What is the accounts payable clerks responsibility

Assignment Help Operation Management

Reference no: EM13901756

Kathy Lentz, Rob Snyder, and Tom Rohm were all general partners in a consulting business. Each partner owned one-third of the business. The partnership agreement stated that all three partners must approve vouchers for payments in amounts exceeding $5,000. While Tom was on vacation Kathy and Rob decided to purchase a new computer system costing $6,800. A voucher was prepared and Rob signed both his and Tom’s names. Kathy signed her name and gave the voucher to the accounts payable clerk who wrote the check for $6,800.

1. Why would a partnership agreement specify that all purchases over a certain amount be approved by all partners? Are there any circumstances that would warrant a deviation from this policy?

2. What are some of the possible outcomes of this situation?

3. What is the accounts payable clerk’s responsibility in this situation?

Reference no: EM13901756

Questions Cloud

Most discussed systems for improving productivity : Who created the basic framework for the world's most discussed systems for improving productivity, JIT, and lean manufacturing?

Would you expect to find more crabs : Would you expect to find more crabs during a full moon or during a quarter moon?

Calculate the annual holding cost and annual order cost : The weekly requirement of a part is 580 units. The order cost is $95 per order. The holding cost is $5 per unit per year, and the part cost is $950 per unit. The firm operates fifty-two weeks per year. Calculate the following - Economic order quantit..

Wedding reception : A catering company prepared and served 345 meals at an anniversary celebration last week using nine workers. The week before, five workers prepared and served 250 meals at a wedding reception.

What is the accounts payable clerks responsibility : Kathy Lentz, Rob Snyder, and Tom Rohm were all general partners in a consulting business. Each partner owned one-third of the business. The partnership agreement stated that all three partners must approve vouchers for payments in amounts exceeding $..

Stark company has five employees : Stark Company has five employees. Employees paid by the hour receive a $ 10 per hour pay rate for the regular 40 hour work week plus one and one half times the hourly rate for each overtime hour beyond the 40 hours per week.

Mobile phase and binding/elution strategy : A sample contains two proteins, Protein A (pI 5.9) and protein B (pI 7.8). Could you design an ion exchange chromatography method to separate these two proteins? (Please specify anion or cation exchange column, mobile phase, and binding/elution strat..

Notifying employees of mandatory drug testing : Choose one of these positions: a human resource manager notifying employees of mandatory drug testing or an employee representative protesting such testing. Write a memorandum supporting your position.

The pressure that a water column of a certain height : The pressure that a water column of a certain height would exert. Maybe I can use density of the water, gravitational constant. For second, I can use = 2Dt.

User Account

All Pages