MANAGERIAL ACCOUNTING W/ACCESS
5th Edition
ISBN: 9781266245619
Author: Noreen
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter P, Problem P.9E
To determine
Introduction: The skills of a teacher that facilitate learning among the students whether directly or indirectly are described as teaching ability of a teacher.
The teaching ability of Dr. C and response to the professor.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Is it an entity inherent risk for the information below?
Supervisors working at Marco Inc. interview all perspective employees for positions they supervise. In addition, at least one of the corporate officers also interviews each perspective employee. Most of the key employees, including the officers, have been with Marco for more than ten years. However, due to the high demand for accountants, Stephen Violet an accountant and most of the accounting staff have been employed at Marco for less than 3 years. While Marco checks references for any prospective employee, they do not check criminal records or perform other forms of background checks.
If it is an inherent risk, what is the feature of the firm that will possibly affect inherent risk and explain how and why; that is whether it increases or decreases inherent risk. Please address a specific risk to the accuracy of the financial statements with the "how" and whether audit effort should be increased or decreased for specific…
Read the following scenarios and answer the questions that follow:
i) A young graduate has just been employed as the Receivable Officer, responsible for billing of customers, maintaining customers’ accounts and preparing monthly control accounts. Management has found out that the officer has not been straightforward and honest in the discharge of his duties. He was found to be “cutting corners” and connives with the customers to understate their bills and accounts in order to enrich himself. Management has fired him sadly.
ii) You met a friend in church recently and she was looking very flashy, showing clearly that she got a good job. Upon a short conversation, she indicated that she is blessed to be in charge of the payroll of the company. In fact, she told you exactly how much your four other mates working in that organisation are earning. She went further to inform you that the new car driven by Jojo, a popular mate back in school, was a loan of GHc100,000 he took from a bank and…
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?
Chapter P Solutions
MANAGERIAL ACCOUNTING W/ACCESS
Ch. P - Prob. P.1QCh. P - Pick any major television network and describe...Ch. P - If you had to decide whether to continue making a...Ch. P - Why do companies prepare budgets?Ch. P - Prob. P.5QCh. P - Why is managerial accounting relevant to...Ch. P - Prob. P.7QCh. P - Why do management accountants need to understand...Ch. P - Prob. P.9QCh. P - Pick three industries and describe how the risks...
Ch. P - Pick any large company and explain three ways that...Ch. P - Why do companies that implement Lean Production...Ch. P - Why are leadership skills important to managers?Ch. P - Why are leadership skills important to managers?Ch. P - Prob. P.16QCh. P - Prob. P.17QCh. P - Prob. P.18QCh. P - Why do companies take a physical count of their...Ch. P - Why do companies use sequential prenumbering for...Ch. P - Planning and Control Many companies use budgets...Ch. P - Prob. P.2ECh. P - Prob. P.3ECh. P - Ethics and the Manager Richmond, Inc., operates a...Ch. P - Prob. P.6ECh. P - Ethics In Business Consumers and attorney generals...Ch. P - Prob. P.8ECh. P - Prob. P.9ECh. P - Corporate Social Responsibility In his book...Ch. P - Prob. P.11ECh. P - Cognitive Bias and Decision Making During World...Ch. P - Ethics and Decision Making Assume that you just...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Assume Ethan Lester and Vick Jensen are CPAs. Ethan was seen as a “model employee” who deserved a promotion to director of accounting, according to Kelly Fostermann, the CEO of Fostermann Corporation, a Maryland-based, largely privately held company that is a prominent global designer and marketer of stereophonic systems. The company has an eleven person board of directors. Kelly considered Ethan to be an honest employee based on performance reviews and his unwillingness to accept the promotion, stating that he wasn’t ready yet for the position. Kelly admired his willingness to learn and grow, not just expect a promotion. Little did she know that Ethan was committing a $50,000 fraud during 2015 by embezzling cash from the company. In fact, no one seemed to catch on because Ethan was able to override internal controls. However, the external auditors were coming in and to solidify the deception, he needed the help of Vick Jensen, a close friend who was the accounting manager and also…arrow_forwardAssume Ethan Lester and Vick Jensen are CPAs. Ethan was seen as a “model employee” who deserved a promotion to director of accounting, according to Kelly Fostermann, the CEO of Fostermann Corporation, a Maryland-based, largely privately held company that is a prominent global designer and marketer of stereophonic systems. The company has an eleven person board of directors. Kelly considered Ethan to be an honest employee based on performance reviews and his unwillingness to accept the promotion, stating that he wasn’t ready yet for the position. Kelly admired his willingness to learn and grow, not just expect a promotion. Little did she know that Ethan was committing a $50,000 fraud during 2015 by embezzling cash from the company. In fact, no one seemed to catch on because Ethan was able to override internal controls. However, the external auditors were coming in and to solidify the deception, he needed the help of Vick Jensen, a close friend who was the accounting manager and also…arrow_forwardAssume Ethan Lester and Vick Jensen are CPAs. Ethan was seen as a “model employee” who deserved a promotion to director of accounting, according to Kelly Fostermann, the CEO of Fostermann Corporation, a Maryland-based, largely privately held company that is a prominent global designer and marketer of stereophonic systems. The company has an eleven person board of directors. Kelly considered Ethan to be an honest employee based on performance reviews and his unwillingness to accept the promotion, stating that he wasn’t ready yet for the position. Kelly admired his willingness to learn and grow, not just expect a promotion. Little did she know that Ethan was committing a $50,000 fraud during 2015 by embezzling cash from the company. In fact, no one seemed to catch on because Ethan was able to override internal controls. However, the external auditors were coming in and to solidify the deception, he needed the help of Vick Jensen, a close friend who was the accounting manager and also…arrow_forward
- Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you and your group members have expressed an interest in taking on the task. As a group, you are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. See attached Unadjusted Trial Balance and instructions to complete question.arrow_forwardSuppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you have expressed an interest in taking on the task. You are required to analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements.arrow_forwardCharles worked at Butterfly Corporation for two years after graduating from the University of Texas. He liked his job but the firm was going through some rough times. Because the firm was losing money, Douglas, the CEO, set increasingly rigorous performance goals. Charles noticed a lot of employees were grumbling about these unrealistic expectations. He also heard rumors of quality control incidents and other problems. One day Charles was called into Douglass office. “Hello, Doug. You wanted to see me?” Charles asked. “Yes, Charles. Come in.” Doug looked grim. After Charles sat down, he began to speak. “Look, you know about the tough times we are in. We are losing money left and right. So far I’ve been able to keep this company afloat by drastically making cuts and speeding up production. I guess in all this cost-cutting, there have been problems that have come up. A lot of people have called the hotline to complain about ethical problems, such as employees cutting corners to make…arrow_forward
- 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.arrow_forwardThe accounting employees at Redwood Roofing have not attended professional development training in two years. Which ethical principle have they violated? A. ConfidentialityB. ProfessionalismC. Professional Competence and Due CareD. Integrityarrow_forwardAssume that you are an independent auditor who runs your own auditing firm. Majan Company was your client last year who engage another independent auditor this current year because of some independence issues with your firm. Last year, you know that Majan Company was having less profit because of competition with a newly established company · the Teejan Company which -- is now selling their business. Because of this reason, Majan wants to offer to buy Teejan. Two months ago, Home Depot Company became your new client. Home Depot Company's managing director came to you to discuss that they intend to buy Teejan Company. They know that there is another company who wants to buy Teejan too, but they are not aware that it is Majan Company. They also don't know that you were Majan's previous auditor. You are aware of Majan's problems and you know it will help them to recover profits if Majan will be the one to acquire Teejan Company instead of Home Depot. Which ethical principles will be least…arrow_forward
- In a recent article published by the Economic Times, David Wilson, president and CEO of the Graduate Management Admission Council (GMAC) stated that "ethics cannot be taught in a business school. It has to be part of the DNA." Do you think that ethics can be taught in a traditional learning environment to prevent future accounting scandals? Where else might ethics be taught (if they can be taught at all)? Article Bhattacharya, S. (2013, March). Ethics Can't Be Taught in Business School: GMAC president David Wilson. The Economic Times. https://economictimes.indiatimes.com/opinion/interviews/ethics-cant-be-taught-in-business-school-gmac-president-david-wilson/articleshow/19051640.cms Please provide IN-TEXT Citations and credible references. Thanks!arrow_forwardKnowledge 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.arrow_forwardMr. Henry Dominic, Director of Dominic CPA Review Schools was considering the use of a new practice at the end of the two-week introductory portion of his class. The set was designed to meet two principal objectives. First, he hoped that it would serve as a screening device for identifying those students who had failed to grasp some of the more elementary concepts of financial accounting. Second, the set was designed to serve as a vehicle for introducing several new concepts which would be covered in more depth in the next section of this course. The beginning of the year balance sheet for the green Ville Company was as follows: Cash.. Inventory.. ASSETS Total current Assets.... Property, plant and eqpt.... Less: A/D PPE.. Net Fixed Assets.. Total Assets............ FINANCIAL REPORTING June 1 GREEN VILLE COMPANY Balance Sheet As of January 1, 2021 P25,000 10,000 35,000 15,000 5,000 10,000 P45,000 EQUITIES Accounts payable......... .P10,000 Total Current Liabilities..... 10,000 Capital…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Cornerstones of Cost Management (Cornerstones Ser...AccountingISBN:9781305970663Author:Don R. Hansen, Maryanne M. MowenPublisher:Cengage Learning
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Business Its Legal Ethical & Global EnvironmentAccountingISBN:9781305224414Author:JENNINGSPublisher:Cengage
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Managerial Accounting: The Cornerstone of Busines...AccountingISBN:9781337115773Author:Maryanne M. Mowen, Don R. Hansen, Dan L. HeitgerPublisher:Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser...
Accounting
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Cengage Learning
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Business Its Legal Ethical & Global Environment
Accounting
ISBN:9781305224414
Author:JENNINGS
Publisher:Cengage
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Managerial Accounting: The Cornerstone of Busines...
Accounting
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Cengage Learning