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- the supervisor tells you to change the aging category of a large account from over 120 days to current status and prepare a new invoice to the customer with the revised date and that agrees with the new category this will change the required allowance of uncollectible accounts from $180,000 to $135,000. What are the potential consequences if you do comply with your supervisors instructions?Who will be negatively impacted?the supervisor tells you to change the aging category of a large account from over 120 days to current status and prepare a new invoice to the customer with the revised date and that agrees with the new category this will change the required allowance of uncollectible accounts from $180,000 to $135,000. Identify the key internal and external stakeholders. what are the negative impacts that can happen if you do not follow the instructions of the supervisor?Suppose you are working in an organization where your best friend is your colleague. One day due to some technical problem the biometric machine for attendance was not working for one week. Your best friend is coming late to the company daily as he need not have to record attendance. Your friend is happy upon not entering attendance and not coming on time. Whereas you do not agree with him and advised him to correct. He refused to do it so. If you insist on him you will lose your best friend. Based on this choose the type of dilemma you face a. Personal ethical dilemma b. Organizational ethical dilemma c. Societal ethical dilemma d. Professional ethical dilemma
- Your supervisor tells you to change the aging category of a large account from account receivables from over 120 days to current status and prepare a new invoice to the customer with the revised date that agrees with this new category. this will change the required allowance of uncollectible accounts from $180,000 to $135,000. what is the ethical dilemma the assistant controller faces?what are the ethical considerations? consider the options and responsibilities as the assistant controllerMaking a sale to customer who are already behind in making the payments on account is a threat. Rena is making a credit sale to Sara, a customer who is already six months behind in making payments on his account. What internal control procedure(s) would provide protection against these threats?a) Should every company switch from the traditional three-way matching process (purchase orders, receiving reports, and supplier invoices) to the two- way match (purchase orders and receiving reports) used in evaluated receipt settlement (ERS)? Why, or why not? b) Imagine you had just started an internship and you visited your first client who gave you the following list some they do: 1. Cancellation of the voucher package by the cashier once checks are signed. 2. Prenumbering and periodically accounting for all internal source documents 3. Tokenization 4. Periodic physical count of inventory 5. Mailing Monthly Statements 6. Reconciliation of invoices with packing lists and sales order 7. Performing data integrity controls 8. Using requests for proposals to solicit competitive bids for capital assets 9. Using a planned production schedule 10. Use biometric authentication Required Choose five of the activities and (1) Identify which business cycle(s) the activity is mostly associated…
- The sales department receives the unstandardised sales order since customer orders are mailed, e-mailed or faxed to the sales department. The sales clerk first converts the unstandardised sales order into the standardised sales order. For this purpose, the sales representative requests the missing information, if any. When the order is received, the sales clerk checks the customer’s creditworthiness of the customer from his computer terminal. Three years ago, the sales clerk requested the accounting department to provide him with a list of customers whose account receivables are written off. The sales clerk is still using this information to check the creditworthiness of the customers. The sales clerk is using the same procedure to check the creditworthiness of the new customers.The customer’s order is rejected if the customer’s credit is not verified. The sales order processing is started after the credit verification. In particular, the sales clerk records the approved standardised…The sales department receives the unstandardised sales order since customer orders are mailed, e-mailed or faxed to the sales department. The sales clerk first converts the unstandardised sales order into the standardised sales order. For this purpose, the sales representative requests the missing information, if any. When the order is received, the sales clerk checks the customer’s creditworthiness of the customer from his computer terminal. Three years ago, the sales clerk requested the accounting department to provide him with a list of customers whose account receivables are written off. The sales clerk is still using this information to check the creditworthiness of the customers. The sales clerk is using the same procedure to check the creditworthiness of the new customers.The customer’s order is rejected if the customer’s credit is not verified. The sales order processing is started after the credit verification. In particular, the sales clerk records the approved standardised…After invoicing a regular customer, PaintPros realizes that it billed the customer for prep work that was supposed to be free per the estimate. How should a credit memo be created for this customer? Select an answer: Apply the credit memo to the overbilled invoice and send the customer a check. Apply the credit memo to any open invoice by selecting Receive Payment. Apply the credit memo to the customer's most recent payment and send the customer a refund.
- 1. You are in line to check out at your favorite bagel store when the customer in front of you reaches for cream cheese in a container in a refrigerated area. You notice she drops a $20 bill. She just paid for her food and left the store. You’re late for work already and your boss is a stickler for punctuality. What would you do assuming you can catch up with the customer?Cyber Systems’ management has been actively pursuing clients who fail to pay invoices when they fall due. Based on the experience of Cyber Systems in the 2021 financial year which ends on June 30, the longer an account receivable is outstanding, the more likely the client never pays the amount due. The longer the account is due, the more likely the client closes their travel agency and can never pay amounts due to Cyber Systems. Answer the following: (a) Identify the method and approach that is appropriate to account for bad debts in this case. (b) With reference to three relevant accounting principles, assumptions and/or qualitative characteristics, justify why the method and approach you have identified in part (a) is appropriate. Clearly label each part of your answer related to parts a and b above. In particular for part b, structure your answer as follows for each of the three relevant accounting principles, assumptions and/or qualitative characteristics:Identify accounting…Which of the following are external threats to revenue security? (select all that apply) A guest who walks out before the bill is presented An employee using voided sales to steal cash A quick-change artist A guest who forgot to pay
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