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Assignment Details This assignment has 3 parts: 1. How do accounting policies and practices affect financial...
This assignment has 3 parts: How do accounting policies and practices affect financial accounting information used...
This assignment has 3 parts: How do accounting policies and practices affect financial accounting information used for "external" decision making purposes? What governing and oversight bodies exist to help ensure timely and accurate reporting of financial information by publicly traded companies? How do internal controls help ensure that financial results are accurately and fairly presented for use by external users?
Assignment Details This assignment has 3 parts: What are some of the groups that need accounting...
Assignment Details This assignment has 3 parts: What are some of the groups that need accounting information? What kind of accounting information do they need? Why? Think of a company you’ve done business with as a consumer. How might managers in this company use accounting information to made decisions? What might happen to the company if it did not have access to timely and accurate accounting information?
Assignment Details This assignment has 3 parts: What are some of the groups that need accounting...
Assignment Details This assignment has 3 parts: What are some of the groups that need accounting information? What kind of accounting information do they need? Why? Think of a company you’ve done business with as a consumer. How might managers in this company use accounting information to made decisions? What might happen to the company if it did not have access to timely and accurate accounting information?
Assignment Details This assignment has 3 parts: Ethical behavior is important to the accounting profession as...
Assignment Details This assignment has 3 parts: Ethical behavior is important to the accounting profession as well as the general business environment. Most companies have code of conduct policies and ethical training to ensure all employees understand the company’s behavior expectations and responsibilities. What are the advantages and disadvantages of a company having a formal code of conduct that employees are obligated to follow? What are your thoughts about whether employees should have to participate in mandatory ethical trainings each...
Assignment Details This assignment has 3 parts: Ethical behavior is important to the accounting profession as...
Assignment Details This assignment has 3 parts: Ethical behavior is important to the accounting profession as well as the general business environment. Most companies have code of conduct policies and ethical training to ensure all employees understand the company's behavior expectations and responsibilities. 1. What are the advantages and disadvantages of a company having a formal code of conduct that employees are obligated to follow? 2. What are your thoughts about whether employees should have to participate in mandatory ethical...
Assignment Questions: 1. One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility....
Assignment Questions: 1. One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility. Financial reporting is restricted by Generally Accepted Accounting Principles whereas reporting in Managerial Accounting has fewer rules. a) Why is it permissible to violate Generally Accepted Accounting Principles when preparing reports used strictly by company management? b) Should external users always have the same information as internal users? Explain. 2. The United States uses accounting standards developed by the Financial Accounting Standards Board (FASB)...
Assignment Questions: 1. One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility....
Assignment
Questions:
1.
One of the
differences between Managerial Accounting and Financial Accounting
is reporting flexibility. Financial reporting is restricted by
Generally Accepted Accounting Principles whereas reporting in
Managerial Accounting has fewer rules.
a)
Why is it
permissible to violate Generally Accepted Accounting Principles
when preparing reports used strictly by company
management?
b)
Should external
users always have the same information as internal users?
Explain.
2.
The United States
uses accounting standards developed by the Financial Accounting
Standards Board (FASB)...
How do the three basic accounting criteria help "accounting make sense?" 3 Basic Accounting Criteria: 1....
How do the three basic accounting criteria help "accounting make sense?" 3 Basic Accounting Criteria: 1. Accounting information should be relevant. Accounting reports should provide information that describes as accurately and completely as possible the status of assets, liabilities, and owners' equity, the results of operations, and cash flows. 2. Accounting information should be objective. The amounts reported should not be biased, particularly by the subjective judgments of management. (The FASB uses the term reliable in the same way we...
1. Consider the following statements: I. Per COSO, Control Activities are the policies and procedures...
1. Consider the following statements: I. Per COSO, Control Activities are the policies and procedures that help insure that management’s directives are carried out. II. A Reliance Strategy is used when control risk is considered High. a. I is true; II is true b. I is true; II is false c. I is false; II is true d. I is false; II is false 2. Management's attitude toward aggressive financial reporting and its...
huuit lils hay discontinue serving a client because the client does not fit the profile or...
huuit lils hay discontinue serving a client because the client does not fit the profile or growth strategy of the audit firm. ONS 1-15 01 Which of the following factors does not create a demand for external audit services? a. Potential bias by management in providing information. b. Requirements of the Center for Audit Quality (CAQ). c. Complexity of the accounting processing systems. d. Remoteness between a user and the organization. 1-16 10 1 audit report reasonably expect with regard...
Assignment Details This assignment has 3 parts: Ethical behavior is important to the accounting profession as well as the general business environment. Most companies have code of conduct policies and ethical training to ensure all employees understand the company's behavior expectations and responsibilities. 1. What are the advantages and disadvantages of a company having a formal code of conduct that employees are obligated to follow? 2. What are your thoughts about whether employees should have to participate in mandatory ethical...
Assignment Questions: 1. One of the differences between Managerial Accounting and Financial Accounting is reporting flexibility. Financial reporting is restricted by Generally Accepted Accounting Principles whereas reporting in Managerial Accounting has fewer rules. a) Why is it permissible to violate Generally Accepted Accounting Principles when preparing reports used strictly by company management? b) Should external users always have the same information as internal users? Explain. 2. The United States uses accounting standards developed by the Financial Accounting Standards Board (FASB)...
Assignment
Questions:
1.
One of the
differences between Managerial Accounting and Financial Accounting
is reporting flexibility. Financial reporting is restricted by
Generally Accepted Accounting Principles whereas reporting in
Managerial Accounting has fewer rules.
a)
Why is it
permissible to violate Generally Accepted Accounting Principles
when preparing reports used strictly by company
management?
b)
Should external
users always have the same information as internal users?
Explain.
2.
The United States
uses accounting standards developed by the Financial Accounting
Standards Board (FASB)...
huuit lils hay discontinue serving a client because the client does not fit the profile or growth strategy of the audit firm. ONS 1-15 01 Which of the following factors does not create a demand for external audit services? a. Potential bias by management in providing information. b. Requirements of the Center for Audit Quality (CAQ). c. Complexity of the accounting processing systems. d. Remoteness between a user and the organization. 1-16 10 1 audit report reasonably expect with regard...
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