prepare a 2 full pages reflection paper that incorporates your answers to the followingindependent questions:1. What problems can you foresee if a business manager does not have a basic knowledgeof accounting?2.The owner of a company asks you if he can charge all his personal expenses to hisbusiness. He said that he owns the company anyway. Explain to the business owner thebusiness entity assumption and the ethical considerations of his idea.3. After examining the financial statements, the owner of a small business expressedsurprise that the firm's cash balance had decreased during the month even though therewas substantial net income. Do you think this owner is right to expect cash to increasebecause of a substantial net income? Why or why not?4. Jiffy Trading runs 10 branches and pays for a variety of expenses. Anna, the AccountsPayable Clerk of Jiffy Trading writes the checks for each supplier and the AccountingManager signs the checks. Anna decided she needs a raise and the Manager told her towait for six months. Anna devised a plan to get a raise on her own. She created a newsupplier account for her friend's business, Prime Auto Parts. Anna also created twopurchase orders for Prime Auto Parts for P20,000 and P15,000 and wrote checks to paytheses invoices. She knows the Manager will sign all checks only looking at the checksover P30,000. She delivers the checks to her friend who will encash the checks and givethe money to Anna. Is this a good way for Anna to obtain a raise? Eventually, what willbe the effect of her actions? How can Jiffy prevent this type of incident?

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Description: prepare a 2 full pages reflection paper that incorporates your answers to the followingindependent questions:1. What problems can you foresee if a business manager does not have a basic knowledgeof accounting?2.The owner of a company asks you if he

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Business

Accounting

1. What problems can you foresee if a business manager does not have a basic kno of accounting? 2. The owner of a company asks you if he can charge all his personal expenses to

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question:Prepare a reflection paper that incorporates your answers to the following independent questions: 1. What problems can you foresee if a business manager does not have a basic knowledge of accounting? 2. The owner of a company asks you if he can charge all his personal expenses to his business. He said that he owns the company anyway. Explain to the business owner the business entity assumption and the ethical considerations of his idea. 3. After examining the financial statements, the owner of a small business expressed surprise that the firm's cash balance had decreased during the month even though there was substantial net income. Do you think this owner is right to expect the cash to increase because of a substantial net income? Why or why not? 4. Jiffy Trading runs 10 branches and pays for a variety of expenses. Anna, the Accounts Payable Clerk of Jiffy Trading writes the checks for each supplier and the Accounting Manager signs the checks. Anna decided she…
The owner of a company asks you if he can charge all his personal expenses to his business. He said that he owns the company anyway. Explain to the business owner the business entity assumption and the ethical considerations of his idea.
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