How would you know if all the necessary disclosures were prepared and contained correct information?
Q: You are the staff accountant working at a local tutoring center. The monthly financial statements…
A: Accounting equation represents that the total asset of the entity equal to its Liability and…
Q: Mr. Abdullah is an auditor in XYZ LLC. His job is to see the correctness of financial statements and…
A: Auditing is the process of checking the accuracy and reliability of financial accounts. The auditing…
Q: Madison Thorne works in a public accounting firm and hopes to eventually be a partner. The…
A: In case, Thorne accepts the condition for audit fee, it leads to a compromise of auditor’s…
Q: Karen Sepan, a recent graduate of the local state university, is presently employedby a large…
A: Financial reporting: Financial reporting is the procedure to communicate the information obtained…
Q: You are currently working in a mid-tier accounting firm. In an engagement meeting with a client, the…
A: Introduction: The audit agreement should only be accepted when the auditor is free to perform his…
Q: Assume that you are the chairman of the Department of Accountancy at Mountain State University. One…
A: The following case is assessed for Dr.Cruz by the Chairman of the Mountain State University.
Q: After graduating from Berkeley College and passing your CPA exam, you have opened up an accounting…
A: Note: "Since you have asked multiple question, we will solve the first question for you. If you want…
Q: The CEO of the Baker Inc, wants to implement a new accounting system, to improve work flow through…
A: Internal audit means the service of audit independently in order to determine the internal controls…
Q: You are a Senior Manager in Federer & Co, a firm of Chartered Certified Accountants offering audit…
A: 1. At this point, Federer & Co.’s self-interest will be at threat. The principle of objectivity…
Q: You are the management accountant at Xero Ltd and have been trying to persuade your boss, the…
A: The traditional role of management accountant had revolved around the contour of a) planning i.e.,…
Q: My own business experience supports this statement. By the time individuals have a few years of…
A: The question is related to the Marginal Costing. The detailed Income Statement is given for the…
Q: You are the chief information officer for a midsized organization that has decided to implement an…
A: ERP: Enterprise resource planning is management software that helps in integrating all the…
Q: You are currently working in a mid-tier accounting firm. In an engagement meeting with a client, the…
A: The audit agreement should only be accepted when the auditor is free to perform his roles. An…
Q: You are a newly hired junior auditor in a small auditing firm. A more senior auditor has been on…
A: Ans. An auditor must try to meet the ethical principles like, confidentiality, objectivity,…
Q: You have just picked up a new client who is very anxious about his expenses. The client considers…
A: Closing entries are very important in the business to close accounts for a particular year. There…
Q: Tana Thorne works in a public accounting firm and hopes to eventually be a partner. The management…
A: Audit: Audit is the process of verification of the compliance of the financial statements. It…
Q: Appointing a person as your agent via a power of attorney can be extremely important and practical…
A: Power of attorney provides right to an individual to assign or appoint a person to act in its own…
Q: Based on the given scenario, outline your response to the management's proposal and mention any…
A: In the given case scenario, the management has proposed to use data warehouse instead of operational…
Q: Your public accounting practice is located in a city of 15,000 people. The majority of your work,…
A: Performance Principle: The fundamental principle which states the general quality standard for the…
Q: Mr. Adil is appointed in BAC construction works as an internal auditor. One day their head of…
A: The answer for the multiple choice question and relevant explanation are presented hereunder :
Q: i! I am _______ (yourname) a Certified Public Accountant and I owned _____________ (name of your…
A:
Q: What have you learnt in the BUS 505 course relating to financial accounting? How you can contribute…
A: BUS is the acronym for business units. There are different types of business units which require…
Q: Assume that you have finished your MBA program and have applied for a position in the Financial…
A: i) Contribution is the amount of earnings remaining after all direct costs have been subtracted from…
Q: Outline your response to the management’s proposal and mention any concerns you might have.
A:
Q: Tana Thorne works in a public accounting firm and hopes to eventually be a partner. The managementof…
A: Audit: Audit is the process of verification of the compliance of the financial statements. It…
Q: Suppose you are a part of a group of students from a prominent university and were sent out as a…
A: Adjusting entries: These entries are passed at the end of a particular accounting or financial year…
Q: Imagine that you are the new department manager of a corporation within your chosen field: you…
A: Audit: Auditing is the systematic verification of the books of accounts and the voucher documents to…
Q: sements from the firm. According to the understanding and acceptance of the basic principles and…
A: Marketing managers should be informed about it by the accounts and finance manager or controller.…
Q: You have recently been engaged as an accounts officer in a well-recognized organisation and the…
A: Following are the five personal qualities of an accountant: Service-oriented Mindset Innovativeness…
Q: You are currently working in a mid-tier accounting firm. In an engagement meeting with a client, the…
A: Once, when the auditor is free to perform his roles, then the audit agreement can be accepted. An…
Q: Assume that you have finished your MBA program and have applied for a position in the Financial…
A: It's going on! You're at long last welcome to meet for that bookkeeping job you've been looking for.…
Q: "Dennis Jones, an old college friend, contacted you last week. Dennis owns several car washes, and…
A: Fraud is an intentional wrongful or criminal act by a person for his/her personal gain.
Q: You are the staff accountant working at a local tutoring center. The monthly financial statements…
A: The balance sheet is crucial because it informs the business and other interested parties about its…
Q: You are a public accountant with many small business clients. During a recent visit to a client’s…
A:
Q: i) A young graduate has just been employed as the Receivable Officer, responsible for billing of…
A: Accountant jobs require a high level of precision as well as prudence. They work in a conscientious…
Q: You have recently become Head of Finance at Bhawan & Company, a company which provides catering…
A: The professional ethics represents the professional behavior of the employees or professionals such…
Q: Mr X, head of the accounting department, conducted a meeting with a system professional, Miss…
A: This answer may vary from person to person. However a general opinion is devised based on…
Q: Suppose you are a part of a group of students from a prominent university and were sent out as a…
A: Adjusting entries: These entries are passed at the end of a particular accounting or financial year…
Q: Ana Chavarria, front office manager at The Times Hotel, has completed a revenue management semi- nar…
A: The suggestion to Ana are as follows:
Q: Assume that you have finished your MBA program and have applied for a position in the Financial…
A: Financial accounting is a method of accounting concerned with the chronicling, summarizing,…
Q: Why do you think it is common for new CEOs to uncover some problems with the financial statements…
A: Accounting is the process of recording financial transactions that affect a company. The accounting…
Q: You are a Senior Manager in Federer & Co, a firm of Chartered Certified Accountants offering audit…
A: In this scenario, the ethical principle affected will be independence. The auditing firms are…
Q: E CONFUSED ACCOUNTANT Yvonne Pillar is a young accountant who came from a poor family. She was…
A: Business ethics seems to be the discipline of determining what is correct, incorrect, and acceptable…
Q: Answer each of the questions below. Due by Wednesday at 11:59 pm. What are a few of the main…
A: “Hey, since there are multiple questions posted, we will answer only one question as per our…
Assume that you are currently working as an
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- What Would You Do? You are responsible for preparing all of the journal entries for Regional Financial Services. You have correctly prepared the following entry for financial services provided on December 15: Your boss has asked you to change the date from December 15 to January 15 so that the business’s profit, and thus taxes, would be lower. Are you allowed to do this? What is your response to your boss? How should you handle this situation?Assume you are employed as the chief financial officer of a corporation and are responsible for preparation of the financial statements, including the adjusting process and preparation of the adjusted trial balance. The company is facing a slow year, and after your adjusting entries, the financial statements are accurately reflecting that fact. However, as you are discussing the matter with your boss, the chief executive officer (CEO), he suggests that you have the power to make further adjustments to the statements, and that you should use that power to adjust the profits and equity into a stronger position, so that investor confidence in the companys prospects will be restored. Write a short memo to the CEO, stating your intentions about what you can and/or will do to make the financial statements more appealing. Be specific about any planned adjustments that could be made, assuming that normal period-end adjustments have already been reflected accurately in the financial statements that you prepared.Assume that you are the controller of a business that provides legal services to clients. Suppose that the company has had a tough year, so the revenues have been lagging behind, based on previous years standards. What would you do if your boss (the chief executive officer [CEO] of the company) asked to reclassify a transaction to report loan proceeds of $150,000 as if the cash came from service fee revenue from clients instead. Would following the CEOs advice impact the companys accounting equation? How would reclassifying this one transaction change the outcome of the balance sheet, the income statement, and the statement of retained earnings? Would making this reclassification change the perception that users of the financial statements would have of the companys current year success and future year potential? Write a memo, detailing your willingness (or not) to embrace this suggestion, giving reasons behind your decision. Remember to exercise diplomacy, even if you must dissent from the opinion of a supervisor. Note that the challenge of the assignment is to keep your integrity intact, while also keeping your job, if possible.
- Assume you are a senior accountant and have been assigned the responsibility for making the entries to close the books for the year. You have prepared the following four entries and presented them to your boss, the chief financial officer of the company, along with the company CEO, in the weekly staff meeting: As the CEO was reviewing your work, he asked the question, What do these entries mean? Can we learn anything about the company from reviewing them? Provide an explanation to give to the CEO about what the entries reveal about the companys operations this year.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.You are a accountant, working for a small firm of accountants and report to the Accounts’ Manager. One of the trainees recently joined your company, and the Accounts’ Director has asked her to provide information on her previous company’s client base. This information would then be used to attract new clients and encourage them to change their accountants and move to your firm. This will increase the revenue of the firm. What advise will you give the trainees? Inform the trainee that she should keep confidentiality and should not reveal any information about her previous clients. Advise the trainee to contact her old employer and obtain permission to use the information on their client base. Advise the trainee that she should be loyal towards her new employer and should therefore provide the information to the Accounts’ Director as requested. Inform the trainee that revealing such information is illegal, and that it is a crime under the regulations
- 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 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…
- You are a public accountant with many small business clients. During a recent visit to a client’s business, the bookkeeper approached you with a problem. The columns of the trial balance were not equal. You helped the bookkeeper find and correct the error, but believe you should go one step further. Write a memo to all of your clients that explains the purpose of the double-entry framework, the importance of maintaining the equality of the accounting equation, the errors that might cause an inequality, and suggestions for finding the errors.You are a Senior Manager in Federer & Co, a firm of Chartered Certified Accountants offeringaudit and assurance services mainly to large, privately owned companies. The firm has suffered from increased competition, due to two new firms of accountants setting up in the same town. Several audit clients have moved to the new firms, leading to loss of revenue, and an over staffed audit department. Ann Agassi, one of the partners of Federer & Co, has asked you to consider how the firm could react to this situation. Several possibilities have been raised for your consideration: 1. Several audit clients are experiencing staff shortages, and it has been suggested that temporary staff assignments could be offered. It is envisaged that a number of audit managers could be seconded to clients for periods not exceeding six months, after which time they would returnto Federer & Co. Required: Identify and explain the fundamental ethical principle and ethical threat involved for Federer…You are a Senior Manager in Federer & Co, a firm of Chartered Certified Accountants offering audit and assurance services mainly to large, privately owned companies. The firm has suffered from increased competition, due to two new firms of accountants setting up in the same town. Several audit clients have moved to the new firms, leading to loss of revenue, and an over staffed audit department. Ann Agassi, one of the partners of Federer & Co, has asked you to consider how the firm could react to this situation. Several possibilities have been raised for your consideration: 1. Nadal Co, a manufacturer of electronic equipment, is one of Federer & Co.’s audit clients. You are aware that the company has recently designed a new product, which market research indicates is likely to be very successful. The development of the product has been a huge drain on cash resources. The Managing Director of Nadal Co has written to the audit engagement partner to see if Federer & Co…
