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A federal agency receives a separate appropriation for supplies. A large number of purchase orders marked Rush are processed in August. Because several clerks are on vacation, they are not recorded as obligations. The supplies are received in early September, before the end of the fiscal year. After matching the invoices with the receiving reports, the accountant finds the agency has insufficient funds to process many of the payments. On further inquiry, the accountant locates the batch of unrecorded purchase orders. He also finds that the supplies were used immediately upon receipt. He explains the problem to his immediate supervisor, who says, Forget it. Just charge the bills to next year appropriation. Explain the nature of the accountant dilemma, and discuss what you think he should do.
love corporation sold 2050000 6 10-year bonds on january 1 2010. the bonds were dated january 1 2010 and pay interest
a company estimates total overhead costs for the next year to be 1500000 and wishes to use direct labor hours as it
which of the following statements does not describe a characteristic of management accounting?question 1 optionsa
Charlie Corp sells it products on both credit and cash basis. Monthly sales are sold 20% for cash, 80% for credit. Credit sales are collected 40% in the month of sale and 60% the following month. Sales for the first quarter are as follows:
Auditing standards define a confirmation as the "process of obtaining and evaluating a direct communication from a third party in response to a request for information about a particular item affecting financial statement assertions."
a prepare income statements segmented by products. Include a column for the entire firm in the statement. b. if ellie manufactureing eliminates product B, what would be the impact on company profits? c. ellie is considering the purchase of automated ..
the management of kirchner inc. asks your help in determining the comparative effects of the fifo and lifo inventory
north pole cruise lines issued preferred stock many years ago.it carries a fixed dividend of 6 per share. with the
candlemaker corporation wants to accumulate a fund to replaceits equipment in 5 years. if it invests 200000 today at 7
a fleet of refrigerated delivery trucks is acquired on january 5 2009 at a cost of 1200000 with an estimated useful
billings company is a decentralized wholesaler with five autonomous divisions. the divisions are evaluated on the basis
the assembly department of colson inc. has the following production and cost data at the end of may 2012. production
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