1. The Make a Way Foundation has run into a financial crisis. Halfway into their fiscal year, the financier has realized that the company has not put enough money aside to cover all of their costs for the children's summer expense project.
For this assignment you should identify possible reasons for the misallocation of funding and give suggestions on what could be done to save the Children Summer Expense Project. You must answer the following:
• Give at least three (3) possible reasons why the funding was overlooked.
• Suggest at least three (3) ways that the Children's Summer Expense Project could be saved
• Identify some budgeting issues including format, and budget monitoring
2. Your company's accounts payable clerk is asked to fill in for your accounts receivable clerk. Many things look unfamiliar to her, and she needs some explanations. You start by saying, "Accounts receivable is claims from monies due to the company." Continue your explanation with the following:
• Explain
o the classification of receivables.
o how companies handle uncollectible accounts.
o revenue recognition when the right of return exists.
• Visit the SEC's Web site (www.sec.gov), and then do the following:
o Review a sample of financial statements submitted by an SEC registrant.
o Include the URL in your post.
• After reviewing the notes to the financial statements, list the types of information you found about the following:
o The type of accounts receivable the registrant had
o The classification
o How discounts are handled (if given)
o How the company treats uncollectible accounts.