ACC 110 Lecture Notes - Accountant
3 Apr 2013
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Cwa #1: role: what is the significance of professional in professional accountant , responsibility: why are we mainly considered with recommending accounting policy in this case and not the actual review. They want to make their income but also don"t lose the loan. Kelly is interested in dividends from the company but the bank wants to keep the equity fairly healthy. Awi must follow gaap (this is not a fact, this might be a recommendation) The bank loan must be repaid over 4 years! 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 sales- (it can be a fact, but not one that sets context) Kelly is the sole shareholder of awi; also, she is the president with complete access to info-(this is a key fact)
