parties 5 The Accountant’s responsibility to the government 5 Action or claims against accountants by clients 6 Action or claims against accountants by third parties 6-7 Action or claims against accountants by the government 7 Accounting-Client privilege 7 Whistleblowing 8 Conclusion 8-9 Reference 10-11 AC502-01N: Regulation Unit 6 Accountant Responsibility Oluseye Akindebe Kaplan University May 05, 2015 Professor: Christopher Zapalski Abstract:
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last step for Jane is the trial balance sheet. This sheet basically contains a summary of the transactions after the balance was determined, then the balance sheet ensured that my debits equaled my credits. One of the main principles of accounting is the matching principle. By making
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difference in recognizing transactions? ACC205: Principles of Accounting I Professor Student Name Date Cash vs. accrual: Is there a difference in recognizing transactions? Cash and accrual based accounting are two ways use to record revenue or expense transactions. However, there is a difference in recognizing cash and accrual accounting transactions. Moreover, in cash basis accounting, a transaction is recognized when the money changes
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they have something to say. Fools speak because they must say something." Don't predict the future, invent it. Davies, Tony & Crawford, Ian 2012, ‘Financial Accounting”, Pearson, Harlow. Pg 7 Prudence Concept Prudence means being careful or cautious. The prudence concept is an ethical concept that is based on the principle that revenue and profits are not anticipated, but are included in the income statement only when realized in the form of cash or other assets, the ultimate cash realization
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1. Construct Brandywine’s 2007 Income statement. ____________________________________________________________ _ Brandywine Homecare Statement of Income Year Ended December 31,2007 ____________________________________________________________ __ Revenue: $12,000,000 Total Revenue $12,000,000 Expenses: Expenses $ 9,000,000 Depreciation $ 1,500,000 Total Expenses $ 10,500,000 Net Income $1,500,0000
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revenues. If the company doubled its depreciation, both net income and profit margin would be zero. The cash flow will be the same for both cases, which is $3 million. Cash accounting and accrual accounting are two similar methods of maintaining accurate accounting records. Accrual accounting is considered to be the standard accounting practice for most companies. Equity is the ownership claim against total assets. For investor-owned businesses, equity is the amount of owner-supplied financing. Equity
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Accepted Accounting Principles -The Accounting Eqaution -The Rule of Debit and Credit Advantages of applying accounting principles, rules, and procedures: * A properly prepared financial statement communicates the profits to shareholders and employees * An investor will be more apt to consider a company whose financial statements disclose all activities * A standard format for financial statements can be read by investors and banks. Generally Accepted Accounting Principles (GAAP)-
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ch02 Student: ___________________________________________________________________________ 1. Which of the following is not a transaction to be recorded in the accounting records of an entity? A. Investment of cash by the owners. B. Sale of product to customers. C. Receipt of a plaque recognizing the firm's encouragement of employee participation in the United Way fund drive. D Receipt of services from a "quick-print" shop in exchange for the promise to provide advertising design . services
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Name University of Phoenix Health Care Financial Accounting HCS/405 Ashonta Tharps May 26, 2012 Reporting Practices and Ethics Revenue’s and expenses of any organization require the four main elements of financial management. These elements are planning, controlling, organizing and directing, as well as decision making. The reporting practices of the financial department has improved over the years with new and improved principles and general financial ethical standards being put into
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earnings estimates are of significant concern for the organization where it will prompt questionable decisions by executives. Excello Telecommunications must adhere to accounting practices and regulations in the organization’s activities to ensure financial reporting is accurate. The SOX Act of 2002, Generally Acceptable Accounting Principles (GAAP), and the AICPA Code of Professional Conduct are some guidelines that the company must follow. However, the pressures of meeting financial goals can tempt
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