Please see the requirement sheet and answer the assignment excel sheet.

Thanks

R1. SEC, FASB and AICPA 1. Mission of the SEC 1st blank 2nd blank 3rd blank The mission of the U.S. Securities and Exchange Commission is to ___, maintain______ markets, and facilitate ____. Crucial to the SEC's effectiveness in each of these areas is its ______. Each year write the SEC brings hundreds of civil enforcement actions against individuals and companies for violation of the securities laws. Typical infractions include ______, _______, and _______. 2. Structure of the SEC SEC has the following divisions: 1)_________ assists the Commission in executing its responsibility to oversee corporate disclosure of important information to the investing public. 2)_______ assists the Commission in executing its responsibility for maintaining fair, orderly, and efficient markets. 3)_______ assists the Commission in executing its responsibility for investor protection and for promoting capital formation through oversight and regulation of America's $26 trillion investment management industry. 4)_______ assists the Commission in executing its law enforcement function by recommending the commencement of investigations of securities law violations, by recommending that the Commission bring civil actions in federal court or as administrative proceedings before an administrative law judge, and by prosecuting these cases on behalf of the Commission. 5)________ assists the Commission in executing its mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation by integrating robust economic analysis and rigorous data analytics into the work of the SEC. 3. Mission of FASB The mission of the FASB is to establish and improve ______ that foster financial reporting by ___ that provides ___ information to ____. That mission is accomplished through a ______ process that encourages ___, objectively considers ____, and is subject to oversight by the _____. 4. Structure of FASB The FASB is part of a structure that is independent of all other business and professional organizations. That structure includes _____, ____, ____, the _____, and the ______. 5. History of AICPA your answers Founded in ___, the AICPA represents the CPA profession nationally regarding ___ and ____, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for ___; provides ___ to its members; develops and grades the ____; and monitors and enforces compliance with the ____. The AICPA's founding established accountancy as a profession distinguished by _____, _____, _____, ______ and _____. 4th blank 5th blank ...... here R2. Why do you think Accountants (CPAs) in the US need to learn about IFRS? Answer: R3. Sarbanes-Oxley Act (SOX) The Sarbanes-Oxley Act of 2002 (enacted since ____) is also known as __________ (in the Senate) and ___________ (in the House). The bill, which contains eleven sections, was enacted as a reaction to a number of major corporate and accounting scandals, including ___ and ___. The sections of the bill cover responsibilities of a public corporation's board of directors, adds criminal penalties for certain misconduct, and required the ______ to create regulations to define how public corporations are to comply with the law. Sarbanes-Oxley was named after _____ and ______. As a result of SOX, ____ must individually certify the accuracy of financial information. In addition, penalties for ____ are much more severe. Also, SOX increased the oversight role of ____ and the independence of the ___ who review the accuracy of corporate financial statements. It created a new, quasi-public agency, the ____, charged with overseeing, regulating, inspecting, and disciplining accounting firms in their roles as auditors of public companies. The act also covers issues such as ____, ____, _____, and ______. Some major elements: Auditor Independence Title II consists of nine sections and establishes standards for external auditor independence, to limit ____. It also addresses new auditor approval requirements, audit partner rotation, and auditor reporting requirements. It restricts auditing companies from providing ____ for the same clients. Corporate Responsibility Title III consists of eight sections and mandates that senior executives take _____ for the accuracy and completeness of corporate financial reports. It defines the interaction of external auditors and corporate audit committees, and specifies the responsibility of corporate officers for the accuracy and validity of corporate financial reports. It enumerates specific limits on the behaviors of corporate officers and describes specific 1st blank 2nd blank 3rd blank 4th blank forfeitures of benefits and civil penalties for noncompliance. For example, Section 302 requires that the company's ____ certify and approve the ____ of their company financial reports quarterly. Enhanced Financial Disclosures Title IV describes enhanced reporting requirements for financial transactions, including off-balance-sheet transactions, pro-forma figures and stock transactions of corporate officers. It requires ____ for assuring the accuracy of financial reports and disclosures, and mandates both audits and reports on those controls. Analyst Conflicts of Interest Title V consists of only one section, which includes measures designed to help restore investor confidence in the reporting of securities analysts. It defines the codes of conduct for securities analysts and requires disclosure of knowable ______. 5th blank R4. Please post the link below. R4 (about 20 mins). Read \"Searching financial statements.pdf\" in \"reading materials\" and go to www.sec.gov Find Apple In ww.sec.gov Find Apple Inc.'s 10-k form for the fiscal year ended September 24, 2016. Submit the link of the 10-k file you've found. 0-k file you've found. R5. Complete the journal entries for the following transactions. 6. Summary daily cash sales total $15,500. account name $ amount Dr: Cr: Hint: you will need to use the following account names: sales revenue, cash 9. On March 1, pay rent of $6,000 for a two-year term. account name $ amount Dr: Cr: Hint: you will need to use the following account names: prepaid rent, cash 11. Pay $400 cash for office supplies. account name $ amount Dr: Cr: Hint: you will need to use the following account names: supplies expense, cash 13. Issue a note of $120,000 to bank (one year, annual interest rate 3%) for cash. account name $ amount Dr: Cr: Hint: you will need to use the following account names: notes payable, cash 21. Pay utitlities expense, $10,902. account name $ amount Dr: Cr: Hint: you will need to use the following account names: Utilities expense, cash 23. On September 1, pay cash $7,500 to Farmington for merchandise purchased last year. account name $ amount Dr: Cr: Hint: you will need to use the following account names: accounts payable, cash 25. Over the year, sales and office employees earned $45,500 in salaries and wages, of which $1,500 was still payable at th account name $ amount Dr: Cr: Dr: Cr: Hint: you will need to use the following account names: salaries expense, salaries payable, cash 500 was still payable at the end of year. R6. Prepare journal entries for the following business transactions assuming the inventory system is i) perpetual or i 1) on 1/1/2016 Purchase inventory for $10,000 on credit. There is zero inventory in the be Perpetual system account name $ amount Dr: Cr: Hint: you will need the following account names: Purchase, inventory, accounts payable 1) on 12/31/2016 sold the entire inventory for $15,000 Perpetual system account name $ amount account name $ amount Dr: Cr: Dr: Cr: Hint: you will need the following account names: sales revenue, cash, cost of goods sold, inventory, purchase system is i) perpetual or ii) periodic s zero inventory in the beginning balance. Periodic system account name $ amount Dr: Cr: Periodic system account name $ amount account name $ amount Dr: Cr: Dr: Cr: Requirements for week 2: R1(about 1 hr). Learning objective 1 is designed as a self-study topic. Read the parts of chapter 1 that are related to the SEC, FASB and AICPA. Then complete R1 in Assignment 1. You can find the answers from the following websites: www.sec.gov www.fasb.org and www.aicpa.org R2 (about 30 mins). Read \"GAAP and IFRS\" in \"Reading materials\" and skim through the following article http://www.journalofaccountancy.com/issues/2004/sep/financialreportinggoesglobal.html Then try to answer R2 in Assignment 1. R3 (about 20 mins). Learning objective 3 is designed as a self-study topic. Read the part of chapter 1 that is related to SOX before you try to complete R3. You can find answers from the following website: https://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act R4 (about 20 mins). Read \"Searching financial statements.pdf\" in \"reading materials\" and go to www.sec.gov Find Apple Inc.'s 10-k form for the fiscal year ended September 24, 2016. Submit the link of the 10-k file you've found. R6 (about 30 mins) Read \"Periodic v.s. perpetual.pdf\" in \"reading materials\" and answer question R6