About me & Scenarios

Question 1

When you buy a piece of equipment for a company, what is the impact on the three financial statements?

Answer 1

Balance Sheet- Fixed Assets will increase, possible cash will decrease or liabilities if paid on credit

Income Statement: Depreciation expense- depending on when the equipment was bought

Cash Flow: If the equipment was paid with cash, outflow in CF From investing Activities

Question 2

Describe a time when you’ve made an accounting error and how you handled it?

Answer 2

n/a

Question 3

How do you minimize the risk of error in your work?

Answer 3

It depends on what the task is. I always make sure to reconcile my statements and review the ledger monthly for consistency. Before I begin clients write up, I start with the Balance sheet at the beginning of the year. I tie out the retained earnings reported on the prior-year tax return to the earnings at the beginning of the year.

Question 4

What criteria do you use to assess the reliability of the financial information you receive?

Answer 4

1. Whether preparer is in the accounting profession
2. The company’s internal controls
3. Previous year tax return- tie to retained earnings
4. Bank & Credit Card statements
5. Loan statements- if any

Question 5

What work are you particularly proud of?

Answer 5

-Adam Corey
Books of each entity were a disaster when received.
Intercompany payables and receivables did not tie out, equity accounts were not properly managed, and

Question 6

What do you think of the most recent updates in the accounting standards?

Answer 6

n/a

Question 7

Why should we hire you?

Answer 7

Because I take initiative. Everything I do, I see if there is a more efficient way to do it.

Question 8

Why should we hire you?

Answer 8

Because I take initiative. Everything I do, I see if there is a more efficient way to do it. I do not need my handheld or direction. All I need is a list of tasks and a deadline.

Question 9

Strengths

Answer 9

I take initiative- If I do not know how something, I look for the answers. I teach myself to the best of my ability

Fast at learning new things
Organized

Question 10

Weaknesses

Answer 10

Time management- Sometimes I get really focused on one project, especially if it’s like a puzzle and I need to put the pieces together to get the accurate picture

Question 11

Long Term Goals

Answer 11

In 5 Years I would like to be a certified public accountant in Florida