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Lecture

CWA# 1 answers.docx

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Department
Accounting
Course
ACC 110
Professor
Cheryl Dyson
Semester
Winter

Description
CWA #1 Q1: Role & Responsibility a) Role: What is the significance of “professional” in “professional accountant”? b) Responsibility: Why are we mainly considered with recommending accounting policy in this case and not the actual review Q2: Identify Stakeholders Discuss: What determines whether a person or entity is a stakeholder? List…how many?  Q3: Identify/ explain Critical Stk/H Discuss: What distinguishes a stakeholder as critical?  The bank Q4: Critical Stakeholder’s Objectives Discuss: What factors influence this notion or concept, in the context of an accounting case?  They want to make their income but also don’t lose the loan Q5: Conflict of interest (bonus) Notice: “important” potential conflict!  Kelly is interested in dividends from the company but the bank wants to keep the equity fairly healthy Q6: key facts  AWI must follow GAAP – (this is not a fact, this might be a recommendation)  The bank loan must be repaid over 4 years! - (this will impact cash management! It will also impact financial disclosure/presentation but it not a key fact)  AWI is a private company- (this is a key fact)  AWI provides a 30-day return policy on all sale
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