You Are Reviewing the Accounting Records of Buddy's Foreign Automotive

question 24

Essay

You are reviewing the accounting records of Buddy's Foreign Automotive, owned by Bruce Jones. You have uncovered the following situations. List the appropriate accounting principle related to each independent scenario and suggest a correct action for each.
1. In August, a check for $500 was written to Community Sports. This amount represents soccer camp for his daughter Cassie.
2. Bruce plans a Going Out of Business Sale for June, since he will be closing the business for a month-long vacation in July. He plans to reopen August 1 and will continue operating Buddy's Foreign Automotive indefinitely.
3. Buddy received a shipment of tools from Ontario, Canada. The invoice was stated in Canadian dollars.
4. Sandy Lane paid $1,500 for a major repair services. The amount was recorded as revenue. The parts for the repair must be ordered from overseas and the service won't be complete until the following month.

Comprehend Hackman and Oldham's Job Characteristics Model and its relation to job satisfaction and performance.

Define core job characteristics and their significance in job design.

Distinguish between job enrichment and other job design strategies in terms of job depth and job content.

Recognize the psychological and organizational outcomes of job enrichment.

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Definitions:

Physical Abuse

Inflicting pain or injury on another person through physical force or violence.

Comprehensiveness

The characteristic of being complete or having an inclusive scope.

Documentation

The systematic recording, updating, and managing of information.

Chronological

Pertaining to events or experiences arranged in the order of their occurrence in time.