Accounting

People seek to form partnership to extend and maintain business operations. Each partner contributes to all aspects of the business including, money, property, labor or skill. The profits and losses of the business are shared among the partners. The decision-making process is important as each partner may have different opinions regarding issues, structure, ventures, and operation. Therefore, it is vital to develop a legal partnership agreement (Partnership Deed) to document how future business decisions will be made. Discussion Instructions: >For this discussion, define a type of partnership company you would be interested in forming. (State the services, and the goals of the business). >Draft a partnership agreement and discuss each element and the importance of include those elements in the agreement. (ALL elements significant to operating the partnership should be included in the agreement). >How can a partner’s contribution of liability beneficial to the business operations. Requirements: Minimum 550 words Introduction: provide a brief summary of what you are discussing Body: information about the partnership, partnership agreement, and liability contribution Conclusion: share closing thoughts, what did you learn and the importance of the information

Please prepare a research paper on the subject of the Foreign Corrupt Practices Act (FCPA) and answer or address the homework questions shown below. Your submission must be prepared in Microsoft Word using the APA General Format.  Submission must include four major sections: Title page, Abstract, Main Body, and References (Citations). Minimum of 3 references. Please address the following issues or questions: ·       Provide a brief explanation of the history of the Foreign Corrupt Practices Act (FCPA). ·       What is the primary purpose of the FCPA? ·       What does the FCPA prohibit? ·       To whom does the FCPA apply? ·       What is the maximum penalty under the FCPA? ·       What are indicators that an individual or organization may have violated the FCPA? ·       Explain why an activity considered “corrupt” in one country might be considered culturally acceptable in another. Please provide an example(s).

Excel Templates People often create workbooks that have common elements such as invoices, an expense statement, a balance sheet, or many other day-to-day operation workbooks. Part 1. In this discussion forum, examine the many templates provided in Excel. Then, choose a template and describe a situation where you might use that template to meet your needs. Share your evaluation of that template–is it easy to use, how could it be improved, etc. Enter some “dummy” data into the template to fully explore the template you choose. (10 points) Part 2. Describe a situation at work — or school — when you were faced with a problem you could not solve. What was the problem? What did you do? (10 points)

Note: The discussion activity is based on Case 24.1, It’s Not My Fault, on pages 1075–1076 of the textbook. 1. Read the case information given below, and then follow the instructions for completing the discussion activity. “Case 24.1, It’s Not My Fault” Cabinets, Inc. is a large manufacturer of modular kitchen cabinets, sold primarily to builders and developers. The company uses a standard cost system. Standard production costs have been developed for each type of cabinet; these costs and any cost variances are charged to the production department. A budget also has been developed for the sales department. The sales department is credited with the gross profit on sales (measured at standard costs) and is charged with selling expenses and any variations between budgeted and actual selling expenses. In early April the manager of the sales department asked the production department to fill a rush order of kitchen cabinets for a tract of 120 homes. The sales manager stated that the entire order had to be completed by May 31. The manager of the production department argued that an order of this size would take 12 weeks to produce. The sales manager answered, “The customer needs it on May 31, or we don’t get the business. Do you want to be responsible for our losing a customer who makes orders of this size?” Of course, the production manager did not want to take that responsibility. Therefore, he gave in and processed the rush order by having production personnel work overtime through April and May. As a result of the overtime, the performance reports for the production department in those months showed large, unfavorable labor rate variances. The production manager, who in the past had prided himself on coming in under budget, now has very ill feelings toward the sales manager. He also has stated that the production department will never again accept a rush order. 2. In Discussion Forum 5, post your response to the following questions. Please title your posting “Case 24.1/[Your Name].” Read and comment on your classmates’ postings. 1.  b. Identify any problem that you see in the company’s standard cost system or in the manner in which cost variances are assigned to the responsible managers. c. Make recommendations for changing the cost accounting system to reduce or eliminate any problems that you have identified.

Read the two attached articles, Wirecard Shares Tumble as Questions Remain After Special Audit (The Wall Street Journal, April 28, 2020, Paul J. Davies) and Ernst & Young Loses Two German Clients Amid Wirecard Scandal (The Wall Street Journal, Sept. 2, 2020, Patricia Kowsmann), then answer the critical thinking questions listed below. Note: ALL of these questions should be answered from a US perspective (although the client in question is a German company). Use the independence and evidence-related discussions we had in class, as well as Chapters 1 & 2 and Module B of your textbook, to guide your answers. Questions (20 points total): 1. (5 points) Write a short 1 paragraph summary of each article. 2. (5 points) While KPMG was conducting a special audit over the allegations made against Wirecard, the audit team ran into some issues relating to gathering sufficient appropriate evidence. a. Discuss one of these issues and explain how it impacts either the appropriateness (e.g., relevance or reliability) or sufficiency of the evidence. 3. (5 points) As an auditor, how would not being able to gather sufficient or appropriate audit evidence impact the final audit opinion? 4. (5 points) It can be argued that the independence of the EY audit team was impaired in this situation, which resulted in the team missing a material issue. Out of the threats to independence we discussed in class (adverse interest, advocacy, familiarity, financial, etc.), describe one you think was present in this case and why. Make sure to define the threat when you answer this question.

1. One of the first decisions a new company must make is whether to use a cash based or accrual based system of reporting. Explain three factors a company must consider when deciding which accounting method to use.  Discuss how each method would affect these factors.  If you were to open your own business, which reporting method would you choose? 2. You have been working long hours trying to calculate and prepare adjusting entries.  You have now decided this is too much work and you will not bother to prepare these entries in the future.  Discuss the purpose of adjusting entries, and whether or not you have made the correct decision.  Provide specific examples as to why or why not you believe this is the correct decision.

Research how manufacturing, merchandising, and service-sector companies differ from one another.

Roy Akins was the accounting manager at Zelco, a tire manufacturer, and he played golf with Hugh Stallings, the CEO, who was something of a celebrity in the community. The CEO stood to earn a substantial bonus if Zelco increased net income by year-end. Roy was eager to get into Hugh’s elite social circle; he boasted to Hugh that he knew some accounting tricks that could increase company income by simply revising a few journal entries for rental payments on storage units. At the end of the year, Roy changed the debits from “rent expense” to “prepaid rent” on several entries. Later, Hugh got his bonus, and the deviations were never discovered. For this week’s discussion, please respond to the questions listed below. In addition to your initial response, for full credit, please be sure to respond to more than two other students’ initial responses, as well. Required Responses: How did the change in the journal entries affect the net income of the company at year-end? Who gained and who lost as a result of these actions?

Multicultural Team This course has major project assignments due in Week 3 and Week 5. It will take more than a week’s effort to adequately complete them. Plan time to start the research and work on those assignments earlier than the week in which they are due. Recently, you have been assigned the task of assembling a multicultural, team in your organization. The purpose of the team is to design and implement a leadership development and succession process for the organization.  Based on research using the course text and other scholarly materials: Analyze the stages of group development the teams should expect to experience. At each stage, make recommendations that will help move the team into the next stage. Multicultural project teams often face problems with communication, expectations, and values. How do you think some of these challenges can be overcome? Explain some of the group decision-making challenges the team may experience and recommend ways to overcome them. Discuss at least three recommendations to help make these teams effective.

A. Unit 9  1. Differences in operating income between variable costing and absorption costing are due solely to accounting for fixed costs. Do you agree? Explain. 2. Please answer the questions. 3. Explain how the Multimedia item supported or enhanced your answer. B. Unit 10 1. When using the high-low method, should you base the high and low observations on the dependent variable or on the cost driver? 2. Please answer the questions. 3. Explain how the Multimedia item supported or enhanced your answer.