Chapter: Internal Control and Cash:
Problem 1. Briefly describe the procedures your organization has on cash control. If you have no experience in such procedures what procedures do you believe is necessary in order to safeguard cash?
Problem 2. How much impact does Sarbanes-Oxley Act (SOX) of 2002 have on your work, your company? You can explain the before and after SOX environment.
Chapter: Reporting & Analyzing Receivables
Problem 3. Discuss your company's credit sales terms (i.e. what are they). If you are put into a position to make changes to your existing credit sales terms what would you be changing and why?
Problem 4. What impact do you think the over- or under-accrual of bad debt allowance amount will have on a company under the current business environment of corporate malfeasance? Will that create more opportunity for "managing" the bottom line of a company?
Chapter: Plant & Intangible Assets
Problem 5. What type of depreciation method does you company use to depreciate its assets? What impact will different depreciation methods have on a company's bottom line?
Internal Control and Cash
Reporting & Analyzing Receivables
Plant & Intangible Assets
Problem 6. What is a current asset? What is a noncurrent asset? What is the difference between the two types of assets? In which financial statement would you find these assets?
Problem 7. What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why?
Problem 8. What are internal controls? Why do companies need them? What are some examples of internal controls? Who is responsible for developing internal controls?