You Have Recently Started to Work for Thom Hanks, Manufacturers

question 31

Essay

You have recently started to work for Thom Hanks, manufacturers of cemetery markers and monuments. During your first month at work, you inadvertently recorded as an expense, about $6,000 of prepayments for insurance. The financial statements had been released within the company when you discovered your error. The month-end closing had not been completed, however, and you were able to correct the accounts without incident.
Required:
Prepare a short note to accompany the re-released financial statements explaining the mistake.

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Definitions:

Barriers to Pride

Obstacles that prevent individuals or groups from feeling a sense of pride or satisfaction in their achievements.

14 Points

A framework for quality and performance improvement developed by W. Edwards Deming, aimed at transforming the effectiveness of a business.

Workout Process

A method or procedure designed to resolve business problems or improve operational efficiency through collaborative efforts.

High-performance Workplaces

Environments that enhance productivity and employee satisfaction through effective strategies and management practices.