ACC 230 Week 1 Checkpoint Financial Statements
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.
Posta 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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ACC 230 Week 1 DQ 1 and DQ 2
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Discussion Questions
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.
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...