neetuguliyan25

neetuguliyan25

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NEETU GoliyanBhagat Phool Singh Mahila Vishwavidyalaya - BPSMV

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English1Science2Algebra3Accounting6Biology2Physics2
Multidisciplinary team to recover the company would include expertise and skil...
Answer: The answer is given in the explanation areaStep-by-step explanation:It...

The grand opening of S&S is two weeks away. Scott Parry and Susan Gonzalez are working long hours to make the final arrangements for the store opening. Most of the employees have already been hired; training is scheduled for next week. Susan has ordered inventory for the first month. The store is being remodeled and will have a bright, cheery decor. All seems to be in order—all, that is, except the accounting records.

Like many entrepreneurs, Scott and Susan have not given as much thought to their accounting records as they have to other parts of their business. Recognizing they need qualified accounting help, they hired a full-time accountant, You Fleming. Scott and Susan think you are perfect for the job because of his three years of experience with a national CPA (Certified Public Accountants) firm. You are looking forward to working for S&S because he has always wanted to be involved in building a company from the ground up.

During Your first day on the job, Susan gives you the invoices for the inventory she purchased and a folder with their bank loan documentation, with the first payment due after the grand opening. She also hands to you a folder containing information on rental payments, utilities, and other expenses. Susan tells you that she and Scott know little about accounting and you will run the accounting end of S&S. She adds that the only thing they have done so far is to open a checking account for S&S and that they have kept the check register updated to monitor their cash flow.

Scott explains that the sales staff is paid a fixed salary and commissions and that all other employees are paid hourly rates. Employees are paid every two weeks, with their first paychecks due next week. You asks Scott what accounting software the company is using. Scott replies that he and Susan have not had time to tackle that aspect yet. Scott and Susan looked at some of the popular packages but quickly realized that they did not know enough about accounting to make an intelligent choice. Scott then tells you that his first task should be to purchase whatever accounting software he thinks will be best for S&S. After Scott leaves, you feels both excited and a little nervous about this responsibility for creating an accounting information system (AIS) for S&S. Although you has audited many companies, you have never organized a company’s books and is unsure how to go about it.

  1. What Accounting Software will you choose (Search any existing Accounting Software?
  2. Why do you prefer the one you have chosen from other Accounting software (Compare and contract their features?
  3. How can this accounting software help your business?

 

Answer: The answer is given in the explanation areaStep-by-step explanation:Pa...

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