Part 1 Describe the purpose of a Trial Balance and the steps of how.pdf

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Part 1: Describe the purpose of a Trial Balance and the steps of how to prepare a Trial Balance. Part 2: Meredith Ward is the assistant chief accountant at Frazier Company, a manufacturer of computer chips and cellular phones. The company presently has total sales of $20 million. It is the end of the first quarter. Meredith is hurriedly trying to prepare a trial balance so that quarterly financial statements can be prepared and released to management and the regulatory agencies. The total credits on the trial balance exceed the debits by $1,000. In order to meet the 4 p.m. deadline, Meredith decides to force the debits and credits into balance by adding the amount of the difference to the Equipment account. She chooses Equipment because it is one of the larger account balances; percentage-wise, it will be the least misstated. Meredith plugs the difference! She believes that the difference will not affect anyone's decisions. She wishes that she had another few days to find the error but realizes that the financial statements are already late. Answer the following questions:.

1 page response: Part 1: Describe the purpose of a Trial Balance and the steps of how to prepare a Trial Balance. Part 2: Meredith Ward is the assistant chief accountant at Frazier Company, a manufacturer of computer chips and cellular phones. The company presently has total sales of $20 million. It is the end of the first quarter. Meredith is hurriedly trying to prepare a trial balance so that quarterly financial statements can be prepared and released to management and the regulatory agencies. The total credits on the trial balance exceed the debits by $1,000. In order to meet the 4 p.m. deadline, Meredith decides to force the debits and credits into balance by adding the amount of the difference to the Equipment account. She chooses Equipment because it is one of the larger account balances; percentage-wise, it will be the least misstated. Meredith “plugs” the difference! She believes that the difference will not affect anyone's decisions. She wishes that she had another few days to find the error but realizes that the financial statements are already late. Answer the following questions: Who are the stakeholders in this situation? What are the ethical issues involved in this case? What are Meredith's alternatives? Thank you. .

Meredith Ward is the assistant chief accountant at Frazier Company, .pdf

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Meredith Ward is the assistant chief accountant at Frazier Company, a manufacturer of computer chips and cellular phones. The company presently has total sales of $20 million. It is the end of the first quarter. Meredith is hurriedly trying to prepare a trial balance so that quarterly financial statements can be prepared and released to management and the regulatory agencies. The total credits on the trial balance exceed the debits by $1,000. In order to meet the 4 p.m. deadline, Meredith decides to force the debits and credits into balance by adding the amount of the difference to the Equipment account. She chooses Equipment because it is one of the larger account balances; percentage-wise, it will be the least misstatedMeredith “plugs” the difference! She believes that the difference will not affect anyone’s decisions. She wishes that she had another few days to find the error but realizes that the financial statements are already late. Who are the stakeholders in this situation? What are the ethical issues involved in this case? What are Meredith’s alternatives? Solution Part A The stakeholders in this situation are: - the Frazier company, the company and its shareholders. - Meredith Ward who is employee working at a position of assistant chief accountant. - Users of the company’s financial statements. Part B Meredith\'saction of adding $1,000 to the Equipment account is unethical. The total of equipment account is intentionally misstated. The misstatement of equipment account by $1000 will also result into misstatement of other account by $1000 to avoid error that may arise due to imbalance. If the amount would have been immaterial and there is no intention to commit fraud (cover up an embezzlement or other misappropriation of assets), Meredith’s action might not be considered unethical in the preparation of interim financial statements. However, if Meredith is considered to be violating a company accounting policy by her action, in that case her behaviour is believed to be unethical. Part C Meredith’s alternatives are: 1. Identify the error causing the imbalance though it requires more time than deadline 2. She should honestly inform her supervisor of the imbalance and suffer the consequences. 3. making the adjustment in the next quarter, identifying the error after deadline.

Jennifer VanPelt is the assistant chief accountant at BIT Company, a.pdf

ahalyak3

Jennifer VanPelt is the assistant chief accountant at BIT Company, a manufacturer of computer chips and cellular phones. The company presently has total sales of $20 million. It is the end of the first quarter and Jennifer is hurriedly trying to prepare a trial balance so that quarterly financial statements can be prepared and released to management and the regulatory agencies. The total credits on the trial balance exceed the debits by $1,000. In order to meet the 4 p.m. deadline, Jennifer decides to force the debits and credits into balance by adding the amount of the difference to the Equipment account. She chose Equipment because it is one of the larger account balances; percentage-wise it will be the least misstated. Jennifer plugs the difference! She believes that the difference is quite small and will not affect anyone\'s decisions. She wishes that she had another few days to find the error but realizes that the financial statements are already late. Instructions 1. Who are the stakeholders in this situation? 2. What ethical issues are involved? 3. What are Jennifer\'s alternatives? Solution Answer:1 . Stakeholders are the people who are affected by the decision. That would be Jennifer VanPelt, her manager, the company, the shareholders, and whoever is in charge of the Equipment account. Answer:2 The ethical issue is malfeasance. If Jennifer VanPelt is dishonest even though it was probably someone else\'s mistake, she is getting herself wrapped up in a problem and making it worse. Plugging numbers means not only is the mistake going to remain, but now the Equipment account is messed up, too. Answer:3 Jennifer\'s first alternative would be to go to the chief accountant and point out the discrepancy. Since the credits exceed the debits, this shouldn\'t be a big deal, because there isn\'t any money missing. Her second alternative would be to ask for an extension due to the discrepancy. The third alternative would just be to submit the numbers, even though they don\'t balance, and say that it should only take a few days to find the problem..

Exam paper financial management

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Exam paper financial_management

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