Question 1 The following data is available for Santos Service Corporation at December 31, 2020 Common stock, par $39 (authorized 100,000 shares) $400,000 Treasury Stock (at cost $15 per share) $ 27,000 Based on the data, how many shares of common stock are outstanding? (Rounding off to the nearest integer, e g. 325-33 324-32)

Q: What are the two fundamental qualities of accounting information? O A. Faithful representation and…

A: Accounting information indicates the financial data arises through recordings and bookkeeping. It…

Q: Define Expenses

A: Expenses are the cost that is incurred by the firm or the company to run the business. Basically,…

Q: Management accounting information

A: Management accounting information is the information generated within the entity for the use of…

Q: A legal obligation is an obligation that derives from: O a. Ordinary course of action. O b. Business…

A: This is related to IAS 37 Provisions, contingent liabilities and Continent assets.

Q: Differentiate financial accountant, management accountant and manager

A: Financial accountant, management account and manager are three types of employees in an…

Q: What is a summary income account?

A: Lets understand the basics. For recording the financial event and transaction, we pass the journal…

Q: _____________ is devoted to providing information to the external users

A: External users are investors, creditors and other third parties who review the financials of the…

Q: What is the departmental accounting system

A: solution concept department in an organization There are various departments in an organization for…

Q: The area of accounting concerned with providing internal users with information is called O a.…

A: There are mainly two types of users of accounting information - the external and . The external…

Q: 65. Accounting, as a support function, should include: O A. Financial accounting. OB. Cost and…

A: Accounting is the process of identifying, collecting, organizing, summarizing, grouping,…

Q: Question 34 Two assertions for which confirmation of accounts receivable balances provide primary…

A: Accounts receivable are those account balances which appear on the current assets of balance sheet…

Q: Briefly outline accounting standards  IAS 2 and IFRS 15 with examples

A: IAS 2, Inventories, provides guidance on the accounting treatment for inventories (i.e., goods held…

Q: What can be understood by Staff Accounting Bulletins?

A: International Financial Reporting Standards (IFRS):  International Financial Reporting Standards is…

Q: Office memorandum and office orders explaination in detail

A: A memorandum can be explained as an official decision taken and which is required to be displayed…

Q: How to make a personal financial statement?

A: Personal Dinancial statement is a summary statement of individual financial position, it contains…

Q: Element of banking

A: The answer for the theory question on element of banking is discussed hereunder :

Q: How is cash-basis accounting different from accrual-basis accounting?

A: Cash basis accounting is the simple and effective method where only cash transactions are recorded.…

Q: From the following sub areas of accounting information system, identify, which one belongs to the…

A: Accounting Information system is a set of components used for gathering, making, storing, preparing,…

Q: internal auditor is more likely to be concerned with

A: External auditor is auditor appointed by organizations to report on the truthiness and fairness of…

Q: Management accounting is used by  A. Internal managers B. Shareholders  C. External users D.…

A: Accounting is the process of recording and reporting the monetary transactions in the books of…

Q: Credit scoring is the:

A: Credit scoring: It is a statistical analysis done by financial institutions and lenders to decide a…

Q: How does accounting provide important data to a. Internal users b. External users

A: The process by which financial transactions of the business are recorded and communicated with the…

Q: What are the administrative expenses?

A: Administrative expenses are expenses an organization incurs that are not directly tied to a specific…

Q: Write any two important features of Income and Expenditure Account?

A: Introduction: Income statement: All revenues and expenses are shown in Income statement. All…

Q: Principles of professional accountancy? Expalin

A: Professional accounting may be defined as an accounting field that would be defined by a statutory…

Q: List three professional certifications offered in accounting and the organizations that offer them.

A: Definition: Corporation: The form of business entity ,which is incorporated by state law into a…

Q: Ethics of accruals and deferrals.

A: Lets understand the meaning of accrual and deferrals. Accrual is a recording income and expense in…

Q: Importance of cost accounting to an Accounting student

A: Cost accounting is an essential part of every business. This will help you to make better financial…

Q: How different in management accounting from cost accounting? Provide a brief commentary in two…

A: Definition: Accounting: Accounting is the process of recording, summarizing, and reporting all the…

Q: Define Debit

A: Accounting depends on double entry system. As per dual aspect principle of accounting, each and…

Q: Explain in detail for the following with your own examples. a. Scope of Management Accounting b.…

A: a. Scope of Management Accounting Management accounting is the process of collecting, analysing, and…

Q: Discuss the different part of SAGE 50 Peachtree A.payables B.receivable C.inventory D.payroll

A: Introduction: In any kind of organization, there include different functional departments like human…

Q: The VAT on government is described as a final withholding system creditable system no answer is…

A: VAT is the value added tax . It is a flat tax levied on an item. It is an indirect tax  and a…

Q: Distinguish between the following two accounting positions:controller and treasurer.

A: Accounting positions: The following are the listed accounting jobs that are important at different…

Q: How is the earned income credit determined?

A: Earned income credit: Earned income credit is a refundable tax credit system designed by the federal…