Identify accountor, accountee, and account in each of the following accountability instances
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The conceptual work of Accountability:
In an accountability relationship, the accountor is to give an account to the accountee on what the accountor did. If the accountor refuses to give the account or the account is not satisfactory, the accountor would be sanctioned by the acccountee.
Required:
Identify accountor, accountee, and account in each of the following accountability instances
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(i) A farmer sells meat to local residents.
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(ii) A teacher delivers lectures in the class.
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(iii) A student submits the assignment report to the teacher.
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- According to ethical standards of the profession, which of the following acts id generally prohibited? Accepting engagements obtained through efforts of third parties. Purchasing a product from a third party and reselling it to a client. Accepting a commission for recommending a product to an audit. Writing a financial management newsletter promoted and sold by a publishing company.A client asks a CPA for attest engagement services relating to the assertion that the client has the lowest overall prices of all the groceries stores in the city. The client is not stating that they have the lowest price on all items they sells, but "on the whole" their prices are lower than those of the competition. The client plans to use the results of the atttesation engagment for marking purposes. Is such an attestation engagement acceptable especially when the resulting report is to be used for advertising purposes? What engagement criteria would be suitbable?Ms. Mila Miranda is the Chairman of the Board of Luwalhati Cooperative. She was informed by the bookkeeper of the cooperative that the financial statements to be submitted to the Cooperative Development Authority and Bureau of Internal Revenue should be audited by an independent CPA.Ms. Miranda is aware of the poor financial position and condition of the cooperative and would rather save the resources of the cooperative to support its operations rather than use it to pay the professional fee of the external auditor. She is confident that the financial statements are free from material misstatements since the bookkeeper is competent and the cooperative’s audit committee actively conducted examination on the financial statements. QUESTION: Explain why the audit committee’s examination could not replace the work of the external auditor
- A distressed student is suing his college, claiming that his accounting instructor is a sorceress of evil trickery. The school's legal advisors cannot reasonably estimate the amount the school may have to pay in damages for the student's extreme pain and suffering. The advisors do believe there is a high probability the college will lose the case and need to pay damages to the traumatized student. This represents a: a.necessary part of taking any college-level accounting class. b. known liability that should be ignored. c. contingent liability that should be journalized. d. contingent liability that should be disclosed in the financial statement notes.Mementos Academy is assessing whether to outsource its student enrolment processes. The general process followed by staff in the enrolment office is to first validate students’ prior academic record (e.g., secondary school results) and send an offer of enrolment, provide degree advice and enter students’ study program details into the student record system, and collect fees. The following table shows the costs associated with these three processes: Cost Validation Student records Fees collection Staff salaries 70,400 43,900 39,700 Data processing 9,200 32,500 7,900 Telephone 1,700 4,600 3,000 Postage - 1,500 4,000 Consumables 3,700 45,900 11,800 Electricity 1,600 3,100 3,000 Equipment depreciation 12,200 35,800 31,900 Insurance…Which statement about a manager's use of client brokerage commissions violates the Code of Standards a. A Client may direct a manager to use that client's brokerage commissions to purchase goods and services for that client b. Client's brokerage commissions may be directed to pay for the investment manager's operating expenses c. Client's brokerage commissions should be used to benefit the client and should be commensurate with the value of the brokerage and research services received
- The IESBA Code of Ethics for Professional Accountants highlights a number of areas in which threats might arise to independence and objectivity. Required; i. Explain what is meant by an advocacy threat and give an example of a situation which may create an advocacy threat. il. State the category of threat that arises from an inappropriately close business relationship with a client and give two examples of close business relationships that would cause such a threat. 2. Explain the terms "accountancy', "stewardship' and "agency' and explain how they can be applied to the relationship between directors and shareholders.Which one of the following statements is TRUE? O a. An example of an agency relationship is when a supervisor hires a forklift operator. b. An example of an agency cost is when the board of directors pays a dividend to shareholders. • c. An example of an agency relationship is when a private individual hires a lawyer to prepare her defense d. An agency cost is the wage required to pay someone who is hired to perform a service. e. The supervisor-emplovee relation between a production line supervisor and a production line operator isCreate a hypothetical ethics case then describe the guidance that applies to the issue. The simplest was to complete this assignment is to use any ethical dilemma that you may have encountered in professional practice or review the AICPA Code of Conduct or the IRS Circular 230 then inventing an ethical situation based on one of these sources. Also, you can use news stories, any disciplinary actions on state CPA websites. After you describe the situation in a case format, then search and locate the ethics guidance that addresses the issue. Use this format: 1. What inspired this case idea? 2. Describe the situation in case format 3. Outline the applicable guidance and how it should be applied to this issue
- Marysol works for an accounting firm. One of her client's work papers was selected for review by a state CPA's society voluntary quality review panel. Is Marysol required to obtain the client's permission before allowing the panel to review the work papers? Explain rules or regulations governing when work papers can be shared.Which of the following statements is false regarding the ethical obligations of professional accountants? Multiple choice question. they must seek to maximize the owners' profits. they must continually upgrade their skills in order to be competent their obligations are outlined in a code of ethics. they must treat sensitive information confidentially Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.For the following descriptions, state whether the cost is controllable or uncontrollable by responsibility center managers. A. advertising for a merchandiser B. corporate income taxes C. office supplies for a merchandiser D. donations to the Salvation Army E. insurance for delivery vehicles