Homework Answers
Question: 17
Given statement is correct because segregation of duties will divide the work and responsibility among the employees so this will reduce the theft also.
Answer = True
Question: 18
Net realizable value means the expected amount to be collect from customer.
Answer = True
Question: 19
Account receivable is current assets for any organization it means this is an assets source of transaction.
Answer = True
Question: 20
Fixed assets like property plant and equipment are recorded at full value in assets and on the basis of depletion expenses is recorded every year.
Answer = True
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QUESTION 17 Segregation of duties in an organization should be required to reduce the likelihood of...
17. Which of the following items will NOT appear as deductions on a bank statement? A)...
17. Which of the following items will NOT appear as deductions on a bank statement? A) NSF checks B) EFT Page 3 of 4 C) Service Charge D) Deposits 18. A check was written by a business for $507 but was recorded in the journal as $705. How would this error be included on the bank reconciliation? A) a deduction on the bank side B) an addition on the book side C) an addition on the bank side D) a...
Ture or fause question UI TALSE. A company had net sales of $545,000 and cost of goods sold of S345,000. Its gross 1...
Ture or fause question
UI TALSE. A company had net sales of $545,000 and cost of goods sold of S345,000. Its gross 1. margin equals $890,000 An accelerated depreciation method creates a larger depreciation charge as the asset comes closer to the end of its useful life. 3. JUnits of Production is an accelerated depreciation method. __4. The term "depletion" as applied to intangible assets follows the matching principle. Even if the end of an accounting period occurs between the...
) Indicate whether the following are TRUE or FALSE. 1. A company had net sales...
) Indicate whether the following are TRUE or FALSE. 1. A company had net sales of $545,000 and cost of goods sold of $345,000. Its gross margin equals $890,000. 2. An accelerated depreciation method creates a larger depreciation charge as the asset comes closer to the end of its useful life. 3. Units of Production is an accelerated depreciation method. _____ 4. The term “depletion” as applied to intangible assets follows the matching principle. _____5. Even if the end...
The use of internal controls provides guaranteed protection against losses due to operating activities. * 2...
The use of internal controls provides guaranteed protection against losses due to operating activities. * 2 points O True False 2 points Factors that cause the bank statement balance of a chequing account to be different from the business chequing account balance include: outstanding cheques, deposits in transit, deductions for bank fees, additions for interest, and errors. * True O False TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record the transaction as...
QUESTION 4 As a barometer of short-term liquidity the current ratio is limited by the nature...
QUESTION 4 As a barometer of short-term liquidity the current ratio is limited by the nature of its components. All of the following are reasons that this is true except: C A firm could have a high current ratio but not be able to meet demands for cash because inventory is salable only at discounted rices. C The balance sheet is prepared as of a particular date and the actual amount of liquid assets may vary considerably from the date...
Preparation of not-for-profit journal entries and financial statements Youth Camps, Inc. is a not-for-profit organization that...
Preparation of not-for-profit journal entries and financial statements Youth Camps, Inc. is a not-for-profit organization that owns a number of summer camps for inner-city children. At the end of last year, the organization reported the following trial balance: DR CR Cash Investments Contributions receivable Property, plant and equipment, net Payables Long-term liabilities Net assets—without donor restrictions Net assets with donor restrictions $333,000 4,440,000 962,000 2,220,000 $740,000 1,480,000 2,960,000 2,775,000 $7,955,000 $7,955,000 The investments are allocated as follows: 40% are unrestricted,...
Financial Reporting Question QUESTION 2 You are a consultant for Glory Lad, a quoted company operating...
Financial Reporting Question
QUESTION 2 You are a consultant for Glory Lad, a quoted company operating in the manufacturing sector. Following are a Statement of Profit or Lows and Statement of Financial Pain with comparatives for the year ended 31" December 2018 Statement of Profit or Less for the year ended 31 December 2018 Sales revenue Cost of sales Gross profit Interest receivable Administration expenses Operating profie Interest Profit before taxation GHS 3,095.576 1.909.08 2.402.609 1.441.950 457.100 2.712 222872 360...
Question 11 In order to be classified as a long-term liability the debt must: Not yet...
Question 11 In order to be classified as a long-term liability the debt must: Not yet answered Marked out of 1.00 Select one: a. become due/mature more than a year in the future Flag question b. become mature/due within six years c. become mature/due within 6 months O d. become mature/due at the end of the accounting period Question 12 If a company is assumed to continue trading normally for the foreseeable future it is a: Not yet answered Marked...
Use the following image to answer the question QUESTION: Debits reduce the balances for asset accounts....
Use the following image to answer the question
QUESTION:
Debits reduce the balances for asset accounts.
o True
o False
1. Use the template below to indicate how the following transactions affect the accrual basis accounting equation: a. Kissimmee, Inc. (a retail store) begins business on January 1, 2015 with a $100,000 cash contribution from the owners. b. On January 1, 2015, Kissimmee hires live employees to manage and operate the business. c. On January 1, 2015, Kissimmee prepays the...
Question 6 Not yet answered On February 9, 2020, Grove Industries purchased office supplies on account...
Question 6 Not yet answered On February 9, 2020, Grove Industries purchased office supplies on account from Markus Brothers Stationery Store. How is this entry recorded in the journal? Marked out of 1.00 Flag Cuestion Select one: O a. debit to Office Supplies and credit to Accounts Payable O b. debit to Office Supplies and credit to Cash O c. debit to Supplies Expense and credit to Accounts Receivable O d. debit to Accounts Receivable and credit to Office Supplies...
17. Which of the following items will NOT appear as deductions on a bank statement? A) NSF checks B) EFT Page 3 of 4 C) Service Charge D) Deposits 18. A check was written by a business for $507 but was recorded in the journal as $705. How would this error be included on the bank reconciliation? A) a deduction on the bank side B) an addition on the book side C) an addition on the bank side D) a...
Ture or fause question
UI TALSE. A company had net sales of $545,000 and cost of goods sold of S345,000. Its gross 1. margin equals $890,000 An accelerated depreciation method creates a larger depreciation charge as the asset comes closer to the end of its useful life. 3. JUnits of Production is an accelerated depreciation method. __4. The term "depletion" as applied to intangible assets follows the matching principle. Even if the end of an accounting period occurs between the...
The use of internal controls provides guaranteed protection against losses due to operating activities. * 2 points O True False 2 points Factors that cause the bank statement balance of a chequing account to be different from the business chequing account balance include: outstanding cheques, deposits in transit, deductions for bank fees, additions for interest, and errors. * True O False TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record the transaction as...
QUESTION 4 As a barometer of short-term liquidity the current ratio is limited by the nature of its components. All of the following are reasons that this is true except: C A firm could have a high current ratio but not be able to meet demands for cash because inventory is salable only at discounted rices. C The balance sheet is prepared as of a particular date and the actual amount of liquid assets may vary considerably from the date...
Preparation of not-for-profit journal entries and financial statements Youth Camps, Inc. is a not-for-profit organization that owns a number of summer camps for inner-city children. At the end of last year, the organization reported the following trial balance: DR CR Cash Investments Contributions receivable Property, plant and equipment, net Payables Long-term liabilities Net assets—without donor restrictions Net assets with donor restrictions $333,000 4,440,000 962,000 2,220,000 $740,000 1,480,000 2,960,000 2,775,000 $7,955,000 $7,955,000 The investments are allocated as follows: 40% are unrestricted,...
Financial Reporting Question
QUESTION 2 You are a consultant for Glory Lad, a quoted company operating in the manufacturing sector. Following are a Statement of Profit or Lows and Statement of Financial Pain with comparatives for the year ended 31" December 2018 Statement of Profit or Less for the year ended 31 December 2018 Sales revenue Cost of sales Gross profit Interest receivable Administration expenses Operating profie Interest Profit before taxation GHS 3,095.576 1.909.08 2.402.609 1.441.950 457.100 2.712 222872 360...
Question 11 In order to be classified as a long-term liability the debt must: Not yet answered Marked out of 1.00 Select one: a. become due/mature more than a year in the future Flag question b. become mature/due within six years c. become mature/due within 6 months O d. become mature/due at the end of the accounting period Question 12 If a company is assumed to continue trading normally for the foreseeable future it is a: Not yet answered Marked...
Use the following image to answer the question
QUESTION:
Debits reduce the balances for asset accounts.
o True
o False
1. Use the template below to indicate how the following transactions affect the accrual basis accounting equation: a. Kissimmee, Inc. (a retail store) begins business on January 1, 2015 with a $100,000 cash contribution from the owners. b. On January 1, 2015, Kissimmee hires live employees to manage and operate the business. c. On January 1, 2015, Kissimmee prepays the...
Question 6 Not yet answered On February 9, 2020, Grove Industries purchased office supplies on account from Markus Brothers Stationery Store. How is this entry recorded in the journal? Marked out of 1.00 Flag Cuestion Select one: O a. debit to Office Supplies and credit to Accounts Payable O b. debit to Office Supplies and credit to Cash O c. debit to Supplies Expense and credit to Accounts Receivable O d. debit to Accounts Receivable and credit to Office Supplies...
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