QuickHelper

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About QuickHelper

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Teaching Since: May 2017
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  • MBA, PHD
    Phoniex
    Jul-2007 - Jun-2012

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  • Corportae Manager
    ChevronTexaco Corporation
    Feb-2009 - Nov-2016

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

Who gained and who lost as a result of these actions?

Question description

 

 

Case 1:

Ahmed 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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