DQ1.What is the control environment? How does the control environment affect a company’s internal controls? What are the negative and positive elements of a control environment? What are two examples of strong and weak internal controls in organizations where you have worked or have first-hand knowledge? How are these different? How would you describe the key internal controls that should be in place to protect cash in a cash rich environment such as a merchandiser? What are the key internal controls that should be in place to protect inventory for a merchandiser that sells highly desirable and very expensive inventory, such as jewelry? Would this be different if the business had a less desirable and less expensive inventory? Explain why or why not.
Complete the following in WileyPLUS: Brief Exercise BE5-1, Brief Exercise BE5-2, Brief Exercise BE6-5, Brief Exercise BE6-7, Brief Exercise BE7-4, and Brief Exercise BE7-6
Reflection and Financial Reporting Problem Part II.
Discuss the objectives for ACC 290 Week Four. In the wake of accounting scandals over the past several years, how has the Sarbanes-Oxley Act (SOX) of 2002 affected the practice of accounting? What is the role of internal controls in complying with SOX (2002)? Write a 350 to 500 word summary of your Learning Team’s discussion.
Financial Reporting Problem Part II
Access the internet to acquire a copy of the most recent annual report for the public traded company used to complete the Financial Reporting Problem, Part 1 assignment due in ACC 290 Week Four. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions:
Are the assets included under the company’s current assets listed in the proper order? Explain your answer.
How are the company’s assets classified?
What are cash equivalents?
What are the company’s total current liabilities at the end of its most recent annual reporting period?
What are the company’s total current liabilities at the end of the previous annual reporting period?
Considering all the information you have gathered, why might this information be important to potential creditors, investors, and employees?
Summarizethe analysis in a 1,050-1,400 word paper in a Microsoft® Word document. Include a copy of the company’s balance sheet and income statement. Format your paper and presentation consistent with APA guidelines.