How should buddy have handled the situation

Assignment Help Accounting Basics
Reference no: EM132753074

Question: Buddy Dupree is the accounting manager for On-Time Geeks, a tech support company for individuals and small businesses. As part of his job, Buddy is responsible for preparing the company's trial balance. His supervisor placed a "hard deadline" of Friday at 5p.m. for the completion of the trial balance. Unfortunately, Buddy was unable to get the trial balance to balance by the due date. The credit side of the trial balance exceeded the debit side by $3,000. To make the deadline, Buddy decided to add $3,000 debit to the vehicles account balance. He selected the vehicles account because it will not be significantly affected by the additional $3,000.

- Is Buddy behaving ethically? Why or why not?

- Who is affected by Buddy's decision?

- How should Buddy have handled this situation?

Reference no: EM132753074

Questions Cloud

What is the price of a zero coupon bond : Assuming semi-annual compounding, what is the price of a zero coupon bond that matures in 3 years if the market interest rate is 5.5 percent?
Find how much total insurance is left : Would be recording just that $400 in my entry or use that to find how much total insurance is left and then use that number in my adjusting entry
How do find average markup percentage for setting prices : Direct manufacturing labour 132,000, Compute the average markup percentage for setting prices as a percentage of the variable cost of the product
Intrinsic meaning in phenomena : The book stated that there is no intrinsic meaning in phenomena but that humans actively construct meanings and attach values
How should buddy have handled the situation : Buddy Dupree is the accounting manager for On-Time Geeks, a tech support company for individuals and small businesses. As part of his job, Buddy is responsible.
How do discuss the stages in the capital-budgeting process : How do Discuss the stages in the capital-budgeting process. What kinds of nonfinancial information are needed in order to conduct the analysis of a project?
Compare two different change models : Compare and contrast two different change models. What leadership approach would you use to implement your preferred model? Why?
What would account be worth in twenty years : If you deposit ?$2,300 today into an account earning an annual rate of return of 7 ?percent, what would your account be worth in 20 years
Describe the characteristics of the people : Describe the characteristics of the people you would want working at your company, in relation to the culture you are trying to cultivate.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Problem related to amount deposition

Sondra deposits $2,000 in an IRA account on April 15, 2011. Assume the account will earn 3% annually. If she repeats this for the next nine years, how much will she have on deposit on April 14, 2021?

  Prepare a direct materials purchases budget

Prepare a direct materials purchases budget by month for the first quarter - Management wants to have a raw materials inventory at the end of the month equal to 30% of next month's production requirements.

  Long-term contract reporting

Bearing Construction Company began operations in 2014. Construction activity for the first year is shown below. All contracts are with different customers, and any work remaining at December 31, 2014, is expected to be completed by the end of 2015..

  Determine the amount of deficiency

Serena Williams Corporation, having recently issued a $20,042,000, 15-year bond issue, Determine the amount of deficiency

  Prepare notional journal entries

Prepare notional journal entries (with narrations) to consolidate the financial statements of Mega Store Limited

  Determine how much cash rampant actually has at august

The Cash account of Rampart Corp. reported a balance of $3, 530. Prepare a bank reconciliation to determine how much cash Rampant actually has at August 31.

  How much accrued interest was pain to the issuer

How much accrued interest was pain to the issuer by the purchasers of these bonds on March 1, 2015

  How misstatement of funds will impact the income statement

How do you think the misstatement of funds will impact the income statement and balance sheet? (Allowance method vs direct write off method)

  Construct pty ltd uses the percentage of completion method

accounting for construction contractconstruct pty ltd uses the percentage of completion method of accounting for

  Discuss ethics and governance in explaining financial stress

Accounting Financial ACC701 - Discuss the ethics and governance in explaining the company's financial stress. Were liabilities a major factor contributing

  Prepare journal entries for land

1. On December 1, 20x1, Land Co. issued a $100,000, 5-month, note to Castle Bank.  Interest was discounted at issuance at a 8% discount rate.  Prepare journal entries for Land on:

  Examine the costs that wal-mart includes in inventory

Examine the costs that Wal-Mart includes in inventory and cost of sales. Defend the three descriptions that Wal-Mart used to classify inventories.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd