In July of 2015, the accountant discovered an error affecting the 2014 computation of amortization expense related to the company's patent. As a result of this error, 2014 amortization expense was understated by $21,000 and 2014 net income after taxes (which are paid at a rate of 30%)was overstated by $14,700.
Definitions:
Project Management Office
An organizational structure within a business that standardizes project-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques.
Parent Organization
A parent organization is a higher-level entity that owns or controls one or more subsidiary organizations or companies, often overseeing their operations and strategic direction.
People Skills
Interpersonal skills that allow an individual to interact effectively and harmoniously with other people.
Project Manager
A professional responsible for planning, executing, controlling, and closing projects, ensuring they meet the specified objectives.
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