Explain the effect on income and financial position if (a) the amount of accrued expense were to

Question:

Explain the effect on income and financial position if

(a) the amount of accrued expense were to be underestimated and

(b) the inventory at the year-end omitted inventory held in a customs warehouse awaiting clearance.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Financial Accounting And Reporting

ISBN: 9781292399805

20th Edition

Authors: Barry Elliott, Jamie Elliott

See More Books

Question Posted: Mar 01, 2024 11:01 PM

See More Questions

Suppose today is July 1 and that you own the S&P 500 and the current price is 370. You have achieved large gains over the past six months which you would like to lock in through the end of the year....
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
Alpha holds investments in two other entities, Beta and Gamma. All three entities prepare financial statements to 31 March and the statement of financial positions of the three entities at 31 March...
What is the potential difference across one wire of a 30-m extension cord made of 16-gauge copper wire carrying a current of 5.0 A?
The elements of fraudulent misrepresentation include misrepresentation of a material fact. Discuss this element.
On a multiple-step income statement, the excess of sales over the cost of goods sold is called: a. operating income. b. income from operations. c. gross profit. d. net income.
Respondents Varsity Brands, Inc., Varsity Spirit Corporation, and Varsity Spirit Fashions & Supplies, Inc., design, make, and sell cheerleading uniforms. Respondents have obtained or acquired more...
Answer the following multiple-choice questions: a. In 2007 and 2008, Zoret Company reported earnings per share of $0.80 and $1.00, respectively. In 2009, Zoret Company declared a 4-for-1 stock split....
2. Two 2.5 kg masses are connected through a string as shown below. The magnitude of the force of friction on the ramp is 4.85 N. If the ramp is 5m long and mass 2 is already half way up the ramp,...
Classify the following items into cost of sales, distribution costs, administrative expenses, other operating income or items to be disclosed after trading profit: (a) Personnel department costs (b)...
Carli Wainer is going to set up a new business in Bruges on 1 January 2021. She estimates that her first six months in business will be as follows: (i) She will put 150,000 into the firm on 1...
Use the LexisNexis Academic Legal Search option to answer the following questions: a. Using the judges last name Sotomayor, determine the treatments of the petitions for writ of certiorari decided on...
Watch the assigned movie Gung Ho 1986 and discuss the impact of culture on the different forms of leadership approaches throughout the movie and if the cultural behaviors are either learned,...
Market-to-book ratio equals: Multiple choice question. market value per share divided by book value per share. book value per share divided by market value per share. market value per share divided...
Locating manufacturing in countries with low-cost labors enables a firm to charge cheaper prices. Locating factories in or near major markets cuts transportation costs and may eliminate problems...
. Question 38 The transfer of funds obtained illegally from a US bank to another US bank is an example of: 1 point Integration Layering Placement None of the above
Capitalized cost is a present worth value, which is based on annual payments with an infinite life. True or False?
Consider a 75- resistor maintained at room temperature of 290K. Assuming a bandwidth of 1 MHz, calculate the following; (a) The root-mean-square (RMS) value of the voltage appearing across the...
Q1) What is the a3 Value Q2) What is the a7 Value Q3) What is the a4 Value Q4) What is the b3 Value Q5) What is the b2 Value Q6) What is the sign of 2nd constraint? A pastry chef at a bakery wants to...
You are informed that the non-current assets totaled 350,000, current liabilities 156,000, the opening retained earnings totaled 103,000, the administration expenses totaled 92,680 and that the...
Liz Collier runs a small delicatessen. Her profits in recent years have remained steady at around 21,000 per annum. This type of business generally ear ns a uniform rate of net profit on sales of...
Sally Gorden seeks your assistance to decide whether she should invest in Ruby plc or Sapphire plc. Both companies are quoted on the London Stock Exchange. Their shares were listed on 20 June 20X4 as...
Assess why this might constrain decision-making, flexibility and individual empowerment? Provide examples to support your thinking. (6) 6. Examine the extent to which the policy development process...
A diaphragm pressure sensor employs four identical strain gauges to monitor the stress it is subject to. Specifically, the four gauges are placed in directions as shown in Fig. Q1(a) so that only Rg2...
1- Using the Routh theorem, find the interval of K for stability of the system with following characteristics equation. s+3s3+Ks+6s+1=0 2- For the following systems: G(s) = K(s + 4) (s + 1) H(s) = 1...

Explain the effect on income and financial position if (a) the amount of accrued expense were to

Question:

Step by Step Answer:

Financial Accounting And Reporting

Students also viewed these Business questions