Homework Answers
ANSWER- A (MULTIPLE REIMBURESEMENT)
EXPLANATION- In Multiple reimbursement Person reimburse the expense again and again by submitting photocopy of receipt or different supporting documents.
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James submitted a photocopy of his receipts and requested reimbursement. The reimbursement was issued without further...
James and a client went out for dinner and the client paid for the dinner. However,...
James and a client went out for dinner and the client paid for the dinner. However, James submitted a copy of the receipt and requested reimbursement. What scheme is this? Select one: a. Mischaracterized expense reimbursement b. Duplicate reimbursement scheme X c. Overstated expense reimbursement Od. Fictitious expense reimbursement
Wertz Corporation issued ten-year, 8% bonds on January 1, 2017 at a premium. During 2017, the...
Wertz Corporation issued ten-year, 8% bonds on January 1, 2017 at a premium. During 2017, the company's accountant failed to amortize any of the bond premium. The omission of the premium amortization will Select one: O a. not affect net income reported for 2017. O b. cause the bond carrying value to be overstated. c. cause retained earnings at the end of 2017 to be overstated. O d. cause interest expense for 2017 to be understated.
> Decision Case 2-1 Your friend, Dean McChesney, requested that you advise him on the effects...
> Decision Case 2-1 Your friend, Dean McChesney, requested that you advise him on the effects that certain transactions will have on his business, A-Plus Travel Planners. Time is short, so you cannot journalize the transactions. Instead, you must analyze the transactions without a journal. McChesney will continue the business only if he can expect to earn a monthly net income of $6,000. The business completed the following transactions during June: a. McChesney deposited $10,000 cash in a business bank...
Upon further investigation, the investigators noticed that the individual had traces of soil embedded under his...
Upon further investigation, the investigators noticed that the individual had traces of soil embedded under his fingernails. This soil was identified as bentonite. About 5% of the U.S. population lives in areas where this type of clay is found. A missing persons report file for T.W. Dwight came up, and he had undergone hip surgery several years ago and happened to live in an area that had bentonite in the soil. When Dw Dwight's medical What is the probability for...
Hi, I'm stuck on two adjusting entries. The problem gives me an unadjusted trial balance and...
Hi, I'm stuck on two adjusting entries. The problem gives me an
unadjusted trial balance and I have to calculate net income using
the additional data they give me. I figured out the AJEs for
transactions A, B, and E, but I need help with transactions B and
C. I'm confused because for transaction C I debited insurance
expense of 1,800 and credited prepaid insurance of 1,800 (which
seems to be a deferred expense) and for transaction D I debited...
Accountancy
Boyle inc. had issued 7,200 convertible bonds at 121 on January 1, 2016.The $1,000 par value bonds carried an interest rate of 7% and had a 10-year term. Interest was to be paidby the company on June 30 and December 31. Attached with each bond were twenty detachablewarrants, also issued.Each warrant entitled the holder to purchase one share from MSN at a price of $50. Further, each bondwas convertible, at the option of the holder, into 30 common shares. The...
Which of the following statements are true? Multiple Choice If the trial balance is in balance,...
Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at...
need help for solve multiple choice question... 1.The employee summary report option shows Select one: a....
need help for solve multiple choice question... 1.The employee summary report option shows Select one: a. earnings and deductions from a paycheque b. all information entered in employee records c. wage or salary amounts d. all year-to-date totals 2.In the process of correcting a wrong employee error all but one is used – Select one: a. prepare a new entry for the correct employee b. one should remember to recalculate the taxes c. open the adjust cheque window for the...
Must 11 quick multiple choice!! Employee theft and fraud result in losses because which of the...
Must 11 quick multiple choice!!
Employee theft and fraud result in losses because which of the following components of internal control is NOT followed? O a Control activities b. Clearly defined authority c. Information and communication 2 3 Oo d. Risk assessment Problem #2 of 11 1 2 Management's reporting objectives apply to a nonfinancial reporting, b. external financial reporting. c. internal financial reporting, d. All of these choices are correct. 3 0 1 2 Operations objectives ensure the effectiveness...
James and a client went out for dinner and the client paid for the dinner. However, James submitted a copy of the receipt and requested reimbursement. What scheme is this? Select one: a. Mischaracterized expense reimbursement b. Duplicate reimbursement scheme X c. Overstated expense reimbursement Od. Fictitious expense reimbursement
Wertz Corporation issued ten-year, 8% bonds on January 1, 2017 at a premium. During 2017, the company's accountant failed to amortize any of the bond premium. The omission of the premium amortization will Select one: O a. not affect net income reported for 2017. O b. cause the bond carrying value to be overstated. c. cause retained earnings at the end of 2017 to be overstated. O d. cause interest expense for 2017 to be understated.
> Decision Case 2-1 Your friend, Dean McChesney, requested that you advise him on the effects that certain transactions will have on his business, A-Plus Travel Planners. Time is short, so you cannot journalize the transactions. Instead, you must analyze the transactions without a journal. McChesney will continue the business only if he can expect to earn a monthly net income of $6,000. The business completed the following transactions during June: a. McChesney deposited $10,000 cash in a business bank...
Upon further investigation, the investigators noticed that the individual had traces of soil embedded under his fingernails. This soil was identified as bentonite. About 5% of the U.S. population lives in areas where this type of clay is found. A missing persons report file for T.W. Dwight came up, and he had undergone hip surgery several years ago and happened to live in an area that had bentonite in the soil. When Dw Dwight's medical What is the probability for...
Hi, I'm stuck on two adjusting entries. The problem gives me an
unadjusted trial balance and I have to calculate net income using
the additional data they give me. I figured out the AJEs for
transactions A, B, and E, but I need help with transactions B and
C. I'm confused because for transaction C I debited insurance
expense of 1,800 and credited prepaid insurance of 1,800 (which
seems to be a deferred expense) and for transaction D I debited...
Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at...
Must 11 quick multiple choice!!
Employee theft and fraud result in losses because which of the following components of internal control is NOT followed? O a Control activities b. Clearly defined authority c. Information and communication 2 3 Oo d. Risk assessment Problem #2 of 11 1 2 Management's reporting objectives apply to a nonfinancial reporting, b. external financial reporting. c. internal financial reporting, d. All of these choices are correct. 3 0 1 2 Operations objectives ensure the effectiveness...
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