1. Briefly
describe the procedures your organization has on cash control. If you have no
experience in such procedures what procedures do you believe is necessary in
order to safeguard cash?
2. How much
impact does Sarbanes-Oxley Act (SOX) of 2002 have on your work, your company?
You can explain the before and after SOX environment.
Ch. 8 – Reporting & Analyzing Receivables
3. Discuss
your company’s credit sales terms (i.e. what are they). If you are put into a
position to make changes to your existing credit sales terms what would you be
changing and why?
4. 4. What
impact do you think the over- or under-accrual of bad debt allowance amount
will have on a company under the current business environment of corporate
malfeasance? Will that create more opportunity for “managing” the
bottom line of a company?
Ch. 9 – Plant & Intangible Assets
5. What type
of depreciation method does you company use to depreciate its assets? What
impact will different depreciation methods have on a company’s bottom line?
Ch. 7 – Internal Control and Cash
Ch. 8 – Reporting & Analyzing Receivables
Ch. 9 – Plant & Intangible Assets
6. What is a
current asset? What is a noncurrent asset? What is the difference between the
two types of assets? In which financial statement would you find these assets?
7. What is
an example of a significant accounting estimate? What is the importance of
these estimates? How do ethics play into the decision-making process? Which
financial statements include significant accounting estimates? Why?
8. What are
internal controls? Why do companies need them? What are some examples of
internal controls? Who is responsible for developing internal controls?
