The controller of a small private college is complaining

Assignment Help Accounting Basics
Reference no: EM13481855

The controller of a small private college is complaining about the amount of work she is required to do at the beginning of each month. The president of the university requires the controller to submit a monthly report by the fifth day of the following month. The monthly report contains pages of financial data from operations. The controller was heard saying, "Why does the president need all this information? He probably doesn't read half of the report. He's an old English professor and probably doesn't know the difference between a cost and revenue.a. What is the probable role of the monthly report?b. What is the controller's responsibility with respect to a president who doesn't know much accounting?

Reference no: EM13481855

Questions Cloud

Sonimad sawmill manufactures two lumber products from a : sonimad sawmill manufactures two lumber products from a joint milling process. the two products developed are mine
At december 312007 the general ledger of hoffman electric : at december 312007 the general ledger of hoffman electric had the following account balances.all adjusting entries
On april 1 2012 prince company assigns 500000 of its : on april 1 2012 prince company assigns 500000 of its accounts receivable to the third national bank as collateral for a
The balance in the prepaid insurance account before : the balance in the prepaid insurance account before adjustment at the end of the year is 11500. journalize the
The controller of a small private college is complaining : the controller of a small private college is complaining about the amount of work she is required to do at the
The wisco company uses a weighted-average process costing : the wisco company uses a weighted-average process costing system. the following data are availablebeginning inventory
Needs space has entered into a lease agreement with we have : needs space has entered into a lease agreement with we have it to rent space for its corporate offices. the lease is
Current manufacturing system 140 variable cost per unit and : letterman office service amp supply loss sells a variety of office equipment including the executive office chair. the
Differentiate between profit sharing and co-ownership : differentiate between profit sharing and co-ownership schemes of incentives to labour .explain your answer with

Reviews

Write a Review

Accounting Basics Questions & Answers

  Find a recent article about a firm reporting earnings

Based on the article, your review of the firm and anything else you want to bring in (e.g., comparisons with other firms); how did the firm do? How did this compare to previous periods and to expectations? If you had the money to invest, would thi..

  Determine the tax consequences to gamma-marsha

On January 2 of the current year, Gamma liquidates and distributes all property to Marsha except that Gamma retains cash to pay the accounts payable and any tax liability resulting from Gamma's liquidation. Assume that Gamma has no other taxable i..

  What is the relationship between fasb requirements

What is the relationship between FASB's requirements for segment-based disclosures and a company's profit centers?

  Repaying the entire loan

If you paid an extra $100 per month to reduce the principal due on the mortgage, how long would it take to repay half the principal due? In the case where you paid an extra $100 per month, how long would it take to repay the entire loan?

  Problem related to after-tax income

Ivan Company has a goal of earning $75,000 after-tax income. Ivan would need to pay $20,000 of income taxes at the target level of income. The contribution margin ratio is 39%. What amount of dollar sales must be achieved to reach the goal if fixe..

  Use of market value for investment valuation

While US GAAP requires assets to be valued at the lower of cost or market, there is a belief that assets with value fluctuations should be valued at market and adjusted on a regular basis. Create an argument supporting the use of market value for ..

  Prepare a sample draft of a standard unqualified audit

Smith Manufacturing's bank has just informed the company's CFO that an audit is required to obtain an operating line of credit (LOC). The company needs the LOC to maintain its cash flow.

  Using information from your text and at least one scholarly

using information from your text and at least one scholarly source compare strengths and weaknesses of capital

  What is callable preferred stock why do corporations issue

what is callable preferred stock? why do corporations issue such stock? given the different features that are

  What is your total return for last year

Calculating returns. You bought a share of 5.5 % preferred stock for $92.18 last year. The market price for your stock is now $94.17. What is your total return for last year?

  What is the adjusting entry for the accrued interest

On November 1, Carter Company signed a 120-day, 10% note payable, with a face value of $9,000. What is the adjusting entry for the accrued interest at December 31 on the note?

  Cleveland metals employs a job cost system and applies

cleveland metals uses a job cost system and applies factory overhead to production at a predetermined rate of 180 of

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