There are two major divisions of finance in a corporation Controller and Treasurer. Provide 4 job descriptions that fall under each of the two divisions. Provide 5 characteristics of Sole Proprietorship/Part
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There are two major divisions of finance in a corporation Controller and Treasurer. Provide 4 job descriptions that fall under each of the two divisions.
- Provide 5 characteristics of Sole Proprietorship/Partnership and 5 characteristics of a Corporation.
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- BOR CPAs, Inc. is a closely held corporation owned by three stockholders who used the initials of their last names to form the corporation’s name: Cyrus Bailey, John Ogden, and Samuel Rogers. The firm’s Certified Public Accountants (CPAs) perform audits of both public companies and privately owned companies. BOR’s CPAs also provide tax services to both individuals and businesses. The corporation is divided into two profit centers: the Audit Division and the Tax Division. Each division is composed of two cost centers. The Audit Division is composed of two cost-center departments: Public Company Audits and Private Company Audits. The Tax Division is composed of two cost-center departments also: Individual Tax and Business Tax. BOR, a decentralized organization, is interested in evaluating the performance of the two divisions. The stockholders are responsible for deciding on investment in the two divisions. Cyrus Bailey is in charge of the performance evaluation, and turns to you for…BOR CPAs, Inc. is a closely held corporation owned by three stockholders who used the initials of their last names to form the corporation’s name: Cyrus Bailey, John Ogden, and Samuel Rogers. The firm’s Certified Public Accountants (CPAs) perform audits of both public companies and privately owned companies. BOR’s CPAs also provide tax services to both individuals and businesses. The corporation is divided into two profit centers: the Audit Division and the Tax Division. Each division is composed of two cost centers. The Audit Division is composed of two cost-center departments: Public Company Audits and Private Company Audits. The Tax Division is composed of two cost-center departments also: Individual Tax and Business Tax. BOR, a decentralized organization, is interested in evaluating the performance of the two divisions. The stockholders are responsible for deciding on investment in the two divisions. Cyrus Bailey is in charge of the performance evaluation, and turns to you for…Who makes the financial decisions for a corporation? Select one: a. Financial accountant. b. Corporate finance manager. c. Hedge fund manager. d. Assistant accountant.
- The compensation package of the Vice-President for Finance of corporation was:The following are part of the responsibilities of a treasurer except a Capital raising b Investment management c Financial statements preparation d Development and management of company’s credit policyThe controller of a corporation: reports to the CFO and is in charge of the finance side of the business reports to the CFO and is in charge of the accounting side of the business reports to the CEO and implements all cash policies reports to the board of directors
- One Person Corporation (OPC) special feature is __________________: (A)There must be a by-laws which is required; (B) The single stockholder shall be the sole Director and President of the corporation; (C) There must be a Treasurer and Secretary; (D) There is a Board of Directors; (E) There is unlimited liabilityPower Sports Company has two divisions, Wholesale and Retail, and two corporate service departments, Tech Support and Accounts Payable. The corporate expenses for the year ended December 31, 20Y7, are as follows: Tech Support Department $1,146,600 Accounts Payable Department 522,000 Other corporate administrative expenses 717,000 Total corporate expense $2,385,600 The other corporate administrative expenses include officers' salaries and other expenses required by the corporation. The Tech Support Department charges the divisions for services rendered, based on the number of computers in the department, and the Accounts Payable Department charges divisions for services, based on the number of checks issued. The usage of service by the two divisions is as follows: Tech Support Accounts Payable Wholesale Division 480 computers 6,100 checks Retail Division 300 11,300 Total 780 computers 17,400 checks The service department charges of the Tech Support…Explain the appropriate goals of financial management for a company that runs under corporation form of business
- Stockholders of a corporation directly elect thea. chairperson of the board.b. board of directors.c. president of the corporation.d. chief financial officer.Define the branches of accounting of the following: 1.preparation of general purpose financial statement. Answer:____________ 2.evaluation of the performance of a sales department. Answer:___________ 3.develop standards to address a new business set up. Answer:____________ 4.review tax compliance of the business. Answer:_________ 5.evaluate whether a branch of the business complies with the collection and deposit policy of the company. Answer:_________ 6.review whether the financial statement are presented fairly and in compliance with accounting standards. Answer:_________ 7.report on the spending of government funds. Answer:__________ 8.report on the total cost of materials and labor used in the production. Answer:________ 9.conducting lectures on accounting topics. Answer:___________What position is typically responsible for general financial accounting, managerial accounting, and tax reporting? Controller Treasurer CFO Audit committee
