Homework Answers
1) True
A credit union is a member-owned financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services.
2) False
Passive ownership refers to any shareholder in a business who is not involved in the day-to-day decision making of the company’s operations. The shareholders may be involved in some high level corporate decisions that require shareholder votes, but not in daily operating decisions .It does not mean that passive shareholders are typically owners od small amount of shareholding.
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A Credit Union in B.C. provides financial services to its customers, who are owner-members. This credit...
Match the following terms to the explanation provided. Hedge Fund Credit Union Commercial Bank Financial services...
Match the following terms to the explanation provided. Hedge Fund Credit Union Commercial Bank Financial services corporation Common Stock US Treasury Bills Bankers' Acceptances Preferred Stock Certificate of Deposit Commercial Paper Bond Mutual Fund A Ownership of a large corporation by another company investor B Investment with a set maturity date offered by commercial bank C Short term debt negotiated among commercial banks D Pooling of sophisticated investor funds to invest contrary to markets E Financial services company providing loans...
Services, Inc. a firm who provides pest control services to customers. Identify the appropriate account to...
Services, Inc. a firm who provides pest control services to customers. Identify the appropriate account to debit and credit for each of the following transactions April 1. Vamonos Pest Services, Inc. paid $2,000 rent for the month of April. April 1st Select $2.000 Select $2.000 April 1. Vamonos Pest Services, Inc. provided pest control services to customers for $12.000. April 1st Select) $12.000 Select) $12,000 April 3 - Vamonos Pest Services, Inc. purchased supplies on account for $3.200. April 3rd...
21 On April 1, a company provides services to one of its customers for $13,000. As...
21 On April 1, a company provides services to one of its customers for $13,000. As payment for the services, the company accepts a six- month9% note from the customer Record the acceptance of the note receivable on April 1 and the cash collection on October 1 (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Do not round intermediate calculations.) 7 points View transaction lit 02/11:45 Journal entry worksheet...
The firm type that involves sole decision maker power for the owner, unlimited liability for the...
The firm type that involves sole decision maker power for the owner, unlimited liability for the owner. limited ability to raise money, and ends with the death of an owner is sole proprietorship m partnership. O corporation. all of the above. 0 none of the above. Question 2 4 pts The partnership firm type has a complex decision making process, but also has unlimited liability for the owners and is dissolved with the death of one of the owners. True...
UBL Financial Group provides personal and commercial banking, wealth management services, insurance, and corporate and investment...
UBL Financial Group provides personal and commercial banking, wealth management services, insurance, and corporate and investment banking. On March 3, 2017, the company announced that its board of directors had declared a stock dividend, which has the same effect as a two-for-one split of its common shares. The board of directors also declared a quarterly common share cash dividend of $0.52 per share, which represents $0.26 per share on a post-stock dividend basis. The stock dividend, as well as the...
Jacks sales sells photocopiers and provides parts and services to its customers. The company has 30...
Jacks sales sells photocopiers and provides parts and services to its customers. The company has 30 employees and provide employees with a benefit plan. You are the controller and are looking at the liability section of the balance sheet and have identified several areas for consideration. For each of the areas answer the related questions assuming private entity GAAP is used. Indicate how your answer would be different if the company used IFRS. As part of a promotion in the...
I need help with the following questions in business economics. I am having trouble with them...
I need help with the following questions in business economics. I am having trouble with them and it's getting difficult. 67. A written document that provides a statement of a company’s goals, methods for achieving goals, and standards for measurement is called: a. a business plan b. a marketing plan c. an incorporation document d. a financial blueprint 68. Which of the following does not grant direct loans to small businesses? a. Commercial banks b. Small Business Investment Companies c....
What's Next? Will sharing replace owning? In much of the United States and Europe customers have...
What's Next? Will sharing replace owning? In much of the United States and Europe customers have long viewed car ownership as a necessity. That is starting to change with evolving needs, attitudes, and life styles. Whether seeking a simpler life, a desire to save the planet, or just plain economics, many consumers are be- coming more comfortable with car sharing There is an economic case for turning in the keys Monthly payments, insurance, parking, gas, depreciation, and maintenance add up...
Match the items below by entering the appropriate code letter. A. Internal users B. Proprietorship C....
Match the items below by entering the appropriate code
letter.
A.
Internal users
B.
Proprietorship
C.
Expenses
D.
Investing activities
E.
Financing activities
F.
Assets
G.
Liabilities
H.
Private corporation
I.
Dividends
J.
Public corporation
1.
Consumed assets or services.
2.
Ownership is limited to one
person.
3.
Officers and others who manage the
business.
4.
Creditor claims against the assets
of the company.
5.
A separate legal entity under
provincial or federal laws that is...
Weida Surveying, Inc., provides land surveying services. During September, its transactions included the following. Sept. 1...
Weida Surveying, Inc., provides land surveying services. During September, its transactions included the following. Sept. 1 Sept. 3 Sept. 9 Sept. 14 Paid rent for the month of September, $4,400. Billed Fine Line Homes $5,620 for surveying services. The entire amount is due on or before September 28. (Weida uses an account entitled Surveying Revenue when billing clients.) Provided surveying services to Sunset Ridge Developments for $2,830. The entire amount was collected on this date. Placed a newspaper advertisement in...
Services, Inc. a firm who provides pest control services to customers. Identify the appropriate account to debit and credit for each of the following transactions April 1. Vamonos Pest Services, Inc. paid $2,000 rent for the month of April. April 1st Select $2.000 Select $2.000 April 1. Vamonos Pest Services, Inc. provided pest control services to customers for $12.000. April 1st Select) $12.000 Select) $12,000 April 3 - Vamonos Pest Services, Inc. purchased supplies on account for $3.200. April 3rd...
21 On April 1, a company provides services to one of its customers for $13,000. As payment for the services, the company accepts a six- month9% note from the customer Record the acceptance of the note receivable on April 1 and the cash collection on October 1 (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Do not round intermediate calculations.) 7 points View transaction lit 02/11:45 Journal entry worksheet...
The firm type that involves sole decision maker power for the owner, unlimited liability for the owner. limited ability to raise money, and ends with the death of an owner is sole proprietorship m partnership. O corporation. all of the above. 0 none of the above. Question 2 4 pts The partnership firm type has a complex decision making process, but also has unlimited liability for the owners and is dissolved with the death of one of the owners. True...
UBL Financial Group provides personal and commercial banking, wealth management services, insurance, and corporate and investment banking. On March 3, 2017, the company announced that its board of directors had declared a stock dividend, which has the same effect as a two-for-one split of its common shares. The board of directors also declared a quarterly common share cash dividend of $0.52 per share, which represents $0.26 per share on a post-stock dividend basis. The stock dividend, as well as the...
What's Next? Will sharing replace owning? In much of the United States and Europe customers have long viewed car ownership as a necessity. That is starting to change with evolving needs, attitudes, and life styles. Whether seeking a simpler life, a desire to save the planet, or just plain economics, many consumers are be- coming more comfortable with car sharing There is an economic case for turning in the keys Monthly payments, insurance, parking, gas, depreciation, and maintenance add up...
Match the items below by entering the appropriate code
letter.
A.
Internal users
B.
Proprietorship
C.
Expenses
D.
Investing activities
E.
Financing activities
F.
Assets
G.
Liabilities
H.
Private corporation
I.
Dividends
J.
Public corporation
1.
Consumed assets or services.
2.
Ownership is limited to one
person.
3.
Officers and others who manage the
business.
4.
Creditor claims against the assets
of the company.
5.
A separate legal entity under
provincial or federal laws that is...
Weida Surveying, Inc., provides land surveying services. During September, its transactions included the following. Sept. 1 Sept. 3 Sept. 9 Sept. 14 Paid rent for the month of September, $4,400. Billed Fine Line Homes $5,620 for surveying services. The entire amount is due on or before September 28. (Weida uses an account entitled Surveying Revenue when billing clients.) Provided surveying services to Sunset Ridge Developments for $2,830. The entire amount was collected on this date. Placed a newspaper advertisement in...
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