Dave Elliott, CPA, is an assistant to the controller of Lyric Consulting Co. In his spare time, Dave also prepares tax returns and performs general accounting services for clients. Frequently, Dave performs these services after his normal working hours, using Lyric Consulting Co.’s computers and laser printers. Occasionally, Dave’s clients will call him at the office during regular working hours.Discuss whether Dave is performing in a professional manner.

Select the necessary words from the list of possibilities to complete the following statements. Statements Answer The AICPA requires members in public practice to obtain 120 hours of 1. every three years. 2. The regulates all accounting firms that audit public companies. 3. Public accounting firms are organized as sole proprietorships, partnerships, professional corporations, or The is a governmental organization that regulates the sale of securities. Accounting and review services is the term used by CPA firms to describe work done for small businesses that do not want audits, but periodically need the services of 5. professional accountants. Such services often consist of the preparation, compilation or of financial statements. 4.

Seashore Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. On December 31, Seashore Home has collected $500 from cash-paying customers. Seashore Home’s remaining customers owe the business $1,900. How do I solve his problem?

Can an accountant's job be delivered from home or onsite at the office? Why?

Do you agree to the student answer to this question   Buddy Dupree is the accounting manager for On-Time Geeks, a tech support company for individuals and small businesses. As part of his job, Buddy is responsible for preparing the company’s trial balance. His supervisor placed a “hard deadline” of Friday at 5p.m. for the completion of the trial balance. Unfortunately, Buddy was unable to get the trial balance to balance by the due date. The credit side of the trial balance exceeded the debit side by $3,000. To make the deadline, Buddy decided to add $3,000 debit to the vehicles account balance. He selected the vehicles account because it will not be significantly affected by the additional $3,000.   Questions: Is Buddy behaving ethically? Why or why not? Who is affected by Buddy’s decision? How should Buddy have handled this situation?   Businesses, proprietors, and or individuals, are entrusting that when someone is put into a position such as an accounting manager they are going…

Yesterday, Extensive Enterprise Inc. released its 2018 annual report on the company’s website. While reading the report for his boss, Rafael came across several terms about which he was unsure. He leaned around the wall of his cubicle and asked his colleague, Asha, for help.   RAFAEL: Asha, do you have a second to help me with my reading of Extensive’s annual report? I’ve come across several unfamiliar terms, and I want to make sure that I’m interpreting the data and management’s comments correctly. For example, one of the footnotes to the financial statements uses “the book value of Extensive’s shares,” and then in another place, it uses “Economic Value Added.” I’ve never encountered those terms before. Do you know what they’re talking about?   ASHA: Yes, I do. Let’s see if we can make these terms make sense by talking through their meaning and their significance to investors. The term book value has several uses. It can refer to a single asset or the company as a whole.…

Bonanza Ltd. is a consultancy firm. Mr. Prakash Bhalla is a recently qualified CPA who has earlier worked in the auditing, taxation and consultancy side of a reputable professional accounting firm, is the owner of the firm. His firm provides consultancies for accounting and auditing. He has invested on the relevant items to start his business. Besides, he has also bought a car to travel to canvas for clients instead of earlier using public conveyance.Prakash employed one staff. He and his staff cater to small business owners by keeping their books of accounts using Tally ERP 9, a computerized accounting system. On a periodical basis, he forwarded financial reports to his clients and advise them accordingly. He also looks into his clients’ system and offer services like establishing proper costing system and other important management accounting services. Every time he completes a certain project/assignment, he would bill his clients on an adhoc project basis. However, when the proposed…

You are a financial accountant for a small business and have been tasked with preparing a monograph for the company's financial statements. The monograph should include a list of economic events that have occurred over the course of one month, including: 1) receivables, 2)merchandising assets, 3)sales, 4)VAT, 5) prepaid expenses and revenues (these five categories have to be in your monograph as mandatory). Your list should include 15 economic events. For each economic event, you will need to create a general journal entry, post the entry to the general ledger, prepare a trial balance, and ultimately prepare the company's income statement and balance sheet. To complete this assignment, you will need to: 1. Create a list of at least 15 economic events that have occurred over the course of one month. Make sure to include the mandatory economic events mentioned above and any other important events that you can think of. 2. For each economic event, create a general journal entry and post…

Hayim Accardi is the accounting manager for a small, local firm that has full- and part-time staff. How do FLSA guidelines regarding working hours apply to Hayim's employees?

Brian Marlow recently was hired to prepare Louise Michenor Consulting’s year-end financial statements. Brain just entered his CPA certificate, and Louise Michneor was one of his first clients. Louise employs a bookkeeper, Martha Hailing, who does the daily journal entries and prepares a year-to-date trial balance at the end of the of each month. Martha gives the December 31 trial to a CPA to make adjustments and generate the financial statements. As Brian was looking through Louise Michenor’s books, he noticed two things. First, in each of the last three years, a different COA had prepared the financial statements. Second, the amount shown on the December 31 trial balance for miscellaneous expense was quite high this year compared to prior years. Brian called Martha to find out is she new why miscellaneous expense had such a high balance. Martha’s response was “ I just do what Louise tells me to do. If she wants to charge personal expenses to the company, it’s none of my business “.…