Which of these events will not be recognized? Group of answer choices A service is performed, but the payment is not collected on the same day. Supplies are purchased. They are not paid for; the company will be billed. A copy machine is ordered. It will be delivered in two weeks. Electricity has been used but has not been paid fo

Which of these events will not be recognized? Group of answer choices A service is performed, but the payment is not collected on the same day. Supplies are purchased. They are not paid for; the company will be billed. A copy machine is ordered. It will be delivered in two weeks. Electricity has been used but has not been paid fo

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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the supervisor tells you to change the aging category of a large account from over 120 days to current status and prepare a new invoice to the customer with the revised date and that agrees with the new category this will change the required allowance of uncollectible accounts from $180,000 to $135,000. Identify the key internal and external stakeholders. what are the negative impacts that can happen if you do not follow the instructions of the supervisor?
the supervisor tells you to change the aging category of a large account from over 120 days to current status and prepare a new invoice to the customer with the revised date and that agrees with the new category this will change the required allowance of uncollectible accounts from $180,000 to $135,000. What are the potential consequences if you do comply with your supervisors instructions?Who will be negatively impacted?
Ethical Considerations. In the process of closing thecompany books, you encounter a problematic transaction. One of the company’s customers was invoicedtwice for the same project materials, resulting in a$1,000 overcharge. You immediately notify the controller, whose response is, “Let it go, it happens often.It’ll probably balance out on some future transaction.”What should you do now?
Your supervisor tells you to change the aging category of a large account from account receivables from over 120 days to current status and prepare a new invoice to the customer with the revised date that agrees with this new category. this will change the required allowance of uncollectible accounts from $180,000 to $135,000. what is the ethical dilemma the assistant controller faces?what are the ethical considerations? consider the options and responsibilities as the assistant controller
Only typed solution. When an attest client has unpaid fees that are over one year past due, what is required? A) There are no requirements in this situationB) Obtain a note receivable from the clientC) Move forward with the attest work as long as the client says they will pay us soonD) Consult with National Independence
Let's suppose you are an accounts payable clerk for a small home‐improvements contractor. This morning one of the site supervisors submitted an invoice requesting immediate payment to a new vendor for items he claims were delivered directly to a work site. The supervisor attached a note to the invoice asking that the check be returned to him upon issuance so that he could personally deliver it to the vendor. This would ensure the timeliness of future deliveries. He claims that unless the payment is made immediately, there will be delivery delays on items needed to complete this job, as well as delays on items for another contract in progress. Although you are suspicious of this unusual request, you are tempted to accommodate it. You know that timely completion and collection on these contracts is critical to the company's production scheduling and cash management. Moreover, the company president is on vacation and therefore not available to grant special authorization for this payment.…
SOPP of XYZ LimitedThe sales department receives the unstandardised sales order since customer orders are mailed, e-mailed or faxed to the sales department. The sales clerk first converts the unstandardised sales order into the standardised sales order. For this purpose, the sales representative requests the missing information, if any. When the order is received, the sales clerk checks the customer’s creditworthiness of the customer from his computer terminal. Three years ago, the sales clerk requested the accounting department to provide him with a list of customers whose account receivables are written off. The sales clerk is still using this information to check the creditworthiness of the customers. The sales clerk is using the same procedure to check the creditworthiness of the new customers.The customer’s order is rejected if the customer’s credit is not verified. The sales order processing is started after the credit verification. In particular, the sales clerk records the…
SOPP of XYZ LimitedThe sales department receives the unstandardised sales order since customer orders are mailed, e-mailed or faxed to the sales department. The sales clerk first converts the unstandardised sales order into the standardised sales order. For this purpose, the sales representative requests the missing information, if any. When the order is received, the sales clerk checks the customer’s creditworthiness of the customer from his computer terminal. Three years ago, the sales clerk requested the accounting department to provide him with a list of customers whose account receivables are written off. The sales clerk is still using this information to check the creditworthiness of the customers. The sales clerk is using the same procedure to check the creditworthiness of the new customers.The customer’s order is rejected if the customer’s credit is not verified. The sales order processing is started after the credit verification. In particular, the sales clerk records the…
A customer misses his flight due to the one hour wait in the check-in line. They are asking you to fix the situation.
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Suppose you are working in an organization where your best friend is your colleague. One day due to some technical problem the biometric machine for attendance was not working for one week. Your best friend is coming late to the company daily as he need not have to record attendance. Your friend is happy upon not entering attendance and not coming on time. Whereas you do not agree with him and advised him to correct. He refused to do it so. If you insist on him you will lose your best friend. Based on this choose the type of dilemma you face a. Personal ethical dilemma b. Organizational ethical dilemma c. Societal ethical dilemma d. Professional ethical dilemma
You are tasked to perform cut-off procedures for expenses and its related payable. In testing the completeness/cut-off assertion, what document would you most likely inspect? Group of answer choices A. Purchase journal 15 days before and 15 days after report date. B. Accounts payable subsidiary ledger. C. Cash disbursement journal 15 days before and 15 days after report date. D. Vendor invoice register 15 days before and 15 days after report date.