Homework Answers
In SAP, if the customer is to “receive replacement goods” then credit memo should not be created. It becomes important to provide the reason for rejection for the return (as mentioned in the appropriate items). It follows with the “free of delivery charge” with respect to the order which to be sent to the customer as a replacement. Therefore, when a return is created based on the raised complaint by a customer then the returned good is sent to the warehouse for checking either of the process comes into the picture (when there is no replacement) approve the issue and create a credit memo or in other case (when request for replacement of good) approve the issue and implement a free of charge delivery for the customer.
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• Can, in SAP, credit memo be created when the customer receives replacement goods why or...
1. A customer prepays a vendor for goods or services not yet delivered or provided. When she...
1. A customer prepays a vendor for goods or services not yet delivered or provided. When she receives the customer’s check, the vendor’s accountant records that “deposit” as a liability, called “Unearned Revenue.” In the following month, the vendor delivers the goods (or completes the services). At that time, the vendor’s accountant removes the unearned revenue amount from the liability account and recognizes a sale in the vendor’s revenue account Required:Is this the correct accounting for the transaction? Please explain your answer, briefly....
When our Business receives a Check or Cash from a Customer Before We provide any Goods...
When our Business receives a Check or Cash from a Customer Before We provide any Goods or Services to the Customer, This is Called what Type of Accounting Transaction ? Deferred Revenue Depreciation Accrued Revenue Accrued Expense Deferred Expense Which One of the Following is False? Income Tax Computations are Performed after all Adjusting Entries have been made Closing Journal Entries Involve Revenues, Expenses and Dividends Deferrals are Transactions Where Cash is Exchanged Before Goods and Services are Provided Closing...
8. A company sells $10,000 of goods to a customer who pays with a credit card....
8. A company sells $10,000 of goods to a customer who pays with a credit card. The Credit Card company charges a 2.5% service charge. No cash is received. Record the sale of goods.
1. What document does a customer receive when goods are returned? a. purchase order d. receiving...
1. What document does a customer receive when goods are returned? a. purchase order d. receiving report b. credit memo e. bill of lading C. debit memo 2. In order to maintain controls over cash receipts, cash is typically deposited while a bank reconciliation is performed a. daily, weekly b. daily, monthly c. weekly, monthly d. monthly, daily e. weekly, weekly 3. In the cash disbursements cycle, the vendor invoice is marked paid when a check is issued in order...
Briefly answer the following questions; 1. Why when the goods market is at equilibrium, the money market also must...
Briefly answer the following questions; 1. Why when the goods market is at equilibrium, the money market also must be at equilibrium? 2. Elaborate the concept of financial wealth according to Keynes. 3. Explain the relationship between the interest rate and the price of bond. 4. What is a capital loss and a capital gain and how this concept can be used to speculate the future interest rate?
Briefly answer the following questions; 1. Why when the goods market is at equilibrium, the money market also must be at...
Briefly answer the following questions; 1. Why when the goods market is at equilibrium, the money market also must be at equilibrium? 2. Elaborate the concept of financial wealth according to Keynes. 3. Explain the relationship between the interest rate and the price of bond. 4. What is a capital loss and a capital gain and how this concept can be used to speculate the future interest rate?
17. Accounts is created when a sale is made to a customer on account. Accounts is...
17. Accounts is created when a sale is made to a customer on account. Accounts is created when a company makes a purchase on account from their vendor. A) Payable; Receivable B) Receivable; Payable 18. The accounting equation is defined as: A) Assets = Liabilities + Common Stock + Retained Earnings B) Assets = Liabilities + Stockholders' Equity C) Assets - Liabilities + Common Stock + Revenues - Expenses - Dividends D) All of the above 19. U.S. GAAP requires...
The AP process starts when the QHD Corporate Accountant opens the month in SAP to record...
The AP process starts when the QHD Corporate Accountant opens the month in SAP to record AP related transactions and journals. There are 6 regions in the QHD system, and each region has a hub where their AP process is managed by the Administration Officer. The Administration Officer is responsible for coding each invoice with the Cost Centre number, the General Ledger Account and a brief description. Unfortunately, these Administration Officer regional roles have extremely high turnover and staff typically...
8 What techniques can a method do when it receives a non-compliant argument? 9 What is...
8 What techniques can a method do when it receives a non-compliant argument? 9 What is a collection class? 10 What capabilities or operations should/could all collection classes (in general) have? 11 You are given a Collection class called X (a “bag” class). You are not given the .java file, only the class file, as well as some documentation on the interface methods (which includes pre- and post-condition requirements, data types, and method names). You cannot read the class implementation....
Consider the market segment you created for the Apple iPhone. What would be the two most...
Consider the market segment you created for the Apple iPhone. What would be the two most important things this customer would consider when shopping for a smartphone? Now, locate a marketing communication (ad, web page, social media post, etc.) that is designed to appeal to this customer. Is Apple positioning the product correctly? Why/why not? Include a screenshot that I can clearly read and explain your answer.
When our Business receives a Check or Cash from a Customer Before We provide any Goods or Services to the Customer, This is Called what Type of Accounting Transaction ? Deferred Revenue Depreciation Accrued Revenue Accrued Expense Deferred Expense Which One of the Following is False? Income Tax Computations are Performed after all Adjusting Entries have been made Closing Journal Entries Involve Revenues, Expenses and Dividends Deferrals are Transactions Where Cash is Exchanged Before Goods and Services are Provided Closing...
1. What document does a customer receive when goods are returned? a. purchase order d. receiving report b. credit memo e. bill of lading C. debit memo 2. In order to maintain controls over cash receipts, cash is typically deposited while a bank reconciliation is performed a. daily, weekly b. daily, monthly c. weekly, monthly d. monthly, daily e. weekly, weekly 3. In the cash disbursements cycle, the vendor invoice is marked paid when a check is issued in order...
Briefly answer the following questions; 1. Why when the goods market is at equilibrium, the money market also must be at equilibrium? 2. Elaborate the concept of financial wealth according to Keynes. 3. Explain the relationship between the interest rate and the price of bond. 4. What is a capital loss and a capital gain and how this concept can be used to speculate the future interest rate?
17. Accounts is created when a sale is made to a customer on account. Accounts is created when a company makes a purchase on account from their vendor. A) Payable; Receivable B) Receivable; Payable 18. The accounting equation is defined as: A) Assets = Liabilities + Common Stock + Retained Earnings B) Assets = Liabilities + Stockholders' Equity C) Assets - Liabilities + Common Stock + Revenues - Expenses - Dividends D) All of the above 19. U.S. GAAP requires...
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