Only typed answer Jim is a new financial counselor (first week on the job) working on AFC® credentials and last week he passed the exam.He is interviewed for a local paper column about budgeting. When published, the column indentifies Jim as an AFCⓇcertificant. According to AFCPE® Standard of Practice Twenty-Two (SP-22): Credentials Claimed, Jim must do what?O He must correct the misrepresentation - contact the paper to request a retraction or correction - because he is still working on thecertification.O Nothing, he just passed the examO Tell his boss about the great advertising for the firm.O Send copies of the column to all of his prospects.

AFCPE® Standard of Practice Twenty-Two (SP-22) is a part of the Standards of Practice established by…

Answered: Jim is a new financial counselor (first…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 1EC

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Similar questions

You are the audit senior responsible for the audit of Sampson Limited. You are currently planning the audit for the year ended 31 December 2019. During your initial planning meeting held with the financial controller, he told you of the following changes in the company’s operations. Due to the financial controller’s workload, the company has employed a treasurer. The financial controller is excited about the appointment because in the two months that the treasurer has been with the company, he has realized a small profit for the company through foreign-exchange transactions in dollars. explain how the components of audit risk (inherent, control or detection risk) are affected.
You have recently been engaged as an accounts officer in a well-recognized organisation and the terms of the employment requires that you serve a six-month probation period before your confirmation or otherwise. Your superior has informed you that your confirmation depends largely on your ability to demonstrate the personal qualities of accountant as required by the International Federation of Accountants Fundamental Code of Ethics of Accountants. You love your new job so much that you cannot afford to lose it for any reason. Required:In a report, discuss specific behaviours you will demonstrated to show that you posses each of the five personal qualities of accountants.
Knowledge of the rules of conduct and related interpretations on independence, integrity, and objectivity will help you respond to the following examples and if they violate rules of professional conduct. Joe is not yeta public accountant, but is employed by a large public accounting firm and writes is a final Ex. In the fall. This month, during the audit of the Lumber Company, Joe told the controller how he is building a deck. The controller likes Johnny and has a load of needed materials delivered to the house, billing Johnny at a 70% discount-savings over the normal cash discount of about $300. Johnny paid the bill and was happy to have the materials, which he otherwise would not have been able to afford on his meager salary.
Your small business client, Phillip’s Computer Repair Shop, is experiencing financial difficulties and has to lay off one of its four employees in the accounting area. Phillip has asked you to determine what duties should be assigned to the three remaining employees—Abigail, Bryan, and Chris—to maintain the best separation of duties.Required:Assign the following 10 duties to each of the three employees.a. Reconcile bank statement.b. Open mail and list checks.c. Prepare checks for Phillip’s signature.d. Prepare payroll checks.e. Maintain personnel records.f. Prepare deposit and take to bank.g. Maintain petty cash.h. Maintain accounts receivable records.i. Maintain general ledger.j. Reconcile accounts receivable records to general ledger account.
Assume that you are currently working as an accountant, and your manager has to take an unexpected sick leave. Because you did very well in your accounting classes, the Senior Accountant asks you to step up and help with the review of reconciliations. What would be your first step? Maybe you would dive right into it, assuming you would figure out what to do as you moved through all the existing reconciliations, or maybe you would ask for a copy of policies and procedures for this task if any exist, so you could find instructions without asking the Senior Accountant constantly what to do. In addition to reviewing reconciliations, you will need to review disclosures to financial statements. How would you know if all the necessary disclosures were prepared and contained correct information?
You are the staff accountant working at a local tutoring center. The monthly financial statements (Income Statement, Statement of Retained Earnings, and Balance Sheet) were just finalized and released to the employees of the tutoring center. You hear some of the other employees talking about the financial statements. In most cases, the employees do not understand the purpose of the statements. You have been asked by your supervisor to create a MEMO to be sent to the employees of the tutoring center that includes the following: Reflect on how you think you and your peers at the tutoring center may be able to apply this knowledge/understanding of accounting in your future (in your career, in your personal life, in any aspect of your life).
You are the staff accountant working at a local tutoring center. The monthly financial statements (Income Statement, Statement of Retained Earnings, and Balance Sheet) were just finalized and released to the employees of the tutoring center. You hear some of the other employees talking about the financial statements. In most cases, the employees do not understand the purpose of the statements. You have been asked by your supervisor to create a MEMO to be sent to the employees of the tutoring center that includes the following: Select either the Balance Sheet OR the Income Statement and explain the purpose of the statement and why it is important (i.e. what should the reader know about the company by looking at the statement).
You are the staff accountant working at a local tutoring center. The monthly financial statements (Income Statement, Statement of Retained Earnings, and Balance Sheet) were just finalized and released to the employees of the tutoring center. You hear some of the other employees talking about the financial statements. In most cases, the employees do not understand the purpose of the statements. You have been asked by your supervisor to create a MEMO to be sent to the employees of the tutoring center that includes the following: Identify and explain (in words everyone can understand) each item in the accounting equation; what does each item represents and where does each item appear on the financial statements. Providing examples would be beneficial!
You are the staff accountant working at a local tutoring center. The monthly financial statements (Income Statement, Statement of Retained Earnings, and Balance Sheet) were just finalized and released to the employees of the tutoring center. You hear some of the other employees talking about the financial statements. In most cases, the employees do not understand the purpose of the statements. You have been asked by your supervisor to create a MEMO to be sent to the employees of the tutoring center that includes the following: Explain how accounting became a “norm” (what made a system of accounting necessary) and reflect on why YOU think it is beneficial for society as a whole to have a standard method of accounting.
John Drake, a partner at Drake and Buetz, is meeting with a potential new client. The client recently saw the firm's TV advertisement claiming that the firm was "the premier accounting firm in western Canada." The client requires a review engagement report with its financial statements to obtain a bank loan. John advises that his fee will be 10 percent of any bank loan granted. What principles and/or rules of professional conduct apply to this scenario? There is a violation with regards to advertising. Professional competence is lacking because of the advertising of the firm as the "premier" accounting firm. There is no violation of any ethical principles or rules of professional conduct. There is a violation of the code of professional conduct regarding fees and pricing. OA bank always requires an audit, a review engagement is not permitted. Fees are to be based on an estimate of work performed, not on percentage of a bank loan.
"Dennis Jones, an old college friend, contacted you last week. Dennis owns several car washes, and he believes that financial statement fraud may be occurring. (He pays each car wash manager a bonus if a certain level of profits is earned and is worried that some managers are overstating profits to earn a higher bonus.)Dennisiscomingovertoday to see whether you can help him determine if his suspicions are valid. He is bringing along the financial statements for each car wash (income statements, balance sheets, and cash flow statements) for the last five years.1.What kind of financial statement analysis could you perform to help Dennis detect possible fraud?"
Harmony is the Senior accountant of a Bank. Junior accountants of all the branches reportto her. While preparing for the final quarter sales report, she finds that two out of the fourbranches have failed to achieve the sales targets for the second consecutive quarter.According to the company policy, the branches that fail to achieve targets in twoconsecutive quarters have to be closed. Harmony feels sad for all the people losing theirjobs and decides that she will overstate the sales revenue generated by every branch andreport manipulated figures in the financial statements. Answer the following questions. Describe Harmony’s actions from ethical standpoint. Is she doing the right thing? What can be the consequences of Harmony’s actions. What are the risks involved? What would you suggest to Harmony? (please cite paragraph according to the MLA citation? Please note this is not an essay.

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