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Problem 1: Happy Chappy must provide a service to Smiles every month from 1 September 200X to 28 February 200Y. The financial year end is 31 December. Happy Chappy received a total amount of R15 000 for the services rendered. Assume that the income was earned in equal amounts over the period. What is the amount to be recorded as income received in advance?
A. R5 500
B. R500
C. R15 500
D. R0
Problem 2: Accrued income represents income received during the current financial period, but not yet earned.
A. True
B. False
Problem 3: The purpose of adjustments is to ensure that the profit or loss for a financial period is accurately reported.
A. True B. False
Problem 4: Accrued expenses are expenses that the entity has not yet paid, but the expenses have already been incurred.
Problem 5: Expenses are recognized when they occur.
Kelly Steinman is the manager of a medium-size company. A few years ago, Steinman persuaded the owner to base a part of her compensation on the net income the company earns each year. What effect does lowering the estimate for doubtful accounts have ..
Assume that you are a full-time worker earning $10 per hour, $80 per day, $400 per week, $20,000 per year. Would you quit their job if the tax rate was 20%? What about 30%? 50%? What do you think is the best tax rate? What are the economy-wide impact..
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