Accounting

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Accounting Questions and Answers

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What job profiles does D. E. Shaw offer for a freshly qualified CA?
What needs to change in the United States to make principles-based standards effective?
Research the treatment of revenues for a for-profit versus not-for-profit entity. Next, analyze at least two (2) accounting treatments for revenues for profit and a not-for-profit entity.
Identify the roles and hierarchy of the various accounting governing bodies.
What is the purpose of accounting information?
1. How can the Impartial Spectator guide us in making moral judgments as accountants? 2. What are some concrete examples you can give to support this?
Manufacturing needs to purchase a new central air-conditioning system for a plant. There are two choices. The first system costs $70,000 and is expected to last 6 years, and the second system costs...
Is there a type of accounting that is not financial accounting?
Jayhawk Company reports current E&P of $310,000 and accumulated E&P of negative $282,500. Jayhawk distributed $505,000 to its sole shareholder, Christine Rock, on the last day of the year. Christin...
Describe at least two roles of the controller you would enjoy if you were the controller of a company. What do you find interesting about these roles? What would be challenging about these roles? W...
What makes a great education in accounting? What is necessary for colleges to provide? What are they providing that is not necessary or obsolete?
Which of the following is true about the hypothesis test of cost parameters? a) It indicates whether the parameters are different from zero. b) It provides a range of values instead of a single p...
What is the direct impact on accounting firms who provide financial planning and/or mortgage broking advice and what is the indirect impact on all accountants?
ratios that test liquidity include all except: A. inventory turnover B. acid-test ratio C. return on assets D. current ratio If stock is issued for an asset other than cash, the asset should b...
The core benefits of XBRL adoption include all of the following except: a. Increased productivity b. Improved information quality c. Cost reduction through tagging of each item with information s...
Phillp Witt, president of Witt Input Devices, wishes to create a portfolio of local suppliers for his new line of keyboards. Suppose that Phillip is willing to use one local supplier and up to 2 mo...
Select at least two of the following types of organizations and describe what type of standards may be used: - Hospitals - Law firms - Accounting firms - Auto repair shops Additionally, explai...
Positive Accounting Theory (PAT) assumes that principals are aware that agents will act opportunistically, so principals stipulate in any bonus contract the accounting methods to be applied. This m...
Play the role of an entrepreneur. In a short paragraph, describe the type of business you would start if you were to start a new company. In the second paragraph, identify at least two ways managem...
Based on your research on the Internet and your personal observation, what skills do you think the CPA of the future should possess to be successful?
Multiple-choice questions _____ 1. In Part 2 of the book, you complete monthly accounting for which type of business? a. Cor1. In Part 2 of the book, you complete monthly accounting for which type...
1. A common starting point in the budgeting process is _____. a. expected future net income b. past performance c. to motivate the sales force d. a clean slate, with no expectations Which of...
What constraints are there within financial and managerial accounting reporting?
Describe at least two (2) career options someone with an accounting education can pursue. Be sure to reference sources such as the Bureau of Labor Statistics and the American Institute of Certified...
Joe Felan is the production manager at Utex Corporation. He was recently quoted as saying, "since management reports aren't subject to generally accepted accounting principles, and they aren't dire...
Why the current IASB's choice to narrow the primary user category and focus on privately held, large listed companies.
What is the average salary advantage that CMAs have?
Explain the Kennedy Cuts and The Reagan Revolution. Analyze the two bold tax plans.
1. Match each function with its representative cost driver. 2. Give a second example of a cost driver for each function. Functions list : 1. Accounts payable 2. Recruiting 3. Data processing...
Explain how "materiality" is defined by both FASB and IASB. The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms. Identity at...
How can you use accounting to manage your personal finances?
Between Financial and Managerial/Cost Accounting, which do you think is more ethically challenged? Why?
Indicate your understanding of tax laws, with an example of how treatment of a transaction would be considered different in tax accounting, general accounting, or income recognition.
How can we, as accountants, help to maintain and ensure high ethical standards?
Should executives be given the benefit of the doubt? Explain your reasoning.
Mention some of the globalization aspects related to managerial accounting practices.
What is an important challenge facing the accounting department of organizations today, and how would you go about addressing it?
How do you think Generation AO ("Always on") will impact accounting and the accounting profession?
How can information you learned accounting classes be applied to your life and/or work to increase your future success?
If the provisions of section 63 of the California Board of Accountancy Regulations are already included in other federal and state laws, why do you think they are also included in regulation 63?
How assumptions and qualitative characteristics of accounting guide the choice Revenue Recognition and Accounting for bad Debts?
Find and post one job advertisement for a controller position in Ohio. What particular skills stand out to you as being most important to the organization, and why?
A company keeps 20 days of materials inventory on hand to avoid shutdowns due to materials shortages. Carrying costs average $4,000 per day. A competitor keeps 10 days of inventory on hand, and the...
What does forecasting involve? What does forecasting enable?
Describe the inadequacies in the corporate governance system at Halliburton.
Describe weaknesses and inconsistencies in accounting for noncurrent security investments.
Describe the cost-benefit factors that should be considered when new accounting standards are being proposed.
Accountants and accounting cannot help address the environmental issues facing government and private sector leaders. True False Explain.
What are some of the techniques and reports that managerial accountants produce for managers and internal decision makers?
Immediately after a used truck is acquired, a new motor is installed at a total cost of $4,500. Is this a capital expenditure or a revenue expenditure?
Which of the following would be more typically the responsibility of a controller rather than a treasurer? A. overseeing accounting and tax functions B. capital budgeting C. making investment decis...
Which of the following companies would be required to files its Form 10-K electronically? a) A privately-held corporation with 1,500 shareholders. b) A municipality with $20 million in assets. c) A...
Why does a financial professional working outside accounting need knowledge of accounting principles and methods?
Your accountant tell you that it cost $400 to set up an immunization program at a preschool and immunize one child against polio. It will cost $460 more to immunize 20 more children. What is the co...
What is 'creative accounting?' Explain.
What is 'de-professionalization' of accounting? Explain.
When there are so many other options, why accounting would be considered the language of business?
Indentifying asset source, use, and exchange transactions A. Name an asset use transaction that will not affect the income stateIdentifying asset source, use, and exchange transactions A. Name an...
When bonds are sold at a market price of 105, the cash received for the bonds is 105 percent of face value. a. True b. False A 3-for-2 stock split will triple the reported dollar amount of stockh...
Entries for Uncollectible Accounts, using Direct Write-Off Metho. Journalize the following transactions in the accounts of Cecena Medical Co., a medical equipment company that uses the direct write...
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