Reference no: EM134006876

Assignment

You have worked with Gaming Consulting as the marketing manager for a number of years. Each of your salespeople must submit a monthly report detailing money they spent while conducting business on behalf of Gaming Consulting. Each item on the monthly report must be coded as to the effect on assets, liabilities, and equity. As marketing manager, one of your duties is to review the monthly reports.

One salesperson's report for September shows the following:

Monthly Report - September
Date: Aug 28
Description: Delivered market strategy report for a key customer
Amount: $150,000
Effect on Assets: Increased cash
Effect on Liabilities/Equity: No effect / Increased revenue
Date: Sept 10
Description: Purchased new desk for office to be paid in October
Amount: $1,500
Effect on Assets: No effect
Effect on Liabilities/Equity: Increased accounts payable / Increased office expense
Date: Sept 2-30
Description: Took clients for lunch and paid cash
Amount: $680
Effect on Assets: Decreased cash
Effect on Liabilities/Equity: Increased owner investments
Date: Oct 5
Description: Paid for September cellphone usage
Amount: $130
Effect on Assets: Decreased cash
Effect on Liabilities/Equity: Increased expenses

Task

Using the elements of the critical thinking model described in Chapter 1, respond to the following:

A. What problems are identified in the September report? Get the instant assignment help.
B. What is the goal of the monthly report and what is the purpose of your review?
C. What assumptions have been made and what principles need to be considered in presenting the transactions?
D. What are the key facts and how do we rely on the facts to identify errors in the report?
E. How will you address the issues you have found with the salesperson?