Acc 545 Financial Reporting / Complete Class Assignments

ACC 545 Financial Reporting / Complete Class Assignments

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Week 1

ACC 545 Week 1 Individual Assignment CPA Report

As the CPA for a large organization, you were asked by your manager to provide information to outside CPAs who are examining a subsidiary that has been set up as a corporation. As part of their review, the CPAs have asked you to provide them with the following explanations:

• The methodology used to determine deferred taxes

• The procedures for reporting accounting changes and error corrections

• The rationale behind establishing the subsidiary as a corporation

Prepare your response to the three questions. Before submitting your response, your manager would like to know a little bit more about the request. She has asked you to tell her what your professional responsibilities are as a CPA, and the difference between a review and an audit.

You should provide draft responses to the above questions as well as providing your manager with a summary of your responsibilities in one document (no more than 1,050 words).

Week 2

ACC 545 Week 2 Los Lobos Ledger Preparation

Learning Team Assignment Los Lobos Ledger Preparation

Week 3

ACC 545 Week 3 Jamona Corporation Data

ACC 545 Week 3 Individual Assignment Jamona Corp. Scenario

• Review the following information:

 On January 1, 2006, Jamona Corp. purchased 12% bonds, having a maturity value of $300,000, for $322,744.44. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2006, and mature January 1, 2011, with interest receivable December 31 of each year. The company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale. The fair value of the bonds at December 31 of each year is as follows:

• 2006 – $320,500

• 2007 – $309,000

• 2008 – $308,000

• 2009...