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- Assume that you have finished your MBA program and have applied for a position in the Financial Accounting Department of a large multinational company. The company is struggling with its accounting reporting matters and several accounting reports are under regulatory scrutiny. In the interview board, the recruitment committee members have asked you the following questions. What have you learnt in the BUS 505 course relating to financial accounting? How you can contribute the Financial Accounting Department of this company if you are recruited?Assume that you are currently working as an accountant, and your manager has to take an unexpected sick leave. Because you did very well in your accounting classes, the Senior Accountant asks you to step up and help with the review of reconciliations. What would be your first step? Maybe you would dive right into it, assuming you would figure out what to do as you moved through all the existing reconciliations, or maybe you would ask for a copy of policies and procedures for this task if any exist, so you could find instructions without asking the Senior Accountant constantly what to do. In addition to reviewing reconciliations, you will need to review disclosures to financial statements. How would you know if all the necessary disclosures were prepared and contained correct information?Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you and your group members have expressed an interest in taking on the task. As a group, you are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. The following additional information is available at December 31, 2018: Insurance of $450,000 was paid on May 1, 2018 for the 10-months to February 2019. The furniture and fixtures have an estimated useful life of 10 years…
- Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you and your group members have expressed an interest in taking on the task. As a group, you are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. The following additional information is available at December 31, 2018: Insurance of $450,000 was paid on May 1, 2018 for the 10-months to February 2019. The furniture and fixtures have an estimated useful life of 10 years…Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you and your group members have expressed an interest in taking on the task. As a group, you are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. See attached Unadjusted Trial Balance and instructions to complete question.Assume that you have finished your MBA program and have applied for a position in the Financial Accounting Department of a large multinational company. The company is struggling with its accounting reporting matters and several accounting reports are under regulatory scrutiny. In theinterview board, the recruitment committee members have asked you the following questions. i. How can you contribute the Financial Accounting Department of this company if you are recruited?
- Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you have expressed an interest in taking on the task. You are required to analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements.After graduating from Berkeley College and passing your CPA exam, you have opened up an accounting firm that offers tax and consulting services to clients. You have just picked up a new client who is very anxious about his expenses. The client considers his in house accounting services to be too high and he feels that he could save some time and money in that area by telling his accounting staff not to do closing entries. It is your job, in this discussion, to explain to your new client the importance of doing the closing entries and why they are worth doing.Suppose that a company called Futuristics, Inc hires you to work in Supply Cha Management. Your new manager sets up a meeting to discuss the Surfers, Inc. account. The meeting opens with the manager stating, "I just reviewed the financial report on Surfers, Inc. It really doesn't cost much to serve them, does i Which of the following would be an appropriate response to the manager's statement? Traditional accounting methods are perfect to help us make decisions about serving the Surfers, Inc. account Activity-based costing would be better to report the Surfers, Inc. results to the financial community Traditional cost accounting gives us a good measure for comparing by customer Activity-based costing could better show us how much it really costs to serve Surfers, Inc. Activity-based costing takes depreciation into account to enable us to know when to replace machinery
- Tana Thorne works at a public accounting business and aspires to be a partner one day. Thorne is invited to create a proposal to audit Allnet's financial accounts by the company's management. When considering the audit charge, Allnet's management offers a price range in which the amount relies on Allnet's reported earnings. The larger the profit, the higher the audit fee paid to Thorne's business. Describe any ethical factors that influenced your recommendation.Dr. Helen Brown is the sister of one of your old high school teachers. You have been given her email address by someone who thinks she might have advice for you during your job search. Please ‘send’ her an email introducing yourself and asking for help. I'm looking for a current job in accounting.Tana Thorne works for a public accounting company and aspires to be a partner one day. Thorne is invited by Allnet Company's management to create a proposal to audit Allnet's financial accounts. When considering the audit charge, Allnet's management offers a price range in which the amount is determined by Allnet's reported earnings. The more the profit, the greater the audit fee paid to Thorne's business. Describe some of the ethical concerns that influenced your recommendation.
