Explanation:
No matter how bold or ambitious your plans are to grow your business, the key to your business's success lies in three critical, interdependent components: operational excellence, customer relations/communications and financial management.
Answer:
A governmental audit may extend beyond an examination leading to the expression of an opinion on the fairness of financial statement presentation to include
investigation of the economy, efficiency and effectiveness of operations.
Explanation:
This is known as a value for money audit. It is an independent evidence-based investigation which examines and reports on whether economy, effectiveness, and efficiency have been achieved in the use of governmental funds, which are public funds. This is how many audits for governmental funds are conducted, by expanding the scope to include these three important operational elements.
Answer:
Bribery in the world of business typically happens when an organization or representative of an organization gives financial benefits to an official to gain favor or manipulate a business decision - True.
Bribery is the giving or offering of items of value (especially money) to a government official in exchange for favorable treatment. Bribing is unethical and illegal, but it is common practice in many countries, so common that it is expected.
The Foreign Corrupt Practices Act was implemented in the aftermath of disclosures that businesses were violating the IMA Code of Ethics - True.
In the seventies, U.S. Government investigations found that hundreds of U.S. companies operating abroad had turned to bribery in order to gain the favor of foreing officials. This conduct is related to the statement explained above: bribery is pervasive in many countries around the world.
Managers are required to follow specific rules issued by the IMA for internal financial reporting. - False.
The IMA Code of Ethics does not provide specific rules for financial reporting (these specific rules are found instead either in the Generally Accepted Accounting Principles (GAAP) or in the or in the International Financial Reporting Standards (IFRS)).
The IMA Code of Ethics instead provides principles, or ethical guidelines, to be followed by participants in the management accounting profession.
Ethics is more than obeying laws - True.
Ethics goes beyond what is legally right, and is more related to what is morally right. An ethical person should do the right thing even if there is no legal code explicitely telling him to do so.
The Sarbanes-Oxley Act addressed public company accounting reform. - True
This act added requirements for public accounting firms, and included legal penalties including possible jail time for certain types of misconduct. The Act was enacted following major accounting scandals such as Enron.
Answer:
Total Asset = $2,598,200
Explanation:
Accounting equation : Asset = Equity + liabilities
Equity =common stock + retained earnings
= ( 5000*$400) + (40000 - 1800)
= $2,000,000 + 38200
= $2,038,200
Liabilities = $240,000 + 320000
= $560,000
Total Equity and Liabilities = 2038200 + 560000
= $2,598,200
double entry principle helps to ensure that the accounting equation is done e.g when common stock is issued contra entry is bank if cash is received.
Answer:
False
Explanation:
The Expectancy Theory was formed by Victor Vroom in the year 1964. This theory stipulates that for a worker to be motivated to participate in a task, it would be a result of how motivated he is. The satisfaction derived from the reward is known as the valence. The employee must attach a high level of importance to the reward for it to be classified as having a high valence.
In the case of Grant, in the above scenario, the motivating factor or valence needed for him to participate in the years contest and emerge a winner is an all-expense paid trip to Taiwan. Unfortunately, this reward does not have a high valence for Grant because he does not like to go to countries where he cannot speak the language. Therefore, he is not enthusiastic about the reward.
