Accounting

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 »

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 Rules that impact accounting information systems include current tax laws, CPA rules, and rules set by company management and Board of Directors. In addition, the Sarbanes-Oxley Act also has an impact on accounting information systems when accuracy of information …

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

How has accounting information systems impacted the business world? What types of limitations are there in accounting information systems, and how do businesses account for those limitations?

How has accounting information systems impacted the business world? What types of limitations are there in accounting information systems, and how do businesses account for those limitations? EXPERT ANSWER An accounting information system (AIS) is a system of collecting, storing and processing financial and accounting data that is used by decision makers. An accounting information system is generally a computer-based method for tracking accounting activity …

How has accounting information systems impacted the business world? What types of limitations are there in accounting information systems, and how do businesses account for those limitations? Read More »

1. Distinguish between funds as the term is used in governmental as contrasted with business accounting 2. In what way, if any, does the accounting equation as applied in governmental and not-for-profit accounting differ from that as applied in business accounting? 3. Distinguish between nonspendable, restricted, committed, and assigned fund balance 4. Define the seven key elements that comprise the financial statements

1. Distinguish between funds as the term is used in governmental as contrasted with business accounting 2. In what way, if any, does the accounting equation as applied in governmental and not-for-profit accounting differ from that as applied in business accounting? 3. Distinguish between nonspendable, restricted, committed, and assigned fund balance 4. Define the seven …

1. Distinguish between funds as the term is used in governmental as contrasted with business accounting 2. In what way, if any, does the accounting equation as applied in governmental and not-for-profit accounting differ from that as applied in business accounting? 3. Distinguish between nonspendable, restricted, committed, and assigned fund balance 4. Define the seven key elements that comprise the financial statements Read More »

What are some differences in the cash flow statement between proprietary fund accounting and business accounting>

What are some differences in the cash flow statement between proprietary fund accounting and business accounting> EXPERT ANSWER Explanation: A proprietary fund accounting is a method of accounting used by the government for recording of transaction with in the various departments.It mainly consists of two types of accounting1. enterprise fund.2. internal service fund. Business accounting …

What are some differences in the cash flow statement between proprietary fund accounting and business accounting> Read More »

in business accounting, what is a balanced scorecard?

in business accounting, what is a balanced scorecard? EXPERT ANSWER The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against …

in business accounting, what is a balanced scorecard? Read More »

(2) (12 points) Assume that in the 20 business accounts of a bank, 4 have been fraudulently altered. Five business accounts are chosen at random for detailed auditing. (a) In how many ways can five business accounts be chosen for auditing? (b) In how many ways can five business accounts be chosen for auditing so that exactly one of them was fraudulently altered? (c) In how many ways can five business accounts be chosen for auditing so that at most one of them was fraudulently altered?

EXPERT ANSWER ) Number of ways = 20C5 = 15504 b) Number of ways in which exactly one will be fraudulent = 16C4 * 4C1 = 7280 c) Number of ways in which atmost one of them will be fraudulent = Number of ways with no fraudulent + Number of ways with 1 fraudulent = 11648