Hello, I was wondering if you could help me with my True or False accounting questions?
1) Closing revenue and expense accounts at the end of the accounting period serves to make the revenue and expense accounts ready for use in the next period. True or False
2) Goods on consignment are goods shipped by their owner, called the consignee, to another party called the consignor. True or False
3) TechCom customer RDA Electronics paid off an 8,300 balance on its account receivable. TechCom should record the transaction as a debt to Accounts Receivable, RDA Electronics and a credit to Cash. True or False
4) An internal control system is comprised of the policies and procedures companies use to protect assets, ensure reliable accounting, and promote efficient operations. True or False
5) Before making adjustment entires at the end of an accounting period, some accounts may not show proper financial statement amounts even though all transactions were correctly recorded. True or False
6 Separation of duties divides responsibility for a series of transactions between two or more employees or departments. Despite the increased complexity, separation of duties reduces the risk of error and fraud. True or False
1) True
Closing revenue and expense accounts at the end of the accounting period serves to make the revenue and expense accounts ready for use in the next period.
2 ) false
Goods on consignment are goods shipped by their owner, called the consignor, to another party called the consignee.
3 ) False
4 ) true
Yes,internal control system is comprised of the policies and procedures companies use to protect assets, ensure reliable accounting, and promote efficient operations.
5 ) true
Yes, Before making adjustment entires at the end of an accounting period, some accounts may not show proper financial statement amounts even though all transactions were correctly recorded.
6 ) true
Separation of duties divides responsibility for a series of transactions between two or more employees or departments. Despite the increased complexity, separation of duties reduces the risk of error and fraud.
Hello, I was wondering if you could help me with my True or False accounting questions? 1) Closin...
Hello, I was wondering if you could help me with my payroll questions? 1. Quebec senior executive employees may be paid on a monthly basis. True or False 2. Payments for employees are processed through accounts payable and do not require any statutory payroll deductions. True or False 3. Payments for self-employed workers are processed through accounts payable and do not require any statutory payroll deductions. True or False 4. Payroll professionals are responsible for staying up to date with...
I was wondering if you could help me with my accounting question? 1. Describe briefly the steps recording a payment of an invoice when taking a cash discount, using as the base the cost before taxes: a) for merchandise for resale. b) for merchandise not for resale (Office Supplies).
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...
True or False questions for Accounting ACCT-1001 Financial Accounting Part 1 Chapter 2 Analyzing and Recording Transactions Module #2 - Chapter #2 Assignment 2C-2020 True / False The steps covered in the Accounting Cycle in this module were adjustments, prepare adjusted trial balance and prepare financial statements The account is a detailed record of the increases and decreases in a specific asset, liability or equity item. A ledger is a group of all the accounts used by a business and...
5- A newly established company has the following financial statement figures at the end of its accounting period. (a) Cash..... 200 TL, (b) Accounts Payable.....350 TL, (c) Inventories.....250 TL, (d) Financing Expenses.....100 TL, (e) PPE.....400 TL, (f) General Administrative Expenses..... 120 TL, (g) Long-term borrowings.....350 TL, (h) Cost of Goods Sold.....200 TL, (i) Capital.....300 TL, (j) Accounts Receivable.....300 TL. According to this data, how much sales revenue did the company earn during the year?a) 570 TLb) 150 TLc) 370 TLd)...
Hello, I was wondering if you could help me with Cumulative Comprehension Problem from Chapter 5: Echo Systems and this is in the book Fundamental Accounting Principles. There is no Part B that was there by mistake, sorry about that. This goes with Cumulative Comprehension Problem from Chapter: Echo Systems CHAPTER 4 Completing the Accounting Cycle and Classifying Accoun ts lative Comprehension Problem: Echo Systems E: 2. Total credits in post-closing trial balance $155.720 nco segments of this comprehensive problem...
Hello could you help me solve this accounting 1 question asap ? The last photo is the requirements Bennington, Inc., collects cash from customers in advance and from other customers after the sale. Read the requirement a. Journalize Bennington earning service revenue of $15,000 on account and then collecting $14,000 on account. (Record debits first, then credits Exclude explanations from any journal entries.) Start by recording Bennington earning $15,000 of service revenue on account. Journi Entry Date Accounts Debit Credit...
please help with these accounting problems! all questions please and thank you! 6. An aging of a company's accounts receivable indicates that $9,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2,400 credit balance, the adjustment to record bad debts for the period will require a A) debit to Bad Debt Expense for $9,000. B) debit to Allowance for Doubtful Accounts for $6,600. C) debit to Bad Debt Expense for $6,600. D) credit to Allowance for...
Hello, I was wondering if you could help me with Appendix I Problem AI-1A it’s in the book fundamental accounting principles. Alternate Problems Problem Al-1B Payroll register and payroll deductions LO2,3 CHECK FIGURE: Total deductions $2,003.83 records of Wailee Company provided the following information for the weekly pay period ended March 23, 2015: Payroll Week Ended March 23, 2015 Earnings to End of Hospital UnionPrevious Pay Daily Time Employee Employees No. Auleen Carson Gene Deszca 34 Ysong Tan 35 0...