ACC 230 Week 1 Complete
DQ1.Go to the U.S. Securities and Exchange Commission’s Web site at http://www.sec.gov and the Financial Accounting Standards Board’sWeb site at http://www.fasb.org. Identify the mission and main activities of each organization. Then, analyze the similarities and differences between the roles of each entity. Which entity has more influence over financial statement reporting? Explain your answer.
DQ2.Search the Internet or the
Online Library for information about the Sarbanes-Oxley Act. A useful guide to
some of these provisions is located at http://www.soxlaw.com. Summarize at
least two provisions of the law, and discuss your interpretation of these
provisions with your classmates. Do you think this law will make financial
statements more reliable? Also, discuss how Sarbanes-Oxley establishes
boundaries to ensure ethical practices. What does the law allow or prohibit,
and why?
CheckPoint: Assessing
Financial Statements
Resource:Ch. 2 of
Understanding Financial Statements,and Ch. 1 PowerPoint® (pp. 1-10, 1-11, and
1-13)
Searchthe Internet for the
financial statements of your favorite company or your employer. You may either
locate the corporate Web site for your chosen company, or you may select a
company’s financial statements from the EDGAR database at
http://www.sec.gov/edgar/searchedgar/webusers.htm.
Post a 200- to 300-word
response that includes the following information:
Three strengths and three
weaknesses in the financial statements
Trends in net profit, debt
ratio as a percentage of total assets, and debt as a percentage of total equity
A review of 2- to 3-year
trends and an analysis of positive and negative trends
A confirmation of whether or
not the company is discussing what it intends to do to correct negative trends
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