ACC 421 Week 3

Individual Assignments From the Text

Resource: Intermediate Accounting

Write responses to Exercises E4-6 & E4-16 in Ch. 4 and Exercises E18-4 & E18-5 in Ch. 18 of Intermediate Accounting.

Learning Team Assignments From the Text

Resources: Intermediate Accounting

Write responses to Problems P4-3 in Ch. 4 and Problems P18-7 & E18-15 in Ch. 18 of Intermediate Accounting.

Discussion Questions

What information is contained in the balance sheet? What are limitations of the balance sheet? How can balance sheet limitations be overcome?

What does full disclosure mean? How does full disclosure affect financial reporting? Are there any ethical implications to what must be reported in order to comply with full disclosure? Explain. What recommendations would you make to management regarding what must be disclosed?

What information is provided in the auditors report? Does the audit report offer any guarantees? Explain. What do you think the general public believes the auditors are providing in the audit report?