As Fun-Time Novelties, makers of stickers and other party favors, has seen remarkable growth in the last few years. This has required managers such as Celine, head of shipping for the company, to assign tasks to subordinates. Celine is making use of a process known as delegation. Delegation can be defined as assigning of an authority to another person, mostly it is done by a manager when he or she assigns any work to his or her subordinates in order to accomplish certain tasks and activities. The person who delegates the work is still held responsible and accountable for the work which he or she has delegated to someone else.
The retained earnings statement showed a closing retained earnings of $226,120.00 as at 2017 year end.
Explanation:
In arriving at the closing retained earnings , I treated prior items retrospectively- that is as if the impact of such items have been in the accounts from day one,less the tax effect of all items involved.
For instance ,I deducted the understatement of depreciation in 2015 less of tax impact of 40%
Pay the claim and the accident occurred during the grace period
Explanation:
Grace period is the period or the set length of the time after the due date during that the payment is to be made without any penalty by the insurer or the person.
The grace period mostly is of 15 days and it is usually involves in the insurance contact and the mortgage loan.
So, in this case, the insurer forget to pay the premium but on march 19, she met with an accident and broke her leg, then the insurance company will be paying the claim as the accident happened during the grace period.
