1. “Professional Associations for User of QuickBooks” Please respond to the following:
- Research associations / organizations designed to support users of QuickBooks (e.g., NACQ). Identify the associations / organizations you found in your research and briefly summarize the intent of each. Then, generally speaking, discuss the key benefit of belonging to such associations / organizations from a user perspective
2. “Setting Up a New Company in QuickBooks” Please respond to the following:Suggest one (1) consequence of improperly classifying an account type (e.g., if an expense is classified as an asset or an asset is classified as an expense). Describe the effect on at least two (2) of the four (4) major financial statements: Profit & Loss (Income) Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows.
3. “AICPA Code of Professional Conduct Violations” Please respond to the following:
- From the e-Activity, discuss one violation of the AICPA Code of Professional Conduct leading to a disciplinary action. Explore the risks that relationships or circumstances played in the failure of the CPA to comply with the rules of the AICPA Code of Professional Conduct leading up to the violation.
- Examine current safeguards available to reduce the risks of the violation you identified. Discuss the specific safeguard you would recommend to reduce risks if confronted with a similar situation.
4. “IBM and Google” Please respond to the following:
- From the case study, explain whether or not you agree with IBM’s cost-reduction decisions regarding both the pension plan overtime for employees and the acquisition of a competitor to protect IBM’s competitive position in the mainframe business. Examine how IBM’s actions contradict its value statement.
- Support or critique Google’s actions, as identified in the situations within the case study. Discuss the impact of Google’s actions on its reputation as an ethical and socially responsible firm.
5. “Internal Controls” Please respond to the following:
- From the e-Activity, examine the importance of the audit committee oversight related to the quality of the internal controls of an organization. Analyze the audit committee’s responsibilities regarding risk assessment and internal control monitoring. Indicate whether or not the audit committee is the best to perform the function.
- Contrast the opinion provided by the independent auditor concerning management’s assessment of internal controls over the financial reporting system with the audit opinion on the financial statements in general. Argue for providing both a qualified opinion over the financial reporting system and an unqualified opinion on the financial statements.
6. “Apple, Inc.” Please respond to the following:
- From the case study, in 2009, the FASB issued a ruling related to income recognition from multiple element sales involving software to various stakeholder groups. Evaluate the impact of Apple’s retrospective restatement of its financial statements resulting from FASB’s ruling. Provide support for your rationale.
- From the case study, examine the influence of both Apple’s reported deferred revenue and the lobbying by Apple executives on FASB’s ruling. Indicate your agreement or disagreement with Apple’s attempt to influence FASB’s ruling.