The CEO has asked you to kick off his monthly meeting with an ethics current event and 3 activities orquestions (or a combination) to start a discussion for a positive dialogue with the employees of yourcompany as 2 managers were recently fired for accounting ethical issues. Your CEO is depending on youto help him out as you may be in line for the next CFO of the company. Your assignment will be to lookup an accounting current event regarding accounting ethical dilemmas (current event must be within 2years) and initiate 3 activities or questions (or a combination) to prevent any ethical issues in the future.Answer the following questions and upload them to Moodle. 1. URL of Current Event 2. Title of CurrentEvent 3. Author and Date 4. Please write a quick synopsis of the current event

Activity/Question 1: Case Study AnalysisProvide a brief summary of the GE whistleblower case to the…

Answered: The CEO has asked you to kick off his…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 3TP: Assume you are a senior accountant and have been assigned the responsibility for making the entries...

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Assume that you work for a Fortune 500 level company at corporate headquarters. Due to your excellent performance and the fact that the CEO of your firm noticed that you had listed on your resume' that you had taken a graduate-level Management Accounting course from a reputable institution, the CEO has sent you an email containing a request that you respond to two very important questions. The CEO needs your answers within a relatively short time frame of making the request. The questions are: #1. What criteria should the operating units (i.e. producing segments of the firm) use when deciding whether to use job-order costing or process costing approaches for costing the products they produce? #2. For costs that cannot be traced, what tests should a cost allocation basis (not the cost allocation method) meet before that cost allocation basis (direct labor hours, machine hours, direct labor cost, etc.) can be used to allocate costs in the organization?
Prior to Tuesday midnight of Week 5, post at least once about this week's Wiley assignment. You are highly encourage to ask your fellow learners for help or share your own insight as you work through the assignment. Try to add constructive points to the discussion rather than, for instance, simple comments about the difficulty of the assignment. Some guiding points: What were some interesting management accounting concepts that came up this week? At this point, do you see the management accounting approach being more or less useful than financial accounting for you? Why?
During a weekly meeting the CEO of company made an statement that he heard from a friend that “There is general agreement that, before it can be regarded as useful in satisfying the needs of various user groups, accounting information should satisfy certain criteria.” You as a chief account of the company is required to explain the to the CEO the key characteristics of Accounting Information with clearly providing example(s) wherever queried for each characteristic.
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?
Assume that you work for a Fortune 500 level company at corporate headquarters. Due to your excellent performance and the fact that the CEO of your firm noticed that you had listed on your resume' that you had taken a graduate-level Management Accounting course from a reputable institution, the CEO has sent you an email containing a request that you respond to two very important questions. #1. What criteria should the operating units (i.e. producing segments of the firm) use when deciding whether to use job-order costing or process costing approaches for costing the products they produce? #2. For costs that cannot be traced, what tests should a cost allocation basis (not the cost allocation method) meet before that cost allocation basis (direct labor hours, machine hours, direct labor cost, etc.) can be used to allocate costs in the organization? In other words, what are the criteria that make a certain measurement or basis used to perform cost allocation a good one to use? (the…
Lily Company has the following staff: Ms. Momon - Acting Accounting head (Non CPA, this is because she is working for 4 years now in the company) Ms. Des - Sales and Collection accountant Ms. Pat May is a CPA hired by Lily Company as a disbursing officer (current vacant position in the company). As an auditor, what is the best recommendation you would offer to the management? A. Hire a competent Accounting Manager. B.Assess organizational chart of the company. C. Train, mentor and supervise the employees. D.Assess if the personnel not qualified for the current position they are holding may retain (because they earned experience for the position) or they may qualified and reassigned for other position.
Indicate whether each of the following statements is true or false. Section 302 of Sarbanes-Oxley requires the CEO and CFO to review all financial reports and sign the reports. One of the three questions put forth by the Institute of Business Ethics is Do I mind others knowing what I have done? Ethical issues may be faced on a small scale, such as making a business decision to produce excess inventory for the sole purpose of trying to influence managers bonuses. A manager who spends excess budgeted funds remaining at the end of a fiscal year on unnecessary expenditures thinking that it is better to use it than lose it is acting ethically. The Foreign Corrupt Practices Act was implemented in 2001 to protect investors by enhancing the accuracy and reliability of corporate financial statements and disclosures.
Give me answer within an hour I will give you positive rating immediately its very urgent for me ....thankyou...
Lily Company has the following staff: Ms. Momon – Acting Accounting head (Non CPA, this is because she is working for 4 years now in the company) Ms. Des – Sales and Collection accountant Ms. Pat May is a CPA hired by Lily Company as a disbursing officer (current vacant position in the company). As an auditor, what is the best recommendation you would offer to the management? a. Assess organizational chart of the company. b. Train, mentor and supervise the employees. c. Assess if the personnel not qualified for the current position they are holding may retain (because they earned experience for the position) or they may qualified and reassigned for other position. d. Hire a competent Accounting Manager.
Please send to my email add: Mhardzpurple@yahoo.com Name Date Email Add: CHAPTER 1 TEN-MINUTE QUIZ Circle the letter of the best response. 1. The primary objective of financial reporting is to provide information A. In an ethical manner. B. To the professional accounting associations. C. To people outside the company for making decisions. D. Useful to managers in making daily decisions. It is vital that company accountants and their auditors behave in a(n) A. professional 2. manner. B. ethical C. prudent D. elitist 3. Which of the following statements is false? A. The proprietorship form of business organization protects the personal assets of the owners from creditors of the business. B. A proprietorship has a single owner. C. Accounting is the information system that measures business activities, processes that information into reports, and communicates the results to decision makers. D. The Accounting Standards Board sets the rules for how accounting is practised in Canada. 4. Level…
Assume that you have finished your MBA program and have applied for a position in the FinancialAccounting Department of a large multinational company. The company is struggling with itsaccounting reporting matters and several accounting reports are under regulatory scrutiny. In theinterview board, the recruitment committee members have asked you the following questions. i. What have you learnt in the BUS 505 course relating to financial accounting?

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