You need to go the office of DTI if you will register your corporation. true or false?
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You need to go the office of DTI if you will register your
corporation. true or false?
Registering your business trade name is done in the office of
-
SEC C. Mayor’s Office
-
DTI D. Philhealth Office
Which of the following is not a benefit of record keeping?
-
It will not help in managing potential risks.
-
It will measure profit and performance.
-
It will protect the rights of the owner.
-
It will not let you know how much you are earning.
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- Some argue that having various organizations establish accounting principles is wasteful and inefficient. Rather than mandating accounting rules, each company could voluntarily disclose the type of information it considered important. In addition, if an investor wants additional information, the investor could contact the company and pay to receive the additional information desired.You’re struggling in your new accounting practice to tap into a potential client base. You have tried traditional advertising and marketing tools to no avail. Your friend tells you to use social media as a tool to reach potential customers. You’re not sure about it. Your concern is one of ethics. The last thing you want to do is violate the ethical standards of the accounting profession. Identify the ethical issues that should be of concern to you in deciding whether and how to use social media for advertising and solicitation of new clients.Which of the following is NOT an example of an opportunity to commit fraud in the accounting information system? a. The need to sell confidential information from the database for cash to pay for his medical bills b. User names and passwords of most employees are stored in a shared Google document file c. The employee's discovery that passwords are not required to enter any modules in the accounting information system d. Supervisors are not required to approve transactions entered into by their staff in the accounting system
- Why should businesses shift to an electronic accounting system? How can controls deter fraudulent practices in a business?the accounts payable (A/P) clerk asked you to open an account named New Expenses. You know that an account name should be specific and well defined, and you're afraid the A/P clerk might charge some expenses to the account that are inappropriate. Why do you think the A/P clerk needs the New Expenses account? Who needs to know this information and what action should you consider?Determine whether the following statements are True or False and provide an essay worthy explanation. A user who logs in to the computer-based accounting system to enter invoices should also have access to the portion of the system that would allow her/him to order goods. It is necessary that managers remember that they are stewards of funds expended by a business - that the funds are not owned by the managers.
- What is NOT an example of rationalization as one of the three elements causing a person to commit fraud? CA The company will never miss it CB. Employer pressure to report fictitious accounting results c. This replaces my bonus that was suspended this year CD. I will repay the "loan" before anyone misses itSome argue that having various organizations establish accounting principles is wasteful and inefficient. Rather than mandating accounting rules, each company could voluntarily disclose the type of information it considered important. In addition, if an investor wants additional information, the investor could contact the company and pay to receive the additional information desired. Instructions Comment on the appropriateness of this viewpoint.Appointing a person as your agent via a power of attorney can be extremely important and practical for managing one's financial affairs. This is especially true if someone is away for a significant amount of time (such as on a deployment). However, the person who is appointed as the agent can wreck the principal if bad decisions are made. What qualities should you look for when appointing someone as an agent via a power of attorney and/or a durable power of attorney?
- Authorization of transactions is a key control in most organizations. Authorizations should not be made by individuals who have incompatible functions. For each transaction (listed as A through I), indicate the individual or function (e.g., the head of a particular department) that should have the ability to authorize that transaction. Briefly provide a rationale for your answer. a. Writing off old accounts receivable. B. Committing the organization to acquire another company that is half the size of the existing company. C. Paying an employee for overtime. D. Shipping goods on account to a new customer. E. Purchasing goods from a new vendor. F. Temporarily investing funds in common stock investments instead of money market funds. G. Purchasing a new line of manufacturing equipment to remodel a production line at one of the company’s major divisions (the purchase represents a major new investment for the organization). H. Replacing an older machine at one of the company’s major divisions. I. Rewriting the company’s major computer program for processing purchase orders and accounts payable (the cost of rewriting the program will represent one quarter of the organization’s computer development budget for the year).You are preparing a post-closing trial balance for the company where you work, but it doesnt balance. You are tired, and besides, you dont think the company pays you for this much hassle and extra time. You decide to increase the balance of an asset account to make the totals balance. Discuss this action and explain whether it is ethical or illegal.The operation manager of Marcoba Bhd is seeking your advice on his company's request for a computer software to be used in managing the sales of the company. He is unsure of how to obtain the computer software but realizes that different types of acquisition will impact the company's financial statement differently. He is considering the following possibilities: a) Making a purchase of the computer software externally. The quotation that he has received includes packages for payroll and general ledger. b) Making a purchase of a computer software that can be incorporated into a sales system that the company will develop. c) Signing a contract with independent programmers to develop a computer software that will specifically cater for Marcoba Bhd's own use d) Employing own programmers to write a computer software that the company will use. Required: Advice the operation manager on the impact of each possibility above on the company's financial statement