Explain the sequence of actions to be followed to reconcile ...

[jwb375]

Explain the sequence of actions to be followed to reconcile inconsistencies in various organizational standards.
 
  What will be an ideal response?

Question 2

Which of the following is correct, assuming the following transaction: Kennedy Company received and paid the rent for the month.
 a. Rent Expense is debited.
  b. Cash is debited.
  c. Rent Expense is credited.
  d. Accounts Payable is debited.

[Mochi]

Answer to Question 1

To reconcile inconsistencies in various organizational standards, the following sequence of actions is to be followed:
1. Contact each organization, in writing, regarding the perceived conflict. If this fails to provide a resolution, proceed to Step 2.
2. Follow the most rigorous standard that serves the client and the public good.
3. Inform the client which professional standards were applied and why.
4. Qualify the adopted standard in your report as an assumption or limiting condition.

Answer to Question 2

A

[jwb375]

TYSM

[epscape]

Thanks for the timely response, appreciate it