Demonstrate an understanding of essential accounting information systems standards;Learning objective: Demonstrate an understanding of essential accounting information systems, standards, and controls.;Assume you are a CPA with a small local practice. You have three professional employees, all relatively new CPAs, and an office manager. Your practice consists primarily of tax and write-up work. You have a new client?a homeowners' association consisting of 150 homeowners?and you have contracted to perform the following services;billing: Each quarter, you will send each homeowner an itemized bill. Dues are $50 per month ($150 per quarter). Late fees are one percent per month of the unpaid balance. The bills will be mailed the first day of the last month of the quarter. Payment is due by the end of the quarter.;collection: You rent a post office box and will receive the checks there. You are responsible for depositing the checks (you have opened a checking account for the association).;payment: You will write about five checks a month. Besides your own monthly fee, there are monthly checks to a lawn maintenance company and a refuse removal company. There are also checks written for taxes, postage, supplies, and the like.;reporting: You will be responsible for reporting on all collections, all checks written, outstanding homeowners' balances, and quarterly financial statements.;tax payment: You will be responsible for preparing the association's federal and state tax returns.;advising: You will be responsible for advising the board on an as-needed basis, especially in the areas of budgeting, purchasing, and investment.
Paper#28459 | Written in 18-Jul-2015Price : $32