Question;week 1 diss 1Business Formation? Please respond to the following: Accountants are in a position to provide advice to business owners to determine which organization structure is best for their particular business venture. Imagine that you were approached by a friend or relative interested in starting a specialty business to design men and women clothing. Discuss the advantages and disadvantages of at least two (2) forms of business structures. Make a recommendation regarding the structure your friend or relative should use based on this particular venture. Explain your rationale.Based on your recommendation regarding the appropriate business structure, explain the major advantages and disadvantages of the business owner with minimal accounting experience maintaining the company's books instead of hiring an accountant. Discuss the major impact to the users of accounting statements if the statements are prepared in error. Provide support for your position."Importance of Accounting" Please respond to the following: *From the e-Activity, identify the job aspects, educational requirements, and preeminent accounting fields in which to work. Determine at least two (2) ways that accounting or accountants can have a direct impact on society. Provide specific examples.In your own words, explain the recording process and the accounting equation to someone who has no accounting experience.week 2week 2"Accounting Adjustments" Please respond to the following: Explain the major advantages and disadvantages inherent in using both the cash and the accrual basis of accounting, and determine the one (1) that you believe provides the most useful financial information to users. Identify at least two (2) types of businesses that would benefit by preparing financial statements using either the cash or accrual basis of accounting. Justify your response.Define the generally acceptable accounting principles that justify making adjusting entries, and speculate on the primary impact to investors and creditors if companies did not make adjusting entries until the end of the calendar or fiscal year.week 2 diss 2"Financial Statement Accuracy" Please respond to the following: Identify the key steps in the closing process that provide the most opportunity to make mistakes in processing account transactions. Make at least two (2) recommendations for improving the accuracy and reliability of the information in the gaps that you have identified. Justify your response.*From the e-Activity, identify at least three (3) benefits afforded to the users of the financial statements and the company of accelerating the closing process. Provide a rationale to support your response.week 3"Merchandising Operations" Please respond to the following: Imagine you have been hired as a consultant to a merchandising company using the periodic system versus the perpetual system. Prepare a list of advantages and disadvantages for both systems. In an attempt to sway the opinion of the business owner using the periodic system, prepare a convincing argument for switching to the perpetual system. Justify your position.*From the first e-Activity, identify the inventory tracking method that is used to record the cost of goods sold and ending inventory. Suggest the key risks inherent in recording inventory in using both methods. Provide a rationale for your response.week 3 diss 2"Inventory Costing Methods" Please respond to the following: Identify at least three (3) risks and three (3) benefits of using the perpetual inventory management system. Discuss the main types of inventory errors that could occur using the perpetual inventory system, and the major impact to the balance sheet and income statement. Provide specific examples.*From the second e-Activity, identify the primary benefits in using the costing method (LIFO, FIFO, and weighted average) that is used to record inventory. Explain at least three (3) reasons that would lead each of your chosen companies to switch to a different costing method.weeek 4 diss 1"Reporting Accuracy" Please respond to the following: Imagine you are a consultant hired to convert a manual accounting system to an automated system. Suggest the key advantages and disadvantages of automating a manual accounting system. Identify the most important step in the conversion process. Provide a rationale for your response.Identify key risk factors inherent in the automated process. Take a position on whether or not you believe that automation of accounting control systems reduce human error. Support your position.week 4 diss 2"Embezzlement in the Workplace" Please respond to the following: *From the e-Activity, describe the ways in which the fraud occurred, and identify which accounts were impacted in the case you researched. Describe the accounting method used to commit the fraud, where in the accounting process the fraud occurred, and the impact to users of financial statements. Provide specific examples in your response.Employee theft is a major problem in the U.S. retail industry. Information obtained from SecurityInfoWatch reported that 23 major retailers alone apprehended over 1.1 million shoplifters and dishonest employees, and recovered more than $189 million from these thieves in 2012. Identify at least four (4) internal controls effective in mitigating employee theft and / or fraud. Provide at least two (2) examples of internal controls that could be implemented to reduce theft in the U.S. retail industry.week 5 diss 1"Valuation of Accounts Receivables" Please respond to the following: Discuss the primary advantages and disadvantages of applying the direct write-off and the allowance method of writing off accounts. Even though the direct write-off method is not acceptable for generally accepted accounting principles (GAAP) reporting, take a position on whether or not estimating the allowance for doubtful accounts distorts gross income. Propose an alternative method to increase the accuracy of reporting. Explain your rationale.Identify at least three (3) risk factors inherent in estimating the amount of customer write-offs. Explain the procedural steps in which accountants or auditors would follow to identify where material misstatement of receivables and associated gross income has occurred. Explain your rationale.week 5 diss 2"Financial Performance" Please respond to the following:Identify at least three (3) ratios that could be manipulated to mislead investors and creditors regarding the company?s financial condition. Examine the motivation of management to manipulate the ratios identified.*From the e-Activity, putting yourself in the role of an investor or creditor, suggest the ratios that you believe would provide you with the most important information needed to make accurate predictions about the company?s financial condition. Provide a rationale for your response.
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