You’re in charge of accounting at a small company. Your boss stopped you in the hallway and asks you for your thoughts. It’s been a rough year and the financial statements aren’t going to look great. Is there something you can do or suggest to make things look better? Your boss has heard about companies that ‘cook the books’ or do other things to make things better. Maybe you could do the same?
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You’re in charge of accounting at a small company. Your boss stopped you in the hallway and asks you for your thoughts. It’s been a rough year and the financial statements aren’t going to look great. Is there something you can do or suggest to make things look better? Your boss has heard about companies that ‘cook the books’ or do other things to make things better. Maybe you could do the same?
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- Accountingfly Changes How CPAs Get Hired Filling accounting positions, especially at the CPA level, can be a challenge. Until a few years ago, businesses other than the Big 4 firms basically had two options: post openings on general job platforms such as Monster and Indeed, or go through a staffing agency that charged a hefty fee for finding just the right accounting professional. Jeff Phillips, a professional recruiter who previously worked for Monster.com, saw the opportunity to create a job site that caters strictly to accounting and bookkeeping jobs and started Accountingfly.com with brothers John and James Hosman. After studying various industries, the founders decided to focus on accounting because of the “massive imbalance” when it came to recruiting for private and public accountants. In their research, the trio found that most of the talent was snapped up by Big 4 accounting firms, leaving other accounting businesses struggling to find the right experienced people to fill key…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.You should use a financial calculator and Excel to solve the problems. Discuss the differences between efficiency and effectiveness. Why is it important for small business owners to understand the difference between profit and profitability? What financial ratio is used to determine profitability? Sam quit a $30,000-a-year job with a local heating and air conditioning firm to go into business for himself. After his first year in business, his accountant showed him an income statement that indicated Sam’s firm had a profit of $40,000. During this year Sam had drawn a salary of $20,000. What was Sam’s accounting profit, his entrepreneurial profit, and his opportunity cost? Explain the difference between accounting and entrepreneurial profit. Discuss the differences between operating and financial leverage. You are going to open a business making custom cabinets. You can sell each cabinet for $80. It takes a cabinet-maker approximately 45 minutes to make one cabinet. Each…
- The following conversation took place between Durable Construction Co.'s bookkeeper, Kyle Byers, and the accounting supervisor, Sarah Nelson: Sarah: Kyle, I'm thinking about bringing in a new computerized accounting system to replace our manual system. I guess this means that you will need to learn how to do computerized accounting. Kyle: What does computerized accounting mean? Sarah: I'm not sure, but you'll need to prepare for this new way of doing business. Kyle: I'm not so sure we need a computerized system. I've been looking at some of the sample reports from the software vendor. It looks to me as if the computer will not add much to what we are already doing. Sarah: What do you mean? Kyle: Well, look at these reports. This Sales by Customer Report looks like our revenue journal, and the Deposit Detail Report looks like our cash receipts journal. Granted, the computer types them, so they look much neater than my special journals, but I don't see that we're gaining much from this…Accenture (which spun off of former accounting firm Author Anderson) wrote an article entitled "Meet the Finance 2020 Workforce" which suggests that accountants will need to embrace new financial roles to analyze new business opportunities and the ways firms can profit from them. Consider the internal and external business processes and give ideas of how they might allow the accountant to analyze business opportunities and how the firm might profit from them. You can use examples from the text or other companies in the news.Assume that you are currently working as an accountant, and your manager has to take an unexpected sick leave. Because you did very well in your accounting classes, the Senior Accountant asks you to step up and help with the review of reconciliations. What would be your first step? Maybe you would dive right into it, assuming you would figure out what to do as you moved through all the existing reconciliations, or maybe you would ask for a copy of policies and procedures for this task if any exist, so you could find instructions without asking the Senior Accountant constantly what to do. In addition to reviewing reconciliations, you will need to review disclosures to financial statements. How would you know if all the necessary disclosures were prepared and contained correct information?
- I need help with the attached image of an excel sheet. I did great in my first accounting course, but managerial accounting is giving me trouble.You are the finance manager of a firm that manufactures slippers, sandals and shoes. The owner of the business approached you and asked for your opinion on how to save money- in effect increasing profits- without sacrificing the quality of your products. a.) What departments in your company will you tap to gather data that can help you in your analysis? b.) What type of information will you ask them for?Assume you are the management accountant for the Foleo Group. James and Leon have called you and the CFO into a meeting to discuss concerns they have with the number of SliFones that are being returned by customers under warranty. They have pulled some numbers from the accounting system and elsewhere regarding not only the warranty costs, but also other expenses associated with the quality of the phones for the current year. The directors have handed you the below costs and asked you to look into why faulty SliFones are being returned by customers. \table[[Quality Activity,\table[[Cost of Quality],[Activity]]],[Testing phones during production processes,$25,000
- Consider the dilemma you might someday face if you are the chief financial officer of a company that is struggling to maintain a positive cash flow, despite the fact that the company is reporting a substantial positive net income. Maybe the problem is so severe that there is often insufficient cash to pay ordinary business expenses, like utilities, salaries, and payments to suppliers. Assume that you have been asked to communicate to your board of directors about your companys year, in retrospect, as well as your vision for the companys future. Write a memo that expresses your insights about past experience and present prospects for the company. Note that the challenge of the assignment is to keep your integrity intact, while putting a positive spin on the situation, as much as is reasonably possible. How can you envision the situation turning into a success story?Cost Information and Ethical Behavior, Service Organization Jean Erickson, manager and owner of an advertising company in Charlotte, North Carolina, arranged a meeting with Leroy Gee, the chief accountant of a large, local competitor. The two are lifelong friends. They grew up together in a small town and attended the same university. Leroy is a competent, successful accountant but is having some personal financial difficulties after some of his investments turned sour, leaving him with a 15,000 personal loan to pay offjust when his oldest son is starting college. Jean, on the other hand, is struggling to establish a successful advertising business. She had recently acquired the rights to open a branch office of a large regional advertising firm headquartered in Atlanta, Georgia. During her first 2 years, she was able to build a small, profitable practice. However, the chance to gain a significant foothold in Charlotte hinged on the success of winning a bid to represent the state of North Carolina in a major campaign to attract new industry and tourism. The meeting she had scheduled with Leroy concerned the bid she planned to submit. Jean: Leroy, Im at a critical point in my business venture. If I can win the bid for the states advertising dollars, Ill be set. Winning the bid will bring 600,000 to 700,000 of revenues into the firm. On top of that, I estimate that the publicity will bring another 200,000 to 300,000 of new business. Leroy: I understand. My boss is anxious to win that business as well. It would mean a huge increase in profits for my firm. Its a competitive business, though. As new as you are, I doubt that youll have much chance of winning. Jean: Youre forgetting two very important considerations. First, I have the backing of all the resources and talent of a regional firm. Second, I have some political connections. Last year, I was hired to run the publicity side of the governors campaign. He was impressed with my work and would like me to have this business. I am confident that the proposals I submit will be very competitive. My only concern is to submit a bid that beats your firm. If I come in with a lower bid and good proposals, the governor can see to it that I get the work. Leroy: Sounds promising. If you do win, however, there will be a lot of upset people. After all, they are going to claim that the business should have been given to local advertisers, not to some out-of-state firm. Given the size of your office, youll have to get support from Atlanta. You could take a lot of heat. Jean: True. But I am the owner of the branch office. That fact alone should blunt most of the criticism. Who can argue that Im not a local? Listen, with your help, I think I can win this bid. Furthermore, if I do win it, you can reap some direct benefits. With that kind of business, I can afford to hire an accountant, and Ill make it worthwhile for you to transfer jobs. I can offer you an up-front bonus of 15,000. On top of that, Ill increase your annual salary by 20%. That should solve most of your financial difficulties. After all, we have been friends since day oneand what are friends for? Leroy: Jean, my wife would be ecstatic if I were able to improve our financial position as quickly as this opportunity affords. I certainly hope that you win the bid. What kind of help can I provide? Jean: Simple. To win, all I have to do is beat the bid of your firm. Before I submit my bid, I would like you to review it. With the financial skills you have, it should be easy for you to spot any excessive costs that I may have included. Or perhaps I included the wrong kind of costs. By cutting excessive costs and eliminating costs that may not be directly related to the project, my bid should be competitive enough to meet or beat your firms bid. Required: 1. What would you do if you were Leroy? Fully explain the reasons for your choice. What do you suppose the code of conduct for Leroys company would say about this situation? 2. What is the likely outcome if Leroy agrees to review the bid? Is there much risk to him personally if he reviews the bid? Should the degree of risk have any bearing on his decision?Assume you have been hired by Hilton Hotels and Resorts. As part of your new role in the accounting department, you have been tasked to set up a responsibility accounting structure for the company. As your first task, your supervisor has asked you to give an example of a cost center, profit center, and an investment center within the Hilton organization. Your supervisor is a little unsure of the difference between a profit center and investment center and would like you to explain the difference.