What are some of the costs of using the prior month file

Assignment Help Accounting Basics
Reference no: EM132728003

When beginning a spreadsheet-based calculation for a month-end adjusting journal entry, a company often uses the previous month's spreadsheet as a starting point. That is, the previous month's Excel file (e.g., Allowance_Calculation) is copied into a new folder (e.g., ''December calculation folder''). Alternatively, a company could create template that contains logical formulas for making the calculation with no accounts receivable detail and require its staff to start with this blank template for each month's calculation.

Problem a. Why would someone choose to use a prior month's Excel file as a starting point rather than a template? What are some of the costs and benefits of using the prior month's file instead of a template?

Problem b. Do you think that calculations would be less prone to errors if a template was used instead of the prior month's Excel file?

Reference no: EM132728003

Questions Cloud

Do think sox is effective and was necessary : Some individuals argue that Sarbanes-Oxley is ineffective. Do you agree with this statement or do you think SOX is effective and was necessary
Examine how a hypothesis is different from a hunch : Describe why the articulation of a hypothesis is essential in the development of an effective program. Examine how a hypothesis is different from a hunch.
What sources of capital should be included : The firm's tax rate is 25%. What sources of capital should be included when you estimate Jana's weighted average cost of capital
Make any journal entry for flint on december : Make any journal entry for Flint on December 31, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
What are some of the costs of using the prior month file : Why would someone choose to use a prior month's Excel file as a starting point rather than a template? What are some of the costs and benefits
Describe current trends that impact the program you selected : Select a non-profit and/or social service program in your local area. You will describe a brief history of the organization's program and its mission statement.
What is the after-tax cost of debt : The issue price will be $1,000. The tax rate is 25%. If the flotation cost is 2% of the issue proceeds, then what is the after-tax cost of debt
Prepare the closing entries at december for yilmaz company : Prepare the closing entries at December 31 then enter the balances in T-accounts, post the closing entries, and balance the accounts
What is the cost of external equity : Messman Manufacturing will issue common stock to public for $30. If the flotation cost is 10% of the issue's gross proceeds, what is cost of external equity

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare journal entries to record each of the events

Crane Services was formed on May 1, 2020. The following transactions took place during the first month. Prepare journal entries to record each of the events

  Compute the composite depreciation rate and the composite

Dickinson Inc. owns the following assets. Compute the composite depreciation rate and the composite life of Dickinson’sassets.

  Several automobile manufacturers from state j

State J's automobile manufacturers are not subsidized nor are they dumping their cars in State J at below cost. Under GATT 1994, what can State K do? Why?

  TAX 991 Corporate Tax Assignment

TAX 991 Corporate Tax Assignment Help and Solution - Pennsylvania State University, USA. How much stock does C currently own directly and indirectly

  How much cost is acceptable to incur in order to test

What's the difference between random error resulting from manual processing and systematic error resulting from IT processing?

  Assume the company has 50 units left over from last year

the following are the wyeth companys unit costs of making and selling an item at a volume of 10000 units per month

  Compute the proper earnings per share

Santana Corporation has 420,000 shares of common stock outstanding throughout 2018. Compute the proper earnings per share for 2018

  Critical components of a marketing plan

Strengths, weaknesses, opportunities, and threats (SWOT) are critical components of a marketing plan. For this assignment, you will build a marketing plan for an organization, product, or service of your choice.

  How skysong would account for the maintenance costs

Prepare the necessary journal entry to show how Skysong would account for the maintenance costs of the fire lanes and roads and the spraying of the timberland

  What two purposes does a bill of lading serve

What are some of the issues that must be considered before making international sales?

  Prepare the january general journal entry

Use this information to prepare the January 1, November 15 and December 31, 2017 General Journal entry (without explanation.)

  Normal care and intensive care

Limon Hospital has two types of patients: normal care and intensive care. On a daily basis, both types of patients consume resources necessary for their care.

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