What the rectification entry will be

Assignment Help Financial Accounting
Reference no: EM132608669

Question 1: When Loise makes out a cheque for N$5000 and sends it to Young, then Loise is known as

a) The payee

b) The banker

c) The drawer

d) The creditor

Question 2: What should happen if the balance on the Suspense account is of material amount?

a) Show it in the Statement of Financial Position

b) Carry forward the balance to the next period

c) Find the errors before publishing the financial statements

d) Write it off to the Statement of Comprehensive Income

Question 3: Goods sold to Annelie of N$430 was entered in both accounts as N$520. The rectification entry will be:

a) Debit: Annelie N$520

Credit: Sales N$520

b) Debit: Sales N$90

Credit: Annelie N$90

c) Debit: Sales N$560

Credit: Annelie N$560

d) Debit: Annelie N$90

Credit: Sales N$90

Reference no: EM132608669

Previous Q& A

  Color to visually represent information

Identify at least two advantages and two disadvantages of using color to visually represent information.

  What should happen if the balance on the suspense account

Which of the journal entries indicate that the company is using a periodic inventory? What should happen if the balance on the Suspense account

  Make statement of comprehensive income for the year

Make Statement of comprehensive Income for the year ended 30 April 2001. Make Partners' current accounts for the year ended 30 April 2001.

  Analysing an accounting information system

Analysing an Accounting Information System and Articulate the various transaction cycles, financial reporting, and management reporting systems to technical

  Describe the concepts of actuarial fairness

The concepts of "actuarial fairness" provide the background you need for this discussion. For your initial post, describe how the conflicts of.

  What intellectual school of thought underlies the changes

Is it time for U.S. labor law to be reformed? If so, what changes are necessary? What intellectual school of thought (e.g., mainstream economics, human resource

  What the photo shows us about the decisions

What the photo shows us about the decisions the store has made regarding one or more of the 4 P's? How these 4 P's work together to keep you coming back again.

  How do estimate incremental free cash flow of the project

Using the financial and qualitative information provided in the case, estimate the incremental free cash flow of this project in each year

  What main points does each author make

Future HR trends. What main point(s) does each author make? Do you agree? Why or why not? Provide actual employer best practices in place now to meet.

  Primary objective of replacing full capitalization

What is the primary objective of replacing full capitalization based methodology with free float based methodology for KSE-100 Index composition

Reviews

Write a Review

 

Similar Q& A

  What is the amount and character of fuentes gain or loss

Fuentes Company sold its warehouse for $1,000,000. The company paid $1,400,000 for the building several years ago and over the years had properly claimed $216,000 of depreciation using the straight-line method. What is the amount and character of Fue..

  Recording petty cash account transactions

Recording Petty Cash Account Transactions. During March, Anderson Company engaged in the following transactions involving its petty cash fund: On March 1, Anderson Company established the petty cash fund by issuing a check for $1,500 to the fund cust..

  Explain why the company was able to report positive

a company completed its income statement and balance sheet for the year and provided the following

  Prepare a financial statement worksheetdescribe the

prepare a financial statement worksheet.describe the advantages of using subsidiary ledgers and special journals.the

  The cost of an asset less accumulated depreciation equals

If the balance of supplies at the start of the month was $700 and at the end of the month you had $250 on hand, the adjustment for Supplies would be: The cost of an asset less accumulated depreciation equals:

  Government university that engages in only business

Discuss the financial statements that must be presented by a government university that engages in only business-type activities.

  Prepare the journal entry to record asset impairment on dec

Fair value of the equipment on December 31, 2021, is estimated to be $5.9 million. Prepare any journal entries for the equipment on December 31, 2021.

  How much as to the trust is included in dales gross estate

Assume the same facts as in Problem 32. Dale dies four years later when the trust is worth $6.1 million. Nicole is 38, and the applicable interest rate is 4.6%. How much as to the trust is included in Dale's gross estate?

  What is the resulting target cost

Assume that you work for a company that want to develop a product to compete with Kindle. Why would youur comany's manageement want t use target costing to help in its development. of a competitive e-book reader>? What retali price would you suggest ..

  What is net present value of the navy duffel canvas project

What is the net present value of the navy duffel canvas project? What is the IRR of the project? Based on the assumptions that have been made, should S&H accept the project?

  What amount of investment income should gab report

What amount of investment income should Gab report in its income statement for the year ended December 31, 2016, under the equity method?

  Find what should dollars sell for in euros per dollar

If euros sell for $1.74 (U.S.) per euro, what should dollars sell for in euros per dollar? Provide the suitable example. Round your answer

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd