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Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version, 13th + LMS Integrated CengageNOWV2, 1 term (6 months) Printed Access
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- the accounts payable (A/P) clerk asked you to open an account named New Expenses. You know that an account name should be specific and well defined, and you're afraid the A/P clerk might charge some expenses to the account that are inappropriate. Why do you think the A/P clerk needs the New Expenses account? Who needs to know this information and what action should you consider?arrow_forward2. Which is a true statement? Federal law requires all businesses to offer credit to customers. A customer may claim dissatisfaction with a product as a means of refusing to make payments. A business has the legal right to harass a customer until a debt is paid. If a company is run correctly, it will not have to deal with uncollectibles. 3. Why might a customer frequently ask for changes in the payment schedule? They are traveling a lot. Their pay day changes depending on their schedule. They are sick a lot. The customer may be having trouble making payments.arrow_forwardSome argue that having various organizations establish accounting principles is wasteful and inefficient. Rather than mandating accounting rules, each company could voluntarily disclose the type of information it considered important. In addition, if an investor wants additional information, the investor could contact the company and pay to receive the additional information desired. Instructions Comment on the appropriateness of this viewpoint.arrow_forward
- You need to go the office of DTI if you will register your corporation. true or false? Registering your business trade name is done in the office of SEC C. Mayor’s Office DTI D. Philhealth Office Which of the following is not a benefit of record keeping? It will not help in managing potential risks. It will measure profit and performance. It will protect the rights of the owner. It will not let you know how much you are earning.arrow_forwardWhat Would You Do? A new bookkeeper cant find the errors that are causing the companys month-end trial balance to be out of balance. The bookkeeper is too shy to ask for help at the office, so she takes the financial records home and asks her uncle, a retired bookkeeper, to help her locate the errors. Even with the help of her uncle, the trial balance is still out of balance, and now she is too embarrassed to return to the office and ask for help. The bookkeeper decides to show the trial balance is in balance and hope no one notices. Explain if there is anything wrong with this practice.arrow_forwardWhich of the following is not a benefit of record keeping? It will not help in managing potential risks. It will measure profit and performance. It will protect the rights of the owner. It will not let you know how much you are earning. Thetasksbeforeoperatingthebusinessmustbea. specified to be accomplished by the owner alone b. in detail so that the owner will know what to do c. kept by the owner for future referenced. none of the choices Which of the following is NOT a benefit to the enterprise?a. It allows the entrepreneur to plan and work more efficiently. b. It allows the entrepreneur to meet legal and tax requirements. c. Can check if the business is doing good.d. It cannot protect the rights of the owner.arrow_forward
- Which of the following scenarios increases accounts payable? A customer fails to pay an invoice. A supplier delivers raw materials on credit. Office supplies are purchased with cash. None of the abovearrow_forwardJustine is an accountant in the accounting department of Modern Industries, Inc. Justine has just discovered evidence that some of the corporation's marketing managers have been wrongfully inflating their expense reports in order to obtain higher reimbursements from the firm. According to the understanding and acceptance of the basic principles and concepts of ethical conduct, what should Justine do upon discovering this evidence? a. Notify the marketing managers involved. b. Notify the controller. c. Ignore the evidence because she is not part of the Marketing Department. d. Notify the president of the corporation.arrow_forwardCyber Systems’ management has been actively pursuing clients who fail to pay invoices when they fall due. Based on the experience of Cyber Systems in the 2021 financial year which ends on June 30, the longer an account receivable is outstanding, the more likely the client never pays the amount due. The longer the account is due, the more likely the client closes their travel agency and can never pay amounts due to Cyber Systems. Answer the following: (a) Identify the method and approach that is appropriate to account for bad debts in this case. (b) With reference to three relevant accounting principles, assumptions and/or qualitative characteristics, justify why the method and approach you have identified in part (a) is appropriate. Clearly label each part of your answer related to parts a and b above. In particular for part b, structure your answer as follows for each of the three relevant accounting principles, assumptions and/or qualitative characteristics:Identify accounting…arrow_forward
- A manager at a "Check Into Cash" business defends his business practice as simply "charging what the market will bear." "After all," says the manager, "we don't force people to come in the door." How would you respond to this ethical defense of the payday-advance business?arrow_forwardThe ledger and journal entries are part of the posting process. Explain how an accountant would realize that an entry, or entries, are incorrect. Consider the role of the trial balance in your discussion and provide details on how you would locate the error(s).arrow_forwardPlease describe a time when you were faced with a personal dilemma regarding whether to blow the whistle on a wrongdoing. Some examples of a wrongdoing are witnessing cheating on an exam, witnessing someone trying to steal, noticing someone trying to take advantage of another, and completing a project at work without recording time spent in order to meet time constraints. Who were the stakeholders in the situation and how were they impacted by the wrongdoing? How did rationalization encourage the wrongdoer to follow through with their wrongdoing? What did you do and why? Case scenario: for someone working but not clocking in How would this fit under this dilemma? Please explain:arrow_forward
- College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubCollege Accounting (Book Only): A Career ApproachAccountingISBN:9781305084087Author:Cathy J. ScottPublisher:Cengage Learning
- Business/Professional Ethics Directors/Executives...AccountingISBN:9781337485913Author:BROOKSPublisher:Cengage
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