Discussion Week 4

Discussion Week 4 Make your initial post by Friday at midnight, plus two substantive classmate responses by Sunday at midnight. Reference to the course material (books, articles, videos), external research, quality, depth, responding to classmates, including the reference(s), and meeting deadlines required for maximum points. Posting graphs and other encouraged as long as discussed in the post (no decorative pictures). Consider the DQ a mini-research assignment. For your chosen company, discuss the following questions: 1. What are internal controls? Why is it important for accounting? Provide a few examples of internal controls. 2. Review the 10K for your company - read Item 9A - "Controls and Procedures" which includes information about the company's disclosure controls and procedures and its internal control over financial reporting. Indeify and discuss 2-3 the internal control issues or procdures your company has identified. 3. Review the 10K for your company - readItem 1A - "Risk Factors" includes information about the most significant risks that apply to the company or to its securities. Companies generally list the risk factors in order of their importance. In practice, this section focuses on the risks themselves, not how the company addresses those risks. Some risks may be true for the entire economy, some may apply only to the company's industry sector or geographic region, and some may be unique to the company. Identify and comment on 1-2 "unique" risks for your company. Principles of Internal Controls - https://www.youtube.com/watch? v=9OBRg5TK9iM Learn Accounting in 1 HOUR Lesson 2: Journal Entries https://www.youtube.com/watch?v=uFqa1qUfm6E&t=1s Internal Controls https://www.youtube.com/watch?v=jfVicdu5pZ0 Assignment #1 Attached Files: ACCT 509 Midterm 2.docx ACCT 509 Midterm 2.docx - Alternative Formats (1.098 MB) Your grade will be based on: 1. Applying the course material.
2. Detail and depth in the quality of the submission. 3. Format and quality of the submission. 4. Meeting the deadline. Background You have been learning the basic accounting entries (debts/credits) and practicing preparing a trail balance during the past four weeks. For this assignment you will prepare the accounting journal entries, adjusting journal entries, and prepare a trial balance for a company. Midterm Accouting Assignment Instructions - download the attached file. The file includes examples of what your tables should look like, There are also example transactions at the end of the assignment. 1. CREATE AN EXCEL General Journal and Trial Balance to submit with your answers. 2. Record the transactions in good general journal form. 3. Record and post the following adjustments (after the Journal Entries): 4. Record and post-closing entries. 5. Prepare a post-closing trial balance. 6. Submit your Excel spreadsheet in Blackboard for grading.
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