Accounting Homework due after tomorrow

10. Explain “Benford’s Law.” Explain how Benford’s law can be useful to accountants and auditors. How can you use Benford’s Law with excel to detect issues of concern to auditors?

11. Explain what happened recently to the accountant at Cargill. What did she do? How was she able to make that happen? What specific items could have prevented it?

12. To help finance the Model 3, Tesla issued common stock and convertible bonds. Explain what happened. How will this impact their balance sheet? What specific financial ratios will be impacted?

13. As they relate to Fair Value Measurements, explain the new Performance Framework and the related Application of the Framework. For whom is the framework mandatory? Encouraged?

14. (Counts as TWO questions) I have often said that I expect you to me useful members of nonprofit organization – and to participate actively on the boards and finance committees of these organizations. As such, you will find yourself looking at GAAP for nonprofit organizations. Explain the recent reporting requirement changes.

a. Outline in detail the changes from ASU No.2016-14)

i. How will the changes of ASU No.2016-14 impact the usefulness of the financial statements?

ii. What common ratios used to evaluate nonprofit organizations will be impacted – and how?

b. Explain the purpose and impact of

i. ASU No. 2014-15

ii. ASU No. 2015-11

iii. ASU No. 2015-07