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Accounting and auditing research tools and strategies 8th edition Thomas Weirich, Thomas Pearson, Natalie Tatiana - Solutions
Use the Codification to locate archived FASB Interpretation 36.a. What does it discuss?b. How did you find that authority?c. What industry does that authority affect?d. What are the major organizational parts of that authority (placed in bold)?
Use the Codification to find which expenditures qualify as a research and development cost (be sure to cite where you found the answer within the Codification):a. The salaries of the research staff designing new productsb. The commissions paid to sales staff marketing new products
Use the Codification to answer the following:a. What is a contingency?b. Precisely where in the Codification did you find that definition?c. Under what circumstances are contingent losses recorded?d. Precisely where in the Codification did you find the rule?
Use the master glossary in the Codification to research the disclosure requirements for postretirement benefits other than pensions. Explain these requirements.
In certain cases, preferred stock has some characteristics of a debt instrument.a. How should the accountant classify such debt in the financial statement?b. Reference relevant authorities from the Codification to support your answer.
Go to the SEC website (www.sec.gov).a. Access the Information for Accountant link. Then go to the enforcement page. Determine how many accounting and auditing releases were issued in the current year.b. SFAS No. 115 established the accounting standard for investment securities. Search the relevant
Use either the SEC website or a database described in the next chapter and locate the following SEC sources. What Does Rule 10(b)(5) discuss?
Use EDGAR to find the most recent 10-K of a company of your choosing. Go to that company’s website, and view the same document. How do the two documents differ?
Go to the Deloitte Foundation website (www.deloitte.com). Download a Trueblood Case Study involving a joint venture or partnership. Write a sentence summarizing the issue in the case. Use the Codification database to find the authorities providing the answer to the issue presented. Identify those
What is the typical search process in a database?
What are the challenges to accounting research?
What are the SEC accounting authorities? Where are they located?
What makes EDGAR different from other research tools?
Where does the researcher find:a. Authoritative U.S. GAAP sources?b. Nonauthoritative U.S. GAAP sources?
Can the IASB enforce the use of its standards? If not, what entities can?
What is the Norwalk Agreement? Discuss.
What is the Work Plan?
What are the main goals/objectives of the IFRS Foundation?
Explain the three conditions that the U.S. SEC offered for accepting international accounting standards.
Describe the due process procedures of the IASB in the establishment of a standard.
What is the IASB’s Conceptual Framework? How it used by the IASB? By a researcher? By a practitioner?
What is the IFRS hierarchy? Explain.
Open IFRS1, “First Time Adoption of International Financial Reporting Standards.”a. Which authority does this replace?b. Briefly summarize the introduction to paragraph 4.
Use eIFRS to determine how the accountant would conduct an impairment test for long-lived assets.a. Which authority describes the impairment test?b. What process did you use to find the authority?c. Briefly explain the impairment test.
Open up an IAS or IFRS.a. What are the major organizational parts of the authority (set in bold)?b. Compare your answer in part a to the major organizational parts of an IFRIC or SIC.c. Are parts a and b, for the most part, the same? If yes, how so? If not, how do they differ?
Use the glossary to locate the definition of a contingent liability.a. What is the definition?b. What standard is the definition found in?
Given that GASB is related to FASB through their common oversight board, research GASB’s plans for its hierarchy of accounting sources. Identify where you found that information.
Find the name of the major accounting journal published by the AICPA. Locate the two most recent articles in this journal using the keyword “derivatives.” Give the citation for these articles using APA style. Summarize each article in a sentence.
Go to your library’s catalogue on the web. List the location of the two AICPA reference books. If your library does not subscribe to all of these books, suggest where you could go to view these research tools.
Go to the Global EDGE resource desk and identify three international business resources recommended for statistical sources.
Locate and identify two Accounting and Auditing Enforcement Releases by the SEC that address fraud. Explain how you conducted the research.
What is the most recent exposure draft or accounting standards update for accounting for derivatives? What database helped you find an answer?
Review Microsoft Corp.’s financial reports for the last three years, and perform a ratio analysis of them. In one paragraph, discuss the company’s financial situation. What databases and subdatabases did you use to find the answer?
Find the company Alexander & Baldwin. Write a one-sentence explanation describing Alexander & Baldwin’s business. Identify the company’s top competitors. Identify the databases and subdatabases that you used.
Conduct research to describe two major financial frauds that were discovered in the first quarter of 2009. What database and subdatabase did you use?
What financial ratios are provided in the Mergent Online database? Compare and contrast this result to the financial ratios presented in S&P’s Net Advantage.
Find the profitability ratios for the bank Wells Fargo for the most recent year. Provide an analysis of what these ratios indicate for Wells Fargo’s operations and use of its assets. How has Wells Fargo performed since 2008 when the mortgage crisis arose?
Use the topic guide in an article index database or legal database. Research Google Inc.’s Gmail system. What was the most controversial issue concerning the system when it was first released?
Use a commercial database to examine IBM’s first footnote in its financial statements for 2012. Compare and contrast the advantages or disadvantages in assessing IBM from a commercial database as compared to using the SEC website with its EDGAR database.
Conduct a search to find the federal laws and regulations concerning the environmental liability disclosure requirements for Chevron. List the major items. What database and parts of the database did you used to locate the information?
Examine the private company HCA, headquartered in Nashville, Tennessee. Summarize the corporate history of HCA. What legal concerns does this company face? Where did you find this information?
Examine an analyst report on Ford Motor Company. Who wrote the report? Outline the major contents of that analyst report. Where did you find this analyst report?
What does the Statement of Federal Financial Accounting Standard No. 33 discuss? When was Standard No. 33 promulgated? What was the purpose of the Standard?
Find the industry ranking in the music business. Who are the largest three companies in the music industry?What database did you use? Provide a financial comparison of these three companies.
Access a database overview of Real Networks, Inc. Then explain the significance of its RealPlayer line of web products. Can you determine how many registered users exist for the RealPlayer line of products?
Find the titles of the two most recent articles from the Journal of Accountancy that discuss “money laundering.”
How does one research government accounting?
Where are financial ratios found in LexisNexis or LexisNexis Academic?
Find each of the following on the web:a. A copy of your state’s equivalent to the federal 1040 individual tax formb. A copy of Publication 597, “Information on the United States–Canada Income Tax Treaty”c. Two proposed taxation bills (and briefly summarize each)
Use a tax research database to answer the following questions:a. Paraphrase Code Section 61(a)(4).b. What is the general content of Code Section 166(d)?c. Find the precise authority within the Code that defines net long-term capital gains.d. Find the precise authority in the Code that determines
Use a tax research database and answer the following questions. Then repeat the problem using a different tax research database, and compare their ease of use.a. Conduct a search of the U.S. Treasury Regulations using the keyword “moving expenses.” List three documents from your search and
Central Michigan Medical Association (CMMA) is planning on hiring a new cardiologist who currently lives in Dallas, Texas. The cardiologist owns home in Dallas. Due to the depressed housing market, he would incur a loss of $80,000 if it were sold. For the new doctor to relocate to Michigan, he
What deduction does Section 162(a)(2) specifically authorize? What Code provision in another section disallows some of those deductions? Explain.
Examine Treas. Reg. §1.183-2. What Code section and language within that Code section does the Treasury Regulation interpret? What does the Treasury Regulation state are the nine relevant factors?
Find the Treasury Regulation that determines whether educational expenses can qualify as deductible business expenses. Give the citation for the general rule within that regulation.
Find and read a Tax Court regular decision that discusses whether hair transplants are deductible medical expenses. Give the official citation to the case. What did the Tax Court hold? If a case with similar facts were decided today, would the Tax Court reach a similar conclusion? Explain.
Assume that the taxpayer has a tax issue in which the only authorities on point are the following: (a) an unfavorable circuit court of appeals case from the same circuit as the taxpayer’s residence and (b) a favorable decision from a district court in another circuit. What does one advise the
Assume that the taxpayer has a tax issue in which the only authorities on point are the following: (a) an article written by a famous tax lawyer that supports taxpayer’s position and (b) a Revenue Ruling that does not support taxpayer’s position. What does the researcher advise the taxpayer?
Assume that your best friend has a full scholarship offer for playing football at the University of Colorado at Boulder. The scholarship covers tuition, dorm room, and meal costs at the university. Write a brief memo explaining the tax consequences of the scholarship, documenting the relevant
Assume that your older sister agrees to tutor you for a month in math. She normally charges clients $500 for similar services. In return, you agree to write a brief memo explaining the tax consequences to both you and your sister. You would normally charge $100 for your services. Write the issue.
Use a tax service, such as United States Tax Reporter, to answer the following questions:a. If your school provides an athletic scholarship to an athlete, does the athlete have gross income?b. Can the athlete deduct his or her expenses for such items as clothing, meals, and fitness camp?
Use the citator to update the decision in United States v. Textron Inc., 507 F. Supp. 2d 138 (D.R.I. 2007). Determine whether any case has cited this decision or any subsequent decisions in this case. What topic does this important case address that impacts accountants?
Myrtle loaned Sven $150,000 for his gardening supplies company. A drought occurred during the year. Because Sven was unable to repay the loan, Myrtle accepted the following plan to extinguish Sven’s debt. Sven is to pay cash of $3,000 and transfer ownership of the gardening property having a
Which of the following tax sources are primary authorities?a. Tax servicesb. Tax Court memorandum decisionsc. Revenue Proceduresd. IRS publicationse. Temporary Treasury Regulations
After getting selected in Disney’s training program, Minsu became a rock star. His family paid $22,000 to get Minsu trained. How much of these expenses paid by his family are deductible? Reference the specific authority in the Code and regulations.
Find the Code section that explains the amount of the penalty for failure to include reportable transaction information with the return. How much is that penalty?
Using a tax research database, identify the general content of each of the following Internal Revenue Code sections:a. §62(a)(2)b. §162(e)(4)c. §262(b)d. §6702(a)
Using a tax research database, list the major Code sections for the following topics:a. Gift taxb. Capital gainsc. Stock dividendsd. Business energy credits
You loaned your roommate $4,500 for next semester’s tuition. Your roommate promised to pay you back next summer from his summer employment. However, next summer, you realized that your roommate never found a job but vacationed all summer in Europe. He e-mails you and informs you of his inability
Determine the number of Treasury Regulations issued for each of the following Code sections. Provide a citation to the last Regulation for sections 101, 183, and 385.
What is the penalty provided under Code Section 6662(b)(2)? Where in that Code section is that penalty defined? Explain the definition in your own words.
Determine whether employer contributions to employees’ health and accident plans create gross income for the employee. Give the answer, and describe the process used to find it, including the tax research database used, the successful method of search, and the relevant provision within the
Assume Sally is a professor who has a PhD in accounting and teaches tax courses. She decides that it would help her teaching to earn a law degree with a heavy emphasis on tax classes. Can she deduct the cost of the tax courses offered as part of her law degree? Explain and cite to specific
Assume that the taxpayer has a tax issue in which the only authorities on point are as follows: (a) a private letter ruling that favors the taxpayer’s position and (b) a Tax Court regular decision that opposes taxpayer’s position. What does the researcher advise the taxpayer?
What were the issue(s) involved in National Westminster Bank v. United States, 512 F.3d 1347; 101 AFTR2d 490, 2008-1 USTC 50,14 (Fed. Cir. 2008)? What is the proper citation for the prior decision in this case?
Explain the differences among tax evasion, tax avoidance, and abusive tax avoidance.
Identify tax research goals.
Identify the differences between a Treasury Regulation and a Revenue Ruling.
Diagram the court hierarchy, showing the three courts of original jurisdiction on the bottom, two courts in the middle, and the U.S. Supreme Court on top.
Locate three different tax website, and identify three different items available on each website.
Describe the analysis and reasoning in a tax research memo.
Utilizing Figure identify the eight elements for the following: A prospective client has requested a report on the reliability of its electronic commerce activities on the Internet. You are trying to decide the type of assurance service engagement this would involve.In Figurea. Purpose. You reason
Utilizing the AICPA Professional Standards database, conduct research to answer the following questions:a. In addition to completing the audit of Jack’s Manufacturing, Inc. for the coming year, your firm has been requested to review the interim financial statements for the first three quarters
Define an attest engagement. Is an audit engagement an attest service?
Differentiate between auditing standards and auditing procedures.
Discuss the applicability of the first and third general standards of GAAS to accounting and auditing research.
State the objective of the Single Audit Act. When is this act applicable?
Explain the AICPA’s Conceptual Framework that is incorporated into the Code of Conduct.
What role does professional judgment play in the daily activities of the accountant or auditor?
Examine 17 CFR part 229.306, and explain the legal requirements for an audit committee.
Identify the competitor companies to Sony Music and how they rank. Identify your sources.
An audit partner of a CPA firm invested in a computer side business with a member of the board of directors of a public company that sells insurance and is an audit client of that CPA firm. Identify any potential problems. Conduct preliminary research to find the relevant source at issue. Refine
Midwest Realty, Inc. is a regional real estate firm. Andrea Midwest incorporated the firm 11 years ago. She is the founder, president, and the majority stockholder. Recently, Midwest decided to expand her successful local real estate firm into a regional operation. She established offices in major
You are performing the audit of XCO, a public company. Bubba Smith, the inventor who founded XCO is still the majority shareholder. Bubba and his two daughters comprise the majority of senior management for the company and hold three of the seven seats on the board of directors. You are testing
Locate SEC Accounting and Auditing Enforcement Release No. 3010. What did that SEC release discuss?
Compare the international treatment of segment reporting to the U.S. GAAP treatment.
Explain two ways to collect evidence.
How are keywords used to evaluate and collect evidence?
What documentation is needed in the research process?
How might one determine accounting alternatives?
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