Answered: Explain how you would use perfomance…

Business

Accounting

Explain how you would use perfomance analysis to identify what, if any, are Tom’s training needs.

Contemporary Auditing

11th Edition

ISBN:9781337650380

Author:KNAPP

Publisher:KNAPP

Chapter4: Ethical Responsibilities Of Accountants

Section4.6: Arvel Smart, Accounting Major

Problem 1Q

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After graduating from Berkeley College and passing your CPA exam, you have opened up an accounting firm that offers tax and consulting services to clients. You have just picked up a new client who is very anxious about his expenses. The client considers his in house accounting services to be too high and he feels that he could save some time and money in that area by telling his accounting staff not to do closing entries. It is your job, in this discussion, to explain to your new client the importance of doing the closing entries and why they are worth doing.
Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you and your group members have expressed an interest in taking on the task. As a group, you are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. See attached Unadjusted Trial Balance and instructions to complete question.
Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you and your group members have expressed an interest in taking on the task. As a group, you are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. The following additional information is available at December 31, 2018: Insurance of $450,000 was paid on May 1, 2018 for the 10-months to February 2019. The furniture and fixtures have an estimated useful life of 10 years…
Beverly Moore is struggling to pass her introductory accounting course. Beverly is intelligent but she likes to party. Studying is a low priority for Beverly. When one of her friends tells her that she is going to have trouble in business if she doesn’t learn accounting, Beverly responds that she doesn’t plan to go into business. She says that she is arts-oriented and plans someday to be a director of a museum. She is in the school of business to develop her social skills, not her quantitative skills. Beverly says she won’t have to worry about accounting because museums are not intended to make a profit. Please answer the following questions: -explain whether you agree or disagree with Beverly's position regarding accounting and not-for-profit organizations. -Distinguish between financial accounting and managerial accounting -Identify some of the stakeholders of not-for-profit institutions that would expect to receive financial accounting reports. -Identify some of the…
1. After graduating from Berkeley College and passing your CPA exam, you have opened up an accounting firm that offers tax and consulting services to clients. You have just picked up a new client who is very anxious about his expenses. The client considers his in house accounting services to be too high and he feels that he could save some time and money in that area by telling his accounting staff not to do closing entries. It is your job, in this discussion, to explain to your new client the importance of doing the closing entries and why they are worth doing. 2. Please tell us about permanent and temporary accounts. Please let us know which financial statement contains the permanent accounts and which one contains the temporary accounts. Please provide an example of the two closing entries.
Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you have expressed an interest in taking on the task. You are required to analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements.
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Comment on the performance of Bart D’Souza’s company. How is the company doing? He is working at this business part-time. Should he quit his other job and work at this full-time? Should he do the opposite – and exit the business? Or, should he stay the course and see how things unfold? What other kinds of information might you want to know to answer these questions?
Mohammed was recently interviewed for an accounting job . His employer told him that the job emphasizes objectivity and verifiability and involves preparing reports to be primarily used by external users. Mohammed is probably going to work as: a. A Financial accountant b. A Human resource manager. c. Management accountant d. None of the given answers e. A Marketing specialist
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THE CONFUSED ACCOUNTANT Yvonne Pillar is a young accountant who came from a poor family. She was recently hired by a big company called Chameleon Co. When it was time to audit the accounting books of the company, Yvonne was instructed by her boss to manipulate the numbers in order to reduce taxes the company will have to pay the government. The company official said that if she would not heed the command, she would be terminated. The employment condition that time was really tight and the chances of finding another job are very minimal. Questions : 1.)if you were Yvonne Pillar, will you obey your boss? Why or why not? 2.) Are morally obligated to follow an order that is illegal?