27 Jan Using what you have learned in our class, you will be writing a paper that is about one of the following topics:
TOPIC 1:
You are a staff accountant at Outrageous Corporation. The controller of the company, Howard
Eino, is concerned that profits reported in the annual report will not meet those forecast at the
beginning of the year. He has asked you to decrease the amount of annual depreciation charged
on certain equipment by revising the estimated life. When you tell Mr. Eino that revision of
useful life solely to “manage” profit is not appropriate, he responds by saying, “Oh, everybody
does it.” You realize that if you fail to do what your boss wants, you may receive an unfavorable
annual performance evaluation. How will you resolve this dilemma?
TOPIC 2:
Some people would argue that historical costs should no longer be used in accounting because
they are not relevant. Others argue that departing from historical cost introduces too much
subjectivity into accounting. Write out a detailed outline for a presentation to your class
providing a defense of both points of view and then explain why the FASB has chosen to depart
from historical cost in many of its accounting standards. Thoroughly discuss the pros and cons of
the use of historical cost and present a convincing argument as to whether it should or should not
be used in accounting.
TOPIC 3:
ACC501: Research and Writing
Unit 3 Assignment
Some have suggested eliminating the provision of Rule 203 of the AICPA’s professional ethics
that permits non-conformance with GAAP if, in the opinion of the CPA, following GAAP would
result in misleading financial statements. Thoroughly discuss the pros and cons of eliminating
this provision of Rule 203 and present a convincing argument as to whether it should or should
not be eliminated.
Please be sure to include scholarly research and support for your findings as you address the
questions outlined above in your paper.
APA formatting is required for your submission. Be sure to review the use of APA formatting
and scholarly source assistance located in the “Writing Tips” area of our class to assist you.
