Financial Reporting

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According to the AICPA (American Institute of Certified Public Accountants), a CPA in today’s environment must not only have a high level of technical competence and a sense of commitment to service, but must also have good communications and analytical skills and the ability to work well with people. Employers are looking for individuals who have the ability to analyze and evaluate complex business problems and the interpersonal skills and maturity to make decisions in a client and customer service environment.

If you continue to use the company that you adopted in ACC 610, you will apply the technical competence and other skills required by today’s CPAs. Through case-study analysis, you will develop skills such as communication, presentation, and interpersonal relations in conjunction with technical accounting knowledge. If you have transferred directly into ACC 620 and have not had the opportunity to choose a company, or are choosing a different company than you used in ACC 610 you will do so at this time. Throughout ACC 620, you will apply the concepts you are learning using the financial data and business scenarios of a prominent retail company. You may choose from Walmart, Kroger, Amazon, Costco, The Home Depot, CVS Health Corporation or Target.

ACC 620: Financial Reporting II is a continuation of ACC 610. In ACC 620, your focus in the final project will be on developing skills in critical thinking and applying accounting theories and practices according to generally accepted accounting principles (GAAP). You will be analyzing situations and communicating results to decision makers with an emphasis on stockholders’ equity, income measurement, income taxes, pensions, leases, and statements of changes in financial positions.

The project is divided into three milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Three, Five, and Seven. The final product will be submitted in Module Nine.

In this assignment, you will demonstrate your mastery of the following course outcomes:

Analyze stockholder sections of balance sheets for how they inform stakeholders of equity positioning

Interpret income measurement for determining the accuracy of financial statements

Analyze the effect of income taxes and their impact on financial statement accounts for appropriate estimation and planning

Sample Solution

efore the U.S joined World War II or the Pearl Harbor assault, President Franklin D. Roosevelt wouldn’t fret the possibility of the U.S going into the conflict however he just had one issue keeping him down. The U.S would have rather not head off to war. After War ejected in Europe, a crisis meeting was called by Roosevelt. During the gathering, it was concurred that the U.S was to avoid the conflict except if the U.S was compromised or assaulted.

Another justification for why the U.S didn’t enter the conflict was on the grounds that in 1939, a survey was taken after the episode of war and showed that 94% of individuals were against going into war. Regardless of whether the U.S entered the conflict, the tactical power showed it wasn’t prepared. If they somehow happened to enter the European emergency, this would probably obliterate the American powers. With an absence of power not feasible, the U.S military were behind on weapons, with a significant part of the weapons tracing all the way back to World War I. The U.S military power weren’t ready for the refreshed Germans.

On 1941, when the Japanese had assaulted Pearl Harbor, the attitude toward Japan changed. Positive energy assumed control over the U.S and the 94% individuals who casted a ballot against doing battle had changed definitely. Congress decided to retaliate nations who assaulted. This assault would later ignite the besieging of Hiroshima and Nagasaki above all, the U.S would have to make an arrangement.

In May 1945, President Truman had set up a break advisory group. This board would instruct Truman regarding the worries with respect to atomic weapons and energy. The board of trustees’ first errand was to direct the utilization of the nuclear bomb. Ernest Lawerence, an atomic American researcher had recommended that they do a showing of the bombarding. This thought was dismissed in light of the fact that the council expected that the show of the bomb would end as a failure. In the end, the gathering had concluded that the bomb will be dropped without advance notice on an army installation.

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