ACC 290T Principles Of Accounting I Wk 2 Discussion Naming Accounts due Day 3.docx

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ACC/290T: Principles Of Accounting IWk 2 Discussion - Naming Accounts[due Day 3]Discussion TopicPost a total of 3 substantive responses over 2 separate days for fullparticipation. This includes your initial post and 2 replies to other students.Due Day 3As the bookkeeper of a new start-up company, you are responsible forkeeping the chart of accounts up to date. At the end of each year, youanalyze the accounts to verify that each account should be active foraccumulation of costs, revenues, and expenses.In July, the accounts payable (A/P) clerk asked you to open an accountnamed New Expenses. You know that an account name should be specificand well defined, and you're afraid the A/P clerk might charge someexpenses to the account that are inappropriate.Respond to the following in a minimum of 175 words:Why do you think the A/P clerk needs the New Expenses account?Who needs to know this information and what action should youconsider?

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Term
Summer
Professor
N/A
Tags
Generally Accepted Accounting Principles

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