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ACC 291T All participations

ACC 291T All participations

The Latest Version A+ Study Guide

ACC 291T Week 1 Discussion
 
Review the Discussion FAQs Module.
Respond to the following:
Credit memos are created when a product is returned. Credit memos reduce A/R (accounts receivable) by crediting the account, and it writes off the invoice. This also records a debit to the Sales Returns and Allowances account.

You have noticed that the A/R clerk has created an abnormally high number of credit memos. You also notice the inventory does not reflect the additional inventory resulting from the sales returns and allowances. What would you do, and how would you document your decision?

 

ACC 291T Week 2 Discussion
 
Review the Discussion FAQs Module.
Respond to the following:
The A/P clerk of a company writes the checks for vendors, and the controller signs the checks. The A/P clerk has devised a plan to give herself a raise. She creates a new vendor for her friend’s business and creates two purchase orders for random car detailing services for $75 and $70. She writes the checks to pay these new vendors knowing the controller will only pay close attention to checks over $100. She delivers the checks to her friend to deposit in his bank account, and then he writes her a personal check for the full amount of $145.

Eventually, what will be the effect of her actions? What can the company do to prevent this type of behavior?

 

ACC 291T Week 3 Discussion

 Review the Discussion FAQs Module.
Respond to the following:
You oversee the $250 petty cash for your company. When an employee needs a special item that is not in inventory, you take money from petty cash to purchase that item.

One day, you are short on cash for lunch. You decide to borrow $10 each day for the next 3 days until payday for a total of $30 from petty cash. After payday, you do not have enough to repay petty cash, so you decide to record a cash short/over expense of $30.

Since this is the first time you have ever done this, is this a problem? If so, what steps should be taken to fix this problem? If not, why not?

 

ACC 291T Week 4 Discussion
 
Review the Discussion FAQs Module.
Respond to the following:
The president of your company wants you to count merchandise inventory from the factory in preparation for a visit from stockholders. The president asks you to make the inventory a bit heavy by counting one row twice to cause the net income to show a higher number. What should you do?

 

ACC 291T Week 5 Discussion

 Review the Discussion FAQs Module.
Respond to the following:
It is standard accounting procedure, or a generally accepted accounting principle (GAAP), to make a journal entry to remove the current year’s principle from the long-term liabilities. This entry reduces the long-term liabilities and increases the current liabilities.

Your company has a bank loan that requires a current ratio of 1.5 times. The owner has asked you, the bookkeeper, not to make the adjusting entry that would take the current portion from the long-term liabilities. If you make the adjusting entry, the company’s loan will need to be repaid immediately (or the loan called). What should you do?

 

 
 

 

 

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