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The accounting tasks once performed by bookkeepers are significantly different due to:?

Any help would be much appreciated I am completely clueless in this class.

The accounting tasks once performed by bookkeepers are significantly different due to:

1. a. the government’s having substantially changed recording requirements.

2. b. computers that now perform routine tasks formerly performed by bookkeepers.

3. c. escalating fraud that resulted from bookkeepers’ unethical acts.

4. d. societal changes that affect what stockholders and other stakeholders want from a firm.

During the first few years of the 21st century, the accounting profession:

1. a. was recognized as the most ethical of all the business professions.

2. b. suffered a loss of jobs as computerized systems did away with the need for professional accountants.

3. c. focused mainly on helping firms improve the quality and accuracy of the financial information provided to stakeholders.

4. d. was embarrassed by a series of scandals that seemed to suggest a serious decline in accounting standards.

A key goal of the_____ was to remove some of the conflicts of interest that undermined the role of external auditors and led to the accounting scandals of the late 1990s and early 21st century.

1. a. Financial Accountability Act

2. b. Securities and Exchange Act

3. c. Sarbanes-Oxley Act

4. d. Taft-Hartley Act

Sally McGregor sells lawn and garden products in bulk to companies that do lawn and garden work. She extends credit to her customers for 60 days, but she is worried about cash flow problems. This is a highly competitive business and most of her competitors also offer credit—some of them for up to 90 days. Sally is also concerned with the cost of billing and collecting money from her customers, some of whom make it a habit of paying late. Which of the following statements represents the most useful advice to Sally?

1. a. Sally can reduce her cash flow concerns by extending credit for 90 days.

2. b. Sally should consider a “cash only” policy and eliminate credit sales. This would eliminate her cash flow problems and free up money and other resources that she now devotes to collecting past due accounts.

3. c. Sally would be able to generate more sales and reduce her collection costs by cutting the credit period to 30 days.

4. d. Sally should consider selling her receivables to a factor, thus allowing her to receive cash more quickly and eliminate the hassles associated with collections.

A _____ is long-term debt issued by a corporation or government entity in exchange for funds.

1. a. revolving credit instrument

2. b. promissory note

3. c. bond

4. d. stock certificate

1 Answer

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    Lv 4
    4 years ago
    Favorite Answer

    The accounting tasks once performed by bookkeepers are significantly different due to:

    2. b. computers that now perform routine tasks formerly performed by bookkeepers.

    During the first few years of the 21st century, the accounting profession:

    4. d. was embarrassed by a series of scandals that seemed to suggest a serious decline in accounting standards.

    A key goal of the_____ was to remove some of the conflicts of interest that undermined the role of external auditors and led to the accounting scandals of the late 1990s and early 21st century.

    3. c. Sarbanes-Oxley Act

    Sally McGregor sells lawn and garden products in bulk to companies that do lawn and garden work. She extends credit to her customers for 60 days, but she is worried about cash flow problems. This is a highly competitive business and most of her competitors also offer credit—some of them for up to 90 days. Sally is also concerned with the cost of billing and collecting money from her customers, some of whom make it a habit of paying late. Which of the following statements represents the most useful advice to Sally?

    4. d. Sally should consider selling her receivables to a factor, thus allowing her to receive cash more quickly and eliminate the hassles associated with collections.

    A _____ is long-term debt issued by a corporation or government entity in exchange for funds.

    3. c. bond

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