What you have learned on the responsibility accounting topic

Assignment Help Accounting Basics
Reference no: EM133132740

Question - Assume that you are the Assistant City Accountant of the Modern City. Assume further that your office has responsibility centers wherein the use of approved budget and generation of income are accounted and attributed to the respective cost/ revenue center heads.

As a cost center head, you would authorize disbursements for the food served during your staff meetings. In one of your meetings, you had two (2) staff in attendance to discuss office matters. Accordingly, you authorized a disbursement for the meals of the attendees in that meeting. However, your manager, the City Accountant, called your attention and directed you to refrain from using your budget for meals during staff meetings especially for a few number of attendees. She further figured out that there should be at least eight (8) attendees in a staff meeting before you could provide meals to those in attendance.

Based on what you have learned on the responsibility accounting topic for Government Accounting, how would you explain your side to your manager? What are your recommendations, if any?

Reference no: EM133132740

Questions Cloud

Major problem in clinical laboratories : Performing tests that are not medically necessary is a major problem in clinical laboratories.
Derive the world relative supply curve of computers : In order to conjecture the circumstances in these two countries under free trade, consider the following hypothetical scenario based on Ricardian model.
What is the amount of Blossom total assets : The liabilities of Blossom Company are $93,700 and the stockholders' equity is $240,000. What is the amount of Blossom's total assets
Market equilibrium price and quantity for new smartphones : The market demand for new smartphones is P= 1000 - 0.1Q and the market supply is P= 100 + 0.3Q.
What you have learned on the responsibility accounting topic : Based on what you have learned on the responsibility accounting topic for Government Accounting, how would you explain your side to your manager
Market structures and market failure : a) Explain why firms in perfectly competitive markets called price-takers?
What is Harold margin of safety : What is Harold's margin of safety (in dollars) and operating profit if sales should fall to $480,000? What is Harold's margin of safety (MOS) in dollars
What is the probability that the employee commutes : What is the probability that the employee commutes more than 30 miles given that he/she works full-time?
What yield to maturity is the bond offering : Yield to Maturity - A 3.5% coupon bond with 15 years left to maturity is offered for sale at $961.42. What yield to maturity is the bond offering

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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