Accounting Question
Q: Financial accounting = Economic truth + error + manipulation. Briefly explain
A: Financial accounting is a type of accounting that entails documenting, summarizing, and reporting tr...
Q: Which statement pertaining to provisions in the Companies Act 71 of 2018 is true? Select one: a. No ...
A: THE COMPANIES ACT 71 WAS INTRODUCED TO PROVIDE FOR THE INCORPORATION , REGISTRATION , ORGANISATION A...
Q: A, B, and C put up a partnership on January 1, 2020 by investing P500,000 each and agreed to maintai...
A: Working note: Computation of average capital balance:
Q: Tate, Inc. owns 80 percent of Jeffrey, Inc. During the current year, Jeffrey sold merchandise costin...
A: Here Tate, Inc, Hold 80% hare of Jefferey, Inc. that means Jeffrey Inc. is the subsidiary of Tate In...
Q: In which of the following methods does the debit remainder of the Trade Goods Account show the curre...
A: Inventory (trade goods) refers to the stock that the company held for the resale purpose or the inve...
Q: 5. The rent has been prepaid for January 2016. Power break 5.9 INDIVIDUAL Compile the Income and Exp...
A: Non profit organization means the organization which is not running for business purpose but for the...
Q: Recording Transactions in T-Accounts and Preparing a Trial Balance John Karlo Dalangin, a dentis...
A: T accounts are used for classification of journal entries into appropriate general ledger accounts i...
Q: NBA Inc. is engaged in the business of manufacturing basket ball. The company employs actual costing...
A: Prime costs means cost of direct materials and direct labour used in the business. Conversion costs ...
Q: A business encountered the following problem while choosing between alternative locations X and Y. T...
A: The selling price of a product can be selected based on the expected cost and desired profit. Cost v...
Q: A and B are partners sharing profit in the ratio 2:3. Their balance sheet showsmachinery at Rs.2,00,...
A: The partnership comes into existence when two or more persons agree to do the business together and ...
Q: based on the images, what is the correct amount that must be disclosed as increase (decrease) in tra...
A: Under the Indirect method of computing cash flows from operations, only the net change I.e. increase...
Q: 12 - Which of the following is a basic financial statement? a) Income statement B) Cash Flow ...
A: The fundamental and formal yearly reports seem to be financial statements. Company management may di...
Q: Cost Item Product or Period Cost? Direct or Indirect Cost? Fixed or Variable Cost? 1 Depreciat...
A: solution : concept: product and period cost product cost are those cost which are relate...
Q: December: Salary paid to marketing department, ₱40,000 (10 employees) Wages paid to labor, ₱100,00...
A: Introduction As per relevant standard employee expense should include bonus pay, vacation pay, holid...
Q: 7. Which of the following is least likely to be a financial security? O a. Bonds b. Preferred stocks...
A: A financial instrument refers to the monetary contract made between the parties. This is evidence of...
Q: company. Payment for Insurance in 2016 covering 4- year period Fully Depreciated Equipment Sold 2018...
A: Adjusted Net Income refers to the income after adjusting all expenses and Income which is recorded i...
Q: What is the name given to the products that are lower in quantity or of economic value compared to t...
A: By-product are the secondary product which is incidentally produced, along with the main product. It...
Q: 2018 2019 2020 Operating expenses $ 0 $ 2$ < Income Statements Balance Sheets
A: The financial statements of the business include the income statement and balance sheet.
Q: Leo, the owner of a local poster shop, comes to you for help. "We've only been breaking even the pas...
A: Break even point refers to that volume of operation where, there is no profit or loss to an organiza...
Q: Your examination of the 2020 entries in the accounts uncovered the following: a. An expenditure of P...
A: All items of income and expenditure needs to be adjusted while preparing final accounts if the same ...
Q: A debtor,P Paris,returned merchandise delivered to him on 27 February 2021 at a selling price of 100...
A: The ledger accounts will be prepared taking the journal as the source document. The ledger accounts ...
Q: -ABC production company calculates production costs according to the phase cost system. The informat...
A: In process costing some units gets work in process at the year end hence to evaluate proper costing ...
Q: Loss on sale of equipment is a non-cash item
A: The Correct answer is option E (loss on sale of equipment is a non-cash item)
Q: What is the audited net sales balance? A. P5,280,000 B. P5,700,000 C. P6,080,000 D. P6,400,000
A: Net Sales = Cash Sales - Credit Sales - Sales Return
Q: Moletji Ltd is public company owned by two prominent business women and the local community trust ar...
A: Cash Flow From Investing Activity- Cash flow from investing activity is an item on the cash flow sta...
Q: Yakun company had 4,000 shares of P7.00, P100 par preferred stock and 50,000 shares of common stock ...
A: Earnings per share refer to the amount of earnings available to the common stockholders for each sha...
Q: Explain the importance of financial ratio
A: The ratio analysis helps to analyze the financial statements of the business.
Q: The balance sheet shows that total asset of a company is $10000, Liabilities- $500, Owners Capital-...
A: The accounting equation represents that the asset is equal to the sum of liabilities and owners' equ...
Q: Stewart Holdings Ltd. is a Canadian controlled private corporation (CCPC) that has a fiscal period o...
A: Here in this scenario Stewart Holding Ltd is a Canadian controlled private Corporation (CCPC) has th...
Q: On 01.10.2019, the enterprise opened a time deposit account at Ziraat Bank with a maturity of 9 mont...
A: Time Deposit amounting 500,000 Maturity time = 9 month Interest Rate = 20% p/a Interest at the end o...
Q: A firm is a dog food producer. Currently, they have remaining inventories for sale with a total cost...
A: Cost accounting means the recording of different cost in different account and to find out the cost ...
Q: amount of interest income corresponding to the current period
A: Interest income = Amount of deposit * Annual interest rate * Number of months till maturity/Number o...
Q: Dyana Julian, president of Julian Juices, Inc., has approached you with the following questions: Why...
A: Job costing, also known as job order costing, and process costing are cost accounting systems that a...
Q: 6- Our company, which prepares its financial statements on a monthly basis, has leased its workplac...
A: The income statement of the company will be prepared, and maintained by the management which will ha...
Q: he annual production capacity of Enterprise A is 20,000 units. For the year 2020 of the enterprise; ...
A: Fixed cost are of two types (1) Individual fixed cost or specific fixed cost (2) common fixed cost (...
Q: A firm uses machine hours to allocate fixed overhead. During the period, budgeted fixed overhead is ...
A: Standard costing means where standard is set for various cost element and actual cost is then compar...
Q: departure from an unqualified opinion
A: An unqualified opinion is an audit opinion issued by auditor in case of true and fair presentation o...
Q: How much is the understatement or overstatement?
A: Net sales suggests that the number of revenue earned and it's calculated by deducting the sale come ...
Q: Moletji Ltd is public company owned by two prominent business women and the local community trust ar...
A: Cash flow statement is an important part of the financial statement. It represents the cash flows of...
Q: Derby phones is considering the introduction of a new model of headphones with the following price a...
A: Introduction Break even point Break even point is the point at which the the entity has no profit an...
Q: Additional Information: • Cash in Banco de MSC amounting to P4,000,000 is restricted for a future pl...
A: Accounts receivable is the amount of money due for goods sold or services rendered.
Q: account group that does not have any physical assets
A: Option B is wrong because the assets in 25 Tangible Assets Account Group have physical existence. Op...
Q: Urban Life Ltd. sponsors a defined benefit pension plan for its employees. It is now the 20X9 fiscal...
A: Since you have asked multipart question, we are answering first 3 parts. If you want any other part ...
Q: The following Trial Balance was extracted from the books of Mr Ayden as at 30 December 20X1:...
A: A balance sheet is an accounting report that shows a corporation's assets liabilities, and stockhold...
Q: During the year just ended, Shering Distributors, Inc., had pretax earnings from operations of $490,...
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...
Q: ________1. On 2020, an entity made cash sales of ₱3,000,000. It paid ₱1,000,000 in expenses and owed...
A: Net Profit = Sales - Total Expenses Note: Expense includes both cash expense and credit expense
Q: Depreciation is reserved according to the accelerated depreciation method for the machine with a cos...
A: Depreciation- Depreciation refers to the method which result in depletion in the value of fixed asse...
Q: Raveen Products sells camping equipment. One of the company’s products, a camp lantern, sells for $8...
A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want...
Q: How important is the accounting?
A: Businesses require a system that can help in measurement and evaluation of different financial aspec...
Q: - Which of the following is the regulatory account of the Instant Values Account Group ? a) 27...
A: Regulatory account are defined as a series of financial reports that are designed to provide regulat...
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