Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 1WC
To determine
Prepare a mail to the new client explaining the forms of business and role of accountant in the business.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
What is an accountant’s duty of care? What is GAAP and GAAS?
Discussion Topic Two:
Do some quick internet research and fine a case that deals with an accountant that has been found to have breached the duty of care. Provide a brief summary of the facts of the case, and provide the court's analysis. Be sure to use a reference
Assume that you are already a certified public accountant and has an accounting firm. you will introduce yourself to a client and you have all the services thay public accounting can offer. Explain to your client why he/she would need your services.
Hi! I am _______ (yourname) a Certified Public Accountant and I owned _____________ (name of your accounting firm). I offer external auditing wherein I __________________________________________________________________________________________________________________________________________.
I am also expert in Tax preparation and planning. I can help you to ________________________________________________________________________________________________________________________________________________________________________.
Oh, before I forgot I have a lot of experience in Management advisory services I can give you a lot of effective advices such as…
You are an accountant with a client that wants to set up a new company. She has come to you to ask what type of company to form. She is trying to decide between a corporation, an LLC, or a sole proprietorship. Taking into account the ability to raise capital, liability protections, taxation issues, ability to transfer ownership, and any other aspects you can discover discuss the pros and cons of the various entity forms. You can use your textbook but you should consult other courses as well.
(It depends on what kind of company your client is opening and what they want to accomplish. The best you can do is give the client some information to think about. This post should cover the general aspects of the various type of business entities.)
Chapter 1 Solutions
Financial Accounting, Student Value Edition (5th Edition)
Ch. 1 - The text states that accounting is the "language...Ch. 1 - Would you describe accounting as primarily a...Ch. 1 - Prob. 3DQCh. 1 - What are some reasons why accounting has adopted...Ch. 1 - What are some of the uses of financial statements?Ch. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - How is the accounting equation affected by each of...Ch. 1 - In what order should the financial statements be...Ch. 1 - Which financial statement would be most useful to...
Ch. 1 - Prob. 1SCCh. 1 - Prob. 2SCCh. 1 - Which accounting principle specifically states...Ch. 1 - Wave Rider is famous for custom skateboards. At...Ch. 1 - Assume that Wave Rider sold skateboards to a...Ch. 1 - Assume that Wave Rider sold skateboards to another...Ch. 1 - Assume that Wave Rider paid expenses totaling...Ch. 1 - Consider the overall effects of the transactions...Ch. 1 - The balance sheet reports a. a businesss financial...Ch. 1 - The income statement reports a. a business's...Ch. 1 - Prob. 11SCCh. 1 - Prob. 12SCCh. 1 - Accounting principles (Learning Objective 4) 5-10...Ch. 1 - Accounting principles (Learning Objective 4) 5-10...Ch. 1 - Prob. 3SECh. 1 - Basic accounting equation (Learning Objective 5)...Ch. 1 - Prob. 5SECh. 1 - Prob. 6SECh. 1 - Prob. 7SECh. 1 - Entering transactions in the accounting equation...Ch. 1 - Prob. 9SECh. 1 - Prob. 10SECh. 1 - Entering transactions in the accounting equation...Ch. 1 - Transaction analysis (Learning Objective 5) 5-10...Ch. 1 - Transaction analysis (Learning Objective 5) 5-10...Ch. 1 - Prob. 14SECh. 1 - Basic accounting equation (Learning Objective 5)...Ch. 1 - Basic accounting equation (Learning Objective 5)...Ch. 1 - Prob. 17AECh. 1 - Using the accounting equation to determine net...Ch. 1 - Transaction analysis (Learning Objective 5) 15-20...Ch. 1 - Types of business organizations and balance sheet...Ch. 1 - Types of accounts and income statement preparation...Ch. 1 - Using the accounting equation to determine net...Ch. 1 - Basic accounting equation (Learning Objective 5)...Ch. 1 - Prob. 24BECh. 1 - Prob. 25BECh. 1 - Prob. 26BECh. 1 - Transaction analysis (Learning Objective 5) 15-20...Ch. 1 - Prob. 28BECh. 1 - Prob. 29BECh. 1 - Prob. 30BECh. 1 - Transaction analysis and the calculation of net...Ch. 1 - Prob. 32APCh. 1 - A Preparing the income statement, statement of...Ch. 1 - Preparing the income statement and balance sheet;...Ch. 1 - Prob. 35APCh. 1 - Transaction analysis and the calculation of net...Ch. 1 - Prob. 37BPCh. 1 - Prob. 38BPCh. 1 - Preparing the income statement and balance sheet;...Ch. 1 - Prob. 40BPCh. 1 - Prob. 1CECh. 1 - This problem is the first problem in a sequence...Ch. 1 - Prob. 1CFSAPCh. 1 - Prob. 1EIACh. 1 - Prob. 2EIACh. 1 - Prob. 1FACh. 1 - Industry Analysis Purpose: To help you understand...Ch. 1 - Prob. 1SBACh. 1 - Prob. 1WC
Knowledge Booster
Similar questions
- Please help with explaining how I can answer the following if I chose the role of an investor: choose the role of an investor, creditor, taxpayer, or benefactor of one of the organizations they have presented. Referring to the information provided by your classmates related to the informational needs of the user group you have chosen, state whether the objectives of financial reporting they have listed meet your needs, whether any additional information is needed by your user group, and why this information would be beneficial to the financial decisions you would need to make. Are there any additional objectives that should be listed for your user group, if so what are they? How do your needs differ from the other user groups? The information is below: For both our initial discussion and my final project, GEB will be the nonprofit (NFP) organization I study along with Peekskill, NY as the local government. Both are in neighboring towns to my home base. Home Depot will be the…arrow_forwardYou 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_forwardUse only the email that Mr Denis French received from Ms Sarah Dlamini on 23 September 2021 in “DOCUMENT 1”, to discuss if the reasoning in her response can be regarded as ethical in conducting good business.arrow_forward
- What kind of support will Salem provide to his company for the professional accountants ethics code?arrow_forwardREQUIRED: You are required to prepare a reflection paper that incorporates your answers to the following questions: 1. Why are financial statements important? What problems can you foresee if a business manager does not have a basic knowledge of financial statements? Adapted from: Price, J., Haddock, M., & Farina, M., (2021). College Accounting, 16th edition. McGraw-Hill Education. 2. Your friend is thinking of ways to lower tax by lowering the net income using the following means: Do not adjust for accrued revenue for any earned revenues, cash is not collected anyway. Adjust the full amount of prepaid expense as expenses even if not yet used. Explain to your friend the accounting implications and ethical considerations of her idea. ● ●arrow_forwardQuestion:Prepare a reflection paper that incorporates your answers to the following independent questions: 1. What problems can you foresee if a business manager does not have a basic knowledge of accounting? 2. The owner of a company asks you if he can charge all his personal expenses to his business. He said that he owns the company anyway. Explain to the business owner the business entity assumption and the ethical considerations of his idea. 3. After examining the financial statements, the owner of a small business expressed surprise that the firm's cash balance had decreased during the month even though there was substantial net income. Do you think this owner is right to expect the cash to increase because of a substantial net income? Why or why not? 4. Jiffy Trading runs 10 branches and pays for a variety of expenses. Anna, the Accounts Payable Clerk of Jiffy Trading writes the checks for each supplier and the Accounting Manager signs the checks. Anna decided she…arrow_forward
- 1. After graduating from Berkeley College and passing your CPA exam, you have opened up an accounting firm that offers tax and consulting services to clients. You have just picked up a new client who is very anxious about his expenses. The client considers his in house accounting services to be too high and he feels that he could save some time and money in that area by telling his accounting staff not to do closing entries. It is your job, in this discussion, to explain to your new client the importance of doing the closing entries and why they are worth doing. 2. Please tell us about permanent and temporary accounts. Please let us know which financial statement contains the permanent accounts and which one contains the temporary accounts. Please provide an example of the two closing entries.arrow_forwardAssume 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?arrow_forwardA career goal statement should be approximately one paragraph that describes the kind of position and field one would like to move into in the future. What industry does this person hope to find themselves in if their career goal is to be in the tax accounting? What the skills do they hope to utilize in this position?arrow_forward
- Assume that you are studying for an upcoming accounting exam with a good friend. Your friend says that she has a solid understanding of general partnerships but is less sure that she understands organizations that combine certain characteristics of partnerships with other forms of business organization. You offer to make some study notes for your friend to help her learn about limited partnerships, limited liability partnerships, S corporations, and limited liability companies. Prepare a one-page set of well-organized, complete study notes on these four forms of business organization.arrow_forwardLuisa is concerned about risks and liabilities involved with business ownership. What actions can she take to BEST protect her personal property against the financial obligations of her business? Register the business name; patent the logo O Establish an IRA; set up automatic withdrawals O Seek legal counsel; choose the right legal structure O Hire an accountant; enroll in online banking O 14 of 15 10 Sep 18arrow_forwardDiscuss what information would be most useful for these users of accounting information: Management Employees Investors Creditors Customers Tax authoritiesarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
Pkg Acc Infor Systems MS VISIO CDFinanceISBN:9781133935940Author:Ulric J. GelinasPublisher:CENGAGE L
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT
Pkg Acc Infor Systems MS VISIO CD
Finance
ISBN:9781133935940
Author:Ulric J. Gelinas
Publisher:CENGAGE L