Imagine that you are the new department manager of a corporation within your chosen field: You discover that your predecessor had been using the cash basis of accounting, which has resulted in many errors and misinformation. What measures would you take to remediate the issue? Propose a high-level plan to implement a proper accounting system for your department using specific principles discussed in the course. For example, which financial statements would you investigate first? What sort of internal controls would you implement?
Under cash basis of accounting, transactions are only recorded when cash related to them is either received or issued.Thus, you would record a sale under the cash basis when the organisation receives cash from its customers, not when it issues invoices to them.
Inorder to remediate the issue, I would like to adopt accrual basis of accounting.
I would have done and implemented following internal controls for better accounting. I would investigate first previous year closing balancesheet and this year's profit and loss a/c to find the discrepanices.
1) Add accrued expenes: Add back all expenses for which the company has received a benefit but has not yet paid the supplier or employee
2) Subtract cash payments: Subtract cash expenditure made for expenses that should have been recorded in the preceding accounting period
3) Add prepaid expenses: Review expenses made during accounting period to see if there are any prepaid expenses and move the unused portion of these items into asset account.
4) Add accounts receivable: Record accounts receivable and sales for all billings issued to customers and for which no cash has yet been received from them.
5) Subtract customer prepayments: Record them under short term liabilties as the benefit has not been transferred to the customer yet.
6)Subtract cash receipts: Subtract previous years accounts receivable realised in current year as the income pertains to previous year.
Imagine that you are the new department manager of a corporation within your chosen field: You...
In a professional relevance essay, draw connections between the accounting principles that you demonstrated in Final Project I and their specific, practical applications within your own professional practice. Specifically, you must address the critical elements listed below. Most of the critical elements align with a particular course outcome (shown in brackets). I. Introduction: Briefly describe your current or aspiring professional identity, including the field in which you work or hope to work. To what extent does (or will) financial accounting...
For the purposes of this assignment, you are to imagine that you work as Audit Manager for a company called Amazing Accountants. Your new audit client is a listed company in Australian or Singapore Stock Exchange ( ABACUS REAL ESTATE ). The client has asked you to perform their financial report audit for the financial year ended 31 December 2020. Part 3 Question Identify or assume TWO (2) high level/detective internal controls and propose a control test for each control...
1) Imagine that you are a first-line manager of a department in a relatively small hospital located in a semi-rural area. For many months there had been rumors of a possible merger with another semi-rural hospital half again the size of yours located about 12 miles away. Both administration and the board of directors had been declining to comment on the rumors although it was apparent that some kind of negotiations were underway. In about mid-November all managers were officially...
1) Imagine that you are a first-line manager of a department in a relatively small hospital located in a semi-rural area. For many months there had been rumors of a possible merger with another semi-rural hospital half again the size of yours located about 12 miles away. Both administration and the board of directors had been declining to comment on the rumors although it was apparent that some kind of negotiations were underway. In about mid-November all managers were officially...
Consider performance measurement in a department that you work in or are familiar with. Do you use a balanced scorecard? What are the key performance indicators that you drive towards? What type of behaviors do they drive? Are they discussed extensively and have become part of the corporate culture? If you don’t use them, do you think they could be useful? What types of KPI’s would you choose for your department or area that you are familiar with that would...
Imagine that you are human resource manager asked to review a job description for a Chief Financial Officer opening at your company. The finance department mentioned that they have had a lot of difficulty retaining talent because of long hours, outdated technology, and isolation from the operational departments so they need positive change from their new leader. You know it will be critical to get the right person in the role to improve business processes which should in turn increase...
Imagine that you are the data manager for a hospital. The hospital is tasked with managing a large volume of data – often referred to as big data. Managing big data also requires a data governance plan. You are asked to perform a feasibly analysis to implement a data governance program. You are responsible for the first phase of the project. The first phase of your analysis is to explore big data, the responsibilities of a data governance officer, and...
Imagine that you are the data manager for a hospital. The hospital is tasked with managing a large volume of data – often referred to as big data. Managing big data also requires a data governance plan. You are asked to perform a feasibly analysis to implement a data governance program. You are responsible for the first phase of the project. The first phase of your analysis is to explore big data, the responsibilities of a data governance officer, and...
1. imagine that you are a HIM manager with a large hospital. You responsible for facilitating the selection of a new healthcare information system. You are asked to compare the Allscripts MyWay EMR, Waiting Room Solutions, and EHRGo products. Then, make a recommendation. Explore the product modules and functions, such as the user-friendliness (interface and ease of use), patient search functionality, a release of information and retrieval, record tracking, web-based standards, internet and intranet use, regulatory requirements, etc. Create a...
Context You are working as a project manager in your chosen case organisation and a senior manager has asked for your assistance with understanding and resolving two current problems (refer below). The senior manager has asked that you provide a justified response to the two problems in the form of a written report (refer report structure below). Your responses are to be justified by recent and relevant scholarly (journal articles and eBooks) literature. The two current problems Problem 1 –...