Identify the relevant facts in the scenario

Assignment Help Financial Accounting
Reference no: EM132977148

Question - You are a trainee accountant in your second year of training within a small practice. A more senior trainee has been on sick leave, and you are due to go on study leave. You have been told by your manager that, before you go on leave, you must complete some complicated reconciliation work. The deadline suggested appears unrealistic, given the complexity of the work.

You feel that you are not sufficiently experienced to complete the work alone. You would need additional supervision to complete it to the required standard, and your manager appears unable to offer the necessary support. If you try to complete the work within the proposed timeframe but fail to meet the expected quality, you could face repercussions on your return from study leave. You feel slightly intimidated by your manager, and also feel pressure to do what you can for the practice in these challenging times.

1. Discuss 3 key fundamental principles affecting you in this scenario.

2. Identify the relevant facts in the scenario and evaluate on the possible course of action that you will take.

Reference no: EM132977148

Questions Cloud

What is a demand function : 1. What is a demand function? Which variables determine demand?
Which statements is true with regard to the departmental : Which statements is true with regard to the departmental overhead rate method? It uses a different overhead rate for each department
Identify tradeoffs and opportunity costs : Thomas Sowell is an American economist and social theorist who is currently a senior fellow at Stanford University's Hoover Institution said once, there are no
Commodification of culture influences : Reflect on ways in which the commodification of culture influences our cultural practices (e.g, the things we buy, our values, communication, customs/traditions
Identify the relevant facts in the scenario : Identify the relevant facts in the scenario and evaluate on the possible course of action that you will take
Promote economic growth-increase choices : International trade has been said to promote economic growth, increase choices, and reduce costs for consumers. Pick a service industry. Include the following i
Draw the supply and demand curves : Consider the market for electric vehicles. Draw the supply and demand curves. Suppose that the Biden administration builds thousands of electric vehicle chargin
What feasible solution for pie company is : What feasible solution for Pie Company is? Pie Company has excess capacity on two machines, 24 hours on Machine 105 and 16 hours
Difference between a specific tariff and an ad valorem tarif : What is the difference between a specific tariff and an ad valorem tariff

Reviews

Write a Review

Financial Accounting Questions & Answers

  Compute the budgeted manufacturing costs of calvin company

Solving for budgeted manufacturing costs. Calvin Company expects to sell 10 million cases of paper towels during the current year. Budgeted costs per case are $24 for direct materials, $18 for direct labor, and $6 (all variable) for manufacturing ove..

  Compute the amount of gross pro?t to be recognized

Compute the amount of gross pro?t to be recognized each year. assuming the percentage-of-completion method is used. During 2020, Sandhill Company started

  Which account should cozy pajamas company use to report

Which account should Cozy Pajamas Company use to report the amount owed? The Cozy Pajamas Company owes $1.5 million to the Brushed Cotton Company

  Prepare the consolidation elimination journal entry for year

The following account balances existed at 30 June 2020. Prepare the consolidation elimination journal entry for the year ending 30 June 2020.

  What does amount reported for cost of goods sold represent

What does the amount reported for cost of goods sold represent? Is your company a profitable company? How can you tell? Does your company use accrual-based or cash-based accounting?

  What is the overvaluation of branch ending inventory

What is the pre-closing balance of the Allowance for Overvaluation of Branch inventory account? What is the Overvaluation of Branch Ending Inventory?

  Equity transactions and statement preparationon 5th january

equity transactions and statement preparationon 5th january 2010 phelps corporation received a charter granting the

  Find the financial statements of publicly traded

Find the financial statements of a publicly traded company and review its stockholders’ equity section of the balance sheet. Does the company have common stock? Preferred stock? Treasury stock? Do you see anything unusual in this section of the balan..

  The fixed manufacturing overhead spending variance

The Dudley Corporation makes and sells a single product. Overhead costs are applied on the basis of standard direct labor hours. The standard cost card shows that 5 direct labor hours are required per unit. The Dudley Corporation had the following bu..

  What is the main point of this chapter

What is the main point of this chapter? Chapter 9 long-term assets I: PROPERTY, PLANT and EQUIPMENT. Summarize the remaining points of the chapter

  What will be the credit to d capital account

D will pay $200,000 for a 10% ownership interest. What will be the credit to D's capital account assuming the goodwill method is used?

  Calculate avoidable interest for the construction period

The building was completed and occupied on March 31, 2013, the last day of Flat Tire’s fiscal year. To help pay for construction $1,000,000 was borrowed on Sept 30, 2012 with a 10% (per year), nine month construction loan. Calculate the weighted-aver..

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