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Jan is working for a law firm as a new accountant (and the only accountant, fresh graduate). Jan's boss asked her to make a profit
Jan is working for a law firm as a new accountant (and the only accountant, fresh graduate). Jan's boss asked her to make a profit and loss reports for the year ended for the regular and trust account from IBC bank. The law firm also have a trust account with Wells Fargo. The boss then asked Jan - "if we have cash from wells fargo deposited to IBC bank, we do not necessarily have to make a profit and loss report for wells fargo since it is Cash basis, correct?" What should Jan do?
"if we have cash from wells fargo deposited to IBC bank, we do not necessarily have to make a profit and loss report for wells fargo since it is Cash basis, correct?"
What should Jan do?
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Financial Accounting
Authors: C. William Thomas, Wendy M Tietz
13th Edition
013689903X, 9780136899037
