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hichkok12 [17]
2 years ago
11

HELP PLEASE! 50 POINTS

Business
1 answer:
salantis [7]2 years ago
8 0
1: True. 2. False. 3. False. 4. True.
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Lauren\'s salary decreases from $37,000 to $30,000. she decides to reduce the number of outfits she purchases each year from 20
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Your friend currently works as an accountant in a public accounting firm in a small town called stillwater in minnesota. he is o
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Which of the following phrases effectively describes a business’s income statement
irina [24]

Answer:

Financial picture

Explanation:

The phrases is suitable because An income statement will give a general picture for stakeholders regarding the company's financial condition in the past year.

it consist of several important financial information that might influence investors to either  put their money into the businesses or simply abandoned it. Such as how much income that the company able to generate, the amount of expenses that the company have to pay for the operation, how much of the income is liquid, etc.

3 0
3 years ago
Russell Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing th
zloy xaker [14]

Answer:

1. The company's shareholders and management are the stakeholders in this circumstance.

2-a. The president's request is unethical.

2-b. Zoe's action is unethical.

3. It is possible for Zoe to accrue revenues and defer expenses while remaining ethical.

4. Again, it is possible for Zoe to accrue revenues and defer expenses while remaining ethical.

5. The person that can discover Zoe’s accrued revenues and deferred expenses is the auditor

Explanation:

1. Who are the stakeholders in this situation?

The company's shareholders and management are the stakeholders in this circumstance. The reason is that, in this circumstance, manipulating the company's profitability will have a direct impact on stock prices, which will affect the company's shareholders. The company's management is also a stakeholder in this scenario because they are involved in decision-making and make accounting-related choices and changes to the books of accounts. Lenders, employees, vendors, and lenders are secondary or non-primary stakeholders who will be impacted by the decision of the management to accrue as much revenue as feasible and defer every possible expenses.

2. What are the ethical considerations of (a) the president’s request and (b) Zoe dating the adjusting entries December 31?

2-a. The president's proposal goes against sound accounting practices. This will be interpreted as an attempt to window dress and manipulate accounting entries by the management in order to present a profit figure that is higher than reality. This is unethical behavior.

2-b. Zoe's decision to date the adjusting entries December 31 rather than January 17 was carried out with the explicit intention of distorting accounting figures, and inflating revenues by incorrectly accruing certain revenues and deflating expenses by incorrectly deferring some expenses. This is not only unethical, but also unlawful behavior.

3. Can Zoe accrue revenues, defer expenses, and still be ethical?

It is possible for Zoe to accrue revenues and defer expenses while remaining ethical if he does it in accordance with accounting principles and the GAAP and IFRS framework. It will not be ethical otherwise. When sales have occurred but have not been recorded through standard invoicing paperwork, it is legitimate to record them as accrued sales. However, declaring such transactions as accrued revenues will be unethical if buyers have paid in advance and items will be supplied next year.

4. Can Zoe’s accrued revenues and deferred expenses be illegal?

Again, it is possible for Zoe to accrue revenues and defer expenses while remaining ethical if he does it in accordance with accounting principles and the GAAP and IFRS framework, and if the federal and IRS regulations have not been breached. However, Zoe's behavior of accruing revenues and deferring expenses will be against the law if those modifications break accounting conventions and federal regulations.

5. Who do you think can discover Zoe’s accrued revenues and deferred expenses?

The person that can discover Zoe’s accrued revenues and deferred expenses is the auditor when he is reviewing the books of accounts of the company.

5 0
2 years ago
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