Question: Module 1: Case Study 1-6 Accounting in Crisis 1. During the early 2000s, the role of accounting and the auditing profession changed and several accounting

Module 1:Case Study 1-6 Accounting in Crisis

1. During the early 2000s, the role of accounting and the auditing profession changed and several accounting scandals were uncovered.

Required:

(a) What conditions caused accounting and the auditing profession role to change during this time?

(b) What major changes occurred as a result of the accounting scandals at that time?

2. Case Study 8-1 Accounting for Investments

FASB ASC 320 requires companies to assign their portfolio of investment securities into

(a) Trading securities

(b) Securities available for sale

(c) Held-to-maturity securities

Required:

A. Define each of these categories of securities and discuss the accounting treatment for each category.

B. Discuss how companies are required to assign each category of securities into its current and noncurrent portions.

Past CPA Exam Questions.

Supported you responses with validated (peer-reviewed), scholarly articles and follow APA requirements.

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