+4 mins 17.1 The debit side of a trial balance totals $800 more than the credit side. Which one of the following errors would fully account for the difference? $400 paid for plant maintenance has been correctly entered in the cash book and credited to the plant asset account. Credit note issued to a customer of $400 has been debited to trade receivables. C A receipt of $800 for commission receivable has been omitted from the records. The petty cash balance of $800 has been omitted from th 72

Q: What is the purpose of a Limit Test?

A: Definition:   Limit test: It checks the data by evaluating it with the predetermined upper and…

Q: What is a limit order?

A: Limit order It is such an order to buy or trade a security at or superior to a predefined cost. The…

Q: What is the actual formula used to get this answer?

A: Present value of annuity Annuity is a series of equal payments at equal interval over a specified…

Q: Explain an example of faithful representation.

A:

Q: ansawer

A: Where a partnership itself is generally not subject to income tax, individual partners (including…

Q: What is a condition subsequent? Briefly explain with examples.

A: Condition subsequent: Condition subsequent refers to an event which bring an contract to an end…

Q: What are the CVP assumptions?

A:

Q: What is the DCF method?

A: DCF is a complex tool for valuation which approximates the value of any investment depending upon…

Q: What is counterbalancing?

A: Errors: The comparability and consistency of the financial statements decreases when a company…

Q: What are the assumptions of Walter’s model?

A: The Walter Model of Careers is an influential theory in the field of career development. This model…

Q: What is forward points?

A: Forward points are nothing but basis points added or subtracted from the spot rate of an underlying…

Q: Determining current portion of long-term note payable On January 1, Irving Company purchased…

A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: Why is this formula very important F = P( I + i)?

A: Time value of money (TVM) The thought cash you at present have would, later on, be worth more than a…

Q: what is a provable intrinsic value? can you give a example

A: Intrinsic value of a stock is its fundamental value. This is calculated by taking in to…

Q: How can we compute the true IRR, or RIC, as a function of the MARR?

A: Minimum Acceptable rate of return is the minimum rate which the management wishes to have from any…

Q: Define and contrast contango and normal contango. b. Define and contrast backwardation and normal…

A: A derivative contract is a financial agreement or instrument between two or more parties that…

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.