Item 7 of 25Which of the following is not related to loans involving inventory?Select the correct response:Trust ReceiptsWarehousingFactoringBlanket Liens

Inventory refers to accumulated goods but not services kept by a firm with an objective to sell it…

Answered: Item 7 of 25 Which of the following is…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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The table below shows the financial process with corresponding significant account and relevant assertions. Each financial process shows what could go wrong (WCGW). Identify the relevant control to address each WCGW. Answers should be in not less than three sentences. Significant account and Relevant control to Financial Process What Could Go Wrong relevant assertion(s) address WCGW Purchase order is inappropriate because: the purchase order does not match a valid requisition; Purchases Trade accounts payable (EA) purchase is at incorrect price; or an inappropriate or authorized vendor is selected. Plant, equipment and leasehold Errors are made in the capitalization of fixed assets because: Property, plant and improvement, net (EAO) inappropriate items are capitalized; items are capitalized at equipment Land and Building, net (EAO) an inappropriate amount; or additions are not recorded. Answer with text and/or attachments:
IFRS requires all of the following when classifying receivables except Select one: O a. Indicate the receivables classified as current and non-current in the statement of financial position. O b. All of these answer choices are required by IFRS when classifying receivables. Oc Disclose all significant concentrations of credit risk arising from receivables. Od. Disclose any receivables pledged as collateral.
Referencing the FASB codification, determine the topic, subtopics, and sections of the codification for the following balance sheet events.
6. Application of the full disclosure principle a. Is theoretically desirable but not practical. b. Is violated when important financial information je buried in the notes to financial statements. c. Is demonstrated by the use of supplementary information presenting the effects of changing prices.. d. Requires that the financial statements should be consistent and comparable. 7. Accounting policies disclosed in the notes to financial statements typically include all of the following, except a. The cost flow assumption b. The depreciation method c. Significant estimates d. Significant inventory purchasing policies 8. Significant accounting policies may not be a. Selected on the basis of judgment. b. Selected from existing acceptable alternatives. c. Unusual ór innovative in application. d. Omitted from financial statement disclosure. 9. An inventory accounting policy that should be disclosed in a summary of significant accounting policies is a. Composition of inventory into raw…
Which of the following accounts are characterized as a "contra" account? (Select ALL that apply) O Equipment O Deferred Revenue OAccumulated Depreciation O Accounts Payable O Depreciation Expense O Sales Allowances O Sales return O Allowance for Uncollectible A/R O Bad Debt Expense O Accounts Receivable O Notes Payable O Cost of Goods Sold ASUS
Q#3: How is accidental loss of goods treated in final account in case: • Goods had not been insured or Goods have been insured and the insurance company has claims associated with it.
please qucikly, thanks! 30 Which of the following is not a contra account? A, Purchase returns and allowances B. Sales returns and allowances C. Accumulated depletion D, Accumulated depreciation
Question 9 of 18 Trade receivables are preferably presented on the face of the statement of financial position Select the correct response: as a separate line item distinguished from other receivables as part of current assets, included and undistinguished from other assets as part of one line item, included and undistinguished from other receivables as part of one line item but distinguished from other receivables ( Previous
13. All of the following are examples of valuation allowance accounts EXCEPT: O A. Bad debt reserves O B. Liability for future warranty payments O C. Accumulated amortization of intangibles OD. Allowance for obsolete inventory

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Item 7 of 25 Which of the following is not related to loans involving inventory? Select the correct response: O Trust Receipts Warehousing O Factoring Blanket Liens