Accounting Period - Accumulated Depreciation-Equipment Questions

Anonymous
timer Asked: Apr 14th, 2019
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Question Description

1.On the last day of the fiscal year, a co-worker asks you to cut a check for $2,000 as a miscellaneous expense for supplies in order to complete a project for a VIP customer today. You notice the invoice looks a little different from other invoices that are usually processed. You know that by preparing the closing entries tomorrow, the miscellaneous expense will be set to zero for the beginning of the year.Should you write this check today and record the expense or write the check tomorrow? How would the company be affected if the check is written and the invoice ends up being erroneous?

2. What are adjustments?

3.Why are prepaid expenses adjusted at the end of an accounting period?

4. Why is the worksheet prepared?

5. What is Accumulated Depreciation-Equipment? Supplies expense? Depreciation Expense- Equipment?

Tutor Answer

Dr_PaulSharp
School: University of Maryland

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Running head: ACCOUNTING QUESTIONS

Accounting Questions
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ACCOUNTING QUESTIONS

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Accounting Questions
1. A lot of the fraud happenings occur or are attached to the final day of a fiscal year. It is

therefore very normal for one to be skeptical within this period with the receipts and
payments. The invoice in question appears to be unique and different, and it would be
prudent not to pay and logical set of excuses provided. If at any given case, that the invoice
account appears to be erroneous, means that the account payable at the time when accounting
the miscellaneous expenses will result in zero. In the same way, it will reduce the current
liability balance and portray a distorted and fraudulent appearance of the current ratio and
also the quick ratios for that matter. In conc...

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