discussion questions accounting 1

Hi there, there are 6 discussion questions that I need to have answered. Just a detailed paragraph or two will do for each questions. Make sure that you follow the order of the questions and these are individual questions, so the references should be included at the end of each answer. Let me know if you have any questions.

Accounting Ethics: Please keep your answers in the order seen below and include the references used for each question under their respective answer.

Discussion Question 1

Many management theorists believe that most instances of insider trading in organizations occur because top managers did not establish a strong enough ethical tone. Others believe insider trading is based on poor leadership from top managers, which then trickles down to employees. What does cheating by insider trading information say about the ethical environment or leadership of a firm? How could virtue ethics provide a solution to cheating? Provide at least three examples in support of your view. Describe how virtue ethics education might be applied to a situation of insider trading cheating?

By Sunday of this week, respond to two or more of your classmates, or your instructor, in one of postings in any of the following ways:

  • Build on something your classmate said.
  • Explain why and how you see things differently.
  • Ask a probing or clarifying question.
  • Share an insight from having read your classmate’s posting.
  • Offer and support an opinion.
  • Expand on your classmate’s posting.
  • Your posts must be formatted according to the APA

Refer to the discussion grading rubric for more information on expectations of class discussions.

Discussion Question 2

Look at the AICPA’s Code of Professional Conduct; how do these set of guidelines relate to mitigating breakdowns of ethical reasoning? Provide at least two examples of how the AICPA guidelines work towards strengthening the business climate of a firm and preventing breakdowns within its system. What ethical theory underpins the AICPA Code of Professional Conduct?

By Sunday of this week, respond to two or more of your classmates, or your instructor, in one of postings in any of the following ways:

  • Build on something your classmate said.
  • Explain why and how you see things differently.
  • Ask a probing or clarifying question.
  • Share an insight from having read your classmate’s posting.
  • Offer and support an opinion.
  • Expand on your classmate’s posting.
  • Your posts must be formatted according to the APA

Refer to the discussion grading rubric for more information on expectations of class discussions.

Discussion Question 3

A common ethical failing in cases of fraud occurs when the management of a firm decides to make financial results look the way they want them to look rather than in accordance with GAAP. Conduct some research and provide at least 2-3 internal and external measures which work to prevent such accounting issues.

By Sunday of this week, respond to two or more of your classmates, or your instructor, in one of postings in any of the following ways:

  • Build on something your classmate said.
  • Explain why and how you see things differently.
  • Ask a probing or clarifying question.
  • Share an insight from having read your classmate’s posting.
  • Offer and support an opinion.
  • Expand on your classmate’s posting.
  • Your posts must be formatted according to the APA

Refer to the discussion grading rubric for more information on expectations of class discussions.

International Accounting: Please keep your answers in the order seen below and include the references used for each question under their respective answer.

Discussion Question 1

This module covered a variety of topics related to foreign currency translation and related financial statement and financial reporting issues. There are many U.S.-based multinational firms:

  • those listed on a stock exchange;
  • and those not listed or privately-owned, which have to deal with and manage these foreign- currency translation and financial reporting issues on a daily basis.
  • Find a recent press release (issued within the last two fiscal year ends, depending upon the respective financial year end of your chosen company) from a publicly-listed company of your choice and/or personal interest that mentions that the firm has been affected by foreign currency translation, either in the reported earnings or other important aspect of the firm’s recent business performance. Firms will generally mention any significant favorable or unfavorable impact of changes in foreign exchange rates on their most recent reported earnings in the press release.
  • You can also find discussions about the impact of foreign-currency translation in the firm’s latest Annual Report associated with the press release that you decide to use if the impact was significant. You can find your chosen firm’s Annual Reports in the Investor Relations portion of the company’s website. You can also check Management’s Discussion and Analysis.
  • Cut and paste into your initial response what the company disclosed about the impact of foreign currency translation on the company’s reported financial results. Please check the Summary of Significant Accounting Policies for any footnote disclosures your chosen Company makes related to Foreign Currency Translation and cut and paste that information, too, in your initial response.
  • Additionally, in your initial response, show any Accumulated Translation Adjustments included in the Stockholders’ Equity section of the most recent balance sheet. Note that these should be Translation adjustments that result from the translation of your chosen firm’s foreign subsidiaries financial statements into US dollars only, not Transaction adjustments. Looking ahead, we will cover foreign currency transaction adjustments that affect the balance sheet and the income statement in Module 4.
  • Include hyperlinks in your posting to where you found the information on the Internet for your chosen company (press release[s] or the annual report or the financial statements or Form 10K).
  • Then, describe in your own words what must have occurred regarding the impact of foreign- currency translation on your chosen company’s income statement and balance sheet during the period you are analyzing.
  • In other words, overall, did the U.S. dollar strengthen or weaken during the reporting period for your chosen company and how did the change in the value of the U.S. dollar impact reported revenues and profits for your chosen company?
  • How did changes in foreign currency impact the Accumulated Translation Adjustments account included in Stockholders’ Equity during the reporting period? Be specific as to why the balance in that account increased or decreased during the period.
  • Did your chosen firm have any reported foreign exchange gains or losses during the reporting period? If so, how much were the gains or losses and where were they reported, on the Income Statement or in Other Comprehensive Income? If there were reported gains and losses, what does that mean with regards to the movement(s) of foreign exchange currency rates during the respective reporting period?
  • Are there any other important or unusual items on the Income Statement or the Statement of Comprehensive Income for the reporting period related to foreign currency translation? If so, what does or do the item or items mean in plain English? Again, focus on translation items, not foreign currency transaction items. If none, indicate in your response.

Be sure to support your statements with logic, arguments, and examples, citing any academic sources referenced and following APA format. Post your initial response early in the week, and check back often to continue the discussion. Be sure to respond to your peers’ and your instructor’s posts (or questions on your initial response), as well. Please review the Discussion Grading Rubric so you understand how your instructor will grade your discussion participation.

Discussion Question 2

Address the following, which cover the main objectives for this module:

  • Define and differentiate the differences between a cash flow hedge and a fair value hedge, including when (in or under which particular or specific circumstances) a U.S.-based firm would consider using one hedge vs. the other type of hedge. Be specific.
  • Summarize the differences that exist, if any, between the US GAAP and IFRS on the accounting for derivatives designated as hedges at the current date you are answering this question.
  • Prepare an example of a U.S.-based firm managing an exposed foreign currency net liability position including the journal entries required from the date the U.S. firm purchases goods on account from a foreign-based supplier until the date the purchase is settled, including all journal entries required over a 3-month period of time.

Be sure to support your statements with logic, arguments, and examples, citing any academic sources referenced and following APA format. Post your initial response early in the week, and check back often to continue the discussion. Be sure to respond to your peers’ and your instructor’s posts (or questions on your initial response), as well. Please review the Discussion Grading Rubric so you understand how your instructor will grade your discussion participation.

Discussion Question 3

In your Required Readings this week, you have a specific and detailed example of the use of foreign exchange options to hedge an anticipated purchase of inventory using a cash flow hedge (Case 3 on pages 575-578) and a specific and detailed example of the use of foreign exchange options to hedge available-for-sale securities using a fair value hedge (Case 2 on pages 571-575).

It is important for you to demonstrate your understanding of the accounting rules and resulting journal entries that surround these concepts, especially for multinational corporations. Corporations face determining the impact on their financial statements of these types of foreign currency related transactions on almost a daily basis.

  • Create your own specific and detailed example of either one of these types of foreign exchange options from the beginning of the use of an option to the end of the use or the settlement of the option over a three-month period of time.
  • Show the required journal entries required at each respective date during the three-month period, including an explanation of the basis of each of your journal entry calculations and the authoritative support for each entry following the US GAAP.
  • Make sure your journal entries are clear with regards to which financial statement account is affected by each of your journal entries (Balance Sheet, Income Statement, Other Comprehensive Income, etc.).

Be sure to support your statements with logic, arguments, and examples, citing any academic sources referenced and following APA format. Post your initial response early in the week, and check back often to continue the discussion. Be sure to respond to your peers’ and your instructor’s posts (or questions on your initial response), as well. Please review the Discussion Grading Rubric so you understand how your instructor will grade your discussion participation.