Question

The use of internal controls provides guaranteed protection against losses due to operating activities. True False Factors th
How often a company converts its average accounts receivable balance into cash during the period and measures the relationshi


The shareholders can vote to pay themselves a dividend.* True False Cumulative preferred shares carry the right to be paid bo


1)The use of internal controls provides guaranteed protection against losses due to operating activities. True False 2)Factor
A privately held corporation has a limited life because it is tied to the physical lives of its owners. True False The shareh
Accounts receivable tunover measures How long it takes to sell inventory on credit How oen a company converts its average acc
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Answer #1

1. Answer: False

The use of internal controls does not provide a guaranteed protection against losses but only a reasonable assurance and hence the given statement is false.

2. Answer: True

All the factors given are responsible for causing a difference between the bank statement balance and the business account balance and hence the statement is true.

3. Answer: False

TechCom should record the transaction of collection from RDA Electronics by debiting Cash and crediting Accounts Receivable-RDA Electronics. Hence the given statement is incorrect and false.

4. Answer: False

Under the aging of accounts receivable, the accounts receivable are grouped into buckets based on the number of days they are past due and the amount that is uncollectible is estimated based on a percentage that is predetermined on past data. Thus, each account receivable is not examined and hence the statement is false.

Per HOMEWORKLIB RULES the first 4 parts have been answered. Please post the remaining separately. Thank you.

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