Ridgley, Cooper, and Ross (RCR) Katie is the CEO of Ridgley, Cooper, and Ross (R

Question

Ridgley, Cooper, and Ross (RCR) Katie is the CEO of Ridgley, Cooper, and Ross (RCR), a regional accounting firm. RCR offers services in most areas of accounting, including auditing and consulting services. The firm must follow the GAAP rules, just like any other accounting firm. If there are information gaps that are not addressed and resolved by the firm, RCR could be considered a violator of the Sarbanes-Oxley Act. Katie understands what must be done and wants every employee of the firm to understand that they have to follow all the rules and regulations. Like any other industry, accounting is a competitive industry and employees of accounting firms must be productive, progressive, and well trained.

1.Refer to Ridgley, Cooper, and Ross. In order to be successful in the accounting industry, RCR employees must

2. Refer to Ridgley, Cooper, and Ross. If you applied for a job at RCR and were asked to state the accounting equation, which of these would you state?

Explanation / Answer

.1) Refer to Ridgley, Cooper, and Ross. In order to be successful in the accounting industry, RCR employees must

Since the RCR deals in accounting , auduting and consulting servises in order to be succesful its employeed need to be productive , progressive and well tranined , hence they should have completed resources training.

2) Accounting equation =

Assets = liabilities + Owner's equity

Accounting equation is based on double entry system

Assets are the resources the company owns , liabilties are what company ows to others and equity is the difference between assets and liabiliites.

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