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question you are the manager controller for an architectural company whose financial 4288117

Question

You are the manager/controller for an architectural company whose financial year-end is on 31 December. As part of the management team, you receive a year-end bonus directly related to the company’s earnings for the year. One of your duties is to review the transactions recorded by the accountants. A new accountant recorded the receipt of R10,000 in cash as an increase in cash and an increase in turnover. The R10,000 is a deposit, and the accountant explains to you that the company plans to provide the services to the client in March of the following year.

Question:

a) Did the accountant correctly record the client’s deposit? Explain your answer.

b) What would you do as controller for the company? Do you have a responsibility to do anything to correct the accounts? Explain your answer.

 

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