Short-run decision making consists of choosing among alternatives with an immediate or limited end in view. Short-term decisions sometimes are referred to as tactical, or relevant, decisions because they involve choosing between alternatives with an immediate or limited time frame in mind. 

1. Suppose that a product can be sold at split-off for $5,000 or processed further at a cost of $1,000 and then sold for $6,400. Should the product be processed further? 

 

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There are dozens of accounting and financial membership organizations. Some of these include:

AICPA

IMA

IIA

FEI

ACFE

HFMA

IFAC

NSA

NATP

SCM

How would membership in one of these organizations benefit you? Think about what you want to do long-term. Do you want to be a general accountant? Are you interested in a specific industry, such as healthcare? Are you interested in forensic accounting? How about cost accounting? Auditing? Taxes? Management Accounting?

For Project 3, select one (1) of the above organizations and write a 1-2 page paper in which you:

• Identify your long-term goals or the area of accounting/finance you find most interesting.
• Explain how the organization you selected could help you achieve your long-term goals or interests.
• Describe any activities and/or opportunities that the organization you selected offers that could benefit you now.
• Identify activities and/or opportunities that the organization you selected offers that could benefit you in the future.
• Determine if there is a student membership price to join the organization you selected. Identify the costs involved and compare student membership rates to regular membership rates.

Your assignment must follow these formatting requirements:

• 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 reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

• Describe and evaluate the importance of the professional environment of financial accounting, the functions of related organizations such as the SEC, the AICPA, the FASB and its predecessors, and the creation of Financial Accounting Standards, the conceptual framework, and other sources of GAAP.
• Use technology and information resources to research issues in intermediate accounting.
• Write clearly and concisely about intermediate accounting using proper writing mechanics.

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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“The mission of the Financial Accounting Standards Board is to establish and improve standards of financial accounting reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.” (http://www.fasb.org)

Project Objective

Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project.

Requirements

The FASB has several ongoing projects that involve the review of standards and which may result in updates and/or revisions of financial accounting standards. You should select an ongoing FASB project after visiting the Technical Plan and Project Updates sections of the FASB Web site.

In a five- to seven-page paper, you should describe the project, its history (briefly), and the project’s status. The final section of your paper should describe the implications of the project’s adoption. For example, a paper might discuss a project that would result in accelerating the recognition of certain expenses and require additional disclosures.

Specifically:

Familiarize yourself with the project, including information on the history and background of the project and its status.

Using resources at www.fasb.org (including free access to U.S. GAAP codification if you register at the Web site as explained), identify the relevant GAAP and current standards involved. Discuss the proposed change (i.e., what will be different?) and the reasons for the change.

Using at least three different databases in the UMUC library, find at least five sources of information on this FASB project. As you conduct research, identify an actual case that may have provided the impetus for this proposed change, or that would have been influenced by the proposed change. At least two sources should be from scholarly or professional journals. Maintain a research log to document your research process. You will find a research log template (sample research tracker) posted in Course Content.

Frequently the large Accounting Firms have extensive analyses of FASB topics. It is strongly recommended to become familiar with these websites.  Occasionally they will also offer free webinars on FASB topics.

Prepare an annotated bibliography. See Course Content for more information and a sample annotated bibliography.

Identify stakeholders and the impact of the proposed change on each of the stakeholders (comment letters may provide good insight).

Deliverables

Write a five- to seven-page paper (APA format, single spaced, standard paper size, one-inch margins, and 12-pointfont) presenting the results of your work. Submit your paper, research log, and annotated bibliography by the due date, or as otherwise instructed.  Cover pages, abstract/ executive summary, table of content if you chose to include or bibliography / reference lists do not count toward page count.

Format

Submit your paper and annotated bibliography as a Word document. The research tracker can be in either Word or Excel.

Grading

The written communication aspect of this assignment is weighted at 50 percent of the total assignment. The grading will be allocated equally in the following areas:

assignment management

organization and structure

evidence and arguments

readability, style, and mechanics

presentation

INFO-CLA

The annotated bibliography is worth 25% of the grade; and the research tracker is worth 25%.

 

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This is the first step in an ongoing course project. This project will provide an opportunity to choose an art form and deepen your understanding of it, when you select a work of art within that art form to study and research throughout the course. You will fulfill various weekly parameters that detail the specific requirements for each worksheet as you participate in the weekly Final Project Milestones exercise.
 

Final Project Milestone 1: Identify an artistic venue for an art form that you can attend by the end of Week 4 of this course. Examples include, but are not limited to, an art or photograph exhibition, concert, dance recital, film, or theater production.
 

Note: In Week 2, you will choose a specific work of art, identify the venue where you will observe that art form, and identify the chapter in the course text that corresponds with that art form. (The Week 1 and Week 2 Final Project Milestones constitute the basis of your Final Project.)
 

To prepare:
 

Please review the preformatted “Final Project Milestone 1” worksheet.
Final Project Milestone 1 (Word document)
Please review the “Introduction to the Humanities Through the Arts Final Project” document in this week’s Learning Resources.
Use the links in the “Research Resources for the Humanities through the Arts Final Project” document, regarding the various humanities, as a starting point for the Final Project. Think about what art form (e.g., drama, music, literature, painting, sculpture, architecture, photography, or other) you want to focus on for your project.
 

Note: In Week 2, for Final Project Milestone 2, you choose a work of art within that art form.
By Day 7
Complete your Final Project Milestone 1 on the worksheet provided and save it. Support your assertions by making at least two documented references to your course readings, following examples in the “Common Reference List Examples” link in this week’s Learning Resources.

 

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