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dolphi86 [110]
2 years ago
7

What you have found in your review regarding accounting issues; What you believe the appropriate accounting treatment should be

on items you are questioning; Any positive or negative informational items you can find regarding the charity by researching it online; and In the case of suspicious activity, there are likely AI technology options that could help with narrowing down the issues, so be sure to make at least one AI application recommendation in your letter.
Business
1 answer:
Helen [10]2 years ago
7 0

Answer: Financial Accounting issues

Explanation: There are several issues that can lead to financial accounting problems. These include the elements of financial performance that a company tracks, the basis on which it records transactions, and the way it handles depreciation. In contrast, mathematical errors are unlikely to cause major problems thanks to the built-in checkpoints of double entry accounting.

One of the more simple sources of financial accounting problems is a failure to cover all three of the main types of financial documents. The first is a simple record of transactions, which is aggregated into a profit and loss account. The second is a record of cashflow, which does not always match up with transactions because of credit agreements and delayed payments; cashflow forecasts are also important. The third is a balance sheet, which lists the overall assets and liabilities of a company, effectively measuring its financial health. Not having all three of these documents in place can reduce the opportunities to identify problems with a company's finances and potential solutions.

Some financial accounting problems can be caused by inconsistencies in the basis on which the accounts are prepared. One such area is the decision whether to record transactions at the time of payment, or the time when goods or services are physically delivered. Not using the same basis for all transactions can cause confusion. This is particularly true where the payment takes place in one accounting period and the delivery in another.

There are several issues that can lead to financial accounting problems. These include the elements of financial performance that a company tracks, the basis on which it records transactions, and the way it handles depreciation. In contrast, mathematical errors are unlikely to cause major problems thanks to the built-in checkpoints of double entry accounting.

One of the more simple sources of financial accounting problems is a failure to cover all three of the main types of financial documents. The first is a simple record of transactions, which is aggregated into a profit and loss account. The second is a record of cashflow, which does not always match up with transactions because of credit agreements and delayed payments; cashflow forecasts are also important. The third is a balance sheet, which lists the overall assets and liabilities of a company, effectively measuring its financial health. Not having all three of these documents in place can reduce the opportunities to identify problems with a company's finances and potential solutions.

Some financial accounting problems can be caused by inconsistencies in the basis on which the accounts are prepared. One such area is the decision whether to record transactions at the time of payment, or the time when goods or services are physically delivered. Not using the same basis for all transactions can cause confusion. This is particularly true where the payment takes place in one accounting period and the delivery in another.Government authorities, Bankers, Debt Providers, Promoters, regulators and other stakeholders.

Making strategic plan and budget.

Payment of Central, State and local taxes.

The technology has made real time processing of accounting information possible and make them available to various stakeholders whenever and wherever it is required. In olden day’s abacus were used for the purpose of computing. Later calculators and other computing devices came into picture. Towards the end of twentieth century the accounting profession began to take a whole new look. Various soft wares changed the way of accounting for each and every industry. Microsoft office program like Microsoft Excel had eliminated the use of calculators, paper and pen. Here a spreadsheet is available for data recording, forecasting, consolidation, budgeting and analytics and the same can be done with accuracy and efficiency. Various database can be maintained with the help of Microsoft Access. Also for the purpose of presentation we use Microsoft PowerPoint.

When we talk about advancement in field of accounting because of technology, it is important to discuss about networking. Typically in a networked environment, various computers, printers and others devices are connected via common server. One can access data even while sitting across thousand miles apart. Within same premises, networking can be done via cable and across various geographies it can be done via wireless media.

Enterprises Resource Planning and Accounting

Nowadays various Enterprises Resource Planning (ERP) packages are available that integrates various functions of an enterprise like –

Manufacturing

Supply chain management

Inventory management

Financial Accounting

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Booker Corporation had the following comparative current assets and current liabilities: Dec. 31, 2017 Dec. 31, 2016 Current ass
stiks02 [169]

Answer:

Liquidity measures for the year 2017 are as under:

Current Ratio = 1.5  

Working Capital = $100,000  

Acid Test Ratio = 0.95  

Accounts Receivables Turnover = 10 times  

Inventory turn over = 4 times  

Explanation:

<u>Current Ratio</u>

        Current Ratio = Current Assets ÷ Current Liabilities

                          <u>Dec 31, 2017</u>                                     <u>Dec 31, 2016 </u>

                      $300,000 ÷ $200,000                   $245,000  ÷ $155,000  

Current Ratio                 1.5                                                  1.6  

<u>Working Capital</u>  

       Working Capital = Current Assets – Current Liabilities

                          <u>Dec 31, 2017</u>                                     <u>Dec 31, 2016 </u>

                      $300,000 – $200,000                   $245,000  – $155,000

Working Capital         $100,000                                     $90,000  

 

<u>Acid Test Ratio</u>

        Acid Test Ratio = (Current Assets – Inventory)  ÷ Current Liabilities

                          <u>Dec 31, 2017</u>                                     <u>Dec 31, 2016</u>

($300,000 – $110,000) ÷ $200,000     ($245,000 – $90,000) ÷ $155,000

Acid Test Ratio           0.95                                                1.00  

 

<u>Accounts Receivables Turnover Times</u>  

Accounts Receivables Turnover = Credit Sales ÷ Average Accounts Receivables

Average Accounts Receivables = (Opening Accounts Receivables + Closing Accounts Receivables) ÷ 2

Average Accounts Receivables = ($55,000 + $95,000) ÷ 2 = $75,000

Accounts Receivables Turnover = $750,000  ÷ $75,000 = 10 Times

<u>Inventory Turnover Times</u>

Inventory Turnover = Cost of Goods Sold ÷ Average Inventory

Average Inventory = (Opening Inventory + Closing Inventory)  ÷ 2

Average Inventory =  ($110,000 + $90,000)  ÷ 2 = $100,000

Inventory Turnover =  $400,000  ÷ $100,000 = 4 Times

 

5 0
3 years ago
If you wish to accumulate $125,000 in 7 years, how much must you deposit today in an account that pays a quoted annual interest
elixir [45]

Answer:

You need to deposit $58,481.53 today.

Explanation:

a) Data and Calculations:

Future value expected = $125,000

Period of investment = 7 years

Interest rate = 11% compounded quarterly

The amount of deposit needed today to earn $125,000 in 7 years at annual interest rate of 11% is calculated as follows:

N (# of periods)  28

I/Y (Interest per year)  11

PMT (Periodic Payment)  0

FV (Future Value)  125000

Results

PV = $58,481.53

Total Interest $66,518.47

7 0
2 years ago
Stockholders, employees and environmentalists are examples of stakeholders whose interests
Gelneren [198K]

Stockholders, employees and environmentalists are examples of stakeholders whose interests and needs often conflict.

<h3>Who is a stakeholder?</h3>

A stakeholder can be defined as an independent individual, organization or social group that has an interest in a particular business organization (company), and as such they can either affect or be affected by the decisions taken in the business.

This ultimately implies that, stockholders, employees, investors, and environmentalists are examples of stakeholders whose interests and needs often conflict.

Read more on stakeholders here: brainly.com/question/15532995

#SPJ1

7 0
2 years ago
Overall, more managerial opportunities are available for ________ women than for women in most other countries.
Anna11 [10]
<u> </u>More managerial opportunities are available for <u>American</u> women
4 0
3 years ago
__________ represents a proactive approach to satisfying customer needs that is based on gathering data about our customers to l
Georgia [21]
Customer driven quality
4 0
3 years ago
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