User Account

All Pages

Are there any flaws in the accountant assumption

Assignment Help Accounting Basics
Reference no: EM132681322

Problem - Error in inventory - During 2012, the accountant discovered that the physical inventory at the end of 2011 had been understated by $18,000. Instead of correcting the error, however, the accountant assumed that an $18,000 overstatement of the physical inventory in 2012 would balance out the error. Are there any flaws in the accountant's assumption? Explain.

Reference no: EM132681322

Questions Cloud

Address contemporary leadership problems : How will you use your knowledge of the SPL model to address contemporary leadership problems in your organization?
Contingency planning is risk mitigation process : Contingency planning is a risk mitigation process for developing back-up plans in anticipation of events (scenarios) that might disrupt ‘business as usual'.
Define organizational strategy : Define organizational strategy. Explain the relationship between a business's organizational strategy and its projects.
Organization from completely different market segment : They are non-technical and came to your organization from a completely different market segment.
Are there any flaws in the accountant assumption : The physical inventory at the end of 2011 had been understated by $18,000. Are there any flaws in the accountant's assumption? Explain
Contrast the 4 emergency management exercise : Compare and contrast the 4 emergency management exercise types categorized by FEMA.
Think the impact would be on creative industries : What do you think the impact would be on creative industries, such as music, movies and fiction novels,
What polices and procedures directly contribute : What ethical policies help Lego group have a competitive advantage in its sector, what polices and procedures directly contribute to its competitive advantage
Determine the inventory turnover for Apple : Determine the inventory turnover for Apple and American Greetings. Would you expect American Greetings' inventory turnover to be higher or lower than Apple's

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd