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Accounting Errors-Transaction ErrorsHow would the following errors affect the account balances and the basic accounting equation,Assets = Liabilities + Owners' Equity? How do the misstatements affect income?a. The purchase of a truck is recorded as an expense instead of an asset.b. A cash payment on accounts receivable is received but not recorded.c. Fictitious sales on account are recorded.d. A clerk misreads a handwritten invoice for repairs and records it as $1,500 instead of $1,800.e. Payment is received on December 31 for the next three months' rent and is recorded asrevenue.
A characteristic organization chart for finance and accounting function is presented in following figure 2. You will notice the person at the helm of affairs the Director of Financ
Q. What are Accrued items explain with example? Delayed items consist of two types of adjusting entries asset/expense adjustments and liability/revenue adjustments. For instanc
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Q. What is Intangible Assets? Intangible Assets are items likecopyrights, patents, licenses, trademarks, franchises andother kinds of rights or things of value to a company tha
On December 31, 2013, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each June 30 and December 31. The bon
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Your individual coursework portfolio addresses the following learning outcomes: ? Discuss the corporate governance issues and the duty of care of the directors of limited companies
Montana Company produces basketballs. It incurred the following costs during the year. Direct materials: $14,032 Direct Labor: $25,706 Fixed manufacturing overhead: $9,698
During the tracking period, 18 March to 21 April 2011, your team is to monitor the performance of the shares and the overall performance of the Australian share-market. Can you ma
Q. Explain Inventory turnover ratio? An important ratio for managers, investors, and creditors to consider when analyzing a company's inventory is the inventory turnover ratio.
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