Premium Essay

Accounting 301 Paper #1

In: Business and Management

Submitted By sprintinglobbys
Words 516
Pages 3
FASB Codification Research Assignment The codification for the transfer of receivables can be found in the FASB Accounting Standards Codification in, section Broad Transactions-> 860 Transfers and Servicing-> 10 Overall-> 05 Overview and Background. The document states that the material provided is to be used as a guidance and a tool to gain understanding, and does not provide the historical background or the due process or summarize the accounting and reporting requirements. The last change to be made to this topic was in June 12, 2015. The amendment was made so that the terms would be made easy to understand. The amendment will have no significant bearing on the current accounting practice. In today’s day and age, words have many meanings, and depending how they are used can define something differently than its intention. In the world of accounting there’s no exception. Some of the words/terms can be mundane and easily understandable, others can be technical and would need more knowledge to comprehend. The terms that are needed to understand the document are: transfer, recourse, and collateral. In addition to that: transferee, transferor, factoring, transfer of receivables with recourse, and securitization. The definitions can be found in Broad Transactions-> 860 Transfers and Servicing-> 10 Overall-> 20 Glossary-> 05 Overview and Background. * Transfer: the transmission of a noncash financial asset by and to somebody other than the owner of the financial asset. Includes: selling receivable, placing a receivable in a securitization trust, and posting a receivable as collateral. Does not include: origin or settlement of receivable, or the restructuring of a receivable into a security in a debt restructuring. * Recourse: is the right of a transferee of receivables to receive payment from the owner of the receivables (transferor) in…...

Similar Documents

Premium Essay

Simply Wooo

...knowledge of computer & mandatory for students with Major in subjects offered from the SECS Numeracy MAT 100* MAT 210* Basic University Mathematics 1 Basic University Mathematics 2 6 3 3 3 *MAT 100 and MAT 210 mandatory for SLAS majors(English, Media & Communication, Anthropology) other than Sociology MAT 101* MAT 211* MAT 102* MAT 212* Intermediate University Mathematics II Probability and Statistics Introduction to Linear Algebra & Calculus Probability & Statistics for Sc. & Engr. 3 3 3 3 **MAT 101and MAT 211 mandatory for Business/SESM/Sociology majors $MAT 102 and $MAT 212 is mandatory for students with major in Engineering and Computer Science Natural 7-8 Sciences CHE 101* Chemistry 3 CHE 101L* PHY 101** PHY 101L** PHY 102** PHY 102** BIO 102 BIO 102T CHE 102 CHE102T ENV 101 ENV 102 ENV 102T PSY 201 Chemistry Lab University Physics-I University Physics-I Lab University Physics-II University Physics-II Lab Biology and Society Biology and Society Tutorial Chemistry and Society Chemistry and Society Tutorial Introduction to Environmental Science World Geography World Geography Tutorial Principles of Psychology 1 3 1 3 1 3 1 3 1 3 3 1 3 *Mandatory for the students with Major in SESM ** Mandatory for the students with Major in Engineering programmes Social Sciences ANT 101 SOC 101 HEA 101 ECN 200 CMN 201 SOC 202 SOC 310 SOC 301 Humanities NCH 101 BPH 101 BLA 101 Introduction to Anthropology Introduction to Sociology Health and Society Introduction to......

Words: 16148 - Pages: 65

Free Essay

Rule 301 Confidential Client Information

...Rule 301 of the American Institute of Certified Public Accountants’ professional standards states that a member CPA “shall not disclose any confidential client information without the specific consent of the client.” Auditing documentation should not be made available to outside parties without the authorizing of the client. Although the protection of a client’s information is an important principle of being professional, the member need to release the information under certain circumstance. Here are four exceptions of Rule 301: 1. Compliance with rules 202 (compliance with standards) and 203 (accounting principles) as set forth by the AICPA Code of Professional Conduct. When a member discovers criminal activity or fraud, or an activity the member reasonably expects is criminal or fraudulent based upon his or her good faith belief that there may be a crime or fraud, on the part of his client or employer, the member shall report the illegal activity or fraud to the appropriate supervisor above the person or persons who the member suspects of the illegal activity. 2. Compliance with enforceable subpoena or summons, or must comply with applicable laws ad government regulations. In practice, the member may receive informal request, Civil Subpoenas or Grand Jury Subpoenas. Not all civil subpoenas are valid or enforceable but you may need to comply the grand jury subpoenas because that is a method for a federal grand jury to gather evidence in a criminal matter sufficient to......

Words: 528 - Pages: 3

Premium Essay

Ida’s Impairments

...prepares its financial statements in accordance with (1) U.S. GAAP for reporting to its U.S.-based lender and (2) IFRS in reporting to its parent. U.S. Operations In addition to other assets, Ida owns and operates a commercial building in the United States that is carried at its cost less any accumulated depreciation and any accumulated impairment losses. As of December 31, 2010, the building represents: • • A cash-generating unit (CGU) under IFRS. A long-lived asset classified as held and used under U.S. GAAP. In December 2010, one of Ida’s competitors sold its commercial building for an amount significantly less than its asking price. The competitor’s building is located across the street from Ida’s building, has approximately the same square footage, and was built five years after Ida’s building was constructed. In preparing its 2010 financial statements, Ida’s management has provided the following information regarding the building as of December 31, 2010 (assume these values have been evaluated by Ida’s independent auditor and found to be reliable): Ida’s Building Currying amount Value-in-use Fair market value less cost to sell Fair market value Undiscounted future cash flows Spanish Operations 12/31/2010 (in thousands) $4,500 $4,000 $3,800 $3,900 $4,200 In 2008, Ida acquired a plant factory located in Spain. Assume that the Spanish factory operations as a whole (all assets) represent a CGU under IFRS. ACCT 301 Dr. Ammr K. Kurdi Term 121 Dec. 22,......

Words: 991 - Pages: 4

Free Essay

B Audit Cash Balance statements cover the period from January 1 to January 14, 2012. On December 31, 2011, you were on the client’s premises for the purpose of counting any undeposited cash receipts and the petty cash fund at year-end. The cashier, Pam Lewis, has charge of the petty cash fund. You obtain control of it, counted it, recorded your count, and returned it to Pam, obtaining a receipt for its return. Pam also prepares the company bank deposits. However, on December 31, 2011, she did not prepare a deposit, so you obtained from her the undeposited cash receipts, listed your count, and returned them to her, obtaining a receipt for their return. Working papers for these counts are included in the working paper schedule provided. The cut-off bank statement, along with items clearing the cutoff period, which you requested from Big City National Bank, are shown in Exhibit 1. The cutoff statement and the clearings for the Second National Bank are shown in Exhibit 2. A selected portion of the cash receipts journal is shown in Exhibit 3, while a selected portion of the cash disbursements journal is shown in Exhibit 4. The following is a listing, by working paper index, of the working papers (a) prepared for you by the client, (b) obtained directly from the banks, and (c) prepared by you when counting petty cash and undeposited receipts. They are included for your use in this assignment. Bank reconciliation – Big City National Bank A-1 Standard bank confirmation – Big City......

Words: 3441 - Pages: 14

Premium Essay


...Government regulated monopoly GAAP General Standards 1. Adequate training and proficiency 2. Independence in mental attitude 3. Due professional care Standards of Field Work Proper Planning and supervision Understanding of the entity Sufficient appropriate evidence Standards of Reporting Statements prepared in accordance with GAAP Circumstances when GAAP not consistently followed Adequacy of disclosures Expression of opinion on financial statements *Test* Table 5.1 Definitions And broad broad stuff Can accept a gift from a client as long as its no more than “token” or the amount the firm gives you You can indirectly own stock in an auditing client if its immaterial to your net worth You cannot be paid in stock Because we don’t see the audit as one event, its not a series of events even though that looks like it. Because once you have the client you usually have it for a good amount of time. “The professional engagement period begins when the registered public accounting firm either signs an initial engagement letter (or other agreement to review or audit a client’s financial statements) or begins audit, review, or attest procedures whichever is earlier: and (B) the professional engagement period ends when the audit client or the registered public accounting firm notifies the commission that the client is no longer that firm’s audit client. You might be able to write a contract that can say the audit engagement is only a year and you might......

Words: 1134 - Pages: 5

Premium Essay

Propriety Audit

...from public money, as a person of ordinary prudence would exercise in respect of expenditure of his own money under similar circumstances. Principles of Propriety Audit Propriety requires the transaction involving expenditure to conform to general principles as under: (1) That expenditure is not prima facie more than occasion demands and the every official exercise the same degree of vigilance in respect of expenditure, as a person of ordinary prudence would exercise in respect of his own money. (2) That the authority exercises its power of sanctioning expenditure to pass an order which will not directly or individually accrue its own advantage. (3) That the funds are not utilized for the benefit of a particular person or a group of persons. (4) That, apart from the agreed remuneration or reward, no other avenue is kept open to individually benefit the management personnel employees and others. Propriety Provisions in Companies Act In order to review the standards of efficiency, propriety, cost consciousness and economy, Companies Act already contains certain provisions which have a direct or indirect bearing on propriety:- 1. Section 209(1)(d) relating to maintenance of Cost Accounting Records. 2. Section 227(1A) requiring enquiry into certain specified matters. a. Whether the terms on which secured loans and secured advances have been made are not prejudicial to the interests of the company or its members. b. Whether transactions of......

Words: 790 - Pages: 4

Premium Essay

Psy 1010

...7:00 pm PHONE NUMBERS: Professor: (301) 322-0900 x 4143 Social Sciences Office/Phone No.: Marlboro Hall #2054 (301) 546-0525 EMAIL ADDRESS: (24 hour response time) The best way to contact the professor is by email. Note: All credit students (with the exception of Howard Community College students enrolled at Laurel College Center) are required to use Owl Mail for all college communication. Students, please be sure to place PSY1010-LD14, 16 or 17 in the subject line so that your email will not be overlooked, confused with another class section, or mistakenly deleted. Thank you. Monday – Friday your emails and phone messages will be returned within 24 hours. Your weekend emails and phone messages will be answered on Mondays. COURSE DESCRIPTION: University-parallel introductory course which surveys the field of psychology, including the study of behavior, cognitive processes, the concepts of memory, perception and sensation, consciousness, personality development, psychological disorders, psychotherapy and social behavior. Prerequisite: Reading proficiency level. COURSE LEARNING OUTCOMES: Upon successful completion of this course, a student will be able to: | Course Outcomes | 1 | Explain major psychological concepts, theories, and perspectives...

Words: 5920 - Pages: 24

Premium Essay

On Her Knees

...FEES AND CHARGES FOR 2011 Web Page (1) GENERAL INFORMATION Liability for fees Liability for all fees begins as soon as completed application forms are submitted to the University and the student is accepted. The signing of the application form establishes the legal liability of the student and his/her other funder for the payment of all fees as determined by the Council. This can vary according to the student's circumstances. These fees are published in the annual Rhodes University Calendar, and are available on the WEB. In any discussions or negotiations about fees, it will be assumed that a student and his/her other funder have made themselves aware of the provisions of this section and of the equivalent fees schedule. While the University attempts to keep fees as low as possible, student fees usually increase annually by approximately 10% per annum. Ignorance of the fees payable does not provide grounds for avoiding liability for any fees due and payable. Alteration of fees The University Council reserves the right to alter all fees payable to the University, or to impose a fees surcharge if circumstances require it. In the case of an alteration of......

Words: 7332 - Pages: 30

Free Essay


...of steps for making ethical |1, 2, 3, 4 |54 | |decisions. | | | | | | | |Reason through an ethical decision problem using the imperative, | |55, 56, 57 | |utilitarian and generalization principles of moral philosophy. | | | | | | | |Identify the different entities that make ethics rules for CPAs and |5, 6 | | |public accounting firms. | | | | | | | |With reference to American Institute of Certified Public Accounting |7, 8, 9, 10, 11 |45, 46, 47, 48, 53, 59, | |(AICPA), Public Company Accounting Oversight Board (PCAOB),......

Words: 11550 - Pages: 47

Premium Essay

Financial Reporting and Analysis

...Price: £20.00 Publication code: CB 1989 Published by the Scottish Qualifications Authority, Hanover House, 24 Douglas Street, Glasgow, G2 7NQ, and Ironmills Road, Dalkeith, Midlothian, EH22 1LE The information in this publication may be reproduced to support SQA qualifications. If it is reproduced, SQA should be clearly acknowledged as the source. If it is to be used for any other purpose, then written permission must be obtained from the Support Materials Development Officer at SQA. It must not be reproduced for trade or commercial purposes. © Scottish Qualifications Authority 2004 DE5G 35: Financial Reporting and Analysis Contents 1 2 3 Introduction How to generate evidence Assessment exemplar Scottish Qualifications Authority Assessment Exemplars for Higher National Units DE5G 35: Financial Reporting and Analysis 1 Introduction This pack must be used in conjunction with a copy of the Unit specification which details the standard of performance expected of the candidate. A copy of the Unit specification can be obtained from SQA. This pack supplements the assessment guidelines and support notes of the Unit specification. It aims to provide an example of assessment that is valid, reliable and practicable. The assessment task(s) detailed in this pack correspond to the assessment guidelines outlined in the Unit specification. The example provided is intended for guidance only. It may be used in a variety of ways including, for example: ♦ ♦ ♦ ♦......

Words: 5988 - Pages: 24

Premium Essay

Sarbanes Oxley

...A Review and Analysis of the Sarbanes-Oxley Act Megan Allen Jason Pratt Mike Sogunro LaShaunda Person University of Maryland University College This paper was prepared for AMBA 630, taught by Professor Little and Professor Riley Introduction The Sarbanes-Oxley Act of 2002 was signed into law to protect investors by mandating processes that improved the accuracy and trustworthiness of corporate disclosures made pursuant to the securities laws, and for other purposes. The law was also enacted in response to several major corporate and accounting scandals; two of the most infamous cases are Enron and WorldCom. This research paper will focus on the analysis of four issues and discuss how the Sarbanes-Oxley Act affected the following subjects: A. 1. Audit committees of public company board of directors responsibilities since SOX 2. Sarbanes-Oxley section 404 on internal control 3. The accuracy of public company financial statements and the cost of capital for public companies 4. The main advantages and disadvantages of Sarbanes-Oxley Act B. Can legislation guarantee the accuracy of public company financial statements? Why have previous laws failed? Why CEOs and CFOs are paying so much attention to this law? Audit Committees of Public Company Board of Directors Responsibilities since Sarbanes-Oxley Act Since its enactment, the Sarbanes-Oxley Act (SOX) has significantly increased the authority and responsibilities of audit committees and the board of......

Words: 3244 - Pages: 13

Premium Essay

Accounting Cycle

...Overall Accounting Cycle Hannah Tran ACC/421 November 11, 2013 Overall Accounting Cycle Maintaining a set of accounting records is not optional, especially for large companies or whomever needs to go through financial audits. These accounting records are done through-out what it is called an accounting cycle. An accounting cycle is a set of procedures to record transactions and prepare financial statements (Kieso, Weygandt, & Warfield, 2012). This is also to ensure the accuracy and conformity of financial statements to GAAP. This set of procedures includes: (1) identifying and measuring transactions; (2) journalizing; (3) posting; (4) preparing an unadjusted trial balance; (5) making adjusting entries; (6) preparing an adjusted trial balance; (7) preparing financial statements; and (8) closing (Kieso, Weygandt, & Warfield, 2012) . This paper will summarize the overall accounting cycle for the inventory department at Sunrise Growers. Nowadays with the help of computerized accounting system, mathematical errors have been reduced tremendously when recording accounting transactions. In addition, computerized accounting system has minimized the workload and increased productivity. Although Sunrise Growers uses a computerized accounting system to record transactions, this paper will assume the accounting cycle done is manually. Identifying and Measuring transactions This step is to analyze the transactions and determine what to record. On October 10, Sunrise...

Words: 1126 - Pages: 5

Premium Essay

Get Online Help with Ur Assignment Ashford a+Material


Words: 3197 - Pages: 13

Premium Essay

Ger Umuc Stage 2 Paper

...GER UMUC STAGE 2 PAPER v IFSM 301 GER UMUC is maintaining three different financial systems and each system has a different report format. Also when doing annual inventory there are three difference different systems and three different inventory procedures. As it stands, this affects the company because time is wasted on consolidating the information required for reports. It takes the IT Staff and the executive management nearly 4 weeks to produce end of the quarter reports. I recommend that we implement a web-based accounting system that includes an extensive database to help our accountants to do their quarterly report. This consolidation of information will help them tremendously in saving time on going through all of our financial information and creating reports. The software that I suggest is called Intacct. Intacct is a Web-based financial accounting software system with that covers a large set of functionality. It can support applications for core accounting, time and expenses, revenue management, project accounting, order and billing, purchasing, global consolidations, multi-currency management, and financial reporting. It can also be accessed on demand through a browser over the Internet (cite). As well the database used for Intacct is oracle (About Us: Learn more about Intacct, 2013). The web-based accounting system that we will implement will incorporate and combine the best of the 3 financial systems that we used before. It will hold all the necessary...

Words: 1003 - Pages: 5

Premium Essay

Currrent Issue of Financial Accounting

...Rachel Hartong Professor Johnson ACCT 301 Research Paper Nov. 30, 2011 The Development of Goodwill Impairment and Its Current Effects The business world of the 20th and 21st centuries is one that has become more and more susceptible to mergers and acquisitions. As a result of the industrial revolution, and the more recent technological revolution, some firms were, and continue to be, able to gain the competitive advantage over competitors, leading to their acquisition (Hughes 16). With the increase of business acquisitions, there was a need to reexamine old accounting principles in order for the transactions to be properly recorded; this accounting is known as goodwill accounting. The concept of goodwill accounting has surprisingly been present for over a hundred years, first appearing around the 1880’s (1). Since its creation however, goodwill accounting has been a source of debate and controversy due to its adverse effects on the net income of numerous firms. Goodwill accounting has undergone recent revision by the FASB, specifically in the area of goodwill impairment. The purpose of this paper is to examine the history of goodwill accounting, the initial amortization method and revised current method of testing for impairment, and the needed, yet sometimes detrimental effects this accounting has had on several high-tech industrial firms. Without proper accounting for goodwill impairment, several firms would have the ability to overstate their net earnings and destroy......

Words: 1902 - Pages: 8