Watering Can Inc. To: Melanie From: Serena Son, CPA, Director of Accounting RE: SOLVING THE FINANCIAL ISSUES OF WATERING CAN INC. My role as a director of accounting is to help you, Melanie, with identifying the significant weakness in the company’s internal control, when to recognize the revenue, how to manage the inventory efficiently, and how to make allowance for bad debt accounts. Based on every issue that is addressed above, I will make recommendations for improvements and solutions. USERS
Fall 2011 Mock Entrance Examination 1 Solutions © 2011 Certified Management Accountants of Ontario. All rights reserved. ®/™ Registered Trade-Marks/Trade-Marks are owned by the Certified Management Accountants of Ontario. No part of this document may be reproduced in any form without the permission of the copyright holder. Fall 2011 – Mock Entrance Examination 1 TABLE OF CONTENTS Examination: Answer Key ................................................................................
© 2013 The Society of Management Accountants of Canada. All rights reserved. ®/™ Registered Trade-Marks/Trade-Marks are owned by The Society of Management Accountants of Canada. No part of this document may be reproduced in any form without the permission of the copyright holder. MODULE 1, ASSIGNMENT 1 August 30, 2013 Topic: Performance Management Overview Welcome to Module 1. If you have not already done so, read the Program Manual located in the Reference Material section of the CMA Canada
CHAPTER 3 The Accounting Cycle QUESTIONS Q3-1. Much more judgement is required for accrual accounting than for cash accounting because there is greater uncertainty at the time events are recorded in the accounting system. There is no uncertainty around the point in time when the cash is paid or collected. Accrual accounting records economic events, not cash flows. When an economic event occurs can be ambiguous. It’s less certain when revenue has been earned than when cash is received. It