Accounting question

It is the term introduced in the records for every defective or unsatisfactory good returned back to its supplier. Under the facts you posed, the Division would not recommend enforcement action for not complying with the custody rule or the custody-related ADV reporting requirements for the 30 accounts, consistent with the response to Question II.

Basic Accounting Principles and Concepts

Our company purchased a bulk subscription and uses it to train all newly hired analysts in our Accounts Payable department. Modified September 9, Question II. Under rule b 3 -1 b 4an adviser relying on the exemption from registration provided by section b 3 of the Investment Advisers Act of need not count as a client any person for whom the adviser provides investment advisory services without compensation.

Rather, they do the same tasks to a certain point, and then the outsourced CFO keeps working for you.

What is Just Question Answer?

The representative can serve for all limited partners, so long as the representative is, in fact, independent and satisfies the definition in rule 4 -2 d 4. For example, a multinational corporation with a range of subsidiaries oversees may use a central treasury for gathering information on provided intercompany loans and debts of individual entities.

We work as your outsourced CFO in order to give you the peace of mind that comes with not having to worry about taxes, the IRS, or audits. You had the know-how and experience to get your business to a point in which you can no longer manage the finances yourself.

As a consequence, the adviser, among other things, must have a reasonable basis, after due inquiry, for believing that the qualified custodian sends quarterly account statements to each investor in the pool and must obtain an annual surprise examination with respect to the pool's assets.

In addition, if the audited financial statements are intended to be delivered to the independent representative rather than to the investors in the pooled vehicle, then the accounting firm would be receiving its own audit results; in those circumstances, we believe that the accountant may not be able to act solely in the limited partners' interests.

The adviser has custody if password access provides the adviser with the ability to withdraw funds or securities or transfer them to an account not in the client's name at a qualified custodian.

For its price, this website is definitely of great value. The law allows the IRS to deny a charitable donation if they determine that the charity is illegitimate, even if the taxpayer was unaware. Now I am glad that I have subscribed to this website.

The study dashboard helped me stay on track and receive a certificate of competence. I tried using free accounting resources but did not find them helpful because they were similar to the textbooks.

I provide tax consulting services and am planning to expand my services to include bookkeeping. Does an adviser have custody if it has authority to transfer client funds or securities between two or more of a client's accounts maintained with the same qualified custodian or different qualified custodians.

The same is true for expense. Analysts register at Simplestudies. Does the internal control report need to address the effectiveness of controls over custodial services prior to March 12,the effective date of the amended rule?.

History and Etymology for prefigure. Middle English, from Late Latin praefigurare, from Latin prae-pre- + figurare to shape, picture, from figura figure. May 14,  · Looking for top accounting quizzes? Play accounting quizzes on ProProfs, the most popular quiz resource.

Choose one of the thousands addictive accounting quizzes, play and share. Accounting, Test 1.

Staff Responses to Questions About the Custody Rule

Read our answers to the latest accounting questions asked by users of Firstly, intercompany transactions artificially increase assets, liabilities, income and expenses of companies within a group.

To ensure true representation of the consolidated financial position and performance of the group, intercompany transactions and balances should be properly eliminated in the group’s financial statements. As an Enrolled Agent with years of experience, our Bellevue, WA accountants work to maximize your savings with professional accounting & tax preparation.

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Accounting Interview Questions

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Accounting question
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