Accounting Firm | Bookkeeping Services

The answer to scenario 1 

I currently work at a swim school which is not an accounting firm; the organization has some rules that it is reviewing apparently. To complete this task, I will select an accounting regulation which was issued on July 28, 2014, by the Internal Revenue Service (IRS). IRS is proposing a simplified of accounting losses and gains on shares in money market fund (MMF) which repurchase, redeem and redistribute there share at prices which mirrors market-based valuation of MMF’s portfolio ( Kitching, Hart & Wilson, 2015) . The regulations that have been proposed offers guidance on information reporting necessities for shares in MMF’s. The regulation that has been proposed responds to the rules of the Securities and Exchange Commission (SEC) which alters how particular MMF shares are priced (Suzuki et al.2015). 

The answer to scenario 2 

I chose to analyze the Defense Finance and Accounting Service (DFAS). This agency superintends the reimbursement of the Department of Defense (DoD) contractors, vendors, employees and service member. Also, DFAS offers DoD with accounting, financial and intelligent information. Since its inception, DoD has reduced the number of offers being installed from 300 to 9 and reduces the number of system DOD used to nearly two thirds ( Kitching et al. 2015) . The DFAS is viewed as a Working Capital Fund; it implies that it relies on payment for each service it offers. Presently, it is the world largest accounting and finance organization (Suzuki et al.2015) . 

The answer to scenario 3 

Equal Employment Opportunity Commission (EEOC) investigates incidences of discrimination at work. If the company disagrees with the findings of they can appeal through the same agency, the appeal should be within 30 days after the decision of the agency. The appeal could be a personal statement as well as the EEOC Form 573, Notice of Appeal/Petition. The form can be emailed to the lawyers of the EEOC who will view the proceedings and the judgment made. The ruling will be provided, and if the judgment of the appeal is not satisfiable, then the company can write for reconsideration which other judges will be appointed to hear the case when the final verdict is given then no further appeal is allowed. The standing review of each level is that the appeal should be made within 30 days of each judgment ( Kitching et al. 2015). The agency has no judicial powers but will present the report to the court for the person who is discriminated to be compensated (Suzuki et al.2015). 

The answer to scenario 4 

Oversight is important since it helps in keeps government in order and run smoothly. Congress and senators represent people who have elected them in oversights committees. Creation of oversight does not lead to bureaucracy since many committees that perform are headed by an elected leader. Founders were supporting oversight since it keeps everyone in check (Suzuki et al.2015). James Madison who is one of the founding fathers stated in his Federalist No. 51 “subordinate distributions of power, where the constant aim is to divide and arrange the several offices in such a manner that each may be a check on the other.” This shows that oversight is an idea that was there before and the finding father intended for regulatory agencies to have executive, legislative, and judicial authority ( Kitching et al. 2015). The agencies have no too much power since the powers are divided into subgroups. Much power should be concentrated on the agencies to ensure that all politicians that commit a crime they are held accountable. 

References 

Kitching, J., Hart, M., & Wilson, N. (2015). Burden or benefit? Regulation as a dynamic influence on small business performance. International Small Business Journal, 33(2), 130-147. 

Suzuki, H., Murakami, J., Hong, Y. H., & Tamayose, B. (2015). Financing transit-oriented development with land values: Adapting land value capture in developing countries. The World Bank.