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4 Jun 2018

Is there ever time when critical thinking is not necessary?

Explain how individuals may increase critical thinking skillsand what steps the person would take to do it.

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Beverley Smith
Beverley SmithLv2
4 Jun 2018

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Paul and Elder (2009) have defined critical thinking as: the art of analyzing and evaluating thinking with a view to improving it. The authors describe eight Elements of Thought involved in critical thinking:

Purpose (all reasoning has a purpose – goals, objectives)

Question at issue

Assumptions (presuppositions, axioms, line of reasoning, information taken for granted)

Point of View

Information (data, evidence)

Concepts and Theories

Interpretation and Inference (conclusions, solutions)

Implications and Consequences

When defining a subject, Nosich (2012) believes it starts with a “fundamental and powerful concept”.

The fundamental and powerful concept of Auditing is “Investigation”.

Auditing involves an analysis (or an “investigation”) of the financial statements in order to issue an opinion of whether they are presented fairly in accordance with appropriate standards.

Required: In several paragraphs, answer the following questions.

“Internal Controls” are discussed throughout the Auditing course. We will examine various methods of “investigating” internal controls in order to understand the important role that they play in the Auditing process. Even though it is the very beginning of the course, it is important that you start to form your own definition of internal control. Answer the questions in the prompts below to help you define and describe internal control:

The assumptions of internal control are that in order for a business process to be effective, there must be separation of duties among authorization, custody and recording of transactions. How are those controls put in place in the Sales / Accounts receivable process? To answer this question, discuss how each of those components occurs in each of the following areas (rely on your own experience as a customer and/or the rules of accounting that you already know about how a sales / accounts receivable transaction is supposed to work):

The sale

Shipping

Billing

Collection

As the auditor, how would you determine whether the process is working correctly?

What actions or events would occur if you assume the process is working correctly when it is not?

What actions or events would occur if you assume the process is not working correctly when it is actually doing so?

Alice wants to buy bonds, but her husband, Pete, thinks stocks would be a better deal. Pete was watching a finance show on TV that said stocks would be going up and that now is the time to buy stock. He called Alice over and said, "I told you so." Alice told her husband that it was no time to take a risk with their money. Do you think Pete is correct in his thinking?

Financial and Managerial Accounting Text 15th Edition Jan WilliamsChapter 21

Case 21.2 - Critical Thinking Cases - Page 957

McFriendly Software recently developed new spreadsheet software,Easy-Calc, which it intends to market by mail through ads incomputer magazines. Just prior to introducing Easy-Calc, McFriendlyreceives an unexpected offer from Jupiter Computer to buy allrights to the software for $10 million cash.
Instructions
A. Is the $10 million offer "relevant" financial information?
B. Describe McFriendly's opportunity cost if it (1) acceptsJupiter's offer and (2) turns down the offer and markets Easy-Calcitself. Would these opporunity costs be recorded in McFriendly'saccounting records? If so, explain the journal entry to recordthese costs.
C. Briefly describe the extent to which the dollar amounts of thetwo opportunity costs described in part b are known to managementat the time the decision is made to accept or reject Jupiter'soffer.
D. Might there be any other opportuntiy costs to consider at thetime of the making this decision? If so, explain briefly.

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