My Discussion- The Quality of Financial Information

My Discussion- The Quality of Financial Information

Referencing this week’s readings and  lecture, describe the quality issues related to reporting revenue. What  is the importance of understanding various inventory valuation methods  in determining the quality of reported profits?

Respond to at least three of your classmates’ posts.

This week readings and lectures are as follows please use to reference in discussion and replys to fellow students:


Required Resources


Epstein, L. (2014). Financial decision making: An introduction to financial reports [Electronic version]. Retrieved from

  • Chapter 5: Evaluating the Quality of Financial Reports

Recommended Resources


Miller, P. B. W. (2002, April). Quality financial reporting: Finding customer focus through the power of competition (Links to an external site.)Links to an external site.. Journal of Accountancy. Retrieved from

Turner, L. E. (2000, March 23). Speech by SEC staff: Charting a course for high quality financial reporting (Links to an external site.)Links to an external site.. U.S. Securities and Exchange Commission. Retrieved from



Relevance is one qualitive characteristic that is used when companies  report revenue which involves reporting financial stats that can inform  shareholders about future expectations. A company that has 3 million in  debt while only clearing a net income of 4 million is relevant  information to shareholders, which will likely prevent them from  investing. If not for this type of quality reporting, companies would be  able to mislead the public. A company that has equivalent debt to their  income may try to mislead the public by noting a non-relevant figure  such as discussing a dollar increase in their earnings per share.

“Faithful representation means that the information presented is  complete, neutral, and free from material error. Information is  considered complete if it includes all details necessary to make an  informed decision. A report is considered neutral if there is no bias”  (Epstein, 2014, p. 5.2). A company can be unfaithful in their  representation by exaggerating on their low income, which could can lead  to less tax liability.

It is vital to understand various inventory valuation methods in  determining quality of reported profits because it affects the cost of  goods, gross profit and net income. This means incorrect inventory will  also have incorrect stats on current assets, capital and equity.


Epstein, L. (2014). Financial decision making: An introduction to financial reports. Retrieved from (Links to an external site.)




Referencing this week’s readings and lecture, describe the quality  issues related to reporting revenue. What is the importance of  understanding various inventory valuation methods in determining the  quality of reported profits?

According to this week lecture “the usefulness of financial reports  to readers depends on report quality. The conceptual framework for  financial reporting categorizes qualitative characteristics of financial  reports into two broad categories: fundamental qualitative  characteristics, which include relevance and faithful representation,  and enhancing qualitative characteristics, which make financial reports  more useful and include comparability, timeliness, verifiability, and  understandability.” (Week 5 Lecture)

The U. S. generally accepted accounting principles (GAAP) and the  International Financial Reporting Standards (IFRS) viewed the value of  inventory differently; companies filing reports under IFRS must use FIFO  (first in, first out) or the “weighted-average inventory valuation  methods” and those filling under U. S. GAAP rules uses the LIFO (last  in, first out). (Epstein, L 2014)

The way FIFO values inventory as the first item in the business is  the first item sold whilst the LIFO system the last item in will be the  first item sold. In this scenario the most expensive item will likely be  sold, and the older, cheaper items will remained on the self. When  using the LIFO method this can increase the cost of items sold and  decrease net income, making a representation of the company making less  money, thus reducing the company’s income taxes when prices are rising.  FIFO method results in a lower cost of items sold and higher net income  when prices are rising. In which the opposite is true when prices are  decreasing. (Epstein, L 2014)

It is important to understand that the two systems are total  different therefore you can’t make comparison between them, thus  determining the real cost of doing business can be difficult if not  impossible. Using one method would alleviate this setback. (Epstein, L  2014)

Epstein, L. (2014). Financial decision making: An introduction to financial reports [Electronic version]. Retrieved from



Valuation is the process by which managers assess how much worth  something has. “The conceptual framework for financial reporting  categorizes qualitative characteristics of financial reports into two  broad categories: fundamental qualitative characteristics, which include  relevance and faithful representation, and enhancing qualitative  characteristics, which make financial reports more useful and include  comparability, timeliness, verifiability, and understandability” (Week 5  Lecture). There are two ways assets are valued which are through IFRS  International Financial Reporting Standards) and GAAP (generally  accepted accounting principals). IFRP allows companies to revaluate  property, plant, and equipment, whereas GAAP does not allow  revaluations, with the exception of some financial means, like  marketable securities (Epstein, 2014).

Companies that report under IFRP must abide by the FIFO. The belief  is that the first item in is the first item out. GAAP must abide by the  LIFO, last in, first out. Net profit can be influenced in both ways,  however using the LIFO, the profit can decrease because the cost of  goods sold increases. On the flip side, profit can increase if the COGS  was lower (2014). It important to understand these methods to understand  how revenue will be affected overall and to see how much each line item  is and how it affects the bottom line.

Explain why cultural patterns are effective for thinking about people from other cultures and understanding cultural differences. ·

Apples to Apples: Major Elements of Cultural Patterns

People are surrounded by multiple cultures in family units, organizations, communities, and nations. Although complex in nature, cultures share similar characteristics that can be identified and evaluated. You may have heard the saying apples to apples when referring to a process of comparing similar items. The categories of orientation explained in your text give you an “apples to apples” framework that can be used to compare similar characteristics of different cultures.


· Review your Discussion posts from Week 1 about how your beliefs, values, and norms are derived from your culture.

· Review the major elements of cultural patterns in Chapter 4 of your course text:

· Activity orientation

· Social relations orientation

· Self-orientation

· World orientation

· Time orientation

· Use the Cultural Patterns Continuum document to analyze your orientations and those of your national culture for each of the five orientation categories.

· Review the optional Walden Writing Center resource on effective PowerPoint presentations.

Submit a 10- -slide PowerPoint presentation in which you:

· Compare your preferences in each dimension to those of your culture.

· For the places where you marked yourself differently from your culture, explain what you believe accounts for these differences.

· Explain why cultural patterns are effective for thinking about people from other cultures and understanding cultural differences.

· Predict how knowledge of cultural patterns can be applied to interaction with people from a culture you select.

Discuss the relationship between learning and memory, including neural processes and current research


Create an 8- to 10-slide presentation, including detailed speaker notes, that addresses the following:

  • Illustrate the neuroanatomy of and neural processes related to learning and memory.
  • Discuss the relationship between learning and memory from a functional perspective. Address why learning and memory are interdependent.
  • Use case studies and examples from research articles to help you illustrate this relationship.

Cite a minimum of 4 sources.

Format citations in your presentation according to APA guidelines

Which of the following is most frequently cited as the reason for why marriages end


  1. Which of the following is most frequently cited as the reason for why marriages end?A.InfidelityB.Financial problemsC.Power differentialsD.Gender role ambiguity

0.5 points  


  1. According to Lara and Kinsvatter (2010) (Week 8 Resources), the loss of a job may result in:A.DepressionB.AnxietyC.Disturance of IdentityD.All of the above

0.5 points  


  1. “Mediation” is best described by which of the following sentences?A.A program that teaches about the process of divorce and possible negative outcomes of getting a divorceB.An open exploration of the couple’s relationship and the individual processes of each family memberC.A formal process of negotiating differences in relationship to finances, child support, and custody issuesD.The process of learning how to center oneself and obtain inner peace

0.5 points  


  1. Which of the following techniques might be integrated during the recovery process following an affair?A.Problem solving techniquesB.Emotional expression skillsC.“Time out” and “venting” techniquesD.All of the above might by integrated during the recovery process

0.5 points  


  1. The concept of “forgiveness” during the recovery from an affair should take place:A.At the beginning of the therapeutic processB.During the final stages of the therapeutic processC.Only after the counselor has been given clearance to do so by supervising psychiatristD.During the “middle stages” of the therapeutic process

0.5 points  


  1. Which if the following have been shown to be evidence-based or promising interventions for Borderline Personality Disorder, according to the Gurman text?A.Dialectical Behavior TherapyB.Pscyho-analytic Behavior TherapyC.Conjoint Dialectical HypnosisD.Transpersonal Meditation

0.5 points  


  1. McBride and Simms (2001) (Week 8 Resources) suggest that in the beginning of the grief process:A.Sessions should be more frequentB.Sessions should be scheduled only twice per month, so as to decrease the chance for the client to develop dependence on the counselorC.Phone contact might be necessary, due to the client being overwhelmed and isolatedD.A and C are correct

0.5 points  


  1. Rates of Borderline Personality are relatively low.  It is mentioned in the text that ____ of the population meets full diagnostic criteria for Borderline Personality Disorder.A.8%B.1%C.44%D.91%

0.5 points  


  1. Which of the following best describes the interplay of violence and divorce procedures?A.Rates of violence during divorce proceedings are extremely low, thus relieving the counselor of any concern for the possibility of violenceB.During divorce procedures, even people with no history of violence may engage in violent confrontationsC.Even if a risk of violence is possible, it is mandatory that all parties be seen together in an effort to promote the sense of fairness and impartialityD.Due to the sensitive nature of divorce proceedings, counselors are not obligated to report concerns about safety, abuse, or neglect

0.5 points  


  1. As indicated in the Gurman text, which of the following should be shared with the couple during Stage 1 of recovery from an affair?A.A summary of the problems the couple is currently facingB.A summary of financial obligations arising from the cost of counselingC.Legal advice on how to proceed with a divorce or separationD.Advice on how to best handle visitation rights, should any children be involved

0.5 points  


  1. Which of the following behaviors characterize Borderline Personality Disorder?A.High levels of emotional distressB.Suicidality and self-harmC.Fears of abandonmentD.All of the above are characteristics of Borderline Personality Disorder

0.5 points  


  1. There are three different types of intervention s for divorcing couples. Which of the following is NOT one of those three different types of intervention?A.Prevention programsB.Medically assisted programsC.MediationD.Divorce Therapy

0.5 points  


  1. In assessing a couple seeking treatment following an affair, it is important to assess which of the following?A.Length of relationshipB.Previous marriages and how they endedC.Crises requiring immediate attentionD.All of the above should be assessed

0.5 points  


  1. The ________ Phase in the Grief Timeline is characterized by numbness, crying, and emotional distance.A.AngerB.EgoC.ShockD.Denial

0.5 points  


  1. The concept of “forgiveness” is usually introduced during the final stages of counseling following an affair because:A.It may be difficult for someone who is in a great deal of pain to be willing to consider the need to forgive their partner for having an affairB.Insurance companies do not reimburse for “forgiveness work” in the early stages of recovery from an affairC.The aggrieved member of the family must obtain spiritual guidance before offering to forgive someoneD.Forgiveness activities can only be conducted under the supervision of the family/couples faith leader

0.5 points  


  1. McBride and Simms (2001) (Week 8 Resources) describe the four tasks of mourning.  Those four tasks are described as:A.Accepting reality, Experiencing the Pain, Adapting to the Environment, and ReinvestmentB.Denial, Anger, Bargaining, and AcceptanceC.Self-Actualization, Differentiation of Self, Inner Awareness, and Field FormationD.Trust vs Mistrust, Industry vs Inferiority, Acceptance of Self, and Ego Management

0.5 points  


  1. Gurman suggests that a “self-care plan” be integrated into the first phase of working with a couple after an affair.  This self-care plan should include:A.Physical care, social support, and spiritual support.B.Directives on how to best repair the damage that has been done to the relationship C.Activities geared towards learning community values related to extramarital affairsD.Social support ONLY

0.5 points  


  1. During the process of counseling a couple/family recovering from an affair, it is suggested that:A.In the beginning, only individual sessions take placeB.In the beginning, only conjoint sessions take placeC.In the first stages of counseling, both individual and conjoint sessions take placeD.The counselor needs to align with one of the partners in an effort to promote instability in the family system

0.5 points  


  1. Which if the following is NOT a one of the stages of the treatment for a couple/family recovering from an affair?A.Dealing with the ImpactB.Placing BlameC.Finding MeaningD.Moving On

0.5 points  


  1. During the __________________ Phase, the client experiences the strongest feelings of grief, and the structure and function of the family are severely impacted.A.EgoB.DiastolicC.MetabolisticD.Disorganization

0.5 points  


  1. Which of the following are true, according to research cited in the Gurman text?A.Almost everyone who experiences divorce exhibits some sort of short term negative consequenceB.Children and adults exhibit more role strain and a greater number of behavioral problemsC.After an initial period of 1-2 years, most family members of divorcing families do well, and cannot be distinguished from families who have not gone through a divorceD.All of the above are true statements

0.5 points  


  1. Which of the following are predictive of a couple’s ability to recover from an affair?A.The ability to discuss the affair and it’s antecedents openlyB.A high level of commitment to the coupleC.The ability of one partner to openly blame another partner for the affairD.A and B Only

0.5 points  


  1. In working with a family dealing with grief, the counselor can expect the process of counseling to progress through three distinct stages/phases in the “Grief Timeline.”  Those three stages are labeled as such:A.Shock, Disorganization, ReorganizationB.Id, Ego, Super-EgoC.Shock, Disbelief, OrganizationD.Denial, Anger, Bargaining

0.5 points  


  1. The ____________________ Phase is characterized by the client’s ability to face the world in the face of their loss, and grief reactions are less intense.  The client is restored to a level of functioning prior to their loss.A.DisorganizationB.NegotiationC.ReorganizationD.Inundation

Time Out

“Time Out” Please respond to the following:

  • Please read this MindTools article, “Effective Scheduling”, grab a weekly planner, and then respond to the following questions:
    • How much available time do you need to schedule for work each week? What are your typical work hours?
    • How much available time do you need to schedule for school each week (completing course work, attending class, etc.)? When do you do your class work each week?
    • How much available time do you need to schedule for home or personal activities each week? (Be sure to include sleep and other must-do activities)
    • “Time Out” Please respond to the following:
      • Please read this MindTools article, “Effective Scheduling”, grab a weekly planner, and then respond to the following questions:
        • How much available time do you need to schedule for work each week? What are your typical work hours?
        • How much available time do you need to schedule for school each week (completing course work, attending class, etc.)? When do you do your class work each week?
        • How much available time do you need to schedule for home or personal activities each week? (Be sure to include sleep and other must-do activities)
        • How do you prioritize your time each week and how do these time priorities align with your goals?

Write two DQs per article

Write two DQs per article. Questions must be typed and submitted to Canvas by the beginning of class time on the day that the relevant article is to be discussed (see syllabus).

• As you read each article, take notes. Underline important points and jot down ideas or questions that come to mind while reading it; this will help you write DQs more easily.

• D Qs should neither be too specific (“What does the fourth word on p. 27 mean?”) nor too general (“Was this a good article? Why or why not?”). Try to strike a balance between the specific and general. Try to ask thought-provoking questions that make connections to other areas of study and other realms of life—what you saw on the news, read in the paper or a magazine, etc. Note that questions that could be asked of any article are not good questions (e.g., What were the weaknesses of the methodology?). Your questions should center around content that pertains specifically to the assigned article.

• Be sure to point the reader to the specific content of the article that your question addresses.

• Avoid questions with “yes/no” or “either/or” answers. Good DQs are open-ended. Also avoid leading questions. See below for examples of good DQs.

• Go for controversy! Try to pose questions that would easily engage the class in discussion.

• If you miss class on the day that DQs are due, you must post them to Canvas by the beginning of class time in order to avoid a late penalty on your questions.

• When it is your turn to lead class discussion on an article, you must still turn in typed DQs on the article, but these may be the same questions you used to stimulate class discussion during your presentation. Note that you should be sure to turn in two different DQs per discussion leader.

Example Discussion Questions

1. What negative consequences could result if parents followed Bem’s suggestion to raise androgynous boys and girls? How might peers respond to boys with stereotypically feminine characteristics and girls with stereotypically masculine characteristics? What are the positive consequences of raising androgynous boys and girls? Where does one draw the line between a healthy de-emphasis on gender and a healthy acknowledgment of gender in raising children?

2. Josephs, Markus, and Tafarodi argue that individuation (distinguishing the self from others on the basis of talents or accomplishments) does not serve as a significant source of esteem for American women (because of gender-role socialization). How accurately does their argument describe women in the U.S.? Explain your response. How do women in the U.S. compare, in terms of how individualistic they are, to men and women in Asian cultures? How does the pressure that women feel in our society to be appropriately “feminine” interact with the individualistic norms that all Americans experience?

  • attachment


Fact Pattern for Root Cause Analysis

Fact Pattern for Root Cause Analysis

A 75-year-old female is an inpatient in bed #1 of Room 10 on a medical telemetry unit. She has been admitted for pneumonia. She is slightly confused. No family is with her in the hospital at this time. The nurse introduces herself to the patient, asks her if she needs anything right away, and says she will return shortly with the patient’s medications. The nurse also has the patient in the other bed (bed #2) of the same room, the patient’s roommate. The nurse is very busy because of the high patient load on the unit that night shift and due to being short one nurse who called out sick.

The nurse comes in to see the patient in bed #1 again and assess her and give her her medications. After the patient swallows all of the pills and is ready to get settled for the night to go to sleep, the nurse realizes that she just gave, to the patient in bed #1, the medications intended for the patient in bed #2.

Relevant Hospital Policies:


1) There should be at least five nurses on the unit on a night shift if the patient beds are full. Contact nursing supervisor ASAP if this is not the case.


2) Each patient’s medications must be dispensed (taken out of the medication machine) and administered (given to the patient) individually. A nurse should not bring medicine to two patients at once.


3) All patient medications must be run through the electronic barcoding medication administration system prior to the patient taking them.


4) Before administering medication, the nurse should check two patient identifiers (name, date of birth, address, etc.). They are usually available in the medical record or on the patient identification band, or a competent patient can tell you too.


5) All patient medication errors must be reported via the hospital patient safety reporting system.




You are the hospital’s risk management specialist. Please explain what you would do after this medical error, and any order you might do it in. If you choose a specific order of events, explain why. What questions would you ask? What staff would you interview? What policies might you review in detail? Who would you want in the room for a root cause analysis meeting? What else might we need to know to complete a root cause analysis? What might you do to prevent this problem in the future?


Remember, when a patient safety/risk management specialist receives information on an event, it is usually incomplete. Part of the process requires knowing the right questions to ask and who are the right people to be involved.


Marcus is a child development consultant in Smalltown

Marcus is a child development consultant in Smalltown, U.S., which is a friendly, predominantly middle-class community with a diverse ethnic makeup. Marcus’s job is to design behavioral interventions for children and adults. He works with a variety of people, including teachers, children of varying ages, and parents. He also works closely with professionals such as speech therapists, occupational therapists, psychologists, physicians, and school administrators.

Referrals range from children with difficulty paying attention to adolescents exhibiting aggression. Marcus encounters a continuum of developmental issues, from children with typical development to clients with speech impairments, learning disabilities, attention-deficit/hyperactivity disorder (ADHD), autism spectrum disorders, and genetic syndromes.

Ms. Carter, a second grade teacher, has contacted Marcus because of a concern that a student might have some learning problems. The student is a 7-year-old boy named Alejandro, whose parents emigrated from Nicaragua. A meeting was arranged with the parents, teacher, consultant, and school psychologist because Alejandro was making errors in reading and having some comprehension problems. The psychologist and consultant asked questions such as: How long has the family lived in the United States? How long has Alejandro been exposed to English? Did he babble at the age of four months?

Based on your analysis of the scenario, respond to the following:

  • Why do the professionals need to know the history of Alejandro’s language development?
  • How might learning two languages affect Alejandro’s current learning?
  • What language milestones are of interest? Would Marcus have expected Alejandro to progress through the same language milestones as he was learning Spanish as a child who grew up learning English?

Review the following additional information on the case:

Alejandro’s parents indicated that he had only been exposed to English for one year and his early language development progressed normally. Ms. Carter reported that Alejandro typically uses speech such as, “I put table” or “I go bathroom” rather than “I put my paper on the table” or “May I go to the bathroom, please?” However, his parents reported that Alejandro’s Spanish seemed normal for his age and that he did not have difficulty in tasks not involving language, such as simple math.

Based on your analysis of this additional information, respond to the following, pulling on the research you are learning in your book and course readings:

  • What stage of speech is the teacher describing?
  • Given the history reported, should there be cause for concern regarding Alejandro’s speech or learning ability at this point?
  • Explain the interactionist perspective of language development and what advice would be given to Ms. Carter to help Alejandro from this perspective.

Submission Details

  • By the due date assigned, post your 200- to 300-word response to the Discussion Area.
  • Through the end of the module, review and respond to the questions submitted by at least two of your classmates. Participate in the discussion by asking questions, providing or asking for statements of clarification, and drawing conclusions. Offer your own assessments insights and issues mentioned by your classmates.
  • Support your statements with reasons and reference to readings and research.
  • All written assignments and responses should follow APA rules for attributing sources. Use this APA Citation Helper as a convenient reference for properly citing resources.

Grading CriteriaMaximum PointsQuality of initial posting, including fulfillment of assignment instructions16Quality of responses to classmates12Frequency of responses to classmates4Reference to supporting readings and other materials4Language and grammar4Total:40

Social psychology

Select one of the following classic studies in social psychology. While many of these studies are referenced in Social Beingsyou may need to do additional research using the University Library or other resources.

  1. Solomon Asch’s (1940, 1956) classic work on normative influence and conformity; sometimes referred to as the Asch effect
  2. Stanley Milgram’s (1965, 1974) research on obedience and the situational variables that make obedience to authority more likely
  3. Leon Festinger’s (1957) study of cognitive dissonance or Festinger and Carlsmith’s (1959) work on cognitive dissonance
  4. Henri Tajfel and his colleague’s (1971) work on the impact of minimal groups and ingroup bias
  5. Muzafer Sherif and colleague’s (1961) classic Robbers Cave study, including the concept of shared goals and the contact hypothesis
  6. Darley and Latane’s (1968) study of the bystander effect, including the concept of diffusion of responsibility and the conditions under which people are more or less likely to help
  7. A different classic social psychology study approved by your course instructor

Write a 1,050- to 1,400-word paper about a classic study in social psychology that includes the following information:

  • A summary of the study and how it was conducted
  • An explanation of the study results: What happened? Were there any unexpected findings? What did the authors conclude? What did the results mean, and what are their implications?
  • An explanation of how the concept situationism applies to the study results
  • Answers to the following questions:
    • Do you think the study results might have been different if the participants were from a different cultural, ethnic, or gender group? How so?
    • Do you think the results of the study are important and relevant to contemporary society? Explain.

Format your paper according to APA guidelines.