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Reflection
1) What is your opinion on the questions below?
A solid set of accounting standards is also part of an economy's infrastructure. Investors don't want to put up capital unless there's a system that communicates financial results. There also must be an element of trust in that system. In addition, external reporting is expanding covering more than the basic financial information. Stakeholders want more information as evidenced by the Global Reporting Initiative.
A lot of accounting related tasks used to involve the bookkeeping function, i.e. the recording and summarizing of transactions. Technology has freed up accountants to become more involved in analysis and planning. Accounting is also becoming a truly global profession. The skill is easily transferrable and the CPA designation has value even outside our own borders. Many accountants in large organizations function as consultants to, for example, development teams and production teams.
A few questions for reflection:
Have the knowledge you acquired changed your view of the role of accounting in business and the economy?
How do think accounting will change in the future?
Do you think you'll have any personal involvement with accounting?
Adjusting Entries: Interest receivable at 1/1/06 was $5,000. During 2006 cash received from debtors for interest on outstanding notes receivable amounted to $6,000.
Explain the importance and demand for audit and other assurance services. Explain the auditor's role in providing assurance.
A statistical conclusion, and the audit decision you could make based on the quantitative sample results.
Create the workpaper eliminating entries for a consolidated statements workpaper on 31 st December, 2014. Prince uses the cost method and evaluate the total no controlling interest to be reported on the consolidated balance sheet on 31 st December,..
What would be the reliability of the bank system below if each of the three components had a backup with a reliability of .80?
Describe how you would recruit for applicants for this position. You should consider internal as well as external candidates. What specific assessments would you use? Include names, sources, costs, psychometric properties and rationale. Use the int..
How can fictitious revenue be created through the use of false sales to shell companies? Discuss the method and result of committing this fraud.
The Mesa Bank is offering your company the use of their lockbox services. They estimate that you can reduce your average mail time by 2 days and they can save you a combined clearing and processing time of 1.5 days by putting the checks into the c..
What are the advantages and disadvantages of the primary types of auditors? Which type interests you the most? Please explain.
Many corporations and government entities have an internal auditing function and a separate fraud investigation function either as a subunit of internal auditing or security or as a separate unit within the organization.
How are reviews performed by external auditors different than those performed by internal auditors? How are the reviews alike? Do you think an organization benefits more from an internal audit or an external audit?
What was the balance inn Branson Co.'s cash account before recognizing any of these reconciling items? What was the balance shown on the bank statement before recognizing any of these reconciling items?
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