Category: Accounting

Write a 7 – 10 pages double-spaced that addresses at least three key themes, or issues in the audit profession.
Use a minimum of 5 resources for your paper. If you would like to use content from your textbook, use a minimum of 6.
Your paper should include a thesis that lets me know where you are going. Then dive int o the details and take me there. Close your paper with a conclusion that ties your arguments together.
Your response will be graded on the strength of your analysis on the topic you choose to respond to and the quality of your writing. Cite all works used in your paper using the MLA or another academic format of your choosing.
General grading rubrics:
You clearly articulate your arguments and address at least three key topics/ observations over the course of your paper. (You may choose to address more, but do not get too high level – keep yourself focused in on the details and the underlying why behind your chosen topics/ arguments.)
Do not just quote someone else’s work in your paper – apply your own analysis to it.
You have a clear structure in your paper, and it is not simply stream of conscience.
You include appropriate sources for your work (including a minimum of 5)
Do not tell me what you think I want to hear – focus in on your thesis and make sure your arguments support your thesis
Topic: How to improve audit quality
My outline is attatched, feel free to add more ideas and rearrange main ideas

Link to RAP page – https://www.accaglobal.com/content/dam/ACCA_Global/Students/bsc/obu-information-pack-22-23.pdf
I need this to be written for me in no stringent time fram, i want the bulk of the work to be done since i have minimal time and then i want to push to edit all the details on this as i am quite passionate about this company and want to write it but feel i don’t have the time.

Albert Enterprises is a manufacturing company that builds heavy equipment repair parts for the construction industry. Albert is providing the following information for preparing their budgets for the first quarter of 2023. • Sales: November, 2022 Actual Sales were $1,500,000 and December, 2022 Actual Sales were $2,100,000 • Budgeted Sales for the first 5 months of 2023 are: o January 30,000 units o February 40,000 units o March 50,000 units o April 45,000 units o May 35,000 units • Budgeted selling price is $60/unit • All sales are made on the account. 30% is collected in the month of the sale, 50% is collected in the first month following the sale, and the remaining 20% is collected in the second month after the sale. • The company wants to maintain a finished goods inventory equal to 40% of next month’s budgeted units of sales. • Each unit of production requires 3kg of materials. The company maintains raw materials inventory equal to 20% of next month’s production needs. The budgeted purchase price for raw materials is $8/kg. • All purchases of materials are made on account. 30% of the month’s purchases are paid in the month of purchase and the remaining 70% are paid the following month. • Each unit of production requires 2 direct labor hours. The direct labor rate per hour is $6/hour and all labor costs are paid by the end of the month. • Variable manufacturing overhead per direct labor hour is $2. The budgeted monthly fixed manufacturing overhead is $200,000 which includes monthly depreciation of $25,000. • Variable selling expenses per unit sold are $2/unit. The budgeted monthly fixed selling and administrative expenses are $120,000 which includes monthly depreciation of $20,000. • The company will be acquiring some additional equipment in the first quarter of the year. They will purchase equipment for $300,000 in cash in January. • Dividends of $150,000 will be paid out in March. • The company has a policy that it needs to maintain a cash balance of $50,000 at all times. They do have a line of credit with their bank. It has an annual interest rate of 12%. Borrowing, if needed, will occur at the beginning of the month and repayment of the principal and interest will occur at the end of the month. Borrowings and repayments are done in increments of $5,000. REQUIRED: 1. Prepare the sales budget for each month of the first quarter. (25 points) 2. Prepare the schedule of expected cash collections for each month of the first quarter. (25 points) 3. Prepare the production budget for each month of the first quarter. (25 points) 4. Prepare the direct materials budget for each month of the first quarter. (25 points) 5. Prepare the schedule of cash payments to suppliers for each month of the first quarter. (25 points) 6. Prepare the direct labor budget for each month of the first quarter. (25 points) 7. Prepare the manufacturing overhead budget for each month of the first quarter. (25 points) 8. Prepare the selling and administrative expense budget for each month of the first quarter. (25 points) 9. Prepare the cash budget for each month of the first quarter. (50 points) 10. Prepare the budgeted income statement for the full quarter. (75 points) 11. Prepare the budgeted balance sheet as of March 31, 2023. (75 points) Please read the following instructions carefully before you begin to attempt the project: • Please complete each of the 10 budget templates for Albert Enterprises by month for the first quarter of the year (January, February, March 2023). The balance sheet will be as of March 31, 2023, and the Income Statement will be for the full quarter ended March 31, 2023.
• You will be utilizing the format and templates I had you work on during my video lecture. Please refer to the Module 2 PowerPoint presentation for guidance and format of each of the 10 budget schedules.
• You should prepare each schedule on a separate tab within Excel. If you create formulas as you build each template and link the schedules; it will allow you to make changes that will automatically update all schedules. This could be a tool you keep and use in your future companies.
• The learning outcome from this assignment is to give you the tools to complete a budget from start (Sales) to finish (financial statements).

Albert Enterprises is a manufacturing company that builds
heavy equipment repair parts for the construction industry. Albert is providing
the following information for preparing their budgets for the first quarter of
2023. 
Sales:
November, 2022 Actual Sales were $1,500,000 and December, 2022 Actual
Sales were $2,100,000 
Budgeted
Sales for the first 5 months of 2023 are:  
January
30,000 units 
February
40,000 units 
March
50,000 units 
April
45,000 units 
May
35,000 units 
Budgeted
selling price is $60/unit 
All
sales are made on the account. 30% is collected in the month of the sale,
50% is collected in the first month following the sale, and the remaining
20% is collected in the second month after the sale. 
The
company wants to maintain a finished goods inventory equal to 40% of next
month’s budgeted units of sales. 
Each
unit of production requires 3kg of materials. The company maintains raw
materials inventory equal to 20% of next month’s production needs. The
budgeted purchase price for raw materials is $8/kg. 
All
purchases of materials are made on account. 30% of the month’s purchases
are paid in the month of purchase and the remaining 70% are paid the
following month. 
Each
unit of production requires 2 direct labor hours. The direct labor rate
per hour is $6/hour and all labor costs are paid by the end of the
month. 
Variable
manufacturing overhead per direct labor hour is $2. The budgeted monthly
fixed manufacturing overhead is $200,000 which includes monthly
depreciation of $25,000. 
Variable
selling expenses per unit sold are $2/unit. The budgeted monthly fixed
selling and administrative expenses are $120,000 which includes monthly
depreciation of $20,000. 
The
company will be acquiring some additional equipment in the first quarter
of the year. They will purchase equipment for $300,000 in cash in
January.  
Dividends
of $150,000 will be paid out in March. 
The
company has a policy that it needs to maintain a cash balance of $50,000
at all times. They do have a line of credit with their bank. It has an
annual interest rate of 12%. Borrowing, if needed, will occur at the
beginning of the month and repayment of the principal and interest will
occur at the end of the month. Borrowings and repayments are done in
increments of $5,000. 
REQUIRED:  
Prepare
the sales budget for each month of the first quarter. (25
points) 
Prepare
the schedule of expected cash collections for each month of the first
quarter. (25 points) 
Prepare
the production budget for each month of the first quarter. (25
points) 
Prepare
the direct materials budget for each month of the first quarter. (25
points) 
Prepare
the schedule of cash payments to suppliers for each month of the first
quarter. (25 points) 
Prepare
the direct labor budget for each month of the first quarter. (25
points) 
Prepare
the manufacturing overhead budget for each month of the first
quarter. (25 points) 
Prepare
the selling and administrative expense budget for each month of the first
quarter. (25 points) 
Prepare
the cash budget for each month of the first quarter. (50
points) 
Prepare
the budgeted income statement for the full quarter. (75 points) 
Prepare
the budgeted balance sheet as of March 31, 2023. (75 points) 
Total: 400 points
Please read the instructions carefully before you
begin to attempt the project: 
Please complete each of the 10 budget templates for
Albert Enterprises by month for the first quarter of the year (January,
February, March 2023). The balance sheet will be as of March 31, 2023, and
the Income Statement will be for the full quarter ended March 31, 2023.
You will be utilizing the format and templates I had you work on
during my video lecture. Please refer to the Module 2 PowerPoint
presentation for guidance and format of each of the 10 budget schedules.
You should prepare each schedule on a separate tab within Excel. If
you create formulas as you build each template and link the schedules; it
will allow you to make changes that will automatically update all
schedules. 

Identify a specific tool or technique from those identified in Chapter 19, and discuss how the tool is used in your current or former place of employment. 
please review chapter 19 pdf. This is about managerial accounting, must use a tool mentioned in the pdf 

Examine the Federal Accounting Standards Advisory Board’s website, then prepare a brief report about its mission and structure and compile a list of organizations represented on its Accounting and Auditing Policy Committee.
Can you obtain a copy of the full text of FASAB statements from this website? If not, how would you obtain a copy of a statement pertinent to federal agencies? What is the cost to purchase a statement?
Source: Federal Accounting Standards Advisory Board. Retrieved from: http://www.fasab.gov/

028.1.1 : Tax Planning
The graduate applies knowledge of tax laws for planning and compliance purposes.
3028.1.2 : Multijurisdictional Tax Issues
The graduate analyzes the impact of multijurisdictional taxes including federal, state, local, and international taxes.
3028.1.4 : Federal Taxation of Property Transactions
The graduate determines the proper tax treatment for business transactions such as capital gains, the sale of a residence, and gifts.
3028.1.6 : Tax Return Preparation
The graduate prepares federal tax returns with IRS forms, schedules, and related reporting requirements.
INTRODUCTION
This task will allow you to apply your tax knowledge to a real-world tax scenario. To complete this task, you will generate and submit Form 1040 with all supporting forms, schedules, and statements. The tax forms required to complete this task need to be retrieved using tax software. Intuit ProConnect can be accessed through the “Intuit ProConnect Registration and Log-In” web link.
You may use the “IRS Forms and Publication” web link as a reference.
Please reference the attachment “Intuit ProConnect Tax Software Log-In Instructions” for help creating an Intuit ProConnect account.
SCENARIO
Basic Information
•   Jack and Judith Aollinger have hired you to prepare their 2021 federal income tax return.
•   Jack is a self-employed artist with a studio at the Aollinger’s home, address: 1234 Main St., Key West, FL 33040.
•   Jack has provided the spreadsheet titled “Artist Studio” for his business in the “Client Organizer Aollinger” attachment.
•   Jack properly accounted for all art income in his bookkeeping system.
•   As you help the Aollingers with their taxes, use tax methods that minimize taxable income.
•   Jack and Judith’s Social Security numbers (SSN) and date of birth (DOB) are as follows:
•   Jack: SSN 500-00-1003; DOB 6/27/1966
•   Judith: SSN 543-21-0986; DOB 9/18/1973
Judith’s Income
•   Judith works full time for Imelda Company, an architectural firm and S corporation.
•   She owns 20% of the company and her basis in stock is zero.
•   Imelda Company’s tax ID is 12-3456789 and is located at 4801 South Commercial, Key West, FL 33040. Judith’s W-2 for 2021 listed her earnings as $78,000 in wages, of which $19,500 was withheld for federal income tax, $4,836 for Social Security tax, and $1,131 for Medicare tax.
•   She also received a K-1 from the company for 2021. The K-1 lists the following items:
•   Line 1: Ordinary business income: $35,567
•   Line 11: Section 179 deduction: $9,000
•   Line 13 A: Charitable contributions: $450
•   Line 16 A: Post-1986 depreciation adjustment: $9,791
•   Line 17 C: Nondeductible expenses: $560
Children
•   The Aollingers have three children:
•   Janey: SSN 345-67-8901; DOB 7/1/2003
•   Johnny: SSN 234-56-7891; DOB 2/4/2011
•   Jeremy: SSN 456-78-9012; DOB 9/30/2015
•   Janey is a full-time student at a local college, Strime Institute. Strime Institute’s EIN is 12-3458888 and the address is 1 Florida Orange Lane, Sunshine, FL 33040.
•   Janey is a dependent of her parents, so she received a Form 1098-T with a Box 1 amount of $4,800.
•   Jeremy goes to a day care after school at Ms. Sophia Garcia’s home located at 123 Balmy Drive, Key West, FL 33040.
•   Ms. Garcia’s SSN is 541-77-7777.
•   The Aollingers paid Ms. Garcia $4,500 in 2021.
•   The couple also paid their son Johnny $2,000 to watch Jeremy while school was out during the summer.
The Mother
•   Judith’s mother, Mary Renault, lived with the family until November 2021.
•   Mary’s income was a $112 monthly pension and $660 in Social Security benefits, after deductions for full Medicare health insurance coverage.
•   Her SSN is 123-12-4567, and her DOB is June 25,1935.
•   Mary’s social security benefits were deposited directly to a savings account, which she did not spend.
•   Mary spent her pension income as she chose and did not reimburse Judith for any of the costs associated with her stay.
•   Judith paid more than 50% of Mary’s support for the year.
Health Insurance
•   Judith’s employee health insurance plan covered her and the three children.
•   The total cost for insurance was $13,000 for the year.
•   During 2021, Judith paid $3,400 in medical expenses through her health savings account (HSA).
•   Jack enrolled in a Health Insurance Marketplace high-deductible health insurance plan and paid $1,385 per month from January 2021 through August 2021.
•   Jack’s 1095-A reflects a marketplace identifier of 500001003FL, his marketplace assigned policy number is 500001003FLJ and his policy issuer’s name is Alliah.
•   He also received an advance payment of premium tax credit in the amount of $1,454 per month from January to August. When he signed up through the Marketplace, Jack underestimated his income and therefore received too large of a subsidy from January 2021 through August 2021.
•   On September 1, 2021, Jack changed to a private high-deductible health insurance plan that covered him for the rest of the year.
•   This private plan cost $1,385 per month for September, October, November, and December 2021, but it was not listed in his bookkeeping.
Residence
•   The couple rents out a former home at 3456 Abbey Road, Key West, FL 33040.
•   They purchased the house on November 30, 2005, and lived in it until March 20, 2018, when they began renting the property.
•   The property was rented for all of 2021 with a total income of $14,400.
•   When the Aollingers purchased the house and land in 2005, they paid $175,000.
•   The value of the land at that time was $40,000. At the time the house was rented, the estimated fair market value (FMV) minus the land was $135,000.
•   The home is 1,330 square feet. The mortgage interest is $5,850, and real estate taxes are $3,200 for the year.
•   The current family home was purchased on March 21, 2018, for $320,000 for the house and land combined.
•   They believe the land was worth $90,000 at that time.
•   The home is 2,850 square feet with a sunroom Jack uses as his studio. The sunroom is 320 square feet.
•   The Aollingers received Form 1098: Mortgage Interest Statement from the Bank of Southern Savannah with a Box 1 amount of $14,400. Real estate taxes on the home were $4,100.
Dividends
•   Judith received the following dividends from two companies during 2021:
Qualified Ordinary
Whole Pine, Inc.
$140
$140
West Florida Electric Power
$100
$113
•   Judith purchased 2,000 shares of Whole Pine Inc. stock on July 31, 2009, at $14 per share. She sold them on June 30, 2021, at $20 per share and paid a $49 transaction fee.
•   The couple had a long-term capital loss carryover from their 2020 tax return of $23,000.
•   The couple would like to contribute the maximum amount to their HSAs during the year. Additionally, Jack contributes 25% of his Schedule C net earnings to a SEP IRA.
Tax Payments
•   For his art studio, Jack made estimated tax payments of $300 per quarter. All tax payments were made on time.
•   The Florida sales tax rate is 6%, and the local sales tax rate for Key West is 1.5%.
•   See the attachment “Client Organizer Aollinger” for income and expense details.
REQUIREMENTS
Your submission must be your original work. No more than a combined total of 30% of the submission and no more than a 10% match to any one individual source can be directly quoted or closely paraphrased from sources, even if cited correctly. The similarity report that is provided when you submit your task can be used as a guide.
You must use the rubric to direct the creation of your submission because it provides detailed criteria that will be used to evaluate your work. Each requirement below may be evaluated by more than one rubric aspect. The rubric aspect titles may contain hyperlinks to relevant portions of the course. 
Tasks may not be submitted as cloud links, such as links to Google Docs, Google Slides, OneDrive, etc., unless specified in the task requirements. All other submissions must be file types that are uploaded and submitted as attachments (e.g., .docx, .pdf, .ppt). 
A.  Complete Form 1040 for the Aollingers’ 2021 federal income tax return, using the information from the scenario and the attached “Client Organizer Aollinger” spreadsheet. Include all supporting forms and statements.
Note: Please save the entire return as a .pdf file and submit that file. Worksheets are not included in the IRS submission and therefore do not need to be included.
1.  Provide the dividend information on Form 1040 by doing the following:
a.  Complete Line 3a “Qualified dividends” using the correct information.
b.  Complete Line 3b “Ordinary dividends” using the correct information.
2.  Provide the completed Schedule 1 of Form 1040 by doing the following:
a.  Complete Line 3 “Business income or loss” using the correct information.
b.  Complete Line 13 “Health savings account deduction” using the correct information.
c.  Complete Line 16 “Self-employed SEP, SIMPLE, and qualified plans” using the correct information.
d.  Complete Line 17 “Self-employed health insurance deduction” using the correct information.
3.  Provide the completed Schedule 2 of Form 1040, Schedule 2 by doing the following:
a.  Complete Line 2 “Excess advance premium tax credit repayment” using the correct information.
4.  Provide the completed Schedule 3 of Form 1040 by doing the following:
a.  Complete Line 13g “Credit for child and dependent care expenses” using the correct information.
b.  Complete Line 3 “Education credits” using the correct information.
B.  Acknowledge sources, using in-text citations and references, for content that is quoted, paraphrased, or summarized.
C.  Demonstrate professional communication in the content and presentation of your submission.
File Restrictions
File name may contain only letters, numbers, spaces, and these symbols: ! – _ . * ‘ ( )
File size limit: 200 MB
File types allowed: doc, docx, rtf, xls, xlsx, ppt, pptx, odt, pdf, csv, txt, qt, mov, mpg, avi, mp3, wav, mp4, wma, flv, asf, mpeg, wmv, m4v, svg, tif, tiff, jpeg, jpg, gif, png, zip, rar, tar, 7z
RUBRIC
A: FORM 1040:
NOT EVIDENT
The Form 1040 is not provided.
APPROACHING COMPETENCE
The Form 1040 is missing 1 or more supporting forms and statements.
COMPETENT
The Form 1040 is complete with all supporting forms and statements.
A1A: LINE 3A:
NOT EVIDENT
Line 3a is not completed.
APPROACHING COMPETENCE
Line 3a is complete but the number provided is incorrect.
COMPETENT
Line 3a is complete and the number provided is correct.
A1B: LINE 3B:
NOT EVIDENT
Line 3b is not completed.
APPROACHING COMPETENCE
Line 3b is complete but the number provided is incorrect.
COMPETENT
Line 3b is complete and the number provided is correct.
A2A: SCHEDULE 1, LINE 3:
NOT EVIDENT
Line 3 on Schedule 1 is not completed.
APPROACHING COMPETENCE
Line 3 on Schedule 1 is complete but the number provided is incorrect.
COMPETENT
Line 3 on Schedule 1 is complete and the number provided is correct.
A2B: FORM 1040, SCHEDULE 1, LINE 13:
NOT EVIDENT
Line 13 on Schedule 1 is not completed.
APPROACHING COMPETENCE
Line 13 on Schedule 1 is complete but the number provided is incorrect.
COMPETENT
Line 13 on Schedule 1 is complete and the number provided is correct.
A2C: FORM 1040, SCHEDULE 1, LINE 16:
NOT EVIDENT
Line 16 on Schedule 1 is not completed.
APPROACHING COMPETENCE
Line 16 on Schedule 1 is complete but the number provided is incorrect.
COMPETENT
Line 16 on Schedule 1 is complete and the number provided is correct.
A2D: FORM 1040, SCHEDULE 1, LINE 17:
NOT EVIDENT
Line 17 on Schedule 1 is not completed.
APPROACHING COMPETENCE
Line 17 on Schedule 1 is complete but the number provided is incorrect.
COMPETENT
Line 17 on Schedule 1 is complete and the number provided is correct.
A3A: FORM 1040, SCHEDULE 2, LINE 2:
NOT EVIDENT
Line 2 on Schedule 2 is not completed.
APPROACHING COMPETENCE
Line 2 on Schedule 2 is complete but the number provided is incorrect.
COMPETENT
Line 2 on Schedule 2 is complete and the number provided is correct.
A4A: FORM 1040, SCHEDULE 3, LINE 13G:
NOT EVIDENT
Line 13g on Schedule 3 is not completed.
APPROACHING COMPETENCE
Line 13g on Schedule 3 is complete but the number provided is incorrect.
COMPETENT
Line 13g on Schedule 3 is complete and the number provided is correct.
A4B: FORM 1040, SCHEDULE 3, LINE 3:
NOT EVIDENT
Line 3 on Schedule 3 is not completed.
APPROACHING COMPETENCE
Line 3 on Schedule 3 is complete but the number provided is incorrect.
COMPETENT
Line 3 on Schedule 3 is complete and the number provided is correct.
B:SOURCES
NOT EVIDENT
The submission does not include both in-text citations and a reference list for sources that are quoted, paraphrased, or summarized.
APPROACHING COMPETENCE
The submission includes in-text citations for sources that are quoted, paraphrased, or summarized and a reference list; however, the citations or reference list is incomplete or inaccurate.
COMPETENT
The submission includes in-text citations for sources that are properly quoted, paraphrased, or summarized and a reference list that accurately identifies the author, date, title, and source location as available.
C:PROFESSIONAL COMMUNICATION
NOT EVIDENT
Content is unstructured, is disjointed, or contains pervasive errors in mechanics, usage, or grammar. Vocabulary or tone is unprofessional or distracts from the topic.
APPROACHING COMPETENCE
Content is poorly organized, is difficult to follow, or contains errors in mechanics, usage, or grammar that cause confusion. Terminology is misused or ineffective.
COMPETENT
Content reflects attention to detail, is organized, and focuses on the main ideas as prescribed in the task or chosen by the candidate. Terminology is pertinent, is used correctly, and effectively conveys the intended meaning. Mechanics, usage, and grammar promote accurate interpretation and understanding.
WEB LINKS
Intuit ProConnect Registration and Log-In
IRS Forms and Publication
For reference only
SUPPORTING DOCUMENTS
Intuit ProConnect Tax Software Login instructions.pdf
Client Organizer Aollinger.xlsx

-Understanding of financial information as used in management accounting methods and techniques.
-Understanding of capital expenditure evaluation techniques as they apply to management decision-making scenarios in the business context.
-Critical analysis of financial statements

Hi,
Please see the structure of this agreement.
The structure includes the orderly
presentation of relevant material. In addition, the extent of the research is evidenced by the appropriateness
and adequacy of in-text referencing. There must be a Cover Page and Contents Page, executive summary,
sections with Introduction, Conclusion, List of References and pages must be numbered.  
The correct result of formulas is attached.

Requirements
1.     
Analyze the company’s financial summary for the fiscal
years 2016–2020 to decide whether to invest in the common stock of WRM. Include
the following sections in your analysis, and fully explain your final decision.
a.     
Trend analysis for net sales and net income (use 2016
as the base year).
b.     
Profitability analysis.
c.      
Evaluation of the ability to sell merchandise
inventory (WRM uses the LIFO method).
d.     
Evaluation of the ability to pay debts.
e.      
Evaluation of dividends.