Accountant’s Liability in Business Assignment

Accountant’s Liability in Business Assignment

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Accountant’s Liability in Business Assignment

Accountant’s, Liability, Business , Assignment

Scenario 2 – Accountant’s Liability

Walker, the CEO of Memphis Mini Golf and Go Carts (MMGGC), wanted to sell the business to Go Carts, Golf & Games. To provide a basis for the transaction, Walker retained Blanchard, an accountant, to conduct an audit of MMGGC. Blanchard was aware that Go Carts, Golf & Games would likely use the audit report in consideration of the purchase of the business from MMGGC. Blanchard’s audit report showed that MMGGC’s  business was profitable.

William, Go Cart’s president, relied on this report in agreeing to purchase the business of MMGGC and in agreeing to the terms of the purchase. Sometime later, it was discovered that the accountant made a number of mistakes and that the business that was sold was actually insolvent. William and Go Carts sued Walker and Blanchard for damages. The suit claimed that the accountant had negligently misrepresented the facts.

Discuss the arguments for each party, determine which party should win, and provide legal support for your decision.

Discussion Question Part II

In two to three paragraphs, provide the following information about the business you created in Week 1.

Based on the type of product your business will offer, discuss potential product liability issues and how your company can avoid these potential risks.

If your business only provides a service, pick a  product your business will purchase and use it to answer this part.

Explain the applicability of the UCC to your transactions and your plans to handle sales contracts and warranties.

If your business provides a service, explain why the UCC will not apply.  Also, explain how you will handle product purchase contracts and warranties.

What is the difference between FOB Shipment and FOB Destination? Explain the advantages and disadvantages of each. Identify shipping term(s) you plan to use for your business and explain the selection. (This applies to the sale and the purchase of goods.

The company’s name is Coffee Kettle. The product that I selected is food and beverages. The company is a corporation since it expanded its operation into 64 countries and has acquired other companies, for example, Seattle’s Best Coffee, and Ethos Water. The corporation is a type of business organization whereby the investors buy shares of stock to represent their ownership, (Wolfe, 2019).

Some of the advantages of corporation structure include limited liability. The shareholder is only liable up to the amount of investment. It is easy to raise capital since the company can sell shares to the public.

There is no limit to the existence of cooperation since one can pass ownership from one generation to another. Some of the cons of corporate structure are that Income can be taxed twice since the corporation pays taxes on income, and the shareholder’s dividend is taxed. Another disadvantage is excessive tax filling. The legal requirement for forming of corporation business in my state includes a registered agent.

The owner should fill the certificate of incorporation with the state. The state requires that the incorporator’s address, name, and signature be included, (Stout, et al., 2016). The corporation should include the number of shares of stock they wish to authorize.

RUBRIC
Excellent Quality 95-100%	Introduction 45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.		Literature Support 91-84  points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.			Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score 50-85%	40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.		83-76  points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.			52-49  points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality 0-45%	37-1 points The background and/or significance are missing. No search history information is provided.		75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.			48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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