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?
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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. 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?
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- the accounts payable (A/P) clerk asked you to open an account named New Expenses. You know that an account name should be specific and well defined, and you're afraid the A/P clerk might charge some expenses to the account that are inappropriate. Why do you think the A/P clerk needs the New Expenses account? Who needs to know this information and what action should you consider?Ethical Considerations. In the process of closing thecompany books, you encounter a problematic transaction. One of the company’s customers was invoicedtwice for the same project materials, resulting in a$1,000 overcharge. You immediately notify the controller, whose response is, “Let it go, it happens often.It’ll probably balance out on some future transaction.”What should you do now?Read the following scenarios and answer the questions that follow: i) A young graduate has just been employed as the Receivable Officer, responsible for billing of customers, maintaining customers’ accounts and preparing monthly control accounts. Management has found out that the officer has not been straightforward and honest in the discharge of his duties. He was found to be “cutting corners” and connives with the customers to understate their bills and accounts in order to enrich himself. Management has fired him sadly. ii) You met a friend in church recently and she was looking very flashy, showing clearly that she got a good job. Upon a short conversation, she indicated that she is blessed to be in charge of the payroll of the company. In fact, she told you exactly how much your four other mates working in that organisation are earning. She went further to inform you that the new car driven by Jojo, a popular mate back in school, was a loan of GHc100,000 he took from a bank and…
- 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…c) When auditing the client's company, the external auditor should be familiar with the proper design and use of documents and records in order to access the internal control reliability. Assume you are an auditor and you are currently auditing Lappy Sdn. Bhd. You have identified several issues while performing the audit. Sarah the clerk who handles the client's files went for one-month unpaid leave while the Continued...Making 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?
- What internal control procedure ( s ) would provide protection against the following threats ? An employee makes a credit sale to a customer who is already four months behind in making payments on his account .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 of $2,000 made to Shanaya has been posted to the Sara’s account by mistake. It happened because a customer account number was incorrectly entered into the system. Explain what internal control procedure(s) would provide protection against this threat in future?
- Provide an appropriate response based on the following scenarios. Assume that the accounting clerk posts a customer’s payment for the wrong amount, giving the customer credit for less than he or she actually paid. How will this error be detected? How might this error have been prevented? Assume that the employee who opens the mail steals a customer payment. How will this theft be detected? How might this theft have been prevented?You are a trainee accountant in an audit firm. A more senior trainee has been on sick leave, and you are due to go on study leave. You have been told by your manager that, before you go on leave, you must complete some complicated work. The deadline is very near. You feel that you are not experienced to complete the work alone. You would need additional help to complete it to the required standard, and your manager appears unable to offer the necessary support. If you try to complete the work within the proposed deadline but with lower quality, you could face problems later You feel slightly intimidated by your manager, and also feel pressure to do the work. Which of the below fundamental principles of professional ethics is affected - a. The reputation of the audit firm may be affected if you try to perform the work and will be against professional behavior. b. You should consider how best to raise the matter with an expert person from your professional body (ACCA). This may…You are a trainee accountant in your second year of training within a small practice. A more senior trainee has been on sick leave, and you are due to go on study leave. You have been told by your manager that, before you go on leave, you must complete some complicated reconciliation work. The deadline suggested appears unrealistic, given the complexity of the work. You feel that you are not sufficiently experienced to complete the work alone. You would need additional supervision to complete it to the required standard, and your manager appears unable to offer the necessary support. If you try to complete the work within the proposed timeframe but fail to meet the expected quality, you could face repercussions on your return from study leave. You feel slightly intimidated by your manager, and also feel pressure to do what you can for the practice in what are challenging times. Question: Integrity Can you be open and honest about the situation? Would it be right to attempt to complete…