companies that use fiscal yea

Q: How can the company reduce the level of uncollectible accounts and increase the likelihood that…

A: Uncollectible accounts are those accounts of accounts receivables on which amount due can not be…

Q: Net income at year end will be overstated if O Prepaid expense is not recognized O Accrued income is…

A: Option a is incorrect because if Prepaid Expenses is not recognized, it will increase our expenses…

Q: Gon Incorporated reported its inventory balance on December 31, 2016 at P5,000,000. During the…

A: 1) Good purchased and sold in the same year as per periodic system are not recorded.  Hence Gross…

Q: What is the natural business year?

A: An accounting period defines the time period, in which the business transactions shall be considered…

Q: What does the age of accounts receivable refer to? How can we use an aging method to estimate…

A: Accounts receivable aging:   Accounts receivable aging refers to a periodic report that enable the…

Q: How to calculate FIT on payroll register? What is the equation or numbers I am supposed to use to…

A: Before calculating payroll taxes, the employees will need to complete these new employee documents,…

Q: How would you go about detecting and preventing Payroll and Expense Reimbursement Schemes ?

A: Prevention of Payroll and Expenses Reimbursement Scheme There are many ways the frauds which are…

Q: BROWN Company keeps limited records. Its assets and liabilities at the beginning and end of the…

A: Lets understand the basics. Balance sheet equation says that, total assets is always equals to the…

Q: Are transactions recorded on a fiscal‐year basis or a calendar‐year basis? Does it have to be one or…

A: Fiscal year is a 12 months period, which normally starts from Apr 1 to Mar 31 of next year. Calendar…

Q: What can government (if anything) do to adapt to the changes before the end of fiscal year if their…

A: budget is prepared by the government in order to record the all expenditure and all the revenue that…

Q: Which of the following is a challenge for payroll accountants? A. Electronic tax filing…

A: Payroll accountants are financial professionals responsible for managing and overseeing the…

Q: Do time lines deal only with years, or can other time periods be used?

A: The term time line refers to list of events which take place in chronological order. Timelines are…

Q: What impact may the low accuracy of accounting estimates have on the annual statements?

A: Accounting estimates means estimation of the accounting transactions based on different factors like…

Q: Why have recessions become rarer and shorter in length in recent years?

A: Recession is a contraction in the economy due to decline in business or economic activities.…

Q: Why might a company choose not to use revaluation accounting?

A: Revaluation accounting is a method to revalue non current assets of the companies as per fair value…

Q: What are the risks prevalent in a payroll system?

A: Payroll system is generally the system used in an organization to manage the salary and wages…

Q: your view, what would cause the cash book of an enterprise to disagree with the bank statement at…

A: Disagreement between bank statement and books reasons 1. Outstanding checks- Depositor credits his…

Q: Why should company managers or investors pay attention to macroeconomic indicators? Is it a good…

A: A macroeconomic indicator is one that is used to measure the economic state of a country.…

Q: Define the term fiscal year.

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Why do companies find it convenient to alter allowance for doubtful accounts to manage earnings?

A: Allowance for doubtful Account : it is a contra assets account. Allowance for doubtful debt affects…

Q: Why do companies sometimes report non-GAAPresults?

A: Generally Accepted Accounting Principles (GAAP): These are the guidelines that must be followed in…

Q: Are any time lags in recording economic events typically experienced in payroll systems? If so, what…

A:

Q: credit reports

A: A credit report is a report that contains detailed information about the individual's credit…

Q: you think switching to an IFRS formatted balance sheet with the accounts rearranged will affect…

A: Meaning if IFRS: It is a set of accounting standards developed by the International Accounting…

Q: Is offering clients big discounts to shift future revenue into the current quarter a violation of US…

A: Revenue Recognition According the US Generally Accepted Accounting Principles (GAAP) the recognition…

Q: What is the period in years?

A: The future value is the future worth of the payment that will be paid or received at future.

Q: Who are the "accelerated filers," and how are they chosen (based on revenue or number of employees,…

A: "Accelerated filers" refer to public companies that have a market capitalization of $75 million or…

Budgeted Income Statement

Accounting is the process of recording business-related financial transactions. The process of accounting involves summarizing and analyzing the transactions. The financial statements which are prepared in accounting contain a summary of the various transactions that took place within a certain accounting period. Book-keeping or accounting is one of the most important activities of any business.