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The Role of Government and Regulation

The new employees will be doing their first audits of the 2008 financial statements. In 2008, many businesses lost asset value as a result of a decline in market activity and asset value. A discussion arose in the financial and accounting community regarding mark to market or fair value accounting. The auditors need to have an understanding of what this means and how they should evaluate the assets of a business. Discuss the following: Define and explain fair value accounting and historical accounting. Compare fair value accounting and historical accounting to each other as well as their impact on the balance sheet. Give your opinion about using fair value accounting in a down market. Part II In the fall of 2008, the United States suffered massive corporate failures causing a financial meltdown. These corporate failures had a shock-wave effect on the banking industry, U.S. financial giants, and U.S. corporations that quickly spread around the globe. The banking, financial, and, eventually, U.S. automotive industry asked the government for help. The United States responded to the financial and banking industries very quickly with the Troubled Asset Relief Program (TARP). The use of the resulting bailout money was amazing. The questions and blame surrounding 2008 economic failure, as well as the congressional relief, will be discussed for years. Consider the history of regulations in the United States and the probability of new regulations on the financial markets resulting from the 2008 economic collapse. Answer the following questions: What do you think are the 2 main causes of the 2008 economic collapse and why? Support your opinion with facts. What might some new regulations be, and what would be the purpose of the regulations? Do you think new regulations are needed? Why or why not?

Part I The new employees will be doing their first audits of the 2008 financial statements. In 2008, many businesses lost asset value as a result of a decline in market activity and asset value. A discussion arose in the financial and accounting community regarding mark to market or fair value accounting. The auditors need to

Rate Regulation

Please list and discuss the three main categories that private insurance in the U.S. is classified into.

Regulation of Ethics: Microsoft's Corporate Governance System

Many professionals believe it is impossible to regulate ethics. Yet the SEC and other federal agencies provide rules, regulations, and laws surrounding corporate governance. How effective are the legal processes in regulating corporate governance? Provide an example. Several laws, most recently Sarbanes-Oxley, have provided p

Fund-Basis to Government-Wide Accounting

You are going from fund basis to government-wide. The government wide statements are separated into governmental activities and business-type activities. So, list type of fund statement for this one, summarize what must be adjusted to â??changeâ? it into government wide statement. *Proprietary Funds Need citations

Revenue for Government, Not-for-Profit; Method of Accounting

1. Name and describe the many types of revenue nonprofits and governments generate. 2. Talk about the use of modified accrual accounting in governments - why? How is revenue recognized under modified accrual accounting? 3. One of your problems deals with property taxes - what are the specific requirements for property tax

Government and Not-for-Profit accountability in financial reporting

Most of your average governmental entities engage in three broad categories of activities/funds: 1. Governmental activities - stuff financed mostly with taxes and intergovernmental grants; these correlate with governmental funds. There are five types of these: a. General fund - resources not restricted. b. Special revenu

Are more regulations needed? Why or why not?

The new hires will be involved in gathering corporate information for audits. They will need to make decisions on corporate responsibility based on regulations. As the manager, you feel corporations don't need to be regulated. You believe the market will take care of itself because poor management is what causes companies to eve

Problem 9-10 Contingent Liabilities Several independent items are listed for which the outcome of events is unknown at year end. a. A company offers a two year warranty on sales of new computers. It believes that 4% of the computers will require repairs. b. A company is involved in a trademark infringement suit. The company's legal experts believe that an award of $500,000 in the company's favor will be made. c. A company is involved in an environmental cleanup lawsuit. The company's legal counsel believes that the outcome may be unfavorable but has not been able to estimate the costs of the possible loss. d. A soap manufacturer has included a coupon offer in the Sunday newspaper supplements. The manufacturer estimates that 25% of the 50c coupons will be redeemed. e. A company has been sued by the federal government for price fixing. The company's legal counsel believes that there will be an unfavorable verdict and has made an estimate of the probable loss. Required: 1. Identify which of the items (a) through (e) should be recorded at year-end 2. Identify which of the items (a) through (e) should not be recorded but should be disclosed in the year-end financial statements.

Problem 9-10 Contingent Liabilities Several independent items are listed for which the outcome of events is unknown at year end. a. A company offers a two year warranty on sales of new computers. It believes that 4% of the computers will require repairs. b. A company is involved in a trademark infringement suit. The

Two fundamental principles of the U.S. system of government

1. The Legal System and the Medical Environment Create two to three paragraphs for each following, in your own words: o Provide a description of the two fundamental principles on which the U.S. system of government was founded: federalism and checks and balances. o Provide a description of each of the sources of law in th

Discussion Questions: Money markets, junk bonds, risk, regulation, investments

See attached file. * It is often said that money markets are not used to get rich, but to avoid being poor. Do you agree or disagree with this statement? Provide support for your opinion. Which markets do you prefer? Explain why. * Why are junk bonds perceived as offering high returns with high risk? Which of the numerou

Regulation: Echoes of the Shenanigans cases in more recent horror stories?

One of the major purposes of SEC regulation, FASB, GAAP, and the attest (public company audit) business is to represent financial situations "fairly". With all this regulation and mandated reporting, WHAT HAPPENED OVER THE PAST FOUR YEARS? Have we seen echoes of the Shenanigans cases in more recent horror stories?

Standards, Variances, and Flexible Budgets

Stacy Cummins, the newly hired controller at Merced Home Products, Inc., was disturbed by what she discovered about the standard costs at the Home Security Division, she noticed that the first-quarter profits were always poor, the second-quarter profits were slightly better, the third quarter profits were again slightly better,

Government Net Assets: Classify receipts as unrestricted or restricted

Determine the correct category for the following items a to d and explain your rationale (Unrestricted, Temporarily Restricted, and Permanently Restricted Net Assets): a) Revenue from gift shop sales b) Donor gives cash to the organization, specifying it cannot be used until the following year c) Donor makes a pledge f

What are the pros and cons of this advice?

Many consultants are advising diversified companies in emerging markets such as India, South Korea, Mexico, and Turkey to adopt corporate strategies proven to be of value in advanced economies like the U.S. and the U.K. What are the pros and cons of this advice?

Corporate versus government bonds

Please help answer the following questions regarding bonds. Capital market is mainly for raising of long-term finance, products traded are normally government bond, corporate bonds etc. 1. What is the difference between corporate and government bond? 2. Explain why do municipalities and state-owned enterprise issue bon

Many people blame financial deregulation for the downfall of the financial sector. Do you agree or disagree? Please be specific, especially about the nature of the relevant deregulation.

White paper outlining the evolution of banking regulation in the United States. Beginning at reforms in the 30's (Glass-Steagall Act) enacting in response to the banking crisis' portion of the Great Depression, the paper makes a case for why financial deregulation of 1999 (Gramm-Leach-Bliley Act) was not directly to blame fo

Role of the Professional Accountant

The increased availability of readily accessible information has provided professional accountants with news of changes in the industry that can impact their roles. Fortunately, immediate access to changes in laws, regulations, and standards is available through the websites of both federal and state governments, as well as asso

Ledgers for trial balance and statement of revenues

Prepare ledgers for all journal entries, include trial balance and statement of revenue a estimated Revenue- property taxes 275000 estimated Revenues - licence Fees 35,000 Appropriations - salaries 205,000 Appropriations - Supplies 40,000

21-24 Operational auditing; 21-26 Government auditing standards

21-24 Operational auditing; 21-26 Government auditing standards See attached for detailed requirements Modern Auditing 8e 21-24 Operational auditing Required a and b 21-26 Government auditing standards 15 questions See questions and requirements attached

Case analysis: Registration of stock issue for Langley Brothers in Kansas with SEC. It discusses the exempt securities pursuant to the Securities and Exchange Act and regulation A.

Langley Brothers, Inc., a corporation incorporated and doing business in Kansas, decides to sell no par common stock worth $1 million to the public. The stock will be sold only within the state of Kansas. Joseph Langley, the chairman of the board, says the offering need not be registered with the Securities and Exchange Commi

Budgets in Government and Non-Profits Accounting

The following information was drawn from a county's general fund budgets and account for a particular year (in millions). Amended Budget Original Budget Actual Results (Budget Basis) Revenues Property Taxes $46.6 $42.5

Market Forces and Unionization

In an essay, describe your chose industry's receptivity to unionization. What are the factors that lead you to your determinations? Perform a labor market analysis to support your conclusions. In your analysis, be sure to include any data you can find on the labor and capital tradeoff for your industry. Also include: Regu

What form of partnership allows some of the investors to limit liability

1. What form of partnership allows some of the investors to limit their liability? Explain by giving examples. 2. When does insider trading occur? What government agency is responsible for protecting against the unethical practice of insider trading? Explain by giving examples. 3. Explain how the tax code allows

Performance measurement for a branch of government in The Netherlands

See attached file. Evaluate the findings of the authors in regards to the validity of introducing performance contracts into a branch of government in The Netherlands. Analyse the effectiveness of the performance measurement system discussed in terms of crime and employee satisfaction. Support your argument with evidence from

The basic group plan is a group term life insurance coverage in which all eligible employees are put into the plan as soon as they are hired, except for those who opt out of the plan. The basic group plan covers an employees annual basic pay rounded up to the nearest $1000 with an additional $2000. There are three options (option A adds $10,000 to the basic plan, Option B offers adds up to 5 times the employees basic pay, option C offers coverage for an employees spouse and eligible children). An employee can add on after they are enrolled in the basic plan. The government will pay for one third of the premium and the employee will pay the other two thirds of the basic group plan. The plan does not have offer a paid-up cash value. There is a coverage of accidental death and dismemberment in the basic and option A plans at no cost while there is none for option B and C (www.opm.gov). There are plans than pay significantly higher than others. There are also plans you can borrow against. In the end, our individual needs must be met as well as keeping budgetary concerns in mind. 1-We all need the coverage but at what price? All coworkers have different wants and different needs when it comes to life insurance plans. This is an area that no one want to talk about but at some point, those left behind will need this benefit. 2-What would coworkers want to consider as a part of the plan design? II-These benefits are very important. My wife and I always took advantage of these benefits when offered. 1- The insurance changes drastically when you buy insurance on your own?. 2- you must consider the entire benefit package as opposed to just salary? Why?.

Answer the questions is Employee Benefits Course: Human Resources. Please use your own words and it not allowed plagiarism, copy and paste or use website article and copy as answer or use your own thoughts. Thank you, I need the answer as soon as possible, I appreciate your help. I know you go to do wonderful job. I-The b

Is too much regulation exerted upon the circus? Is it all necessary?

Read the following excerpt from the Wall Street Journal: The smell of the greasepaint and the roar of the crowd, indeed. The circus of yesteryear, loved by children and fondly remembered by older folk, keeps running smack into the modern world. In 1992, tents must fall within local fire codes. If the clown isn't a U.S. citi