Assignment 3a: threats to the global environment

 

Assignment 1: What Business Entity Works Best?

Due Week 8 and worth 295 points 

For Assignment 1, you will conduct research on https://www.irs.gov, consult your textbook, and refer to other similar, reputable resources on taxation. Your goal is to compare the three major forms of corporate organizations: partnerships, s-corporations, and corporations. You will then select a domestic organization, identify its entity type, and describe how the organization’s tax methods are detailed in its financial report. 

To complete Assignment 1, write a four to five (4-5) page paper in which you do the following: 

  1. Compare and contrast the tax rules and treatment applicable to those three forms of organization and the major way in which the tax treatment affects the shareholders or partners.
  2. Explain at least two reasons why a business owner might opt for one form of organization over another. Provide support for your rationale.
  3. Identify two sources of tax guidance (e.g. IRS code, Revenue Procedure) for each form of organization and how it defines a component of the tax policy for that form of organization.
  4. Research an organization by identifying its entity type (corporation, s-corporation, or partnership) and describe how that organization’s tax methods are detailed in their financial reports.
  5. Use at least three quality academic resources in this assignment. Note: Wikipedia and similar websites do not qualify as academic resources. 

Your assignment must follow these formatting requirements:

  • This course requires use of Strayer Writing Standards (SWS). The format is different than other Strayer University courses. Please take a moment to review the SWS documentation for details.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the source list are not included in the required assignment page length. 

The specific course learning outcomes associated with this assignment are:

  1. Analyze the concepts and tax treatment related to corporations, S corporations, exempt organizations, and partnerships.
  2. Examine the accounting concepts related to income taxes.
  3. Analyze the concepts of corporate formation, reorganization, earnings and profits distributions, and liquidations. ______________________________________________________________________________

This is for ACC 304: Intermediate 2: 

 

Assignment 2: Accounting for Private vs. Public Companies

Due Week 8 and worth 80 points 

For Assignment 2, you will compare accounting principles for private and public companies. As you may have discovered as you’ve reviewed the materials for this course, most of what is learned in accounting courses focuses on public companies, not private ones. GAAP, as you have also learned from your studies, may be followed by private companies, but it is only required to be used by publicly traded companies. FASB, of course, is designated by the SEC to establish and improve GAAP, so their focus is primarily on publicly traded companies. 

FASB has also recognized the importance and potential impact of private company financial statements. According to Forbes, out of the 5.7 million firms with employees in the United States, less than 1 percent have shares listed on a U.S. exchange. Although we tend to think of private companies as small companies, the reality is quite the opposite, with private firms accounting for 86.4 percent of U.S. firms with 500 or more employees. 

In recognition of the growing importance and impact of private companies, FASB has come up with a useful publication – Private Company Decision-Making Framework, A Guide for Evaluating Financial Accounting and Reporting for Private Companies. You can access this document by clicking here

In this guide, FASB identifies the following five Significant Differential Factors:

  1. Number of primary users and their access to management
  2. Investment strategies of primary users
  3. Ownership and capital structure
  4. Accounting resources
  5. Learning about new financial reporting guidance 

For Assignment 2, write a 2-to-4 page paper in which you: 

  • Select two of the Differential Factors that interest you, and briefly explain why.
  • In your own words, explain the Factor and why it is different from a publicly traded company.
  • Identify the accounting risks associated with each of your chosen Factors. What would you recommend to minimize those risks?
  • Based on what you have learned this quarter, what components of the Balance Sheet have the most potential to be impacted by the Differential Factors you have chosen? Identify both positive and negative potential impacts.
  • This course requires use of Strayer Writing Standards (SWS). The format is different than other Strayer University courses. Please take a moment to review the SWS documentation for details.

The specific course learning outcomes associated with this assignment are:

  • Evaluate the liabilities portion of a balance sheet, including current liabilities, contingencies, and long-term liabilities.
  • Assess GAAP, IFRS, and how to research utilizing the FASB Accounting Standards Codification

Grading for this assignment will be based on answer quality, logic/organization of the paper, and language and writing skills, using the following rubric.







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