Case Studies

Case Studies

C.K 4.3 Question 3

Accounting majors have the responsibility of gathering, analyzing, interpreting and communicating information regarding a company or organization’s financial position. This means that they should report any irregularities or areas of concern to the responsible authority so that the necessary arrangements can be done. If the stock turnover is irregularly high or the petty cash cannot be accounted for, the accounting majors have the responsibility of reporting these incidences. Failure to do this will lead to the downfall of the company. However, they do not have a greater ethical responsibility than the other business majors do since the managers, the procurement officers, the clerks, amongst other majors have a great responsibility too. The business is dependent on all these areas.

C.K 4.5 Question 1

The “Arrests and Convictions” question has two or more ways of being answered. I can choose to uphold the truth as the office-managing partner has little to no chances of knowing about the case since it will not be recorded. I also have the other option of writing about the charges since the office managing partner can find out about the truth anyway. It will be worse if he finds out that I lied. Additionally, if the decision has not already been made the judge, he might turn down the advocate’s plea and convict me. This will put me into more trouble as I will have lied to the company. My response to this question will be to say ‘Yes’ to the question. I was in a party and the police found me in possession of alcohol as a minor. However, I was not convicted as it was my first time and I promised to keep off trouble in the next two years.

C.K 4.7 Question 1

According to CPA ethical responsibilities, client confidentiality means that an accountant, auditor or any other member of CPA is not allowed to disclose a client’s information to any parties not consented by the client or any parties unauthorized by the law. In my opinion, David Quinn violated this confidentiality rule. This is because he was talking about a client’s financial position, suggestions/requests to other employees from another firm. He was also revealing this information in a public place. Additionally, any other people within twenty feet of the table could also overhear this conversation. He was allowed to talk to anybody, whether it was Debbie or any other person not on the client’s case, about the client’s information. He had violated the rule.

C.K 6.1 Question 2

In my opinion, Vaughn overreacted to Walker’s admission that she had not been truthful about the CPA exam. Walker did not act with integrity when she lied about the CPA exams. She should have been truthful from the beginning. Similarly, one may not know about what else she might lie about in future or what she has lied about in the past. Integrity is very important at any level of a profession. However, the untruthfulness from Walker did not call for work dismissal. If I was in Vaughn’s position, I would have reprimanded Walker’s actions and taken another disciplinary action such as work suspension for a couple of days. This is because Walker had never been in some other kind of trouble, hardworking and she was apologetic of the incident. If I was in Robert’s position, I would have recommended a more lenient disciplinary action since she hardworking and this was a first time misconduct.

C.K 6.4 Question 1

A staff accountant does the basic work of collecting and reviewing data and information from the client. On the other hand, the audit senior supervises the work done by the staff accountant, ensures that the correct procedures are formed and makes sure visits the client in order to enquire about particular unclear information. The more important role is that of the staff accountant. This is because he is the one engaged in the collecting information and doing the most fundamental part of the work. Hours required to carry out a particular task are allocated to the staff accountant. On the other hand, the role of the audit senior is the most stressful. This is because he supervises all the work done and he is responsible for the mistakes done by the staff accountant. He should know everything regarding the client and the staff accountant.

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