Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Accounting Basics Expert

a. Martha Painter, a PA, was appointed as the trustee of the So Family trust. The So family trust owned the shares of the So manufacturing Company, which is audited by another partner in Martha's office. Martha owns 15 percent of the shares of the So manufacturing Company and is also a director of the company, in the position of treasurer. Is she violating the rules of conduct that apply to professional accountant?

b. Marie Godette, LLB, has a law practice. Marie has recommended one of her clients to Sean O'Doyle, a PA. Sean has agreed to pay Marie 10 percent of the fee Sean receives from Marie's client.

c. Theresa Barnes, a PA, has an audit client, Choi, Inc., which uses another public accounting firm for management services work. Unsolicited, Theresa sends her firm's literature covering its management services capabilities to Choi on monthly basis.

d. Alan Goldenberg leased several vehicles from his friend Norm. Norm said that he would give Alan a $200 commission for each referral. Alan referred to Norm several clients who were interested in leasing vehicles. After a few months, Alan was pleased to receive a cheque for $3,000 in the mail. Several of his clients had decided to change automobile leasing companies.

e. Edward Golikowski completed for his client financial projections that covered a period of three years. Edward was in a hurry and inadvertently stated that they covered five years; so he redid the client's calculations, rather than checking assumptions and doing field work, even though he attached an assurance report.

f. Marcel Poust, a PA, has sold his public accounting practice, which includes bookkeeping, tax services, and auditing to Sheila Lyons, a PA. Marcel obtained permission from all audit clients for audit-related working paper before making them available to Sheila. He did not get permission before releasing tax and management service-related working paper.

For each situation, state whether it is a violation of rules of conduct that apply to professional accountant?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92598913
  • Price:- $10

Priced at Now at $10, Verified Solution

Have any Question?


Related Questions in Accounting Basics

Question in this assignment you will write an executive

Question: In this assignment, you will write an executive summary analyzing the exchange risks, country risks, and political risks the company executive team needs to be aware of in building a manufacturing facility in B ...

Question - following are the transactions for abc computer

Question - Following are the transactions for ABC Computer Service's first month of business, September 2018: Sept 1 The owner invested $10,000 into the business in exchange for common stock. Sept 4 Purchased equipment f ...

Question - for the next six months rushford designs

Question - For the next six months, Rushford Designs projects the following information (in units).   July Aug. Sept. Oct. Nov. Dec. Retail demand 300 300 450 600 600 600 Dealer demand 600 750 1,050 1,200 1,200 1,350 Sho ...

Question - ismail construction enters into a contract to

Question - Ismail Construction enters into a contract to design and build a hospital. Ismail is responsible for the overall management of the project and identifies various goods and services to be provided, including en ...

Question - merchandise with an invoice price of 4600 is

Question - Merchandise with an invoice price of $4,600 is purchased subject to terms of 2/10, n/30, FOB shipping point. The seller prepaid $75 for the cost of transportation. What is the amount that the purchaser records ...

Question - what is the purpose of an operational plan what

Question - What is the purpose of an operational plan? What information or resource is required to develop an operational plan business? In your response include the main requirement to effectively develop and implement ...

Question - f l wright architects incorporated as licensed

Question - F. L. Wright Architects incorporated as licensed architects on September 1, 2018. During the first month of the operation of the business, these events and transactions occurred: Sept. 1 Stockholders invested ...

Question - murphy self storage purchased land paying 175000

Question - Murphy Self Storage purchased land, paying $175,000 cash as a down payment and signing a $150,000 note payable for the balance. Murphy also had to pay delinquent property tax of $3,500, title insurance costing ...

Question provide complete answers to the following two

Question: Provide complete answers to the following two problems: 1. Describe the differences in cash flow statements required by GASB standards when compared with cash flow statements required by FASB standards. 2. The ...

Question - describe the allocation of inventoriable costs

Question - Describe the allocation of inventoriable costs may be made under any of the following assumptions as to the flow of costs (a) first-in, first-out (FIFO), (b) last-in, first-out (LIFO), or (c) average cost.

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As