1. Briefly describe internal control and how can it be used to protect assets. How can petty cash funds be used for internal control purposes? Why are bank accounts used? What is bank reconciliation, and why should a business use it? Why is it necessary to record journal entries after the bank reconciliation has been prepared?
2. Calculate and compare your selected corporations cash ration to its biggest competitor for the two years preceding the current year. What does the cash ratio help to determine? Explain your reasoning and support your answer. Show your calculations.
3. On which financial statement would you find Accounts Receivable (A/R)? Explain common types of receivables. What was the amount of A/R for your selected corporation for the two years preceding the current year? What does this tell you? Give your reasoning and support your assertions with your research.
4. Review and analyze the notes for the financial statements for your selected corporation. In what note number did you find the amount for Allowance for Doubtful Accounts? What was the amount for Allowance for Doubtful Accounts for year end in both of the two years preceding the current year? What does this tell you? Give your reasoning and support your assertions with your research
5. Where would your selected corporation report plant assets on its financial statements? How are plant assets reported, and what is their value for the company as of the end of the year from your report?
6. What is depreciation and how is it computed? Does your selected corporation depreciate its plant assets? How do you know? What is the depreciation method used and the useful lives of the plant assets?
7. How is the book value of plant assets calculated? What is the cost and the net book value of your selected corporation’s plant assets as of end of the year?
8. What type of intangibles would be included on your selected corporation’s financial statements and where would they be located?
9. What is goodwill? Does your selected corporation report goodwill? Explain your answer.
10. Explain unearned revenues and how unearned revenues arise.
11. Identify short term and long-term debt this company has
12. Explain what a warranty is and when businesses record warranty expense, and why.
13. Explain contingent liabilities. How should a company handle contingent liabilities that are reasonable, possible, or probable but cannot be estimated?
14. Conclude the essay with answers to these questions: From the information you have gathered in your evaluation of this company so far (inventory, assets, and liabilities), do you consider your report an optimal analysis for determining whether to invest in your selected corporation? Why or why not? Support your answers with research. The conclusion should be built on the information you provided in the body of the essay. Do not introduce new ideas in the conclusion
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