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N400 : Accounting

tag 0 Download 4 Pages / 945 Words tag 26-11-2020
  • Course Code: N400
  • University: The University Of Manchester
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  • Country: United Kingdom

Question:

Respond to the following:

1). As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts up to date. At the end of each year, you analyze the accounts to verify that each account should be active for accumulation of costs, revenues, and expenses.

In July, 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?

2). As the full-time bookkeeper, your job is to make any corrections to the general ledger accounts. Each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease.

For the third time this month, a co-worker has recorded a cash receipt twice and wants you to record a correcting entry that will reverse the mistakes. The correcting entry will record a credit to the Cash account and a debit to the Sales account. Your co-worker has offered to buy you dinner for fixing this mistake.

What should you investigate before making a decision about the correcting entry? What is happening to the Cash account? Would you accept a dinner offer from your co-worker for fixing the mistake?

3). The supplies adjustment records the office supplies used for the month. A co-worker asks you to record a larger supplies adjustment compared to what is leftover so the extra supplies can be used at a nonprofit organization.

Would you do as your co-worker requests so the nonprofit organization can have these extra supplies? Why?

4). 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 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.

Should you write this check today and record the expense or write the check tomorrow? How would the company be affected if the check is written and the invoice ends up being erroneous?

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My Assignment Help. (2020). Accounting. Retrieved from https://myassignmenthelp.com/free-samples/n400-accounting/accounts-of-the-business.html.

My Assignment Help (2020) Accounting [Online]. Available from: https://myassignmenthelp.com/free-samples/n400-accounting/accounts-of-the-business.html
[Accessed 13 August 2022].

My Assignment Help. 'Accounting' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/n400-accounting/accounts-of-the-business.html> accessed 13 August 2022.

My Assignment Help. Accounting [Internet]. My Assignment Help. 2020 [cited 13 August 2022]. Available from: https://myassignmenthelp.com/free-samples/n400-accounting/accounts-of-the-business.html.


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