Review the regulations regarding internal service funds and enterprise funds. Compare and contrast the two funds and, in your own words, explain how each function in a governmental accounting operation. For details on how to organize your comparisons, review the Writing Center’s guide, Compare & Contrast Assignments (Links to an external site.) 300 words.
Unicorn and Zebra form the UZ Co., a partnership. Unicorn contributes inventory with fair market value of $650,000 and an adjusted basis of $200,000 and cash of 350,000 for a 50% interest in the partnership. Zebra contributes computers, hardware, and proprietary software with a fair market value of $1,000,000 and a tax basis of $300,000 for a 50% interest in the partnership. The computer hardware, which was purchased from IBM on credit, is subject to an equipment loan of $300,000.
We have been looking at successful ad campaigns using social media. Let’s apply this directly and see how this compares with older methods of advertising. Choose a recent social media campaign, possibly one you interacted with.
When dealing with issues such as professional ethics, the stakes can be high. This is why such care is taken to painstakingly clarify terms such as integrity and independence in the AICPA Professional Code of Conduct, as they could otherwise be open to interpretation. In this week’s discussion, you will find illustrative examples of these key principles to share and discuss with your peers.
Discuss why there cannot be one basic REA diagram that would work for all businesses. What might be some areas that could be similar from business to business? Select either the company for which you work or one that interests you. Describe the business processes that are unique to that company or industry that would require special handling in an REA diagram.
Discuss how REA diagrams might be useful to auditors in understanding a client’s business processes. What if the client hasn’t prepared them in advance? What basic steps would the auditor perform to compile the information necessary to build the diagram him or herself? Does that time investment produce large enough benefits to the auditor? Explain your answer.
This reflection is comprised of two sections, collectively totaling a minimum of 500 words. Complete your reflection by responding to all prompts.
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