Accounting

1. Mr. V owns V’s Violins, a company which sells violins. He hires you as an accountant. a) Name 3 people or groups of people who would care about his financial statements. (3K) b) What are 2 reasons Mr. V would care that he has accurate accounting information for his business? (2T) c) Mr. V uses $600 from his personal bank account (instead of the business account) to pay for rent for the business and did not record it in the business’ accounting. Explain why this is wrong and what he should have done. (2T) Type your response here…

EXPERT ANSWER A) The three peoples who would care about his financial statements are : 1) creditors 2) investors 3) His Employees B) The reasons Mr, V would care about his financial statements are 1) To arrive at the exact profit attributable for him after all direct and indirect expenses 2) To detemine the amount …

1. Mr. V owns V’s Violins, a company which sells violins. He hires you as an accountant. a) Name 3 people or groups of people who would care about his financial statements. (3K) b) What are 2 reasons Mr. V would care that he has accurate accounting information for his business? (2T) c) Mr. V uses $600 from his personal bank account (instead of the business account) to pay for rent for the business and did not record it in the business’ accounting. Explain why this is wrong and what he should have done. (2T) Type your response here… Read More »

The differences between Business Accounting and G&NFP result from three main sources, under proper headings, compare and explain these differences in detail.

The differences between Business Accounting and G&NFP result from three main sources, under proper headings, compare and explain these differences in detail. EXPERT ANSWER Difference between Business Accounting and G&NFP Organisations are as under Business Accounting Government & NFP Accounting 1 Profit is the main objective under this. Hence Reducing cost will be concentrated more …

The differences between Business Accounting and G&NFP result from three main sources, under proper headings, compare and explain these differences in detail. Read More »

Which type of account (real, personal, or nominal) includes the following expenses of a business? Expenses like rent, transportation, and advertising are part of a business _______ account, because they are fictitious

Which type of account (real, personal, or nominal) includes the following expenses of a business? Expenses like rent, transportation, and advertising are part of a business _______ account, because they are fictitious EXPERT ANSWER Solution: Expenses like rent, transportation, and advertising are part of a business “nominal” account, because they are fictitious.

Kenneth change recently started a business. During the first few days of operation, Mr. Chang transferred $30,000 from his personal account into a business account for a company he named Chang enterprise.

Kenneth change recently started a business. During the first few days of operation, Mr. Chang transferred $30,000 from his personal account into a business account for a company he named Chang enterprise. EXPERT ANSWER PERSONAL 30,000 DEPOSIT Chang enterprise.30,000 DEPOSIT—-INCREASE30,000 BORROW—INCREASE64,000 INVESTED —INCREASE120,000 PURCHASE —DECREASE28,000 REVENUE —INCREASE25,000 SALARIES —-DECREASE DECREASE———-40,000 –LOAN –BANK DECREASE———-64,000 –INVEST–JIM INCREASE———-120,000 …

Kenneth change recently started a business. During the first few days of operation, Mr. Chang transferred $30,000 from his personal account into a business account for a company he named Chang enterprise. Read More »

Fees Earned budget for a Service company Lundquist & Fretwell, CPAS, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending May 31, 2048: Billable Hours Audit Department: Staff 25,000 Partners 6,000 Tax Department: Staff 40,000 Partners 8,500 Small Business Accounting Department: Staff 5,000 500 Partners The average billing rate for staff is $140 per hour, and the average billing rate for partners is $450 per hour. Prepare a professional fees earned budget for Lundquist & Fretwell, CPAs, for the year ending May 31, 20Y8. Lundquist & Fretwell, CPAS Professional Fees Earned Budget For the Year Ending May 31, 2048 Billable Hours Hourly Rate Total Revenue Audit Department: Staff Partners Total Tax Department: DI DIO Staff Partners Total Small Business Accounting Department: Small Business Accounting Department: Staff Partners Total Total professional fees earned

EXPERT ANSWER

Ethics in Business Accounting Question Tell us an example of a business ethics dilemma you personally encountered, how did you resolve this dilemma?

Ethics in Business Accounting Question Tell us an example of a business ethics dilemma you personally encountered, how did you resolve this dilemma? EXPERT ANSWER While working on a project, suddenly deadline day came closer. Manager asks to completed project, but i have nothing to show him. I have two options, the first one is …

Ethics in Business Accounting Question Tell us an example of a business ethics dilemma you personally encountered, how did you resolve this dilemma? Read More »

Why would an individual want to become a CPA? Explain the benefits as related to business accounting.

Why would an individual want to become a CPA? Explain the benefits as related to business accounting. EXPERT ANSWER Benefits of being a CPA as in relation to business accounting: 1. A CPA can offer accounting services and charge a good fee for services rendered. 2. He holds a command over the client since he …

Why would an individual want to become a CPA? Explain the benefits as related to business accounting. Read More »

Roberts and Chou, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending December 31, 2014 Billable Hours Audit Department: Staff 32,000 Partners 4,800 Tax Department: Staff 24,300 Partners 3,000 Small Business Accounting Department Staff 4,800 Partners 700

EXPERT ANSWER Staff Partners Audit department hours 32000 4800 Tax department hours 24300 3000 Small Business Accounting department hours 4800 700 Total hours 61100 8500 Average compensation per hour 30 125 Total professional labor cost 1833000 1062500

What rules impact a business’ Accounting Information System? What types of compliance is required?

What rules impact a business’ Accounting Information System? What types of compliance is required? EXPERT ANSWER 1. The CPA rules, the tax laws, and the rules set by company management and Board of Directors. 2. Storage of Financial Records The Sarbanes-Oxley act was created in 2002 to protect shareholders, companies and other individuals from fraudulent …

What rules impact a business’ Accounting Information System? What types of compliance is required? Read More »

which type of business accounts for the majority of sales revenue in the United states?

which type of business accounts for the majority of sales revenue in the United states? EXPERT ANSWER CORPORATION business accounts for the majority of sales revenue in the United States. This is because, a corporation has more money than partnerships or sole-proprietorships. This is because corporations can easily raise funds by selling stock but partners or …

which type of business accounts for the majority of sales revenue in the United states? Read More »