You are employed as an accountant for Innovative Computing. Your company is in the process of signing a large contract with an electronics components supplier. You have a friend who works for the electronics components supplier, and you are aware of the company having trouble paying bills. You ask to review the financial statements of the supplier.
1. Would you report this to your employer before the purchase?
2. What are the four basic financial statements and what do they tell you about a company?
3. What is the primary purpose of each of the four basic financial statements?
4. How are the four financial statements interrelated?
5. In your opinion, explain which financial statement you think is the most important?
You are employed as an accountant for Innovative Computing. Your company is in the process of...
You are employed as an accountant for Innovative Computing. Your company is in the process of signing a large contract with an electronics components supplier. You have a friend who works for the electronics components supplier, and you are aware of the company having trouble paying bills. Respond to the following in a minimum of 175 words: Explain why you should or should not report this to your employer before the purchase.
You are employed as an accountant for Innovative Computing. Your company is in the process of signing a large contract with an electronics components supplier. You have a friend who works for the electronics components supplier, and you are aware of the company having trouble paying bills. Explain why you should, or should not report, this to your employer before the purchase.
Consider the organization you currently work in, or if you are not currently employed, consider your last employer. What three words or phrases would you use to describe the company or department culture? Does that culture prompt or inhibit quality performance? Why?
You have been appointed as the accountant for a small proprietary limited company ‘Midnight Soil Pty Ltd’ (The Soils). The ‘Soils’ conducts tests to see if soil is contaminated and whether (or not) that land can be used for approved purposes (or not). The Soils has five directors. They have all agreed that at their next board meeting they would discuss paying a dividend of 22 cents per share. However, you have identified there is a potential cash flow issue...
Real-Time Ethical Dilemma I was employed as a certified public accountant (CPA) for a regional accounting firm that specialized in audits 107 of financial institutions and had many local clients. My responsibilities included supervising staff, collecting evidence to support financial statement assertions, and compiling work papers for managers and partners to review. During the audit of a publicly traded bank, I discovered that senior bank executives were under investigation by the Federal Deposit Insurance Corporation (FDIC) for removing funds from...
3.You are the accountant for a small manufacturing firm. Your company is privately held, so there is no current requirement to issue financial statements using GAAP. You were hired four years ago, and at that time you instituted a cash budgeting system. Presently, you prepare anincome statement, statement of retained earnings, balance sheet and departmental budgets. Jake Griffith, the company's president, has asked whether a statement of cash flows would also be useful.Required: Prepare a short memorandum to the president...
I was employed as a certified public accountant (CPA) for a regional accounting firm that specialized in audits of financial institutions and had many local clients. My responsibilities included supervising staff, collecting evidence to support financial statement assertions, and compiling work papers for managers and partners to review. During the audit of a publicly traded bank, I discovered that senior bank executives were under investigation by the Federal Deposit Insurance Corporation (FDIC) for removing funds from the bank. They were...
Glenn's Cleaning Services Company is experiencing cash flow problems and needs a loan. Glenn has a friend who is willing to lend him the money he needs provided she can be convinced that he will be able to repay the debt. Glenn has assured his friend that his business is viable, but his friend has asked to see the company's financial statements. Glenn's accountant produced the following financial statements: Balance Sheet Income Statement Service Revenue $ 38,000 Operating Expenses (70,000...
Week 6 Written Assignment Financial Statement Analysis Paper Written Assignment One basic method that an accountant can use to analyze the financial situation of a business is ratio analysis. This can be a useful tool no matter the type of legal structure of the business and regardless of whether ownership is public or private. To help assure the availability of the necessary data, though, this assignment will be focused solely on a publicly traded company. As an overview, you will...
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