Question Details

ACCT 495 Assignment 9-1: Year Three Group Paper 50 points Purpose To assess your ability to: 

Accounting Research and Analysis | ACCT495-

9-1: Group Paper and Presentation - BAM Year 3

Start Date:

Mon, Nov 19

Due Date:

Sun, Nov 25

Points

Points available: 75

Your Score: 68

Comment: Overall your team did well on year 3. The adjustments have some incorrect calculation that resulted in

incorrect amounts. please make sure you review year 3 solutions.

Purpose

The purpose of this assignment is to assess your ability to:

recommend year-end financial statements and disclosure notes (lease, securities, and

pensions)

analyze the accounting treatment of capital leases

assess the accounting treatment of investment securities

evaluate pension accounting (defined benefit plans)

examine accrual-based accounting issues (missed accruals)

Overview

To accomplish this assignment, you will be producing an assignment that is structured utilizing the

I.R.A.C. method. As a reminder, I.R.A.C. is an acronym for:

Issue(s)

Rule(s)

Analysis

Conclusion

Action Items

1. Based on the CFO's answers to your group's questions, your research from the prior week,

and the above Requirement readings, do the following for each identified accounting issue

with your group:

a. Issue: Succinctly state the accounting issue.

b. Rule: Using your research of authoritative accounting sources, briefly identify and

explain the authoritative rule.

c. Analysis: Apply the facts of the case study to the rule and provide an in-depth

analysis based on the issue. Your analysis should also include supporting schedules,

calculations, and/or correcting journal entries.

d. Conclusion: State your conclusion(s) based upon the results of your analysis and

indicate any changes to the financial statements and disclosure notes resulting from

the rule.

2. Using Word and/or Excel, prepare corrected balance sheet and statement of income and

retained earnings including supporting schedules that incorporate the following items (Excel

- Financial statements and journal entries. Word - Examinations, summaries, disclosure

notes, etc...):

a. Evaluation of the issuance of common stock.

b. Assessment of the accounting for start-up costs.

c. Analysis of the capitalization vs. expense treatment.

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d. Evaluation of revenue recognition including income deferral.

e. Formulation of the accounting treatment for net operating losses.

f. Calculation of the earnings per share.

g. Prepare a statement of cash flows.

h. Draft a complete set of financial statement disclosure notes.

3. With your group, complete the work necessary for a formal presentation of your findings to

be delivered using a Word and/or Excel document.

4. Instructions to access the RIA Checkpoint and the FASB Accounting Standards Codification

databases. Accounting research data can be accessed either through the:

a. RIA Checkpoint database - Practice Area: Accounting, Audit and Corporate Finance

located on the Franklin library website or through the

b. American Accounting Association (AAA) FASB Codification student login. Login

information for the AAA website can be obtained from your professor.

5. Review the six (6) steps utilized in applied accounting research.

Submission Instructions

Click on the Submit button in the Toolbox to upload your completed assignment prior to

your class meeting.

Bring one copy of your completed assignment to the meet session for an activity.

Grading Criteria

This assignment is assessed on the associated rubric.

Time Estimation

Estimated time for completion: 6.0 hour(s)

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