ACC 201 Principles of Financial Accounting,

ACC 201 Principles of
Financial Accounting
Week 1
Chapter 1 and 2 Practice Exercises: 1-2, 1-4, 1-9, 1-12,
1-18, 2-1, 2-3, 2-19, 2-22, 2-25.
Memo to Blair
Complete the writing assignment, ATC 1-4 from Chapter 1 and submit to your
instructor.
Week 2 Discussion 1: Fraud
Discuss in general the ethical issues when employees are tempted to defraud
their employer or when companies defraud the public. What sort of situations
can lead to this behavior? What are the costs of fraudulent behavior? What kind
of controls can help prevent ethical problems? Cite an example of unethical
behavior (not necessarily limited to fraud) that you are aware of from personal
experience or have read about that is related to business. After you have
posted your original thread be sure to respond to at least two other students’
original threads.
Week 2 DQ2 Debit Credit
Read and answer Chapter 4, Question 21 on the effects of debit and credit
memo’s on the Cash account. Explain in 200 words. Respond to at least two of
your classmates’ postings
Week 2 Chapter 3 Problems
Complete the following problems from Chapter 3 and submit to your
instructor. These problems will be graded for accuracy. Problems: 3-22, 3-25
Week 2 Chapter 4 Problems
Complete the following problems from Chapter 4 and submit to your
instructor. These problems will be graded for accuracy. Problems: 4-20, 4-21
Week 2 Assignment FASB Paper
Go to the website of the Financial Accounting Standards Board, www.fasb.org.
Write a paper, in at least 400 words, that describes the mission of FASB, how
it is organized, how it functions, and who grants the authority of FASB to
issue accounting standards. Also, research the most recent accounting issues
that FASB is taking into consideration.
Week 3 Assignment GAAP and Ethics
Read ATC 6-5 of Chapter 6 and answer part a. Additionally, given what you
have learned about financial accounting so far, think of as many ways that you
could “adjust” the financial records to make your company look better yet still
follow GAAP and ethical guidelines. (Hint: think of the choices that can be
used in the various accounting methods you have learned: i.e., inventory
valuation methods.)
Week 3 Chapter 5 Problems
Complete the following problems from Chapter 5 and submit to your
instructor. These problems will be graded for accuracy. Problems: 5-24, 5-26
Week 3 Chapter 6 Problems
Complete the following problems from Chapter 6 and submit to your
instructor. These problems will be graded for accuracy. Problems: 6-27, 6-28,
6-32
Week 3 Discussion: Credit Sales and Collections
Review ATC 5-4 of Chapter 5 and post your thoughts on the question regarding
the issues and procedures that a business must consider when dealing with
credit sales and collections. Summarize your recommendations in memo form.
Respond to at least two other students with critique and challenges to their
recommendations.
Week 4 Chapter 7 Problems
Complete the following problems from Chapter 7 and submit to your
instructor. These problems will be graded for accuracy. Problems: 7-26, 7-27,
7-28
Week 4 Chapters 8 Problems
Complete the following problems from Chapter 8 and submit to your
instructor. These problems will be graded for accuracy. Problems: 8-18, 8-23
Week 4 Discussion : Enron
Read ATC 7-5 in Chapter 7. This situation is very similar to what a company
called Enron did several years ago. Use the internet or the university library
to research exactly what Enron did in their accounting procedures and what
eventually happened to the company. Post your findings and understanding of
Enron’s story and respond to two other students’ postings with enhancements or
additions to the Enron situation.
Week 4 Memo to Baku and Hanson
Read ATC 8-4 in Chapter 8 and write a memo describing the advantages and
disadvantages of organizational forms. You may research other sources regarding
accounting internal controls. The paper should be at least 400 words and should
include your personal observations and conclusions.
Week 5 Chapter 9 Problem
Complete the following problem from Chapter 9 and submit to your instructor.
Problem: 9-23. This problem will be graded for accuracy
Week 5 Stock Options Paper
In recent months there have been many news stories in the press about
executive compensation with stock options. This type of compensation occurs
when an executive is granted the “option” to purchase the company’s stock at a
certain price sometime in the future. The theory is if the executive is
effective his management skills will lead to a higher stock price. As a reward
the executive can purchase the stock at the earlier, lower price and lock in an
automatic gain in his shares. However, certain companies have been falsifying
the actual date when the stock options are granted to their executives.
Research this situation on the internet or through the university library.
Write a 400-word paper describing the situation and the implications of the
practice including any legal or ethical ramifications.
Week 5 Discussion: Financial Analysis
Read ATC 9-3 in Chapter 9 and post your analysis of Whirlpool’s acquisition
of Maytag. Respond to at least two other students with critiques and challenges
to their assertions