User Account

All Pages

Should write the check today or write the check tomorrow

Assignment Help Managerial Accounting
Reference no: EM132990926

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 a 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.

Question 1: Should you write this check today and record the expense or write the check tomorrow?

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

Reference no: EM132990926

Questions Cloud

Describe the structure of the drone industry : Describe the structure of the drone industry and assess the opportunities for at least three positions in the industry.
Review of the external business environment : How does market research contribute to a review of the external business environment?
What role does the executive branch plays in public policy : What role does the executive branch plays in public policy?
Critically analyze the leadership practices of the company : Critically analyze the leadership practices of the company and evaluate the extent to which this leadership style contributes to improve employees' motivation
Should write the check today or write the check tomorrow : The miscellaneous expense will be set to zero for the beginning of year, Should you write this check today and record the expense or write the check tomorrow?
Advantages and disadvantages of listing on public exchange : According to the coursework, list and describe the major advantages and disadvantages of listing on a public exchange that a public company must consider?
Rapid rise of developing countries : Do you think that companies may be returning to insourcing due to the rapid rise of developing countries and those markets desires to insource and not operate f
Explain success of james houghton and the signature theatre : Explain the success of James Houghton and the Signature Theatre using the "five-question strategy playbook" and Wolfe's "living organization"
Develop the project objectives : Develop the project objectives. Identify the responsible person(s) for each?operational step.

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Manage budgets and financial plans

Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.

  Prepare a retained earnings statement

Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.

  Prepare a master budget for the three-month period

Prepare a master budget for the three-month period.

  Construct the companys direct labor budget

Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.

  Evaluate the predetermined overhead rate

Evaluate the Predetermined Overhead Rate

  Determine the company''s bid

Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.

  Compute the pool rates for the different activities

Complete the schedule to compute the pool rates for the different activities.

  Prepare Company financial statements

Prepare Company financial statements

  Prepare an analysis of terracycles

This individual assignment is based on the TerraCycle Inc.

  Discuss the ethical issues

Discuss the ethical issues

  Political resources in emerging markets

Calculate the GDP in Income Approach  and Expenditure Approach

  Management accounting - ehsan electronics company

A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.

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