ACC 201 Accounting Summary

6. Before closing the books for a fiscal period, you should print- a. reports that provide sufficient detail to create new company files if necessary b. all the reports available through Sage 50 Accounting C. all the reports in the financials section of the reports menu d. all of the management reports for the business 7. From the supplier aged summary report you can learn – la. the unpaid balance for each invoice b. the total owing to each supplier c. the due date for each outstanding invoice d. which invoices are fully paid 8. Choosing Restore from the home window file menu will - a. restore a compressed backup file to a working data file b. restore the size of the window you are currently working in c. delete the changes from your current work session and restore the data file from your previous session d. restore the classic view home window from an enhanced view module window

= You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows: Journal Entries, 20Y4 PAGE 15   JOURNAL ACCOUNTING EQUATION     DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 1 Cash   1,008,960.00   ↑     2   Premium on Bonds Payable     58,960.00   ↑   3   Bonds Payable     950,000.00   ↑   4 Jun. 30 Interest Expense   18,427.00       ↓ 5   Premium on Bonds Payable   2,948.00     ↓   6   Cash     21,375.00 ↓     7 Jul. 1 Cash   1,729,164.00   ↑     8   Discount on Bonds Payable   70,836.00     ↓   9…

Hello, This is an accounting question having to do with contingency and provision liability and journal entry required (no taxation)..... Thank you If data is missing, please include specifics in rejection note.

Course Material: Introduction to Accounting Financial Statements, Income Statements Your company has the following balance sheet (3 full-time, 4 part-time workers) Construct a NEW balance sheet and income statement Balance Sheet should show totals for current, long-term and total assets and liabilities & equity Current Month Balance Sheet: Assets: Cash Supplies Inventory Total Current Assets Fixed Assets Total Long-Term Assets Total Assets Liabilities and Owner Equity Accounts Payable Wages Payable Owner's Equity Total liabilities and equity NOW, these transactions occur over the next month: Cash Revenue Tips given to employees by customers Ending Supplies Inventory Purchased Supplies Paid out in cash for wages Wages Payable Quarterly rental fee (3 months) Depreciation of fixed asset $ 550.00 $ 320.00 $ 870.00 $ 3,200.00 $ 3,200.00 $ 4,070.00 $ 215.00 $ 750.00 $ 3,105.00 $ 4,070.00 Notes: $ 2,350.00 $ 500.00 Income $ $ $ 300.00 Used Cash 275.00 Can be used within a year 1,500.00…

You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows: Journal Entries, Year 1 PAGE 15   GENERAL JOURNAL ACCOUNTING EQUATION     DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 1 Cash   1,062,060.00   ↑     2   Premium on Bonds Payable     62,060.00   ↑   3   Bonds Payable     1,000,000.00   ↑   4 Jun. 30 Interest Expense   19,397.00       ↓ 5   Premium on Bonds Payable   3,103.00     ↓   6   Cash     22,500.00 ↓     7 Jul. 1 Cash   1,921,280.00   ↑     8   Discount on Bonds Payable   78,720.00     ↓…

You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows: Journal Entries, Year 1 PAGE 15   GENERAL JOURNAL ACCOUNTING EQUATION     DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 1 Cash   1,062,060.00   ↑     2   Premium on Bonds Payable     62,060.00   ↑   3   Bonds Payable     1,000,000.00   ↑   4 Jun. 30 Interest Expense   19,397.00       ↓ 5   Premium on Bonds Payable   3,103.00     ↓   6   Cash     22,500.00 ↓     7 Jul. 1 Cash   1,921,280.00   ↑     8   Discount on Bonds Payable   78,720.00     ↓…

1. When should you select settings and customizations for your company file? A. At the time you create the company file B. As work related to the settings comes up C. Before the end of the business's first fiscal year D. In the second quarter 2. What is the Chart of Accounts? A. The list of accounts for each transaction in the accounting system or general ledger B. The menu of products and services that the company offers its customers C. The full list of account numbers associated with the company's customers and vendors D. The balance of each account as of the start date of the business 3. Which of these would be an appropriate start date for a business? A. December 31 of the current year B. The first day of a period, month, quarter, or year C. The day of your first expense D. The day of your first sale 4. What is an historical transaction? A. A transaction that occurred before the start date of the company B. A transaction that appears in the company file by default in QuickBooks…

Disclosure of the accounting estimates involved when preparing financial statements enables users of financial statements to better understand how the financial information is derived, and it enables comparisons between companies regarding the basis on which management makes decisions. Required: Reflecting on topics we discussed throughout the semester, provide three examples of how different accounting estimates or accounting policies impact the profit reported by the firm.

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Question 1 If you are a financial analyst considering an investment in a Public Company (quoted in the stock markets), which of the following statement is correct? A) You will not have access to the annual financial statements B) You are an external user of accounting information You will be using managerial accounting 6.7 Points You are an internal user of accounting information

Course Material: Introduction to Accounting Financial Statements, Income Statements Your company has the following balance sheet (3 full- time, 4 part-time workers) Construct a NEW balance sheet and income statement Balance Sheet should show totals for current, long- term and total assets and liabilities & equity Current Month Balance Sheet: table[[Assets:], [Cash, $, 550.00). (Supplies Inventory.S 320.00], [Total Current Assets, 5, 870.00]] table[[Fixed Assets,5, 3, 200.00

Description and Instructions   Suppose you are a part of a group of students from a prominent university and were sent out as a team to work with a leading merchandizing company as a part of a work experience program. The team having been introduced to the general manger was told that the Accountant who normally prepares the financial statements has suddenly resigned and there is no one available to prepare the company’s financial statements which are now due. As aspiring university students, you and your group members have expressed an interest in taking on the task. As a group, you are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements.  The problem to be resolved: The following trial balance was extracted from the books of Scholes Farm Ltd December 31, the end of the company’s financial year. The company is owned by Paul Scholes and is in the business of buying and farming…

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