under Section 404 of the Sarbanes–Oxley Act. Describe the five circumstances when an unqualified report with an explanatory paragraph or modified wording is appropriate. Identify the types of audit reports that can be issued when an unqualified opinion is not justified. Explain how materiality affects audit reporting decisions. Draft appropriately modified audit

This act requires all officers to review accounting documents before they have been submitted and sign off on them, make sure that all off balance sheets are reported, disclose to the public all material changes that have taken place within the company over a given year, and lays down penalties for those who do not follow these requirements. The Public Company Accounting Oversight Board monitors businesses to make sure they comply with the act. GM, although it has failed to comply with regulations and has filed for bankruptcy in 2009, is on track to fulfill these standards in 2010.

“Accounting is the information system that identifies, records, and communicates the economic events of an organization to interested users” (Kimmel, Weygandt & Kieso, 2007, p. 6). The interested users are considered to be the internal users, who use the accounting information to manage, and operate a business – finance, production, operating and marketing officers – and the external users, who use the accounting information to make decisions on stock, for risk evaluation of extending credit and loans, and to see if the organization is complying with the tax laws – investors, creditors, consumers, and tax authorities. The internal and external users use the accounting information system to keep track on the various activities of a business – operating, investing, and financing – that is communicated through a business’ financial statements – balance sheet, income statement, retained earnings statement, and statement of cash flows. For organizations that are publicly traded in the United States, an annual report along with the management discussion and analysis (MD&A), notes to the financial statements, and an auditor’s report must be provided to