You have just accepted your first job out of college, which requires you to evaluate loan requests at Beach Front National Bank. The first loan request you receive is from Surfer Dude Enterprises, a small proprietorship. Marty Monroe, the owner, is requesting $75,000 and brings you the following trial balance (or Statement of Accounts) for his first year of operations ended December 31, 2010.
What three accounts do you think should be relabeled for greater clarity?
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Definitions:
Profit Center
A profit center is a branch or division of a company that is treated as a separate unit for the purpose of assessing its revenue-generating ability and profitability.
Department Manager
A professional who oversees the operations and employees of a specific department within a company, ensuring goals and objectives are met.
Authority
The authority or capacity to command, make choices, and ensure compliance.
Responsibility Accounting Reports
Financial reports that measure the financial performance of different segments or departments of an organization, attributing revenues and expenses to the managers responsible.
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