Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
1) A good system of internal control:a) Urges adherence to prescribed managerial policies.b) Insures profitable operations.c) Eliminates the need for an audit.d) Requires the use of noncomputerized systems.e) Is not necessary if the company uses a computerized system.
2) A deposit in transit on last period's bank reconciliation is shown as a deposit on the bank statement this period. As a result, in preparing this period's reconciliation, the amount of this deposit should be:a) Added to the book balance of cash.b) Deducted from the book balance of cash.c) Added to the bank balance of cash.d) Deducted from the bank balance of cash.e) Not included as a reconciling item.3) The Discounts Lost account:a) Is used with the gross method of recording purchases to highlight the value of purchase discounts taken.b) Is used with the gross method of recording purchases to highlight the value of purchase discounts available but not taken.c) Is used to note situations where the accounting department has lost or misplaced paperwork relating to inventory purchases.d) Is used with the net method of recording purchases to highlight the value of purchase discounts taken.e) Is used with the net method of recording purchases to highlight the value of purchase discounts available but not taken.
How are journals and ledger used in processing transactions? If a manufacturing company were to maintain special journals for purchases, sales, cash receipts, and cash disbursements, describe five journal entries that an AIS might make directly to..
Kinnion Medical Clinic has budgeted the following cash flows, Kinnion Medical had a cash balance of $8,000 on January 1. The company desires to maintain a cash cushion of $5,000. Funds are assumed to be borrowed, in increments of $1,000,
The market rate of return is 10.8 percent and the risk-free rate is 4.1 percent. What is the cost of equity for Ziegler's Supply?
Sidney purchased land in 2004 for $35,000 that she held as a capital asset. This year, she contributed the land to the Boy Scouts of America for use as a site for a summer camp. The market value of the land at the date of contribution is $40,000. ..
Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $315,000. The estimated fair values of the assets are land $60,000, building $220,000, and equipment $80,000. At what amounts should each of the thre..
A fir that sells a single product had a beginning inventory of 4,000 units with a total cost of $28,000. 10,000 units were purchased @$9.00 each. Using FIFO what is the value of the ending inventory of 3,000 units?
Role of adjusting and closing entries in the preparation of the income statement, statement of retained earnings, and balance sheet and how is cash-basis accounting different from accrual-basis accounting
Landon paid $20,000 in dividends to each of the two stockholders in each of the three years. Prepare a statement of retained earnings for the year ended December 31, 2010.
Allowance for Doubtful Accounts prior to adjustment has a credit balance of $16,000. After all necessary adjusting entries are made, the balance in Allowance for Uncollectible Accounts will be:
If the standard deviation of demand is six per week, demand is 50 per week, and the desired service level is 95%, approximately what is the statistical safety stock?
The Financial Accounting Standards Board has developed a conceptual framework for financial accounting and reporting. The FASB has issued seven Statements of Financial Accounting Concepts.
How much income must Terry recognize when she receives the stock dividend and how much gain or loss must Terry recognize when she sells the preferred stock?
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd