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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:
Your assignment must follow these formatting requirements:
The specific course learning outcomes associated with this assignment are:
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:
For Assignment 2, write a 2-to-4 page paper in which you:
The specific course learning outcomes associated with this assignment are:
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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