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. 1. Discuss whether Dave is performing in a professional manner.

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…

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…

Question 2 Jacobsen is a new employee at the accounting firm of North Island LLP. Jacobsen has been hired as a junior human resources associate who will assist with recruitment of new accountants to the firm. Part of Jacobsen's contract reads as follows: "As a new member of the firm, we want to advise you of a few obligations which all employees are expected to follow. While you will be employed on a full-time basis (minimum 40 hours per week), your hours of work will vary higher from time-to-time; as such, you consent to working greater hours than those normally required without receiving extra compensation. As compensation for all time worked, you will receive a total of $15.50 per hour. For the duration of your employment, you will receive your vacation pay at a rate of 4% and be entitled to four weeks of vacation time. Further, you are entitled to all ten statutory holidays as well as paid holidays for Boxing Day and your birthday. As part of your normal duties, you be entitled to…

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 “.…

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Mary Smith is the controller for ABC Printing Service.  Mary has been putting in a lot of overtime; therefore, she  has been allowed  hire an assistant.  Mary’s assistant is a bright, high school graduate, but he has never taken an accounting class. Mary is trying to decide which accounting activities could be delegated to her assistant. Mary is willing to give the assistant a few simple instructions on how to complete each task, but she doesn’t have time to teach the assistant to be an accountant. For each task listed, state whether Mary should continue to do the work or delegate the task to her assistant.  Please explain each answer. List the account balances from the general ledger in the Trial Balance columns of the end-of-period spreadsheet. Add the Debit and Credit columns of the trial balance. Make the adjusting entries on the spreadsheet. Complete the spreadsheet. Type the formal financial statements using the data from the Income Statement and Balance Sheet columns of the…

Course Name:  AuditingJackie is designing the audit program for cash for her client, Dexican Services Ltd (Dexican). Dexican is a property management services company. It deals with six major clients and several smaller clients, each with a number of properties for rent in the central business district of the city. Dexican finds tenants, conducts credit checks, negotiates tenancy agreements, and arranges cleaning and maintenance services for each property. Dexican has a staff of 15 and operates from an office in the city. Other than a small petty cash amount, no cash is kept on the premises because rents are directly deposited by the tenants to Dexican’sbank account. After the relevant fees are deducted, Dexican remits the rents monthly to the property owners. These transactions pass through a bank account kept solely for this purpose. In addition, Dexican maintains a trust account (for any client moneys held on trust) and a general operating account (for salaries and other…

Frontland Advertising creates, plans, and handles advertising campaigns in three provinces. Recently, Frontland had to replace an inexperienced office worker in charge of bookkeeping because of some serious mistakes that had been uncovered in the accounting records. You have been hired to review these transactions to determine any corrections that might be necessary. In all cases, the bookkeeper made an accurate description of the transaction but did not correctly record the transaction in the journal. 1.For each of the preceding entries, indicate the effect of the error on cash, total assets, and net income. The answer for the first transaction has been provided as an example. Date    Effect on Cash    Effect on Total Assets    Effect on Net IncomeMay 1    Understated $100    Overstated $100    Overstated $100 2.What is the correct balance of cash if the balance of cash on the books before correcting the preceding transactions was $6,400? 3.What is the correct amount of total assets…