charge all his personal expenses to his business. He said that he owns the company anyway.
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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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- (essay) 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.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…While meeting with a CPA, a new business owner finds out that the business is considered a pass-through entity. What does that mean? a) The profits of the business are taxed as income to the owner. b) The profits of the business are taxed as income to the company. c) The owner's personal assets are not at risk even if the business fails. d) The business will only have a few employees.
- V3. 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. (Include references please)What are some of the reasons a business owner might choose the corporate form of business?How could the presentation of financial information pose an ethical dilemma to a business professional who is attempting to meet the demands of users who are interested in similar information?
- You are an accountant with a client that wants to set up a new company. She has come to you to ask what type of company to form. She is trying to decide between a corporation, an LLC, or a sole proprietorship. Taking into account the ability to raise capital, liability protections, taxation issues, ability to transfer ownership, and any other aspects you can discover discuss the pros and cons of the various entity forms. You can use your textbook but you should consult other courses as well. (It depends on what kind of company your client is opening and what they want to accomplish. The best you can do is give the client some information to think about. This post should cover the general aspects of the various type of business entities.)What kind of support will Salem provide to his company for the professional accountants ethics code?Some accountants argue that they should be allowed to invest in a company's stock as long as they themselves aren't involved in working on the company's audit or consulting. What do you think of this idea?
- Economics (a) Which would you choose as the priority for ethical behaviour in the accounting profession: “protect the public interest” or “protect the credibility of the profession?” Explain, providing an example. (b) Explain the affiliation between the fiduciary relationship and conflict of duties when a professional accountant provides a service to a client. Provide an exampleMr. Bader is leaving the accounting practice to become the Finance Director of a client company. The ethical dilemma he is most likely to face would be a. Objectivity b. Integrity c. Professional Behavior d. Confidentialitwhat are the reasons why an individual venture into a business?