COLLEGE ACCOUNTING
13th Edition
ISBN: 9780357531846
Author: Scott
Publisher: CENGAGE L
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Textbook Question
Chapter 3, Problem 2A
What Would You Say?
You are the new bookkeeper for a small business. The bookkeeper whose job you are taking is training you on the business’s manual system. As he journalizes, he writes the account number in the Post. Ref. column because he believes it’s easier. His thinking is that, when he posts, he won’t be bothered writing the account numbers. How would you explain why he should not write the account number in the Post. Ref. column immediately and instead should enter the account number after he has posted the amount to the ledger?
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Provide correct answer the following requirements on these financial accounting question
Your firm has been the auditor of Caribild Products, a listed company, for a number of years. The
engagement partner has asked you to describe the matters you would consider when planning the audit for
the year ended 31January 2022.
During recent visit to the company you obtained the following information:
(a) The management accounts for the 10 months to 30 November 2021 show a revenue of $260 million and
profit before tax of $8 million. Assume sales and profits accrue evenly throughout the year. In the year
ended 31 January 2021 Caribild Products had sales of $220 million and profit before tax of $16 million.
(b) The company installed a new computerised inventory control system which has operated from 1 June
2021. As the inventory control system records inventory movements and current inventory quantities, the
company is proposing:
(i) To use the inventory quantities on the computer to value the inventory at the year-end
(ii) Not to carry out an inventory count at the year-end
(c) You…
Chapter 3 Solutions
COLLEGE ACCOUNTING
Ch. 3 - A __________ is a book in which business...Ch. 3 - Transferring information from the journal to the...Ch. 3 - For a journal entry to be complete, it must...Ch. 3 - The __________ is used to determine where the...Ch. 3 - Prob. 5QYCh. 3 - A 250 payment for salaries expense was incorrectly...Ch. 3 - Prob. 1DQCh. 3 - How does the journal differ from the ledger?Ch. 3 - What is the purpose of providing a ledger account...Ch. 3 - List by account classification the order of the...
Ch. 3 - Arrange the following steps in the posting process...Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - In the following two-column journal, the capital...Ch. 3 - Decor Services completed the following...Ch. 3 - Montoya Tutoring Service completed the following...Ch. 3 - Prob. 4ECh. 3 - Arrange the following steps in the posting process...Ch. 3 - The bookkeeper for Nevado Company has prepared the...Ch. 3 - Determine the effect of the following errors on a...Ch. 3 - Journalize correcting entries for each of the...Ch. 3 - The chart of accounts of the Barnes School is...Ch. 3 - Laras Landscaping Service has the following chart...Ch. 3 - Following is the chart of accounts of Sanchez...Ch. 3 - The chart of accounts of Ethan Academy is shown...Ch. 3 - Leanders Landscaping Service maintains the...Ch. 3 - Following is the chart of accounts of Smith...Ch. 3 - Why Does It Matter? ECOTOUR EXPEDITIONS, INC.,...Ch. 3 - What Would You Say? You are the new bookkeeper for...Ch. 3 - What Do You Think? You work as an accounting...Ch. 3 - What Would You Do?
You are responsible for...Ch. 3 - Prob. 1CP
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