uop acc 541 entire course Flashcards
ACC 541 Complete Class
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ACC 541 Complete Class
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ACC 541 Week 1 DQ 1
What is the importance of the mission of the FASB?
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ACC 541 Week 1 DQ 1
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ACC 541 Week 1 DQ 2
Under current GAAP, goodwill is recorded when purchased.
Debate:
Present arguments in favor or against the capitalization of “purchased” goodwill. You may consider tying your arguments to theories of capital maintenance and/or the Conceptual Framework.
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ACC 541 Week 1 DQ 2
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ACC 541 Week 1 Individual Accounting Standards Boards Paper
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are currently working on a joint venture referred to as the convergence project.
Write a 1,050- to 1,400-word paper describing the relationship between the IASB and the FASB. Include the following in your paper:
• A brief history of the relationship between the two boards and the IASB equivalents of the FASB original pronouncements
• An explanation of how the MSA program prepares the student for a professional life within the accounting vocation
Format your paper consistent with APA guidelines.
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ACC 541 Week 1 Individual Accounting Standards Boards Paper
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ACC 541 Week 1 Summary
Please post your Weekly Summary here. It needs to be a summary of what you learned, liked or disliked etc. Needs to be in your own words in order to earn points.
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ACC 541 Week 1 Summary
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ACC 541 Week 2 DQ 1
What are the four criteria used for determining if a lease is to be treated as a capital lease? (This question can be expanded to discuss the income statement and balance sheet implications of both a capital lease and an operating lease.)
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ACC 541 Week 2 DQ 1
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ACC 541 Week 2 DQ 2
Under current GAAP, goodwill is recorded when purchased.
Debate:
Present arguments in favor or against the capitalization of “purchased” goodwill. You may consider tying your arguments to theories of capital maintenance and/or the Conceptual Framework.
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ACC 541 Week 2 DQ 2
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ACC 541 Week 2 Individual Client Understanding Paper
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As a newly hired Staff I, you are responsible for analyzing the work papers for one of the clients of your organization. Your client is not clear about why you are asking for information on the following topics:
• Adjusting lower cost of market inventory on valuation
• Capitalizing interest on building construction
• Recording gain or loss on asset disposal
• Adjusting goodwill for impairment
Write a 1,050- to 1,400-word response that addresses your client’s questions.
Format your paper consistent with APA guidelines, including appropriate citations and references.
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ACC 541 Week 2 Individual Client Understanding Paper
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ACC 541 Week 2 Summary
Please post your Weekly Summary here. It needs to be a summary of what you learned, liked or disliked etc. Needs to be in your own words in order to earn points. Thanks
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ACC 541 Week 2 Summary
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ACC 541 Week 3 DQ 1
Capital leases and operating leases are the two classifications of leases described in FASB pronouncements from the standpoint of the lessee.
Describe how an operating lease would be accounted for by the lessee both at the inception of the lease and during the first year of the lease, assuming the lessee makes equal monthly payments at the beginning of each month of the lease. Describe the change in accounting, if any, when rental payments are not made on a straight-line basis.
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ACC 541 Week 3 DQ 2
On January 1, 2006, Von Company entered into two noncancelable leases for new machines to be used in its manufacturing operations. The first lease does not contain a bargain purchase option; the lease term is equal to 80 percent of the estimated economic life of the machine. The second lease contains a bargain purchase option; the lease term is equal to 50 percent of the estimated economic life of the machine.
How should Von classify each of the two leases? Why?
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ACC 541 Week 3 DQ 2
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ACC 541 Week 3 Individual Response to Client Request I
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While working on a consulting engagement, a supervisor in your team has given you an assignment. The client is a regional trucking company. A new customer has approached the client with an opportunity that would require 120 trailers—20 more than the trucking company currently owns. The client is uncertain how long the relationship with the customer may last, but the deal has the potential for significant growth.
Your supervisor has asked you to research leases and lease structure issues on the Financial Accounting Standards Board (FASB) website, in particular the current practice and thought related to direct financing, sales type, and operating leases.
Write a 700- to 1,050-word memo addressed to your supervisor that summarizes your FASB research results. Keep the memo brief while exploring the issues. Remember that both the client and the supervisor have limited time, and you want to make a good impression. Recommend an approach that the client can use to evaluate and capitalize on this opportunity.
Format your paper consistent with APA guidelines
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ACC 541 Week 3 Individual Response to Client Request I
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ACC 541 Week 3 Summary
Please post your Weekly Summary here. It needs to be a summary of what you learned, liked or disliked etc. Needs to be in your own words in order to earn points.
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ACC 541 Week 3 Summary
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ACC 541 Week 4 DQ 1
Discuss contingencies and how they are reported on financial statements. What conditions must be met before a contingency can be charged against income?
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ACC 541 Week 4 DQ 1
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ACC 541 Week 4 DQ 2
The two basic requirements for the accrual of a loss contingency are supported by several basic concepts of accounting. Four of these concepts are periodicity (time periods), measurement, objectivity, and relevance.
Discuss how the two basic requirements for accrual of a loss contingency relate to the four concepts listed above.
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ACC 541 Week 4 DQ 2
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