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Questions on Ethics in Accounting



Task

Question 1 [7%]

Role of Accountants

Abbie and Lucy are sisters that own and operate Cough-up Chemists, a medium-sized company that runs three (3) retail stores. They are in the process of opening another two (2) stores within the next six months. They agree that due to the expansion of the business, they need to employ an additional staff member to assist with the increased accounting workload. However, they disagree on what type of role they need. Abbie thinks that hiring a bookkeeper would be the best option but Lucy thinks that they should employ an accountant. They have asked you to write a report to help them decide.

Required

You are required to write a brief report (500-600 words) and with reference (in APA 6th style) to at least two (2) but no more than four (4) sources of information outside the textbook in which you:
• provide an overview of the nature of bookkeeping and accounting roles
• identify any similarities and differences that exist between bookkeeping and accounting roles
• outline the advantages and disadvantages of both bookkeeping and accounting roles; and
• conclude with a recommendation for the sisters as to which type of role would be appropriate.



Question 2 [4%]

Ethics

Jeanie Lafontaine has just accepted a graduate position with XYZ Accountants in her home town. Jeanie is extremely excited about finally being able to put her accounting degree into practice and accepted the position because XYZ Accountants are one of the largest firms in her local area. On her first day she was lodging some tax returns when she noticed a number of errors on one. Jeanie showed her supervisor and was instructed to correct the errors and then sign the updated tax return in the name of the client. Jeanie wasn’t sure she understood the instructions so asked again and was told to do her best copy of the client’s signature.


Required

You are required to use the Langenderfer and Rockness model (pg 60 in your text) to discuss Jeanie’s ethical dilemma (400 words).

Question 3 [4%]

Business Structures

You work for BBG Partners, an accounting firm specialising in establishing businesses. Five clients have recently asked you for advice about the most appropriate business structure for their situation.

A. Sonya, Alex and Ellise have all just graduated with business degrees in accounting, management and IT. They want to start up an advisory business that combines their skills and allows them to offer a range of services to their clients.


B. Roger has been doing a photography course while working in a local factory. He has been slowly building up clients by doing shoots on weekends and after work and is now ready to follow his dream. He has used most of his savings on buying equipment so only has limited funds to invest at the moment.


C. Belle, Lance and Ron have been friends since high school and are all very successful in their chosen careers. When they get together twice a year they talk about their passion for real estate and have decided to join forces to invest in property.


D. Darren James has been operating as a sole trader transport business for a number of years and his profit has steadily increased to over $350,000. Darren James would like to expand his business to include his new wife as they work together on another venture.


E. Cecilia is a budding artist and has successfully sold a number of paintings through having exhibitions at various galleries. She has a full-time job but wants to expand her hobby and has been asked to commission her work in a number of arty shops in local villages. Cecilia wants to expand but is worried about it affecting her ‘day’ job.

Required

For each client select and justify the most appropriate business structure from the following list:


• sole trader
• partnership
• company (include the type of company in your response)
• trust


You should make reference to the main features of your selection and explain why it is the preferred option over the alternatives (max 600 words).
Rationale
This assessment task covers topics 1 to 2 and has been designed to ensure that you are engaging with the subject content on a regular basis. More specifically it seeks to assess your ability to:


demonstrate and understand the role of accountants and accounting and how it can assist in making decisions;
employ research and report writing skills.





Express
48-72 Hours
300$
Fast
Just 4-10 Days
240$
Standard
11+ days
180$



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