FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
9th Edition
ISBN: 9781119595724
Author: Kimmel
Publisher: WILEY C
expand_more
expand_more
format_list_bulleted
Question
error_outline
This textbook solution is under construction.
Students have asked these similar questions
Assume that you have finished your MBA program and have applied for a position in the Financial Accounting Department of a large multinational company. The company is struggling with its accounting reporting matters and several accounting reports are under regulatory scrutiny. In the interview board, the recruitment committee members have asked you the following questions.
What have you learnt in the BUS 505 course relating to financial accounting?
How you can contribute the Financial Accounting Department of this company if you are recruited?
Tana Thorne works for a public accounting company and aspires to be a partner one day. Thorne is invited by Allnet Company's management to create a proposal to audit Allnet's financial accounts. When considering the audit charge, Allnet's management offers a price range in which the amount is determined by Allnet's reported earnings. The more the profit, the greater the audit fee paid to Thorne's business. Describe some of the ethical concerns that influenced your recommendation.
1. Explain how the organizations culture would influence the design of a new Accounting Information system for a company.
2. An university has various schools and departments that offer various Degree and Diploma courses. The University has been offering courses through two modes of study that include the Full-Time classes and Evening Classes. The university management has been evaluating the possibility of introducing a new mode of study where the university will offer the students the option of selecting 100% online classes option. The University will deploy this 100% online classes option by using Zoom video conferencing software. Other software’s and platforms that the university will use for the 100% online classes mode like google classroom and other softwares. The university has invited you as an expert of accounting information systems to help in the design and implementation of a new revenue transaction cycle system that will be used for the new 100% online classes option mode…
Knowledge Booster
Similar questions
- If you were given the task of creating a Corporate Code of Ethics. What are some of the items that you would include? Feel free to research corporate websites and view existing corporate code of ethic's reports. Required: Please respond by including at least five items that you would include in your new Corporate code of Ethics.arrow_forwardCompetition and Audit Proposals. Accounting firms are often asked to present “proposals” to companies’ boards of directors. These proposals are comprehensive booklets,accompanied by oral presentations, telling about the firm’s personnel, technology, special qualifications, and expertise in the hope of convincing the board to award the workto the firm.Kourtney Dena has a new job as staff assistant to Selby Michael, chairman of the boardof Granof Grain Company. The company has a policy of engaging new auditors everyseven years. The board will hear oral proposals from 12 accounting firms. This is the second day of the three-day meeting. Dena’s job is to help evaluate the proposals. During thefirst day of meetings, the proposal presented by Eden, Benjamin, and Block was clearlythe best.At the end of the day, Dena sees Michael’s staff chief slip a copy of Eden, Benjamin,and Block’s written proposal into an envelope. He then tells Dena to take it to a friendwho works for Hunt and Hunt, a…arrow_forwardA big construction company has invested food and beverage sector and opened 3 different restaurant in three different city. Senior management has concerns about the internal controls of newly opened restaurants. You have been recruited as an internal auditor and you have to plan your engagement process to audit these restaurants. Please explain the engagement processes in scope of plan, perform and communicate and explain your role as an internal auditor in each step.arrow_forward
- The Cosy Kitchen is a regional chain of coffee shops and bistros that offers customers wholesome, good quality food and drink. It also has function rooms that are available for private events and meetings. Its year end is 30 June 2021. You are the audit manager for Lawler and Co and this is the first year that you have been the auditors. You are currently planning the annual audit for The Cosy Kitchen. There have been a number of significant issues that have been identified during the planning process which are all related to the Covid 19 pandemic. The Cosy Kitchen incurred significant capital expenditure during the year on updating the chain of properties due to the Covid 19 pandemic. All of this cost has been capitalized. The finance director has proposed that this should be depreciated over 5 years using the straight-line method. During a recent lockdown, The Cosy Kitchen were unable to fully open to customers and could only offer a limited takeaway service. They have been left with…arrow_forwardSuppose 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…arrow_forwardAssume that you have finished your MBA program and have applied for a position in the FinancialAccounting Department of a large multinational company. The company is struggling with itsaccounting reporting matters and several accounting reports are under regulatory scrutiny. In theinterview board, the recruitment committee members have asked you the following questions. i. What have you learnt in the BUS 505 course relating to financial accounting?arrow_forward
- You are a CPA and a client has come to you for advice. Mount Rock University has a School of Business. They offer a business degree and have hired full time professors to teach there. The university is seeking to take classes online as a way to expand their brand. Right now all of the online professors will be adjunct professors. Your client is a supervisor at a university that hires professors to teach part-time as adjuncts. Most of the adjuncts will teach between 5-10 classes online each year with each class lasting 8 weeks. The adjuncts will receive a separate contract for each class and get paid $5,000 for each class. The university will enter into an agreement with various professors that teach in their school of business. Here is what the university will offer and here is what the professor is responsible for in the agreement. The university will provide outline of course material to be covered, set up certain timing requirements so that students can view the classes by set days…arrow_forwardAssume that you have finished your MBA program and have applied for a position in the Financial Accounting Department of a large multinational company. The company is struggling with its accounting reporting matters and several accounting reports are under regulatory scrutiny. In theinterview board, the recruitment committee members have asked you the following questions. i. How can you contribute the Financial Accounting Department of this company if you are recruited?arrow_forwardSuppose 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 have expressed an interest in taking on the task. You are required to analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements.arrow_forward
- Tana Thorne works at a public accounting business and aspires to be a partner one day. Thorne is invited to create a proposal to audit Allnet's financial accounts by the company's management. When considering the audit charge, Allnet's management offers a price range in which the amount relies on Allnet's reported earnings. The larger the profit, the higher the audit fee paid to Thorne's business. Describe any ethical factors that influenced your recommendation.arrow_forwardoman oil company omantel company Apple comany McDonald's You have these companies through which answer the following. 1. Write a summary of the most important ethical problems in auditing, finance, or accounting that each company has faced.arrow_forwardTana Thorne works in a public accounting firm and hopes to eventually be a partner. The management of Allnet Company invites Thorne to prepare a bid to audit Allnet’s financial statements. In discussing the audit fee, Allnet’s management suggests a fee range in which the amount depends on the reported profit of Allnet. The higher its profit, the higher will be the audit fee paid to Thorne’s firm. Describe some ethical considerations guiding your recommendation.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Financial Reporting, Financial Statement Analysis...FinanceISBN:9781285190907Author:James M. Wahlen, Stephen P. Baginski, Mark BradshawPublisher:Cengage Learning
Financial Reporting, Financial Statement Analysis...
Finance
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:Cengage Learning