True (f) The objective of financial reporting is the foundation from which the other aspects of the framework logically result. True E2-4 Instructions Identify the appropriate qualitative characteristic(s) to be used given the information provided below. (a) Qualitative characteristic being employed when companies in the same industry are using the same accounting principles. Comparability (b) Quality of information that confirms users’ earlier expectations. Confirmatory value (c) Imperative for providing comparisons of a company from period to period.
This would be important for accounts receivable - money that is owed by a customer for products/services. Representing a company in small claims court requires one to be familiar with the law and how it relates to accounting practices. In the Mack v. Edenwold Fertilizer Services Ltd. case, if Mack had a knowledgeable accountant that was familiar with the law, he may have been advised not to sue as the illegality of the situation would have resulted in a loss. In turn, this advise would have saved Mack both time and
To the extent that expert evidence relies upon an earlier report, the report will be hearsay. However, as per section 127, it may be admissible, but Running head: UNIT 4 ASSIGNMENT 7 only if the person who provided the original information can reasonably be supposed to have had personal knowledge of the matters stated. When expert evidence relies on such a statement, notice must be given to the defence, who must be given the name and address of the person whose statement is relied upon. The defence will then have an opportunity to object and where this occurs, the court must decide whether it is in the interests of justice to permit the expert to base his or her conclusion on the hearsay statement, or whether the supplier of the original information should also be called as a
Opportunity: Threat: May cause unnecessary confusion - Rollins to establish/implement status update meetings to ensure team is on success track Strength: A good timeline will hold everyone accountable to goals. Weakness: Waste of time in meetings. Opportunity: Threat: May lead to confrontation among sites. - Rollins to add evaluation metrics for performance review Strength: Team members will know what key metrics they are working towards. If you know what you are being judged on, you will consciously make an effort to exceed in those areas.
English 101 November 25, 2012 Ethics When faced with what if situations everyone would like to think that they would do the “right” thing. The “right” thing is defined as the moral and ethical choice. The problem is that is easier said than done. It is hard to know how you will act until you are in the actual situation. Many situations can test the strength of one’s morality.
The negative confirmation asks the customer to respond only if they disagree with the balance determined by the client. The positive confirmation asks the debtors to confirm directly to the auditors whether the balance of the accounts receivable from the debtors is correct or not. The positive confirmation would be used to get confirmations from third parties to verify Smackey’s accounts receivables. We will also examine the sales invoices and compare them to shipping documents to make sure that what has been invoice is what it was
The operational audit studies the specific parts of an organization with the purpose of measuring its performance. Performances are measured in terms of effectiveness and efficiency such as auditing shipping and receiving or the sales departments. The benefit of these types of audits can positively affect the profitability of the organization. The financial audits, which we are doing, consist of auditing financial statements. The purpose of the financial statement audit is to ensure the entity being audited is preparing the financial statements in conformance with General Accepted Accounting Principles (GAAP).
Recommendation Brief for an Internal Accountant ACC/544 February 22, 2013 Fred Johnston Internal Auditor Recommendation Brief When a company like Whitfields has an out-of-control system they are subject to audits by the Securities Exchange Commission (SEC) regarding their financial statements. The company can form a hiring team. The hiring team can consist of three or more internal auditors. An internal auditor will add value and help improve the company’s operations. Some of the duties would be Evaluate controls, advising managers, evaluating risk, analyze operations, confirming information, and reviewing compliance with the SEC.
The accounting department supervisor independently reconciles the accounts receivable subsidiary ledger to the accounts receivable control account monthly. C. The accounting department supervisor controls the mailing of monthly statements to customers and investigates any differences reported by customers. D. The billing department supervisor matches prenumbered shipping documents with entries in the sales journal. AICPA AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Risk Analysis Bloom's: Application Difficulty: Hard 32. Which of the following internal control activities most likely would assure that all billed sales are correctly posted to the accounts receivable ledger?
Meeting the requirements of generally accepted accounting principles. Recording the financial history of the organization. The basic difference between managerial and financial accounting is that: Financial accounting is concerned with providing financial information to stockholders, whereas managerial accounting is concerned with providing information to managers for their use in planning, controlling and decision making. Managerial