Tracking is an advantage of using a computerized system

Assignment Help Financial Accounting
Reference no: EM13682525

Q1: Time and Billing

The company you work for uses the time and billing feature in its computerized system. You get a call from an angry client insisting the labor on the job has been overbilled by more than twice the amount of time the employee actually spent there. You are in the business of outsourcing temporary clerical help, and you bill the client according to the reported time by the employee. Keeping this in mind, answer the following questions:

  • What is the first step you would perform to investigate this client complaint? Give detailed reasons.
  • What type of proof might be available to support the amount of time entered?
  • What would be the incentive for an employee to enter time dishonestly, knowing the client will most likely catch it? Explain in detail.

Q2: Inventory Tracking

Inventory tracking is an advantage of using a computerized system. Inventory balances are calculated using one of the three methods: FIFO, LIFO, and average costing. You have an option to select any of these methods in Peachtree. Based on your knowledge of Peachtree, answer the following questions:

  • Which of these three methods has been set as default in Peachtree? Do you agree with this method being the default? Why or why not?
  • Under which of these methods do we normally recognize the highest net income? Why?
  • Under which of these methods do we normally recognize the highest ending inventory balance? Why?
  • Do you think companies consider the highest net income or the highest ending inventory while choosing a method? Why or why not?

Verified Expert

Reference no: EM13682525

Questions Cloud

Energy is stored with electric field among two square plate : How much energy is stored with the electric field among two square plates, 9.3 cm on a side, separated by a 1.5 mm air gap? The charges on the plates are equal and opposite and of magnitude 470 µC. answer in joules
What is the initial speed of the projectile : A 10 g projectile flies horizontally before becoming stuck in .890 kg block of wood. The wood is part of a ballistic pendulum and with the projectile swings upward .40m (and also sideways) What is the initial speed of the projectile?
The earths magnetic field is approximately : The Earth's magnetic field is approximately 5 cross product 10?5 T. If the field produced with the current in a long straight wire 1.4 mm from the wire is equal to the Earth's field, what is the current in the wire?
How far apart are the satellite and the astronaut : A 91.0kg spacewalking astronaut pushes off a 635kg satellite; exerting an 110N force for the 0.550s it takes him to straighten his arms. How far apart are the satellite and the astronaut after 1.00min?
Tracking is an advantage of using a computerized system : What is the first step you would perform to investigate this client complaint? Give detailed reasons and what type of proof might be available to support the amount of time entered?
What is the resistance of the third resistor : Three resistors in parallel have an equivalent resistance of 15. Two of the resistors have resistances of 30 and 40?. What is the resistance of the third resistor?
What is the acceleration of the dead body : A math instructor's dead body (m= 80 kg ) is dragged across the ground with 30o and 500 N force by an angry student. The coefficient of friction among the lifeless body and the ground is µk = 0.60 What is the acceleration of the dead body?
Bolt extends far above and below the point of observation : A lightning bolt might carry a current of 1.00 multiply.gif 10    4 A for a short time. What is the resulting magnetic field 80 m from the bolt? Presume that the bolt extends far above and below the point of observation.
Discover the number of turns in the solenoid : A certain superconducting magnet in the form of a solenoid of length 0.40 m can generate a magnetic field of 11.0 T in its core when its coils carry a current of 145 A. The windings, made of a niobium-titanium alloy, should be cooled to 4.2 K. Discov..

Reviews

Write a Review

 

Financial Accounting Questions & Answers

  Questionquestion 1 a company believes it can sell 1000000

questionquestion 1 a company believes it can sell 1000000 units of its proposed new can opener at a price of 14.00

  Merchandise inventory - multiple choice questions1nbspwhich

merchandise inventory - multiple choice questions.1.nbspwhich of the following items should be included in a companys

  Flexible budgeted income statement using variable

flexible budgeted income statement using variable costing.downes consolidated industries international uses a standard

  Compute the contribution margin ratio

the company sold 200 more flash drives than planned. What is the expected effect on profit of selling the additional drives? Compute the contribution margin ratio associated with one flash drive.

  Illustrate what is mad hatter most profitable sales mix

Selling prices and variable costs per unit are shown below. Based on this information, illustrate what is the Mad Hatter's most profitable sales mix?

  Evaluate the length of the firm''s cash conversion cycle

Evaluate the length of the firm's cash conversion cycle and Cash Conversion cycle Based On Balance Sheet

  Which of the following is an advantage of preferred stock

Occidental Produce Company has 40,000 shares of common stock outstanding and 2,000 shares of preferred stock outstanding. The common stock is $0.01 par value.

  Explain who is eligible to claim anna as a dependent

Joint Versus Separate Returns. Hal attended school much of 2013, during which time he was supported by his parents. Hal married Ruth in December 2013. Hal graduated and commenced work in 2014. Ruth worked during 2013 and earned $18,000. Hal's only..

  How well costs were controlled in this department

Construct a flexible budget performance report that would be useful in assessing how well costs were controlled in this department.

  Evaluate the amount of income

Evaluate the amount of income from the partnership that Potter should report for his tax year ended 31st December, 2012.

  Prepare a statement of cash flows for 2013

Prepare a statement of cash flows for 2013, using the indirect method.  Assume that current assets (excluding cash) and current liabilities have remained the same on December 31, 2013.

  Prepare an action analysis report in good form

Prepare an action analysis report in good form of a job that involves making 53 yards of drapes and has direct materials and direct labor cost of $1,480.

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