Answer 6 questions with at least one question from each Section.

Answer 6 questions with at least one question from each Section.

Please read and carefully follow the instructions for each question.

Use the attached rubric to guide your answer please.

+ Note:

1-The answers MUST BE specific and not exceed half page.

2-You MUST find the answers from the sources that are attached.

3-Avoid plagiarism.

4- single line spacing

+
Rubric:

1-No mistakes in Spelling & Grammar.

2- Uses many business terms appropriately; Uses standard English

3- Supports most ideas with effective examples, reference, or details;

4- Correct format; Ideas presented in a clear and interesting manner; Well-organized paragraphs; Effective introduction and conclusion

Section 1

Accounting Theory

1.In terms of theoretical foundations, how do you compare accounting theory to other theoretical disciplines such as economics, physics, mathematics, etc.? [
Please do not compare accounting to each of these disciplines but give a general description of the differences and/or similarities.]

2.Discuss: (a) three major challenges facing fair value accounting practices and (b) their implications to the future of fair value accounting.

3.Assuming the above challenges [in question No.2] to fair value accounting were resolved, why would you prefer [or not prefer] fair value accounting over historical cost accounting? Explain your answer with at least two reasons.



Section 2

Accounting Practice

4.As a controller, discuss three risks and three advantages you will consider before moving your company’s accounting function to the cloud.

5.As a new controller, describe with reasons: (a) three reports you will want to receive from your subordinates immediately after you are hired; (b) three management reports that you will prepare more frequently (
perhaps weekly).

6.Accounting practice has become more automated and is rapidly going to the cloud. List and discuss at least three implications of this trend to the future of accounting practice and profession. Is this trend being reflected in accounting enrollment and education?

7.Describe the major steps involved in the accounting closing process before, at, and after year-end.

Section 3

Quality Assurance

8.The information market left on its own cannot produce optimal quantity and quality of accounting information. Explain the basis for this statement.

9.List and explain at least three remedies societies take to improve on the quality and quantity of accounting information.

10.What is the efficacy (i.e. effectiveness) of the remedies applied to increase quantity and improve quality of accounting information? [Hint:
framing your answer in ethics and fraud frameworks will help.]

Section 4

Dissemination of Accounting Information

11.What is the rationale (
at least four reasons) for private company financial accounting standards?

12.Who loses and who gains [
discuss at least two losers and two gainers] after the private company financial accounting standards are introduced?

Section 5

Internal Audit Function

13.Describe how the advent of Sarbanes Oxley Act (SOX) affected the role of internal auditors.

14.Explain who internal auditors are expected to report to and why in corporate governance.

 
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