People to Know
Liabilities
SOX
Assets
Accrual/Prepaids
100
This is the controller of CBS and the resource to reach out to for CBS questions
Who is Jessica Scott?
100
This account represents the amount due for products and services included in the sale of a new vehicle that is owed to the customer
What is account 3021 (AP - we owes)?
100
This review is performed to verify that all significant transactions clearing the bank have been posted in the correct accounting period
What is the month-end bank activity review?
100
Assets/money owed to the store in exchange for delivery of goods and services
What are receivables?
100
These accounts represent expenses incurred but not yet paid
What are accruals?
200
This is the person to contact regarding incoming wires
Who is Chuck McFaddin?
200
This account represents the total amount due for service contracts sold
What is account 3004 (AP - svc cont maint wraps - mfg)?
200
This control identifies large variances in balance sheet and income statement accounts from period to period
What is the trend report review?
200
Assets in excess of this amount must be approved through RPM prior to purchase
What is $1,000?
200
This is the expense account related to the interest on the financing of vehicle purchases which has a liability offset account - 3100.
What is floorplan interest?
300
Who is the director of the Shared Services Center
Who is Martha Ogburn?
300
This account represents the amount due to the state for unclaimed amounts owed to customer, vendors or past employees
What is account 3051 (AP - abandoned property)?
300
An error of this minimum dollar amount requires the controller to complete and submit the error reporting (bubble-up) template.
What is $100,000?
300
This is the reduction/write-down in the value of a fixed asset over it's useful life
What is depreciation?
300
This account represents future expenses that have not been incurred and will not be due unless they are used
What is account 3295 (accruals no liability)?
400
This is the contact at Corporate that initiates ACH's
Who is Dianne Caudle?
400
This account represents the amount of vacation pay earned but not paid based off the Sonic vacation template
What is account 3129 (AC - vacation accrual)?
400
This legislation was passed in 2002 to protect shareholders and the general public from accounting errors and fraudulent practices in the business
What is the Sarbanes-Oxley Act?
400
These are funds received from the manufacturer for selling particular vehicle models or selling a specific number of vehicle units
What are factory incentives?
400
This is the account that you would post the advertising costs for a golf tournament scheduled 6 months later in the year.
What is account 2550 (prepaid advertising)?
500
This is the Director of SOX
Who is Sherri Osgood?
500
These liability accounts carry the largest balance of all liability accounts
What are floorplan payables - 3300-3307?
500
These processes/monitoring activities are put in place to help ensure financial statements are reliable
What are internal controls?
500
This negative account type offsets the asset account with which it is paired
What is a contra-asset?
500
This is the process of allocating a prepaid over the period of time the asset is used
What is amortization?
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