Discuss the impact of professional code of ethics

Assignment Help Accounting Basics
Reference no: EM131055547

Question: You have just been hired as the company's new accountant

The management team has asked you to prepare a presentation for your new staff. Your team has no formal accounting training and they are looking for you to bring structure and guidance to your new department. Your management has asked you to prepare a 3 - 5 page word document covering the following:

1. Describe the following accounting concepts and principles:

a. Entity concept

b. Reliability (objectivity) principle

c. Cost principle

d. Principles and practices that distinguishes each accounting types: Financial, Managerial, Cost and Taxation

2. Explain financial statements according to Generally Accepted Accounting Principles (GAAP) and how they are interrelated

3. Discuss the impact of professional code of ethics on financial reporting

4. Identify and discuss two compliance issues that may plague the accounting department that relate to the Sarbanes Oxley Act

5. For a small to medium sized organizations complete the following:

a. Example of a Chart of Accounts

b. Definition of Normal Balances for debits and credits

c. Examples of 6 journal entries

d. An outline the accounting cycle

e. Discussion of 2 major principles or concepts that might impact your accounting department (Revenue Recognition, Depreciation, Matching, etc.)
For assistance with your assignment, please use your text, Web resources, and all course materials.

3-5 page Word document

Verified Expert

The solution provided here is related to basic accounting knowledge of journal entries, standards, use and effect and impact of generally accepted accounting principles and their relationship with financial statements.

Reference no: EM131055547

Questions Cloud

Key charecteristics of coaching : What does coaching mean? If used in training and development what are the key charecteristics of coaching?
Develop an ms excel based decision model : You are required to develop an MS Excel based decision model that can be used to investigate and explore decisions and risks relating to taking a mortgage loan to purchase a property.
Cash flows on two mutually exclusive projects : NPV versus IRR Consider the following cash flows on two mutually exclusive projects for the Bahamas Recreation Corporation (BRC). Both projects require an annual return of 14 percent. You calculate the incremental IRR for the cash flows. Based on you..
What is the minimum cash flow : What is the minimum cash flow that could be received at the end of last two years (9 and 10) to make the following project acceptable? initial cost= 100,000 cash flows at end of years one through four= 10,000 cash flows at end of years 5-8= 20,000 op..
Discuss the impact of professional code of ethics : Explain financial statements according to Generally Accepted Accounting Principles (GAAP) and how they are interrelated - Discuss the impact of professional code of ethics on financial reporting
Prepare journal entries to record redemption of old issue : On June 30, 2006, County Company issued 12% bonds with a par value of $826,900 due in 20 years. They were issued at 99 and were callable at 105 at any date after June 30, 2014. Prepare journal entries to record (1) the redemption of the old issue and..
Assignment - global supply chain management and logistics : Assignment - Global supply chain Management and Logistics. Title of the assessment: "The key to real Customer Value is effective Supply Chain Management". Discuss
When is it most valuable to preserve a plant species : When is it most valuable to preserve a plant species?
Aware of a new cellular phone company : A person who has been using the wireless services of company A finds it costly and is aware of a new cellular phone company that offers lower cost services for the same quality of service that company A provides.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Transaction on the books of meredith company

Prepare separate entries for each transaction on the books of Meredith Company. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. Round answers to 0 decimal places, e.g. 125.)

  General ledger account balances

The January 1, 2010, general ledger account balances are shown in the following accounting equation. Record the eight events in the appropriate general ledger accounts.

  Preparing the income statement

The following additional information is provided for your use before preparing the income statement:

  How much would you need to deposit in a savings account

1hiawatha corp is considering the purchase of a new piece of equipment. the cost savings from the equipment would

  In many cases managers end up in trouble as they direct

in many cases managers end up in trouble as they direct their focus exclusively on cost savings. cost cutting is always

  What added risk does this produce for activist funds

Activist funds need to devote more time and resources to investments compared to most other fund strategies. What added risk does this produce for activist funds?

  Financial statements for the fiscal year

Halifax Corp. has a December 31 fiscal year-end. The company will release its financial statements for the fiscal year 2015 on March 15th, 2016. A 10-year note payable to Nova Scotia Bank is becoming due on June 30th, 2016. On January 20th, 2016, the..

  Betty incurs the following transactions during the current

betty incurs the following transactions during the current year. without considering the transactions her 2014 agi is

  A a 1000 bond has a 75 percent coupon and matures after 10

a. a 1000 bond has a 7.5 percent coupon and matures after 10 years. if current interest rates are 10 percent what

  Tim dye the cfo of blackwell automotive inc is putting

tim dye the cfo of blackwell automotive inc. is putting together this years financial statements. he has gathered the

  What is the difference between business risk and financial

what is the difference between business risk and financial risk? if company a has a higher business risk than company b

  On january 1 a company issues bonds dated january 1 with a

1.adidas issued 10-year 11 bonds with a par value of 170000. interest is paid semiannually. the market rate on the

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd