All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Ask a Question

Search
Sign In
Register

study help
business
principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit, and to which account the entry will be recorded. Transaction Overcharge by Bank
There are three employees in the accounting department: payroll clerk, accounts payable clerk, and accounts receivable clerk. Which one of these employees should not make the daily deposit?A. Payroll
Discuss the importance of a company having proper insurance and bonding its employees.
Using the following information, prepare a bank reconciliation.• Bank balance: $3,678• Book balance: $2,547• Deposits in transit: $321• Outstanding checks: $108 and $334• Bank charges:
Prepare the journal entry to reconcile the bank statement in EB7.Data from in EB7Using the following information, prepare a bank reconciliation.• Bank balance: $4,021• Book balance: $2,928•
Domingo Company received the following bank statement. Using PA9, prepare the bank reconciliation. Beginning Balance A. D. Total Ending Balance Deposits $10,000 1,000 11,000 Bank
Hajun Company received the following bank statement. Using the information from PB9 and PB10, prepare the bank reconciliation. Beginning Balance A. D. Total Ending
Which one of the following documents is not needed to process a payment to a vendor?A. Vendor invoiceB. Packing slipC. Check requestD. Purchase order
What is the role of the Sarbanes-Oxley Act and the Public Company Accounting Oversight Board?
Using the following information, prepare a bank reconciliation.• Bank balance: $7,651• Book balance: $10,595• Deposits in transit: $2,588• Outstanding checks: $489• Interest income: $121•
Prepare the journal entry required to reconcile the book balance to the bank balance. Beginning Balance A. D. Total Ending Balance Deposits $5,000 400 5,400 Bank Statement Checks 101 102 103 106 Bank
Prepare journal entries for the following transactions from Lumber Wholesale. Aug. 9 Aug. 10 Aug. 11 Aug. 14 Aug. 25 Sold 48,320 pounds of lumber with a sales price of $5.50 per pound to customer
What is the advantage of using technology in the internal control system?A. Passwords can be used to allow access by employees.B. Any cash received does not need to be reconciled because the computer
Why is it important to have a petty cash fund available in a company?
Using the following information, prepare a bank reconciliation.• Bank balance: $4,587• Book balance: $5,577• Deposits in transit: $1,546• Outstanding checks: $956• Interest income: $56•
Prepare the journal entry to reconcile the bank statement in EB9.Data from in EB9Using the following information, prepare a bank reconciliation.• Bank balance: $7,651• Book balance: $10,595•
Prepare the journal entry required to reconcile the book balance to the bank balance.
Prepare journal entries for the following transactions from Restaurant Depot. Nov. 8 Nov. 17 Customer Miles Shandy purchased 200 pans at $35 per pan, costing Restaurant Depot $21 per pan. Terms of
Is it required to have only one petty cashier or should the company appoint more than one person to administer the fund? Why?
Prepare the journal entry to reconcile the bank statement in EA9.Data from in EA9Using the following information, prepare a bank reconciliation.• Bank balance: $4,587• Book balance: $5,577•
Prepare journal entries for the following transactions from Movie Mart. Sept. 10 Sept. 22 Customer Ellie Monk purchased $43,820 worth of merchandise from Movie Mart, costing Movie Mart $28,745. Terms
Using the following information, prepare a bank reconciliation.• Bank balance: $12,565.• Book balance: $13,744.• Deposits in transit: $2,509.• Outstanding checks: $1,777.• Bank charges:
Prepare journal entries for the following transactions of Dulce Delights. Apr. 10 Apr. 13 Apr. 20 Apr. 25 Sold 320 ice cream buckets with a sales price of $12 per bucket to customer Livia Diaz. Livia
Prepare journal entries for the following transactions of Maritime Memories. May 2 May 6 May 16 May 23 Sold $864,920 worth of maritime products to customer Jordan Scott. Jordan paid using his
Prepare journal entries for the following transactions from Angled Pictures. June 21 June 30 Customer LeShaun Rogers purchased 167 picture frames at a sales price of $28 per frame with her American
Which of the following is not a criterion to recognize revenue under GAAP?A. The earnings process must be completed.B. A product or service must be provided.C. Cash must be collected.D. GAAP requires
Prepare journal entries for the following transactions from Cars Plus. Oct. 18 Customer Angela Sosa purchased $132,980 worth of car parts with her Standard credit card. The cost to Cars Plus for the
Review the new revenue recognition guidance issued by the Financial Accounting Standards Board http://www.fasb.org/jsp/FASB/Page/ImageBridgePage&ci =1176169257359 and answer the following
What is the matching principle?
Prepare journal entries for the following transactions from Forest Furniture. Oct. 3 Oct. 6 Oct. 9 Oct. 12 Oct. 15 Oct. 25 Sold 2 couches with a sales price of $2,450 per couch to customer Norman
Prepare journal entries for the following transactions from School Mart. Mar. 6 Mar. 8 Mar. 11 Mar. 14 Sold 1,000 pencil packages with a sales price of $5.72 per package to customer Sonia
Which of the following best represents the matching principle criteria?A. Expenses are reported in the period in which they were incurred.B. Expenses may be reported in a different period than the
You run an office supplies chain. You must determine the most appropriate bad debt estimation method to use for financial statement reporting. Your choices are the income statement, balance sheet,
On January 1, a flower shop contracts with customers to provide flowers for their wedding on June 2. The total contract price is $3,000, payable in equal installments for the next six months on the
You are considering two possible companies for investment purposes. The following data is available for each company.Additional Information: Company A: Bad debt estimation percentage using the income
Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales price of $15 per doll to Rosemary Cummings The cost to Darling Dolls is $5 per doll. Prepare a journal
Consider the following transaction: On March 6, Fun Cards sells 540 card decks with a sales price of $7 per deck to Padma Singh. The cost to Fun Cards is $4 per deck. Prepare a journal entry under
Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet
A car dealership sells a car to a customer for $35,000. The customer makes a 10% down payment, and the dealership finances the remaining 90% in-house. How much will the car dealership record in
American Signs allows customers to pay with their Jones credit card and cash. Jones charges American Signs a 3.5% service fee for each credit sale using its card. Credit sales for the month of June
The following accounts receivable information pertains to Luxury Cruises.A. Determine the estimated uncollectible bad debt for Luxury Cruises in 2018 using the balance sheet aging of receivables
Laminate Express extended credit to customer Amal Sunderland in the amount of $244,650 for his January 4 purchase of flooring. Terms of the sale are 2/30, n/120. The cost of the purchase to Laminate
The following accounts receivable information pertains to Select Distributors.A. Determine the estimated uncollectible bad debt for Select Distributors in 2018 using the balance sheet aging of
Inner Resources Company received the following bank statement. Using the information from PA11 and PA12, prepare the bank reconciliation. Beginning Balance A. D. Total Ending
Leann Company received the following bank statement. Using the information from PB11 and PB12, prepare the bank reconciliation. Beginning Balance A. D. Total Ending
Which of the following is true about the Sarbanes-Oxley Act?A. It was passed to ensure that internal controls are properly documented and tested by public companies.B. It applies to both public and
Technology can be used to support a strong internal control system. Discuss how technology has improved the point-of-sale transactions.
Using the following information, prepare a bank reconciliation.• Bank balance: $6,988• Book balance: $6,626• Deposits in transit: $1,600• Outstanding checks: $599 and $1,423• Bank charges:
Prepare the journal entry to reconcile the bank statement in EB11.Data from in EB11Using the following information, prepare a bank reconciliation.• Bank balance: $12,565.• Book balance:
Prepare the journal entry required to reconcile the book balance to the bank balance. Beginning Balance A. D. Total Ending Balance Deposits $8,500 1,200 9,700 Bank
Prepare the journal entry required to reconcile the book balance to the bank balance. Beginning Balance A. D. Total Ending Balance Deposits $7,500 350 7,850 Bank Statement Checks 101 102 103 106 Bank
The external auditor of a company has certain requirements due to Sarbanes-Oxley. Which of the following best describes these requirements?A. The auditor is required to only report weaknesses in the
What is the purpose of the bank reconciliation?
Prepare the journal entry to reconcile the bank statement in EA11.Data from in EA11Using the following information, prepare a bank reconciliation.• Bank balance: $6,988• Book balance: $6,626•
Petty cash is used to ________.A. Avoid having to use checks frequentlyB. Make small paymentsC. Avoid having to retain receipts because the amounts are very smallD. Avoid having to get approvals due
A company has decided to start a petty cash fund for $150. Which of the following is the correct journal entry?A.B.C. No entry is required.D. Petty Cash Cash 150 150
What should be done if differences are found between the bank statement and the book account?
Which of the following items are found on a book side of the bank reconciliation?A. Beginning bank balanceB. Outstanding checksC. Interest incomeD. Error made by bank
Which of the following are found on the bank side of the bank reconciliation?A. NSF checkB. Interest incomeC. Wire transfer into client’s accountD. Deposit in transit
What would be a reason a company would want to understate income?A. To help nudge its stock price higherB. To lower its tax billC. To show an increase in overall profitsD. To increase investor
What would be a reason a company would want to overstate income?A. To help nudge its stock price higherB. To lower its tax billC. To show a decrease in overall profitsD. None of the above
At what point does revenue recognition occur?A. When the purchase order is receivedB. When the seller receives the money for the jobC. When the seller has met “performance”D. When the purchaser
Piedmont Inc. has the following transactions for its first month of business:A. What are the individual account balances, and the total balance, in the accounts payable subsidiary ledger?B. What is
You just posted a credit to Sales and a debit to Cash. Which special journal did it come from?A. Sales journalB. Cash receipts journalC. Purchases journalD. Cash disbursements journalE. General
An enterprise resource planning (ERP) system ________.A. Is software to help you prepare your tax returnB. Requires that you pay ransom before you can operate itC. Is a large, company-wide integrated
Which of the following is not a way to prevent your computer from being attacked by ransomware?A. Making sure your antivirus security programs are up to dateB. Opening all attachments from emails
Big data is mined ________.A. To find business trendsB. To record transactionsC. As an alternative to creating an accounting information systemD. As an alternative to the darknet
Artificial intelligence refers to ________.A. Tutorials that can make humans smarter than they naturally areB. Programming computers to mimic human reasoning and perform tasks previously performed by
Blockchain is a technology that ________.A. Is in the early stages of being developedB. Was a failed attempt to change the way we do businessC. Refers to an application developed strictly for the
Which of the following is not true about cybercurrency?A. Bitcoin is one of several cybercurrencies.B. It is an alternate currency that does not go through the banking system.C. It does not involve
On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions:A. On September 5, the petty cash fund needed
A retail store normally has three people working in the evening. All of the employees have access to the same cash register. For the last month, the cash count at the end of the evening has been
Which of the following would a fraudster perceive as a pressure?A. Lack of management oversightB. Everyone does itC. Living beyond one’s meansD. Lack of an internal audit function
What is an example of perceived opportunity as one of the three elements causing a person to commit fraud?
Record the following transactions:A. Started a petty cash fund in the amount of $300.B. Replenished petty cash fund using the following expenses: Auto $18, Office Expenses $35, Postage Expense $56,
Record the following transactions:A. Started a petty cash fund in the amount of $575B. Replenished petty cash fund using the following expenses: Auto $18, Office Expenses $35, Postage Expense $56,
On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions:A. On July 5, the petty cash fund needed
On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions:A. On July 5, the petty cash fund needed
Visit a favorite eatery. Describe some of the internal controls that are implemented in the workplace. Discuss the good and effective internal controls and also discuss areas that need to be
Internal control is said to be the backbone of all businesses. Which of the following is the best description of internal controls?A. Internal controls ensure that the financial statements published
What is an example of rationalization as one of the three elements causing a person to commit fraud?
Record the following transactions:A. Started a petty cash fund in the amount of $200.B. Replenished petty cash fund using the following expenses: Auto $15, Office Expenses $20, Postage Expense $81,
Record the following transactions:A. Started a petty cash fund in the amount of $260.B. Replenished petty cash fund using the following expenses: Auto $15, Office Expenses $20, Postage Expense $81,
Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1.A. The owners invested
Hajun Company started its business on May 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1.A. The owners invested $5,000 from
A manufacturing plant was finding a huge increase in the scrapping of raw materials. Its internal controls were reviewed, and the plant appeared to be strong; segregation of duties was in place. As
What is the best way for owners of small businesses to maintain proper internal controls?A. The owner must have enough knowledge of all aspects of the company and have controls in place to track all
What is an example of incentive as one of the three elements causing a person to commit fraud?
Record the following transactions:A. Started a petty cash fund in the amount of $300.B. Replenished petty cash fund using the following expenses: Auto $69, Office Expenses $77, Postage Expense $56,
Record the following transactions:A. Started a petty cash fund in the amount of $340.B. Replenished petty cash fund using the following expenses: Auto $69, Office Expenses $77, Postage Expense $56,
Prepare a trial balance using the journal entries in PA3.Data from in PA3Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare
Prepare a trial balance using the journal entries in PB3.Data from in PB3Hajun Company started its business on May 1, 2019. The following transactions occurred during the month of May. Prepare the
The vice president of finance asks the accounts payable (AP) clerk to write a check in the name of the president for $10,000. He and the president will sign the check (two signatures needed on a
Which of the following is not considered to be part of the internal control structure of a company?A. Ensure that assets are kept secure.B. Monitor operations of the organization to ensure maximum
Why is it important to have a very sound and well-developed internal control structure?
Record the following transactions:A. Started a petty cash fund in the amount of $500.B. Replenished petty cash fund using the following expenses: Auto $24, Office Expenses $43, Postage Expense $19,
Record the following transactions:A. Started a petty cash fund in the amount of $1,000.B. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57,
Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1.A. The owners
Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1.A. The owners
Even though technology has improved the internal control structure of a company, a supervisor cannot depend totally on technology. Discuss other internal controls a supervisor needs to implement to

Showing 1700 - 1800 of 2465

First
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Company Info

Security
Copyrights
Privacy Policy
Terms & Condition
SolutionInn Fee
Scholarship

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Copyright © 2024 SolutionInn All Rights Reserved.

Get the SolutionInn - Study Help App