QuickHelper

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    Phoniex
    Jul-2007 - Jun-2012

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Category > Business & Finance Posted 09 Jun 2017 My Price 9.00

How did the change in the journal entries affect the net income

Question description

hmed was accounting manager at ABC co and he is a cousin of Adel, the CEO of ABC co. The CEO stood to earn a substantial bonus if ABC increased net income by year-end. Ahmed, the accounting manager, boasted to Adel, the CEO, that he knew some accounting tricks that could increase company income by revising a few journal entries for rental payments on production units.At the end of the year, Ahmed changed the debits from ‘rent expenses’ to ‘prepaid rent’ on several entries. As a result, Adel got his bonus and the deviations were never discovered.Requirements:1-How did the change in the journal entries affect the net income of the company at year-end?2-Who gained and who lost as a result of these actions?

Answers

QuickHelper
(10)
Status NEW Posted 09 Jun 2017 10:06 AM My Price 9.00

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