Assignment Requirements

 

Question 1: How does the business maintain its financial records? Who does the accounting for the business? What accounting or record system is used?

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Question 2: Who periodically reviews and analyzes the accounting records? What reports are generated? How are thy used to manage the business?

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Question 3: How well do you understand the financial reports generated by your accounting system? How well do you utilize the information to make business decisions?

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Question 4: What information would you like to obtain from your financial accounting system; besides how much income you are producing?

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Question 5: Have you had any formal instruction or training as to how to record your business transactions, understand the information, and or review and analyze the data?

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Question 6: Is your financial information detailed and organized enough to give adequate management information? How do you utilize this information?

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Question 7: (Student Assignment)

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Question 1: How has the business owner determined the book value of the business’s short-term and long-term assets?

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Question 2: When and how do you categorize revenues for your business?

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Question 3: How do you calculate your Gross Margins? How do you establish cost parameters for the products or services being offered to customers?

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Question 4: How do you calculate the Equity for the business? Do you track the Equity monthly, quarterly, semi-annually or annually?

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Question 5: Who insures the books and records are kept up-to-date and balanced? Who reconciles the businesses bank statements? Is the bank statement reconciled to the books?

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Question 6: Who is responsible for entering the daily business transactions? Who audits the work being completed by this person? How often are the books often audited to insure accuracy and honesty?

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Question 7: (Student Assignment)

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Chapter 3 – Fraud, Ethics, and Controls

Chapter Summary: (Student Assignment)

Question 1: What financial or business controls are in place to protect the company from misappropriation of assets?

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Question 2: What financial or business controls are in place to protect the company from Corruption?

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Question 3: What financial or business controls are in place to protect the company from Fraudulent Financial Statements?

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Question 4: Have you done any background checks including criminal and drug testing on your employees, especially the ones whom handle cash? Are they bonded?

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Question 5: Have you had a risk management professional access your areas of strengths and weaknesses in your business, including an insurance rider to protect your business for this type of loss.

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Question 6: How often do you have an outside accounting firm review your books during the tax year? Who completes these audits?

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Question 7: (Student Assignment)

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Chapter 4 – Cash, Cash Controls

Chapter Summary: (Student Assignment)

Question 1: How much of the businesses revenue is collected as cash and what are the controls in place to protect this asset?

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Question 2: How is cash generated to support this business?

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Question 3: What is the percentage of Cash transactions, Credit Card transactions and Accounts Receivables transactions? How are receivables managed for this business?

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Question 4: How are the duties of receiving cash and cash disbursements segregated? Name the individual positions held to manage this process.

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Question 5: What type of checks and balances do you have in place when cash has to be counted, recorded and deposited into the bank?

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Question 6: Who established your Accounts Payable Contracts and what type
of terms are negotiated? How is this relationship maintained and improved?

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Question 7: (Student Assignment)

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Chapter 5 – Employee Earnings, Deductions, and Payroll

Chapter Summary: (Student Assignment)

Question 1: Who processes payroll for all employees?

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Question 2: How were employees categorized to determine their exempt or non-exempt status under Labor Law?

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Question 3: How many, if any, Independent Contractors are employed by the business?

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Question 4: Describe your procedure for hiring an employee? Is there an interview process? What type of paperwork is required to be filled out?

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Question 5: How are the paperwork and the human resource department managed? Do you have the required federal and NYS employment notices posted?

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Question 6: How are your employed paid? Is there a time slip or time clock? Who reviews and signs off on the hours worked?

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Question 7: (Student Assignment)

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Chapter 6 – Controlling Accounts Receivables

Chapter Summary: (Student Assignment)

Question 1: Are credit checks performed before terms are granted to customers? Describe the process.

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Question 2: What type of sale agreements do you have in place, which are signed before the sales takes place?

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Question 3: Does this agreement include a clause where the customer agrees to pay finance charges on an unpaid balance and legal fees should the unpaid balance become a litigated matter by a court of law?

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Question 4: What is the procedure to receive payments from customers including the receiving of the mail, opening the mail, recording the transactions, and making deposits into the bank?

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Question 5: Are all necessary documents verified before invoices are accepted and paid? Sales Order, Shipping Documents, Invoice and check?

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Question 6: Is there an aging process for all Accounts Receivables accounts to better control receipts from customers and to collect from overdue accounts?

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Question 7: (Student Assignment)

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Chapter Summary, Project Interview Questions, Answers and Explanation/Recommendation

Chapter 7 – Current Liabilities and Contingencies

Chapter Summary: (Student Assignment)

Question 1: What types of checks and balances do you have in place for approving Accounts Payables (current liabilities) and from preventing duplicate payment of invoices?

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Question 2: What type of sale agreements do you have in place, which are signed before the sales takes place?

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Question 3: Describe the process on how bills are paid.

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Question 4: What types of controls are in place to prevent fraud and misappropriation of funds?

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Question 5: Describe your method of recording coupons, warranty service or other promotional incentives when offered. What types of records are kept?

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Question 6: Is there an aging process for all Accounts Payables accounts to determine what whom the company is paying?

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Question 7: (Student Assignment)

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Chapter Summary, Project Interview Questions, Answers and Explanation/Recommendation

Chapter 8 – Analyzing Financial Statements

Chapter Summary: (Student Assignment)

Question 1: What Horizontal Ratios are calculated in this company?

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Question 2: Is there any Trend Analysis done in this company?

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Question 3: Is there any Vertical Analysis done in this company?

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Question 4: Is there any Ratio Analysis done in this company?

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Question 5: Is there any Current Ratio Analysis done in this company?

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Question 6: Is there any Solvency Analysis done in this company?

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Question 7: (Student Assignment)

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Chapter Summary, Project Interview Questions, Answers and Explanation/Recommendation
Chapter 9 – Forms of Organizations
Chapter Summary: (Student Assignment)

Question 1: What form of an organization does this company use?

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Question 2: As the owner did you evaluate the advantages and/or disadvantages of the form of organization you chose?

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Question 3: Have evaluated the tax implications of your decision?

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Question 4: If you chose a partnership do you have a written Partnership Agreement?

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Question 5: As a LLC or C-Corporation, in what state did you incorporate your business? What made you chose that state?

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Question 6: Have you received professional assistance when you created your chart of accounts?

Did this professional assist you in minimizing your tax liabilities?

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Question 7: (Student Assignment)

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Chapter Summary, Project Interview Questions, Answers and Explanation/Recommendation

Chapter 10 – Cash Flow Management
Chapter Summary: (Student Assignment)

Question 1: Do you understand the concept of cash flow management?

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Question 2: Do you know the three classifications for cash flow?

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Question 3: How does your company generate cash for the business?

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Question 4: Have you ever found the business short of cash? What action did you take to manage through the cash shortage?

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Question 5: Have you or your accountant completed a cash flow analysis for your business?

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Question 6: Do you have a plan to increase cash flow for your business?

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Question 7: (Student Assignment)

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Financial Controls for Small Business

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Chapter 11 – Managerial Accounting
Chapter Summary: (Student Assignment)

Question 1: Is this a manufacturing, merchandising, service or hybrid company?

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Question 2: Do you understand the costs associated with the business you are in engaged in?

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Question 3: How do you track the various costs associated with your business?

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Question 4: What Managerial Accounting reports do you generate and how are they used in you business?

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Question 5: Do you use any Lean, Total Quality Management, Theory of Constraints or Just-in-Time practices to manage your company?

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Question 6: Do you know and understand the five cost concepts?

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Question 7: (Student Assignment)

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Chapter Summary, Project Interview Questions, Answers and Explanation/Recommendation

Chapter 12 – Job Order Costing
Chapter Summary: (Student Assignment)

Question 1: Does your business manufacture lower volume, high value, customer designed products? (If answer is no go to chapter 13.)

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Question 2: How do you track and record your direct and indirect materials?

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Question 3: How do you track and record direct and indirect labor?

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Question 4: How do you track and record direct and indirect overhead costs for the business?

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Question 5: How is overhead calculated?

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Question 6: Do you properly adjust for overapplied and/or underapplied overhead to adjust manufacturing costs?

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Question 7: (Student Assignment)

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Chapter 13 – Process Cost Accounting
Chapter Summary: (Student Assignment)

Question 1: Does your business manufacture high volume, low to medium value, repetitive products? (If answer is no go to chapter 12.)

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Question 2: How do you track and record your direct and indirect materials?

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Question 3: How do you track and record direct and indirect labor?

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Question 4: How do you track and record direct and indirect overhead costs for the business?

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Question 5: How is overhead calculated?

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Question 6: Do you properly adjust for overapplied and underapplied overhead to adjust manufacturing costs?

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Question 7: (Student Assignment)

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Chapter 14 – Tax Management
Chapter Summary: (Student Assignment)

Question 1: How well do you understand the concept of Tax Management?

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Question 2: Do you know the challenges faced by the changes to Tax Management?

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Question 3: Does your accounting process have software to assist in managing taxes?

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Question 4: How does your company protect itself from tax evasion and tax avoidance?

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Question 5: Describe your company tax strategies?

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Question 6: Do you understand the type of tax returns your business must file?

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Question 7: (Student Assignment)

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