Accounting midterm review

Explain in your own words how SOX has impacted financial statement fraud. What is the difference between financial audit and fraud audit? Explain what the fraud triangle is.

Accounting midterm review

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When setting goals for job performance in accounting, managers must look at performance results, efficiency and professional development. The goals of an accounting clerk will be different than the goals of the senior level accountants.

Performance goals help identify talented accountants who can rise in the company. Performance Appraisal for Accountants Like every other department in the company, the accounting department must meet Accounting midterm review performance parameters.

Of course, these include accurately completing reports and calculations. The performance appraisal goes beyond looking just at the accuracy numbers for those in accounting departments. Employees need to communicate effectively so information is properly gathered and disseminated.

The information flow must flow from above and below, and out to consumers reliably. Being courteous to clients and co-workers is another performance appraisal goal.

Accounting Midterm -

Accountants should also meet security and information privacy standards above the normal requirements of most employees. Most accounting departments deal with private, personal or sensitive information. Having discretion, integrity and protecting privacy is a must.

Accounting midterm review

Professional Development Goals for Accountants One of the areas to focus on when setting goals for accountants is professional development. Is an employee enthusiastic about job growth and future opportunities?

Managers should use the performance evaluation to identify good candidates for promotion. Those with the ability to perform above their job level within the department are good candidates for training and career advancement.

Leadership traits should always be cultivated. When an individual is identified for career advancement, managers should sit down to discuss both the opportunities and timelines involved in moving higher up in the field.

Some employees may not realize what opportunities exist and the work that might be involved, so a discussion about future goals is imperative to keep everyone on the same page.

T Goals An effective way to set goals for performance appraisals for accountants is to have them write a self-evaluation. Then have them set S.

Accounting Mid Term Review

If an accountant rates himself as a 3 on a scale of 1 to 5 for efficiency, a good goal is to increase efficiency to a 4 by the end of the next quarter by implementing a new process that helps input data faster. This is a very specific goal that the employee can accomplish.

He can look back at the end of the next quarter to evaluate his success. Self-evaluations are often filled with data that managers wouldn't have thought about or noticed. Employees are often very honest in self-evaluations — even more critical than managers in some cases.

By allowing an accountant to evaluate his own work and then have him set his next set of goals, the manager shares ownership of the goals by the employee. The more invested in the goal the person is, the more likely it will be achieved.

Accounting Goals Examples There are many accounting goals examples to use as a reference to establish a template. Accountants should always get rated for accuracy. Accounts should have low error rates. Ideally, they should be able to do work in a designated period that is deemed average to others doing the same tasks.

Accounting Mid Term Review

For example, if a month-end payroll report is done in two hours by one accountant but another can do a similar report in 75 minutes, some training and guidance might help the first accountant become faster. Customer satisfaction surveys help establish meaningful customer service goals.Accounting Midterm 1.

This is a preview content. A premier membership is required to view full answers. View Answers. 1) A system walkthrough is primarily used to: A) test balances. requires auditors to review client's internal control system in a manner which is.

ACCTCost Accounting Mid-Term Examination Review [Pin It] ACCTCost Accounting Mid-Term Examination Review MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. (TCO 1) The Accounting Equation is used to develop the organizations financial reports.

(1) Describe what owners' equity is (10 points) and (2) provide an example of an owners' equity account. MIDTERM REVIEW Chapters approx 60 questions, all multiple choice definitions as well as journal entries PRACTICE CHAPTER RATIOSChapter 1 Acco.

Accounting midterm review

Debits and Credits · · · · An Account shows the effect of transactions on a given asset, liability, equity, revenue, or expense account. Double-entry accounting system (two-sided effect). Accounting I Midterm February 5, November 30, Uncategorized net loss – The amount by which expenses exceed revenues.

Show Answer Hide Answer. GAAP – the rules that most companies have to follow in preparing their financial reports.

Start studying Accounting: Chapter (Midterm Review). Learn vocabulary, terms, and more with flashcards, games, and other study tools. Mcgraw Hill Connect Accounting Exam Answers | Tricia Joy Short papers (2, each worth 15%) 30 Midterm exam 20 for a list of my potential answers. Think about what might connect a group of portraits, for mcgraw hill connect accounting exam – Direct Download 5, downloads / 4, KB/s. If the change fund was established for $ and there is $ in the cash reigster, with the cash register tape showing $ in cash receipts, cash for the day is said to be short.

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