While doing your job, what types of regulations and procedures need to be followed?

There are many government-imposed regulations that need to be followed in the financial reporting. General Accepted Accounting Principles, SEC, and IRS are just a few that are in practice everyday. Financial reporting is the process of communicating financial accounting information about a company to external users. Companies present at least three major financial statements the balance statement, income statement, and a statement of cash flows. General Accepted Accounting Principles (GAAP) are the guidelines procedures, and practices that a company is required to use in recording and reporting the accounting information i

The IRS administers the provisions of the internal revenue code enacted by congress. Federal income tax laws have had a significant impact upon financial reporting practices since they were first enacted in 1913.

Based on this interview, I came to the conclusion that this market structure is an oligopoly. There are a few other firms with that offer the same services and have the same set up as this office in terms of the number of employees that work there. There is one significant entry barrier. You have to have your CPA license to practice. The pricing decisions are based on strategic pricing. Obviously the price for service would be higher during the peak times (tax season). The profit would include song long-run economic profit as well. In this case of oligopoly, the price would be greater than the marginal cost. Many firms compete of the basis of price however in this case, since the smaller offices compete with each other based on experience.

There is usually a large demand for personal tax returns during March and April. The estimated cost could be from $40 to $150. The number of clients varies from year to year around 350 to 400. “Yes, there should be at least 2 more persons working in the office at

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