Explain what GAS is and why it is so popular with larger public accounting firms. Discuss the independence issue related to GAS
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- Who uses information from an accounting system? A. Stockholders, investors, taxing authorities, government regulators, and other interested parties use internal reporting for investment and long-range planning. Managers use external reporting for planning and controlling operations and long-range planning. B. Managers use internal reporting for planning and controlling operations, special decision-making, and long-range planning. Stockholders, investors, taxing authorities, government regulators, and other interested parties use external reporting. C. Managers, stockholders, and taxing authorities use internal reporting for planning and controlling operations. Investors, government regulators, and other interested parties use external reporting. D. Managers use internal reporting for planning and controlling operations, special decision-making, and long-range planning. Suppliers and customers use external reporting to plan for…Why does financial accounting have a positive impact on our society? a. It entails a detailed transaction record necessary for filing taxes with the Internal Revenue Service (IRS).b. It allows investors and creditors to redirect their resources to successful companies and away from unsuccessful companies.c. It prevents competitors from being able to steal the company’s customers.d. It provides a system of useful internal reports for management decision making.(Do not provide AI Content otherwise i will dislike) What is a primary focus of performance measurement in public sector accounting? a) Maximizing shareholder wealth b) Achieving profitability c) Enhancing service delivery and accountability d) Minimizing tax liabilities
- What are the impacts of technology towards accounting? What is the role of technology in accounting practices? Has technology disrupted the accounting profession? Why should management accountants leverage technology? Cite and reference your work.Identify any corporate governance issues that hinder smooth financial management that prevail in yourcountry. The presentation mainly highlights the following issues:a) What is it?b) Where it occurs?c) Detailed threats it poses to the business market or specific organization(s).d) Suggest solutions to what can be done.The expectations gap is:\\nSelect answer from the options below\\nwhat financial information management provides and what users want.\\nwhat the governmental agencies want from standard-setting and what the standard-setters provide.\\nwhat the users of financial statements want from the government and what is provided.\\nwhat the public thinks accountants should do and what accountants think they can do.
- An ethical problem may arise for a company expert who is trying to address the needs of people who are interested in financial information.The expectations gap is:a. what financial information management provides and what users want.b. what the public thinks accountants should do and what accountants think they can do.c. what the governmental agencies want from standard-setting and what the standard-settersprovide.d. what the users of financial statements want from the government and what is provided.Why is it important that FINANCIAL accounting provide a common set of standards that are used by all companies in preparing their financial statements? So that income taxes can be collected in a fair and equitable fashion To serve the competitive needs of companies working to uniquely serve specific customers in specific markets To provide standardized data used in computing government statistics So that outsiders can compare financial reports coming from many different companies
- Give three reasons why accountants need to be ethical in their duties in regards to preparation of financial statements. Explain the importance of these ethics to the companycompliance issues for emerging growth companies. Respond to this question: Is SOX so cumbersome that it limits economic growth of new businesses?What are the latest trends and developments in the field of accounting and finance, and how can organizations leverage them to improve financial management practices? Provide examples to support your answerA number of the advisory services investment banks provide for their corporate clients are defined as off-balance-sheet business. One service is placing new issues with institutional investors. Outline the nature of this service and explain why it might be sought after by large corporations
