All of the following are prevention methods for overstated expensereimbursements, EXCEPT:O a. Run expense reimbursements per employee looking for individualswhose travel andentertainment expenses appear to be out of line.O b. Do not reimburse any expenses supported by a photocopied receiptwithout first verifying thatthe expense is legitimate.O c. Spot-check expense reports with vendors.O d. Only reimburse air travel expenses from itineraries supplied by travelagencies

An overstated expense is a legitimate expense but in that amount are increased by the employees. An…

Answered: llowing are prevent reimbursements,…

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 following are the mandated information in a VAT invoice or VAT official receipt, except: * TIN of the seller and a statement he is VAT registered Total amount that the purchaser pays or is obligated to pay with the indication that such amount includes the VAT The amount of VAT is shown as a separate item in the invoice or receipt If the same is VAT exempt of VAT Zero-rated, it shall be printed or written prominently in the invoice or receipt In case of mixed sale in the same invoice or receipt, it shall indicate the breakdown, which is vatable, zero-rated and/or exempt. Seller should not issue separate invoices for aforementioned components of the sale.
t is NOT necessary to prepare formal financial statements if a work sheet has been prepared because financial position and profit are shown on the work sheet. Select one: True False
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:
Unearned revenue occurs when:A) Customers pay after receiving a serviceB) Customers pay in advance of receiving a serviceC) Customers default and do not pay you what is owedD) All of the choices are correct Group of answer choices A B C D
In accounting for revenue recognition under ASC Topic 606, revenue can be recognized before a contract exists when cash has been received and: Goods have already been delivered to a customer, and there is no further obligation for the seller to deliver goods or services. The cash has been received for goods identified to be delivered and the cash is refundable. The cash has been received for goods or services to be delivered and the cash is nonrefundable. Revenue should never be recognized before a contract exists.
A deferral refers to an event: A. that will never involve cash being paid at any time B. that will never involve an income statement account C. where the cash has already exchanged hands between the two parties D. where the cash has not yet been exchanged between the two parties
An auditor found that employee time records in one department are not properlyapproved by the supervisor. Which of the following could result?(1) Duplicate paychecks might be issued.(2) The wrong hourly rate could be used to calculate gross pay.(3) Employees might be paid for hours they did not work.(4) Payroll checks might not be distributed to the appropriate employees
Which of the following statements is not true regarding revenue recognition regarding gift cards? A. "Breakage" refers to the unused portion of gift card balances B. "Breakage" can only be recognized as revenue to the extent that it is probable a reversal will not be necessary. C. It is typical that a portion of gift card sales will go unused by customers.
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In prior periods, Globo Gym Services used the direct write off method to account for bad debts. Globo Gym Services historically had a stable client base and management did not continue to service clients who did not pay invoices due. Complete the following: (a) Describe the direct write off method of accounting for bad debts. (b) Explain with reference to one qualitative characteristic why the direct write off method was deemed appropriate prior to the COVID-19 pandemic and why it is unlikely to be appropriate since the pandemic. Clearly label each part of your answer related to parts a and b above.
I am really struggling with this accounting homework. The possible accounts you can use for both entries: Accounts Receivable, Canada Pension Plan Expense, Canada Pension Plan Payable, Cash, Employee Benefits Expense, Employee Income Tax Payable, Employment Insurance Expense, Employment Insurance Payable, Salaries Expense. The possible explanations you can use for both entries: To record emplyer portion of CPP and EI withholdings payable, To record payroll costs, To record salaries and employee withholdings payable Thank you for the help. I appreciate it!

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llowing are prevent reimbursements, EXCEPT: pas for a. Run expense reimbursements per employee loc whose travel and entertainment expenses appear to be out of line O b. Do not reimburse any expenses supported by a without first verifying that the expense is legitimate.