8-2 Discussion Professional Relevance of Financial Accounting

Assume 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. How can you contribute the Financial Accounting Department of this company if youare recruited?

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 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?

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…

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…

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.

Adrianna has been hired as an accounting coordinator at a new dermatology office. During a meeting with all staff, she learned that the office had a potential investor that was interested in helping to expand the practice. Adrianna knows that all public corporations are required to issue annual reports. She recalls that these reports can be used by the public to learn about the company’s financial well-being and their internal control procedures. Why is it important for this potential investor to review the practice’s internal control procedures prior to investing in the practice? Write a response of at least 250 words

Assume 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. How can you contribute the Financial Accounting Department of this company if youare recruited? (PLEASE DO NOT GIVE OTHER OR EXISTING ANSWER OF BARTLEBY)

Assume 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?

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?

Your public accounting practice is located in a city of 15,000 people. The majority of your work, conducted by you and two assistants, consistsof compiling clients’ monthly statements and preparing income tax returns for individuals from cash data and partnership returns from books and records. You have a small number of audit clients; given the current size of your practice, you generally consider it a challenge to accept new audit clients.One of your corporate clients is a retail hardware store. Your work for this client has been limited to preparing the corporate income tax return from a trial balance submitted by the bookkeeper.On December 26, you receive from the president of the corporation a letter containing the following request:We have made arrangements with First National Bank to borrow $500,000 to finance the purchase of a complete line of appliances. The bank has asked us to furnish our auditors’ certified statement as of December 31, which is the closing date of our…

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.

Please solve very soon completely Your client, Edward Bolleni, CPA has recently left his Big Four position and is “out on his own”. After preparing tax returns for the 2017 tax year, Mr. Bolleni has decided to operate his own accounting firm. Mr. Bolleni wants limited liability protection in his operations as an accountant, as well as, liability protection from any accidents or slip and falls that would occur in his accounting office. Mr. Bolleni has an accounts receivable worth $50,000 for tax preparation fees for the 2017 tax year, as well as, an interest in a real estate partnership that is used as collateral for a loan that Mr. Bolleni received from Bank of America so that he could have additional capital for his new business. The fair market value of the real estate partnership interest is $500,000 and the loan is for $200,000.   Whether, for tax purposes, Mr. Bolleni can contribute his assets to either a corporation or partnership tax-free? If so, explain your answer. If not,…

Assume you are the lead forensic investigator for a potential fraud case at AJB, Inc. After searching public records and other Internet sources, you accumulate the following financial information for the suspected fraud perpetrator, Jaleesa P. Crimin.   YEAR 1 YEAR 2 YEAR 3 Assets:       Residence #1 $243,000 $243,000 $243,000 Residence #2     138,000 Stocks and bonds 15,000 30,000 57,000 Automobiles 27,000 52,500 52,500 Boat   34,500 34,500 CD 12,000 42,000 81,000 Cash 5,670 12,150 29,160 Liabilities:       Mortgage balance #1 136,080 68,040 16,200 Mortgage balance #2     138,000 Auto loans 18,000 57,000   Boat loan   34,500 9,000 Income:       Salary   78,750 82,650 Interest/other   8,730 17,790 Expenses:       Mortgage payments   24,300 42,120 Auto loan payments   9,720 9,720 Boat…

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 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.

"Dennis Jones, an old college friend, contacted you last week. Dennis owns several car washes, and he believes that financial statement fraud may be occurring. (He pays each car wash manager a bonus if a certain level of profits is earned and is worried that some managers are overstating profits to earn a higher bonus.)Dennisiscomingovertoday to see whether you can help him determine if his suspicions are valid. He is bringing along the financial statements for each car wash (income statements, balance sheets, and cash flow statements) for the last five years.1.What kind of financial statement analysis could you perform to help Dennis detect possible fraud?"

A close friend of yours, who is a history major and who has not had any college courses or any experience in business, is receiving the financial statements from companies in which he has minor investments (acquired for him by his now-deceased father). He asks you what he needs to know to interpret and to evaluate the financial statement data that he is receiving. What would you tell him?

Magi Chen is the managing director of Sun Construction Pty Ltd, a family owned business that provides construction services. As Magi is interested in purchasing some new construction equipment’s for her business, she has approached her local bank for finance. The bank has asked that Magi provide an audited financial statement to assist them in considering her loan application. Magi has approached your audit firm for this service and you have been allocated the task of auditing Sun Construction for the year ended 30 June 2019. You have undertaken a preliminary review of the business and determined that a substantive testing approach would be suitable and appropriate. You are currently preparing an audit program for the revenue cycle. The following information has been obtained from your review:• Magi usually works 120 hours a fortnight. Part of this time is spent travelling between different clients and is not charged to the clients. The remaining time is charged at $60 per hour,…

In 2008, Arnold Diaz was a bright, upcoming audit managerin the South Florida office of a national public accounting firm. He was an excellenttechnician and a good “people person.” Arnold also was able to bring new business intothe firm as the result of his contacts in the rapidly growing Hispanic business community.Arnold was assigned a new client in 2009, XYZ Securities, Inc., a privately held broker–dealer in the secondary market for U.S. government securities. Neither Arnold nor anyoneelse in the South Florida office had broker–dealer audit experience. However, the AICPAand Arnold’s firm had audit aids for the industry, which Arnold used to get started.Arnold was promoted to partner in 2009. Although this was a great step forward forhim (he was a new staff assistant in 2000), Arnold was also under a great deal of pressure.Upon making partner, he was required to contribute capital to the firm. He also thoughthe must maintain a special image with his firm, with his clients, and…

A close friend of yours, who is a history major and who has not had any college courses or any experience in business, is receiving the financial statements from companies in which he has minor investments (acquired for him by his now-deceased grandfather). He asks you what he needs to know to interpret and to evaluate the financial statement data that he is receiving. What would you tell him?

Five college seniors with majors in accounting are discussing alternative career plans. The first senior plans to become an internal revenue agent because his primary interest is income taxes. He believes the background in tax auditing will provide him with better exposure to income taxes than will any other available career choice. The second senior has decided to go to work for a CPA firm for at least 5 years, possibly as a permanent career. She believes the variety of experience in auditing and related fields offers a better alternative than any other available choice. The third senior has decided on a career in internal auditing with a large industrial company because of the many different aspects of the organization with which internal auditors become involved. The fourth senior plans to become an auditor for the GAO because she believes that this career will provide excellent experience in computer risk assessment techniques. The fifth senior would like to ultimately become a…

You have recently been engaged as an accounts officer in a well-recognized organisation and the terms of the employment requires that you serve a six-month probation period before your confirmation or otherwise. Your superior has informed you that your confirmation depends largely on your ability to demonstrate the personal qualities of accountant as required by the International Federation of Accountants Fundamental Code of Ethics of Accountants. You love your new job so much that you cannot afford to lose it for any reason. Required:In a report, discuss specific behaviours you will demonstrated to show that you posses each of the five personal qualities of accountants.

The Dude Fraud Case Scenario In his own words, Daniel Jones was “The Dude.” With his waist-long dreadlocks, part-time rock band, and a well-paid job managing a company’s online search directory—he seemed to have it all. Originally from Germany, Jones, now age 32, earned his doctorate and taught at the University of Munich before coming to the United States, where he started his career in computers. In 1996, Jones started working with the company as a director of operations for the U.S.- Speech Engineering Service and Retrieval Technology—working on a new, closely guarded search engine tied to the company’s .net concept. The company allows employees to order an unlimited amount of software and hardware, at no cost, for business purposes. Between December 2001 and November 2002, Jones ordered or used his assistant and other employees (including a high school intern) to order nearly 1,700 pieces of software which had very low cost but were worth a lot on the street. He then resold them…

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.

Your client, Edward Bolleni, CPA has recently left his Big Four position and is “out on his own”. After preparing tax returns for the 2017 tax year, Mr. Bolleni has decided to operate his own accounting firm. Mr. Bolleni wants limited liability protection in his operations as an accountant, as well as, liability protection from any accidents or slip and falls that would occur in his accounting office. Mr. Bolleni has an accounts receivable worth $50,000 for tax preparation fees for the 2017 tax year, as well as, an interest in a real estate partnership that is used as collateral for a loan that Mr. Bolleni received from Bank of America so that he could have additional capital for his new business. The fair market value of the real estate partnership interest is $500,000 and the loan is for $200,000.   Whether, for tax purposes, Mr. Bolleni can contribute his assets to either a corporation or partnership tax-free? If so, explain your answer. If not, explain your answer. If the taxpayer…

Assume 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 question i. What have you learnt in the BUS 505 (Accounting Principles) course relating to financial accounting?