You are working in the finance department of a multi-national company, and part of your responsibility is
Question:
You are working in the finance department of a multi-national company, and part of your responsibility is to handle employee expense reimbursements. One of your colleagues, Trent, has submitted his expense report for a recent business trip. Your task is to calculate the total reimbursement amount and record the results according to the company's organisational requirements.
Trent's expense report details:
- Airfare: $750
- Hotel accommodation: $450
- Meals: $250
- Miscellaneous expenses: $100
Excerpt from Expense Reimbursement Calculation and Recording Procedure:
Step 1: Verify all expense receipts and documentation provided by the employee.
Step 2: Calculate the total reimbursement amount by summing up all eligible expenses.
Step 3: Record the calculation results in the designated expense reimbursement form.
Step 4: Ensure that all calculations are accurate and supported by appropriate documentation.
Step 5: Seek approval from the appropriate authority before processing the reimbursement.
Question
According to the organisational procedure, what should be the correct total reimbursement amount for Trent's expense report?
Intermediate Accounting
ISBN: 978-0071339476
Volume 1, 6th Edition
Authors: Beechy Thomas, Conrod Joan, Farrell Elizabeth, McLeod Dick I