Week 3 & 4 Discussion 1 & 2

BUS627Week3-DiscussionForum1.docx

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Required Resource

Text

Porter, G., & Norton, C. (2018). Using financial accounting information: The alternative to debits and credits (10th ed.). Retrieved from https://www.cengage.com

· Chapter 6: Cash and Internal Control

· Chapter 7: Receivables and Investments

· Chapter 8: Operating Assets: Property, Plant, and Equipment, and Intangibles

Recommended Resources

Articles

Auerbach , M. P. (2019). Sarbanes-Oxley Act of 2002. In Salem Press Encyclopedia. Retrieved from https://www.salempress.com/

· The full-text version of this article is available through the EBSCOhost database in the Ashford University Library. This article takes you back to the origins of the Sarbanes Oxley Act (SOX), which is the most important piece of legislation in the accounting field since 1933. The article states some of the important elements of the act and gives some sound conclusions. This article will expand your knowledge regarding SOX, and may assist you in with the Week 3 Quiz and Week 3 CNow Homework Problems assignment this week.

Babcock -Hyde, J. (2017, February). Internal controls checklist. CPA Practice Advisor, 6. Retrieved from https://www.cpapracticeadvisor.com/

· The full-text version of this article is available through the ProQuest database in the Ashford University Library. This article provides a list of solid controls to help companies safeguard cash. The article also provides a surprising statistic on the number of employees who steal from their company. This article may assist you with your Cash and Internal Controls Scenario discussion forum, Week 3 Quiz, and Week 3 CNow Homework Problems assignment this week.

Chambers , A. (2014). Implementing an effective internal controls system. In QFinance: The ultimate resource (5th ed.). Retrieved from https://www.bloomsbury.com/us/

· The full-text version of this article is available through the Credo Reference database in the Ashford University Library. This article provides information on overall effective internal controls and ties that back to SOX. The article also gives several case study examples to help reinforce the concepts. This article may assist you with your Cash and Internal Controls Scenario discussion forum, Week 3 Quiz, and Week 3 CNow Homework Problems assignment this week.

Dimitrijevic , D., Milovanovic, V., & Stancic, V. (2015). The role of a company’s internal control system in fraud prevention. eFinanse, 11(3), 34–44. Retrieved from https://e-finanse.com/

· The full-text version of this article is available through the Business Insights: Global database in the Ashford University Library. This article looks at effective internal controls from a manager’s perspective. The article provides some excellent preventive controls to help ensure that fraud does not occur. This article may assist you with your Cash and Internal Controls Scenario discussion forum, Week 3 Quiz, and Week 3 CNow Homework Problems assignment this week.

Gaetano, C. (2017, August 2). 15 years later, does SOX still matter? (Links to an external site.) The Trusted Professional. Retrieved from https://www.nysscpa.org/news/publications/the-trusted-professional/article/15-years-later-does-sox-still-matter

· This article provides an update on SOX and the relevancy of the act after being implemented 15 years ago. This article will provide more foundational knowledge and may assist you with your Week 3 Quiz and Week 3 CNow Homework Problems assignment this week. Accessibility Statement does not exist. Privacy Policy (Links to an external site.)

King , D. L., & Case, C. J. (2014). Sarbanes-Oxley Act and the Public Company Accounting Oversight Board’s first eleven years. Journal of Business and Accounting, 7(1), 11–22. Retrieved from http://asbbs.org/journals/

· The full-text version of this article is available through the EBSCOhost database in the Ashford University Library. This article gives a deep look at a part of the SOX Act that established the Public Company Accounting Oversight Board (PCAOB). While your course textbook describes this board briefly, this article provides more information on the importance of the board to companies and investors. This article will provide more foundational knowledge and may assist you in with the Week 3 Quiz and Week 3 CNow Homework Problems assignment this week.

Multimedia

Edspira. (2014, August 29). Sum of the years’ digits depreciation (Links to an external site.) [Video file]. Retrieved from https://youtu.be/UeDW3Fd6BKk

· This video demonstrates how to calculate depreciation and may help more visual learning students. The video may assist you with your Week 3 Quiz and Week 3 CNow Homework Problems assignment this week. This video has closed captioning and a transcript. Accessibility Statement (Links to an external site.) Privacy Policy (Links to an external site.)

Edspira. (2017, April 30). Units of production depreciation method (Links to an external site.) [Video file]. Retrieved from https://youtu.be/jOde49ebWvQ

Kloza, B., & Walko, D. S. (Executive Producers), & , R. (Producer). (2014). Importance of accurate accounting [Segment]. In Accounting basics and definitions: Accounting fundamentals [Series episode]. In B. Kloza (Executive Producer), & R. Granberry (Producer), Accounting fundamentals [Streaming video]. Retrieved from Films On Demand database.

· The full version of this video is available through the Films On Demand database in the Ashford University Library. The Importance of Accurate Accounting section of this video discusses the Sarbanes-Oxley Act of 2002 and defines the terms GAAP, FASB, PCBOA, and IASB. This video provides solid foundational knowledge on various terms and governing bodies, which may assist you with your Week 3 Quiz and Week 3 CNow Homework Problems assignment this week.

ProfAlldredge. (2017, July 31). Double-declining balance depreciation method (Links to an external site.) [Video file]. Retrieved from https://youtu.be/BUJUppN7bNk

ProfAlldredge. (2014, December 2). Financial accounting: Internal controls for cash receipts & payments (Links to an external site.) [Video file]. Retrieved from https://youtu.be/_dSVoyEiTk0

· This video provides specific way that companies may protect cash. The video may assist you with your Cash and Internal Controls Scenario discussion forum, Week 3 Quiz, and Week 3 CNow Homework Problems assignment this week. This video has closed captioning and a transcript. Accessibility Statement (Links to an external site.) Privacy Policy (Links to an external site.)

ProfAlldredge. (2017, July 31). Straight line depreciation method (Links to an external site.) [Video file]. Retrieved from https://youtu.be/aFb0iD7tvnQ

Website

Sarbanes-Oxley Act 2002 (Links to an external site.). (http://www.soxlaw.com/)

· This website provides detailed information about the Sarbanes-Oxley Act (SOX). SOX is the most important current piece of legislation to impact the accounting field. Congress passed the act in 2002 to bring reform and accountability to financial statement reporting. Enron and WorldCom, among other corporations, had huge accounting irregularities and fraud that brought about the need for this act. This website provides foundational accounting information and may assist you with your Week 3 Quiz and Week 3 CNow Homework Problems assignment this week.

Instruction

Prior to beginning work on this discussion forum, read Chapter 6 in the course textbook, Using Financial Accounting Information: The Alternative to Debits and Credits.

After reading Chapter 6 in the textbook, address the following:

· Discuss how can management control cash. Your discussion should include what tools management may use to control cash.

· Using the same company and annual financial statements that you chose for your Week 1 - Discussion Forum, Reading and Using the Annual Report Case Study, disclose the company’s cash balance, and discuss if you believe the company has too much or too little cash. Be sure to support your opinions with supporting facts.

· Discuss management’s responsibility to establish overall basic internal controls. Provide a real-life example from a work situation where you saw basic internal controls in place.

Your initial response should be a minimum of 200 words. Graduate school students learn to assess the perspectives of several scholars. Support your response with at least one scholarly and/or credible resource, in addition to the text.