Business Management 1_2 - U2 AOS1&2

The IMA definition of management accounting states thata. management accounting is the process of gathering, reporting, and analyzing information for management decision making.b. management accounting is a profession that involves preparation and analysis of cost information,budgeting, and performance measurement and analysis to assist managers in decision making.c. management accounting involves partnering in management decision making, planning, and performance measurement to assist in the formulation and implementation of an organization’s strategy.d. management accounting is a set of practices in which accountants, working within companies,help managers to make better decisions based on accurate financial information.

During class Professor Jenkins' discussed ethics in depth. Which of the following bodies of rules apply to accountants in tax practice: O Treasury Circular 230 O AICPA Statements on Standards for Tax Practice ("SSTS") O AICPA Code of Professional Conduct ASC Topic 740 Accounting for Income Taxes O All are applicable standards to accountants in tax practice.

Please do not give solution in image formate thanku.  What are the ethical virtues of your role? File financial reports on time Cultivate strong relationships in the financial community Demonstrate uprightness with others Promote the best interests of Benevolent Insurance Anticipate changes in business conditions and plan and prepare accordingly Clearly communicate financial results to all appropriate audiences Ensure the accuracy of reports and analyses Do your job to the best of my ability Demonstrate moral courage Hire and develop competent, committed people Exhibit honesty Care for employees

Which of the following is true of government accountants in the United States? Question 15Select one: a. They perform a narrow set of accounting functions solely for federal government agencies. b. They help ensure that a nation's banks and other financial institutions comply with the rules and regulations controlling their behavior. c. They do not need to adhere to the generally accepted accounting principles. d. They provide services such as tax preparation, external auditing, or management consulting to clients on a fee basis.

32) Which threat may occur when a professional accountant may be deterred from acting objectively by threats, actual or perceived? a) Self-review threats b) Self-interest threats c) Intimidation threats d) Advocacy threats

Bring out the need and importance of Social Accounting from the given options; (1) Only commercial aspects of a business are not enough (2) Consideration towards people needs to be considered (3) Social irresponsibility is not tolerated as people are aware of rights and responsibilities via government rules (4)The company must accept its obligation to be socially responsible and to work for the larger benefit of the community. a. Only 1, 2 and 3 b. All the given options are to be considered c. Only 3 and 4 d. Only 1, 2 and 4 Clear my choice

Independent auditing can best be described as(1) a branch of accounting.(2) a discipline that attests to the results of accounting and other functional operationsand data.(3) a professional activity that measures and communicates financial and business data.(4) a regulatory function that prevents the issuance of improper financial information.

Why are visual aids (graphics) important in formal business reports?

What are the five phases of the audit opinion formulation process?  Use the illustration below to help you answer this question.

H1. Account Newspaper headlines frequently highlight instances where business professionals are accused of engaging in unethical behavior. Are ethics important to the conduct of management accountants? Why or why not?

Due to the possibility of serious misstatements as a result of fraud (fraud risk), an audit of financial statements conducted in line with generally accepted auditing standards should be conducted with (1) professional scepticism. (3) unbiased judgement. (2) self-reliant integrity. (4) unbiased conservatism

3. In preparing for an integrated report, and the cost outweigh the benefit, can still integrated reporting be opt? Explain.

5/Management accounting provides valuable services to management by performing: a. Planning b. Controlling c. Coordinating d. All managerial functions

Accounting You are the financial controller of a large manufacturing organisation and intend to approach the human resources (HR) manager seeking to create two new positions: a financial accountant and a management accountant. Required: 1. Prepare a briefing document for the HR manager which explains the differences between these two roles.

Define 5 procedures an auditor should perform to collect relevant information for his or her decision before accepting an engagement

4. If a shareholder wanted to know how money flowed into and out of the company, which financial statement would the shareholder use? A. income statement B. statement of cash flows C. statement of retained earnings D. balance sheet   5. The debit side of an account A. is the left side of the account B. can be either side of the account depending on how the accountant set up the system C. is the right side of the account D. depends on whether the account is an asset, liability, or stockholders' equity   6. The process of initially recording a business transaction is called A. journalizing B. correcting C. balancing D. posting

true or false   8. Company's confidential information can be considerably more valuable than information about credit cards.

"The financial manager should have sound knowledge not only in finance but also well versed in other areas of activity", is a function of: a. Acquiring necessary capital O b. Inter-relation with other departments c. Making investments O d. Cash management

Ever heard of Art Buchwald? He was a famous writer for the Los Angeles Times and is credited writing certain movie scripts. One script was for the movie "Coming to America" for which he won a lawsuit against Paramount Studios. Art Buchwald claimed that he never knew a movie that made money - a reference to the unique accounting methods studios had. More about that some another time. A few years back, before everything went digital, movies were shown in theatres via 35mm reels. These reels were the size of a small car tire. Each reel (called a duplicate because they duplicated the master copy) may cost up to $1500 and some movies needed two reels. If a movie was thought to be a potential hit the distribution arm of the studio would arrange for the movie to be sent to 2000-2500 movie theatres all over the nation. So, you see this would be a major cost to the production company. Studio's set up a job cost system for each movie and kept track of all production costs and revenue…

Recall the last time you ate at an expensive restaurant where you paid the bill. Now think about the last time you ate at a similar restaurant, but your parents paid the bill. Did you order more food (or more expensive food) when your parents paid? Explain how this relates to the agency problem in corporations. (Select all the choices that apply.) A. Your situation could never lead to an agency problem since your parents would only want the best for you. B. In both situations there may be a lack of interest in controlling costs if those costs are not borne directly by the person making the decision. C. While you may be faced with an agency problem (spending more when your parents are buying than you would if you were paying), corporate managers are seldom faced with such decisions. D. The agency problem leads an individual (in your case) and corporate managers (in the corporate setting) to put their own self-interest ahead of the interests of the shareholders (your parents in your…

Explain the differences and similarities between financial statements, compliance and operational audits. Provide a unique example as to WHY a company may require a financial statement audit, compliance audit and operational audit

The section of the annual report titled "Management Discussion and Analysis" is: Multiple Choice Required by the Securities and Exchange Commission (SEC). Not required, but it may be included by management. Required by generally accepted accounting principles (GAAP). Reported to the Securities and Exchange Commission (SEC), but it is not included in the annual report.

{Auditing} 40. In June 2005, IESBA issued a revised Code of Ethics for Professional Accountants. What does the term IESBA stands for? a. Integrity and Ethics Standards Board for Accountants b. Institutional Ethics Standards Board for Auditor c. Internal Ethics Standards Board for Auditor d. International Ethics Standards Board for Accountants

1. Data scientists are a necessary component to ensure an organization's business intelligence and analytics efforts are effective because they _____.     certify that data is fit for use and stored, secured, and processed correctly     are responsible for making the decisions needed to gain a competitive advantage     pull together knowledge of the business and data analytics tools and techniques     supervise the individuals responsible for fixing and preventing issues with data

19-Information systems are designed to support companies as a whole, departments, and employees. List and describe one type of information system that supports each one of the mentioned categories.

Which of the following best describes the operational audit?(1) It requires the constant review by internal auditors of the administrative controls as they relate to the operations of the company.(2) It concentrates on implementing financial and accounting control in a newlyorganized company.(3) It attempts and is designed to verify the fair presentation of a company’s resultsof operations.(4) It concentrates on seeking aspects of operations in which waste could be reducedby the introduction of controls.

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what short-term and long-term objectives should Company A set to reduce the number of resignations submitted by top-level managers and employees

The following data was gathered during one of the recent audits of Cash Disbursement Section. One of the findings was on the outdated Delegation of Authority to policy. In preparing a report of the findings, identify the elements of an audit findings for each data (in order). 1. The delegation authority is updated biannually and not when changes in personnel or responsibilities of authorized individuals occur. 2. The delegation of authority policy list three individuals who are no longer with the company. Additionally, four individuals were identified who are new in their positions that should have disbursement authority, but are not listed in the policy. 3. Disbursements may be made that are not in accordance with management's or BOD's direction. 4. Authority over the disbursement of funds should only be delegated to individuals whose responsibility justify such authority. O Cause, Effect, Condition, Criteria O Condition, Effect, Cause, Criteria O Cause, Condition, Effect,…

For each of the following, journalize the necessary adjusting entry: (a)  A business pays weekly salaries of $22,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the fiscal period, assuming that