Homework Answers
1. The use of internal controls provides guaranteed protection against losses due to operating activities is false because the use of internal control can't guaranteed protection against losses due to operating activities.
2. It is true. All of them are reasons that cause the balance on the bank statement to differ from the cash balance on the books.
3. It is false because when accounts receivable is paid off, cash is debited and accounts receivable account is credited.
4. The aging of accounts receivable examines each accounts receivable to estimate the amount that is uncollectible is true. Aging of accounts receivable helps listing every customer's balance and it sorts the balance according to the duration of time from the date of sale.
Note: Only first 4 questions are being answered as nothing is mentioned above.
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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. True False...
The use of internal controls provides guaranteed protection against losses due to operating activities. True False Factors that cause the bank statement balance of a chgawineaccount to be different from the business cRRHeaccount balance include: outstanding cheques, deposits in transit, deductions for bank fees, additions for interest, and errors. True False TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record the transaction as a debit to Accounts Receivable-RDA Electronics and a credit to...
1)The use of internal controls provides guaranteed protection against losses due to operating activities. True False...
1)The use of internal controls provides guaranteed protection against losses due to operating activities. True False 2)Factors that cause the bank statement balance of a çbeauioa account to be different from the business gbeauioeaccount balance include: outstanding cheques deposits in transit, deductions for bank fees, additions for interest, and errors. True False 3)TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. Tech Com should record the transaction as a debit to Accounts Receivable-RDA Electronics and a...
The shareholders can vote to pay themselves a dividend." True False Cumulative preferred shares carry the...
The shareholders can vote to pay themselves a dividend." True False Cumulative preferred shares carry the right to be paid both current and all prior periods' unpaid dividends before any dividends are paid to common shareholders." True False Which of the following is NOT a principle of internal control? Responsibilities should be clearly established Adequate records should be maintained Responsibility for related transactions should be divided Assets should be insured and employees bonded Audits should always be conducted by employees...
The use of internal controls provides guaranteed protection against losses due to operating activities.* True or...
The use of internal controls provides guaranteed protection against losses due to operating activities.* True or false?
A main accounting issue for property, plant and equipment 2 poir is O The cost of...
A main accounting issue for property, plant and equipment 2 poir is O The cost of property, plant and equipment O Testing property, plant and equipment for impairment O Accounting for repairs and improvements to property, plant and equipment O Disposal of property, plant and equipment All of these 2 point Buying shares in a corporation is attractive to investors because O Shareholders are not liable for the corporation's actions and debts. O Shares are easily transferred. O A corporation...
TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record...
TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record the transaction as a debit to Accounts Receivable-RDA Electronics and a credit to Cash. * O True O False The aging of accounts receivable examines each account receivable to estimate the amount that is uncollectible. * O True False The cost of an asset includes all normal and reasonable expenditures necessary to get it in place and ready for its intended use. * True...
A privately held corporation has a limited life because it is tied to the physical lives...
A privately held corporation has a limited life because it is tied to the physical lives of its owners. * True False The shareholders can vote to pay themselves a dividend. * True False Cumulative preferred shares carry the right to be paid both current and all prior periods' unpaid dividends before any dividends are paid to common shareholders. * O True False Which of the following is NOT a principle of internal control? * O Responsibilities should be clearly...
During the current year, TechCom concluded that a customer's $4,400 account receivable was uncollectible and that...
During the current year, TechCom concluded that a customer's $4,400 account receivable was uncollectible and that the account should be written off. What effect will this write-off have on TechCom's current year net income and balance sheet assuming the allowance method is 2 points used to account for bad debts? O No effect on net income or on total assets O Decrease in net income; no effect on total assets O Decrease in net income; decrease in total assets O...
The Equitee Corporation was incorporated on January 2, 2019, with two classes of share capital: an...
The Equitee Corporation was incorporated on January 2, 2019, with two classes of share capital: an unlimited number of common shares and $3 cumulative non-voting preferred shares with an authorized limit of 50,000. During the first year of operations, the following transactions occurred: 1. The company issued 3,900 preferred shares for a total of $117,000 cash, and 11,600 common shares for $18 per share. 2. It issued 3,400 common shares in exchange for a parcel of land with an estimated...
I NEED URGENT HELP PLEASE, MY ASSIGNMENT IS DUE IN HALF AN HOUR. THANK YOU IN...
I NEED URGENT HELP PLEASE, MY ASSIGNMENT IS DUE IN HALF AN HOUR.
THANK YOU IN ADVANCE!!
I need Answers for all 3 columns; Preferred, Common and
Total, please.
I need answers for all Credit and Debit columns please,
thank you!
Current Attempt in Progress The shareholders'equity of Deer Ltd. at the end of 2020 and 2019 appeared as follows: 2020 Share capital, preferred shares, $2 cumulative, 2,000,000 shares authorized, 26,700 shares issued $213,600 Share capital, 5,000,000 common shares authorized...
The use of internal controls provides guaranteed protection against losses due to operating activities. True False Factors that cause the bank statement balance of a chgawineaccount to be different from the business cRRHeaccount balance include: outstanding cheques, deposits in transit, deductions for bank fees, additions for interest, and errors. True False TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record the transaction as a debit to Accounts Receivable-RDA Electronics and a credit to...
1)The use of internal controls provides guaranteed protection against losses due to operating activities. True False 2)Factors that cause the bank statement balance of a çbeauioa account to be different from the business gbeauioeaccount balance include: outstanding cheques deposits in transit, deductions for bank fees, additions for interest, and errors. True False 3)TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. Tech Com should record the transaction as a debit to Accounts Receivable-RDA Electronics and a...
The shareholders can vote to pay themselves a dividend." True False Cumulative preferred shares carry the right to be paid both current and all prior periods' unpaid dividends before any dividends are paid to common shareholders." True False Which of the following is NOT a principle of internal control? Responsibilities should be clearly established Adequate records should be maintained Responsibility for related transactions should be divided Assets should be insured and employees bonded Audits should always be conducted by employees...
A main accounting issue for property, plant and equipment 2 poir is O The cost of property, plant and equipment O Testing property, plant and equipment for impairment O Accounting for repairs and improvements to property, plant and equipment O Disposal of property, plant and equipment All of these 2 point Buying shares in a corporation is attractive to investors because O Shareholders are not liable for the corporation's actions and debts. O Shares are easily transferred. O A corporation...
TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record the transaction as a debit to Accounts Receivable-RDA Electronics and a credit to Cash. * O True O False The aging of accounts receivable examines each account receivable to estimate the amount that is uncollectible. * O True False The cost of an asset includes all normal and reasonable expenditures necessary to get it in place and ready for its intended use. * True...
A privately held corporation has a limited life because it is tied to the physical lives of its owners. * True False The shareholders can vote to pay themselves a dividend. * True False Cumulative preferred shares carry the right to be paid both current and all prior periods' unpaid dividends before any dividends are paid to common shareholders. * O True False Which of the following is NOT a principle of internal control? * O Responsibilities should be clearly...
During the current year, TechCom concluded that a customer's $4,400 account receivable was uncollectible and that the account should be written off. What effect will this write-off have on TechCom's current year net income and balance sheet assuming the allowance method is 2 points used to account for bad debts? O No effect on net income or on total assets O Decrease in net income; no effect on total assets O Decrease in net income; decrease in total assets O...
I NEED URGENT HELP PLEASE, MY ASSIGNMENT IS DUE IN HALF AN HOUR.
THANK YOU IN ADVANCE!!
I need Answers for all 3 columns; Preferred, Common and
Total, please.
I need answers for all Credit and Debit columns please,
thank you!
Current Attempt in Progress The shareholders'equity of Deer Ltd. at the end of 2020 and 2019 appeared as follows: 2020 Share capital, preferred shares, $2 cumulative, 2,000,000 shares authorized, 26,700 shares issued $213,600 Share capital, 5,000,000 common shares authorized...
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