Question: You have just commenced work as a probationary graduate trainee accountant with QUT partners in Brisbane. Your initial duties are to maintain an accounting worksheet

You have just commenced work as a probationary graduate trainee accountant with QUT partners in Brisbane. Your initial duties are to maintain an accounting worksheet for the partnership. Just prior to the end of the financial year, a senior partner (who is also your supervisor) asks you to draw a cheque for $1500 - she wants to buy her husband a birthday present with the money. She tells you to classify it simply as a miscellaneous expense
a. Do you think the transaction should be recorded as an expense, drawings or something else? Justify your answer.
b. What are the ethical issues associated with this request?

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a The main accounting issue here is how to record this transaction and to consider any potentia... View full answer

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