Question

The senior partner of an accounting firm is looking for ways to increase the firm's business....

The senior partner of an accounting firm is looking for ways to increase the firm's business. What other services besides traditional accounting can the firm offer to its clients? What new challenges might this additional work create?

Please do some quick research on variable costs, fixed costs, and break even analysis. How do businesses use this kind of information, which concept do you think is most useful, and why?

Homework Answers

Answer #1

Answer)

Beside accounting services,the traditional accounting firm can offer cost consultation services,internal audit services,With somewhat training tax planning and filling and other services like forensic services etc.

These are more complicated than only accounting services as areas like internal audit,tax planning etc are full of risk and areas like cost consultations etc needs more knowledge on operations performed at clients entity are major challenges which need to be planned carefully and then performed.

Fixed costs are the costs which doesn't change with change in output.Eg:Building rent.

Variable costs are costs that change with change in output.

Eg:Direct material cost.

Break even analysis is an analysis to know the point where the revenue earned will be equal to expenditure incurred.In brief it is a point where there will be no loss or profit.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The senior partner of an accounting firm is looking for ways to increase the firm's business....
The senior partner of an accounting firm is looking for ways to increase the firm's business. What other services besides traditional accounting can the firm offer to its clients? What new challenges might this additional work create?
In a bizarre twist to a bizarre story, on October 22, 2013, Deloitte agreed to pay...
In a bizarre twist to a bizarre story, on October 22, 2013, Deloitte agreed to pay a $2 million penalty to settle civil charges—brought by the PCAOB—that the firm violated federal audit rules by allowing its former partner to continue participating in the firm’s public company audit practice, even though he had been suspended over other rule violations. The former partner, Christopher Anderson, settled with the PCAOB in 2008 by agreeing to a $25,000 fine and a one-year suspension for...
Scenario Marcy recently started her first job after graduating from business school with her accounting degree....
Scenario Marcy recently started her first job after graduating from business school with her accounting degree. She is very excited to be working in her field and although she knows she still has a lot to learn, she already feels like she is getting a good feel for what it takes to be successful. She has been assigned to work under one of the senior accountants, Mrs. Bradlee, and so far, she has been easy to work with and very...
You are a manager in the audit division at Miller Yates Howarth (MYH), an accounting firm...
You are a manager in the audit division at Miller Yates Howarth (MYH), an accounting firm with offices throughout the major regional centres of NSW and Queensland. Although a medium sized firm by national standards, MYH is the second largest regional accounting firm in Australia. Most of MYH’s audit clients are in the agriculture, mining, manufacturing and property industries. All of those industries are currently under pressure, either from a downturn in commodity prices or fierce competition from overseas competitors....
Case Study: Amway – Developing Competitive Marketing strategies Introduction All organizations face an external business environment...
Case Study: Amway – Developing Competitive Marketing strategies Introduction All organizations face an external business environment that constantly changes. Sometimes these changes are slight e.g. minor amendments to regulations or a new firm entering the market as a 'small player'. At other times, however, changes in the environment may have important consequences for an organization, e.g. new technologies, changing consumer tastes or a merger between two large competitors. Changes in the business environment create both opportunities and threats to an...
Question -Organizational change goes beyond promotions and the threat of layoffs. What ways other than those...
Question -Organizational change goes beyond promotions and the threat of layoffs. What ways other than those discussed in the case would you use to entice people to embrace proposed changes? Provide several suggestions and justify their rationale. CASE STUDY- Blue Cross and Blue Shield, and Others: Understanding the Science behind Change Kevin Sparks has been trying to get his staff to change the way it monitors and supports the data center for the past year, but he hasn’t been getting...
Unhealthy Accounting at HealthSouth PROBLEM In 1996, key executives of HealthSouth, one of the nation’s largest...
Unhealthy Accounting at HealthSouth PROBLEM In 1996, key executives of HealthSouth, one of the nation’s largest providers of health care services, began a massive fraud that eventually amounted to $2.7 billion. HealthSouth is a textbook case of unbridled greed combined with a lack of corporate governance, which illustrates the difficult situation that auditors face when clients perpetrate a massive, collusive fraud. HealthSouth was founded in 1984 by Richard Scrushy and coworkers at Lifemark, a Houston-based company that owned and managed...
Answer 4 questions you feel confidently about Elizabeth has developed a promotional campaign for a client...
Answer 4 questions you feel confidently about Elizabeth has developed a promotional campaign for a client that promises a hefty return for her owned cash-strapped business. While the campaign does not violate any laws, it might be considered manipulative and misleading, especially when targeted toward senior citizens. If Elizabeth were to consult the AMA Code of Ethics she’d discover: - there is a high value placed on creative approaches for clients which can outweigh other concerns if the client or...
Answer 4 questions you feel confidently about Elizabeth has developed a promotional campaign for a client...
Answer 4 questions you feel confidently about Elizabeth has developed a promotional campaign for a client that promises a hefty return for her owned cash-strapped business. While the campaign does not violate any laws, it might be considered manipulative and misleading, especially when targeted toward senior citizens. If Elizabeth were to consult the AMA Code of Ethics she’d discover: - there is a high value placed on creative approaches for clients which can outweigh other concerns if the client or...
INTRO NewForm IT is a seven-year-old IT consulting company founded in 2012 that provides services to...
INTRO NewForm IT is a seven-year-old IT consulting company founded in 2012 that provides services to small businesses in their local and regional area. NewForm employs 83 people, 61 of whom are IT professionals/ consultants. NewForm is struggling financially; it has not met its revenue projections in the last five quarters. NewForm has suffered excessive leadership turnover in the past three years. The original founders sold NewForm in 2015; one of them, James Stanton, remained on as CHRO but sold...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT