Problem 1: Identify three areas of service provided by public accountants. What is the most common professional certification held by public accountants? What are the general requirements for attaining the certification.
Problem 2: What are the common duties performed by private accountants. What two types of professional certifications, other than CPA, are held by private accountants?
Problem 3: How do the percent of revenue method and the percent of receivables method to estimate uncollectible accounts expense differ?
Problem 4: What are two ways in which estimating uncollectible accounts improves the accuracy of the financial statements?
Problem 5: What special features make callable bonds attractive to an issuing corporation. Why would some bonds be classified as "secured bonds"? What is meant by bonds being issued at premium and at a discount.
Problem 6: Answer and discuss the following in at least a paragraph each:
a. Why does insider trading breach that duty?
b. In regards to the Martha Stewart case. Do you believe that shareholder interests were jeopardized? Why or why not?
c. How has this case affected society? How has this case affected the business community? Cite at least 2 outside sources to support your answers.