Reference no: EM132681237

Intermediate Accounting I

Case #1
Conceptual Framework

Following the case format please complete scenarios 2, 3, 4, 5 and 6 from Problem 2-3 in the textbook on page 70.

Please note, you need to open the file called "Acc2271 Case Study #1 Example" in Canvas under the modules tab and then under Case Studies. Scenario 1 has been completed for you by James. Please use that as a guide to answering the remainder of the case.

Once open, you will include this document in your submission and complete the rest of your submission using this document as your first part of your submission.

Case #2
Cash vs Accrual

(Adapted from Kieso 10th Canadian Edition)

The ethical accountant is the manager and accountant for a small company that is privately owned by three individuals. He has always given the owners cash-based financial statements. The owners are not accountants and do not understand how financial statements are prepared. Recently, the business has experienced strong growth, and inventory, accounts receivable, and capital assets have become more significant company assets.

The ethical accountant understands generally accepted accounting principles and knows that net income would be lower if he prepared accrual-based financial statements. He is afraid, however, that if he gave the owners financial statements prepared on an accrual basis, they would think he is not managing the business well - they might even decide to fire him!

Following the case format discuss the accounting and ethical issues.

Your case submission should be at least 1 page but no longer than 3 pages.

Case #3
Balance Sheet
Due: Friday, October 30 by 10:30 am

The financial statement below was prepared by the employees of your client, Leacock Ltd. The statement is unaccompanied by notes.

Leacock Ltd.
Balance Sheet
As of November 30, 2019

Instructions (Analysis and Recommendations)
Indicate the deficiencies, if any, in the balance sheet above in regard to form, terminology, descriptions, content and the like.

Following the case format, please give an introduction, identify three key issues (can be point form), and give your analysis and recommendations regarding the above Balance Sheet. Your submission should include an Excel spreadsheet with a corrected balance sheet.

Case #4
Revenue Recognition

Revenue is usually recognized at the point of delivery. Under special circumstances, however, there are also other bases that can be used for the timing of revenue recognition.

Following the case format please address the following areas:

- Why is the point of delivery usually used as the basis for the timing of revenue recognition?

- Why could point of delivery be considered "too conservative" when revenue is earned throughout the process? In other words, why would individuals claim that point of delivery is too late in the process. Please provide an example.

- Why could point of delivery be "not conservative enough" when recognizing revenue? In other words, why would individuals claim that point of delivery is too early in the process. Please provide an example.

Case #5 - Ethics
Personal Experience and reflection

Answer this question: What does it mean to me to perform accounting in an ethical, fair, accurate and unbiased way?

NOTE: This case is all about you and your experiences. You are to relate a personal experience in this case and what you learned from it, and as you reflect back on it now, with what you now understand of accounting, what would you have done different, what would you have done the same. What have you learned about ethics?

Pick a personal experience you have had e.g. in a job. Relate that experience and then build your paper from there.

To start your thoughts, if you need to, and give you something to build around, relate your initial thoughts to inventory. However, don't restrict your writing strictly as it relates to inventory. This paper DOES NOT need to be about inventory. Inventory examples could include some or all of the following or other aspects not listed: costing of inventory (do I really need to look through all those invoices for prices??), what if I am tired and bored of doing an inventory audit or it's really onerous to count little things - can I just cut corners, what to include, what if the client wants me to count stuff that really should not be, what if my boss wants me to overlook some things ...

Format for case studies:
Your case should be written in 4 distinct parts / components:
1. Introduction - don't just repeat the question or the case... make me want to read further!
2. Identify the key issues - preferable would be point form - should not be more than a few words or a sentence for each key issue
3. Analysis - analyze the case or question - tell me everything about the topic - careful that you don't start to "recommend" in this section.
4. Recommendations - give me clear, CONFIDENT (no "I think maybe possibly...") recommendations as to what should happen including any "fixes" if applicable.

Note: sometimes it works better and is easier to combine your analysis and recommendations into the same section - but make sure you note that for me.

*Note: Do case 3 and case 5

Attachment:- Intermediate Accounting.rar