How would the company be affected

Assignment Help Accounting Basics
Reference no: EM132678294

Question - On the last day of the fiscal year, a co-worker asks you to cut a check for $2,000 as a miscellaneous expense for supplies in order to complete the project for a VIP customer today. You notice the invoice looks a little different from other invoices that are usually processed. You know that by preparing the closing entries tomorrow, the miscellaneous expense will be set to zero for the beginning of the year.

Required -

1. Should you issue this check today and record the expense or write the check tomorrow?

2. How would the company be affected if the check is written and the invoice ends up being erroneous?

Reference no: EM132678294

Questions Cloud

Criminal justice system : In what ways do you believe that the criminal justice system can ensure fair and equal treatment for all?
Identify target-hardening techniques : Identify target-hardening techniques that you would recommend for reducing residential burglaries in a high-crime area.
Determine the fair value of the leased asset : Date of entering lease 1 July 2019 Duration of lease 5 years Life of asset 6 years Unguaranteed residual value $40,000. Determine Fair Value of the leased asset
Comm skills for criminal justice : Why do you think that people often do not proofread their work? Are they lazy, out of time, confident of their writing abilities?
How would the company be affected : On the last day of the fiscal year, a co-worker asks you to cut a check for $2,000. How would the company be affected
Map the criminal justice process stages : Map (diagram) the criminal justice process stages from arrest through final appeal. You may use a simple flow chart or another type of chart to diagram the proc
Discuss the ethical dilemma : Discuss the ethical dilemma(s) you and the agency face. How does this issue affect the community?
Calculate each year gross profit percentage : An increase in gross profit from $1.1 billion in 2014 to $1.3 billion in 2015. Calculate each year's gross profit percentage
Provide the journal entries necessary to account : Provide the journal entries necessary to account for all the above transactions and events up to 1 July 2023, in accordance with AASB 116

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.

  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!

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