In attendance: ACC 340 Final Exam Essay questions Answers should be at least three paragraphs long. 1. Discuss at length at least four things you could do to help shorten the close process as a new...

1. Discuss at length at least four things you could do to help shorten the close process as a new controller.
Solution
The first step as a new controller for shortening the close process is to perform complete documentation of each step of the closing process. This includes various areas such as payroll, invoice, inventory, payables and cash and the general ledger. The management should not have the list of the areas to be closed but also state the person responsible for the closing.
The other step of shortening the closing process is altering the timing of the closing activities. This can be done by performing the activities necessary for the closing outside the period generally saved for the closing activities. This includes the process of the bank reconciliation as it is not necessary to wait for receiving the statement from the bank. Instead of waiting for statement it can be collected through online mode and can be performed timely.
The other way as a new controller for shortening the close process is revising the contents of the financial statement. In big entities different financial statements are issued for the different departments and if the controller issues financial statement that will cover the need of different departments and single set of financial statement will be sufficient.
2. Name at least two documents a public company would be required to file under the SEC.   How often must they be file? Describe what they are and what information they would provide to the public.
Solution
SEC requires public entities and certain other companies to file periodic financial statement and other forms related to disclosures. These filings are necessary for providing key information to the investors and potential investors. The most commonly filings with SEC are Form 10 K, Form 10 Q, Form 8 k and others.
Form 10 K is the annual report which provides detailed analysis of the financial condition of the entity. It is required that the entity should submit this annual filing within sixty to ninety days of the closing of the fiscal year. This form consists of various parts such as summary of the business, management discussion and analysis, financial statements and additional sections which discusses about the management team and legal proceedings of the entity.
Form 10 Q is the truncated version of Form 10 K and it is filed on quarterly basis. It provides details of the ongoing financial condition of the entity. This is filed...