Chapter 1, Problem 2RP

Below are possible career opportunities for those earning a degree in accounting. Indicate whether the statement related to each career is true or false.(True/False) Someone earning a degree in accounting could pursue the following career:1. ________ Auditor2. ________ Tax preparer3. ________ Business consultant4. ________ Financial planner5. ________ Forensic investigator6. ________ Tax planner7. ________ Financial analyst8. ________ Information technology developer9. ________ Investment banker10. ________ Tax lawyer11. ________ FBI agent12. ________ Information risk manager

Which of the following professional services would be considered an attestationengagement?(1) Advocating on behalf of a client about trust tax matters under review by theInternal Revenue Service.(2) Providing financial analysis, planning, and capital acquisition services as apart-time, in-house controller.(3) Advising management in the selection of a computer system to meet business needs.(4) Preparing the income statement and balance sheet for one year in the future basedon client expectations and predictions.

Research the topic "data analytics". After completing the research: Describe the understanding of data analytics. Be sure to include its impact on the accounting community and financial accounting specifically. Why does one think it is a major focus of the updated CPA exam?

This branch involves the preparation of tax returns and the rendering of tax advice to clients, such as determination and verification of tax consequences, the effect of taxes in the business operations, tax minimization through legal means, and the like. Select one: a. Financial accounting b. Auditing c. Fiduciary accounting d. Tax accounting         Which of the following would be classified as external users of financial statements? Select one: a. The creditors and stockholders of the company b. The company marketing managers c. The controller of the company and a company's stockholders d. Stockholders and management of the company         Accounting involves communication. Select one: a. False b. True

Task 1. Think of situations or scenarios where the services of each brank of private accounting can be stated or explained.   SCENARIO 1 (focus on Financial Accounting) _______________________________________________________________________ SCENARIO 2 (focus on Cost Accounting) ________________________________________________________________________ SCENARIO 3 (focus on budgeting) ________________________________________________________________________ SCENARIO 4 (focus on Accounting Information System) ________________________________________________________________________ SCENARIO 5 (focus on Tax Accounting) _________________________________________________________________________.

You are in the tax department at a large public accounting firm and you are working with your new client, Big Corporation.  Big Corporation prepares their financial statements (Book Income) based on US Generally Accepted Accounting Principles (GAAP).  The Controller is very familiar with GAAP accounting but is unsure about this need to adjust Book Income to Taxable Income and wants to understand it better.  You have already identified five questions that the Controller has concerning these Book to Tax Differences from your first meeting.  You are planning to meet again with the Controller to discuss those listed five items identified below, Items 1 to 5.  For that upcoming meeting, please write in a paragraph or so for each item (i.e. 1, 2, 3, 4 and 5) so you can be prepared to verbally discuss with the Controller each item.  There is no need for any references to tax law and do not worry about grammar or spelling since this will be your notes only for the upcoming discussion and the…

You are in the tax department at a large public accounting firm and you are working with your new client, Big Corporation.  Big Corporation prepares their financial statements (Book Income) based on US Generally Accepted Accounting Principles (GAAP).  The Controller is very familiar with GAAP accounting but is unsure about this need to adjust Book Income to Taxable Income and wants to understand it better.  You have already identified five questions that the Controller has concerning these Book to Tax Differences from your first meeting.  You are planning to meet again with the Controller to discuss those listed five items identified below, Items 1 to 5.  For that upcoming meeting, please write in a paragraph or so for each item (i.e. 1, 2, 3, 4 and 5) so you can be prepared to verbally discuss with the Controller each item.  There is no need for any references to tax law and do not worry about grammar or spelling since this will be your notes only for the upcoming discussion and the…

You are in the tax department at a large public accounting firm and you are working with your new client, Big Corporation.  Big Corporation prepares their financial statements (Book Income) based on US Generally Accepted Accounting Principles (GAAP).  The Controller is very familiar with GAAP accounting but is unsure about this need to adjust Book Income to Taxable Income and wants to understand it better.  You have already identified five questions that the Controller has concerning these Book to Tax Differences from your first meeting.  You are planning to meet again with the Controller to discuss those listed five items identified below, Items 1 to 5.  For that upcoming meeting, please write in a paragraph or so for each item (i.e. 1, 2, 3, 4 and 5) so you can be prepared to verbally discuss with the Controller each item.  There is no need for any references to tax law and do not worry about grammar or spelling since this will be your notes only for the upcoming discussion and the…

What is the primary objective of assurance services? To provide expert advice and recommendations for improving business processes. To assist in the preparation and filing of tax returns. O To evaluate and provide an opinion on the reliability of information. O To ensure compliance with legal and regulatory requirements.