Question 22. A complete commercial invoice can be used for accounting for duties instead of Canada Custom invoice. True False

Q: Question 34 Which of the following is NOT an example of a source document? O Sales invoice O Journal…

A: Since there are multiple questions posted we will answer the first question for you as per the…

Q: Which of the following transactions will decrease the normal balance of Popstar Royalty branch…

A: Net income is the amount an individual or corporation earns after deducting costs, allowances, and…

Q: This revenue recognition method applies when the customer wants to make payments in portions and the…

A: Revenue recognition states that the revenue has to be recognized when it is earned or realized or…

Q: 1. When will the delivery of a check produce the effect of payment even if the same had not been…

A: A check seems to be a written, dated and acknowledged instrument that instructs a bank to pay its…

Q: Which of the following error will be called as an Error of Commission?

A: The error of principle states that it is a error when entries are posted correct for amount but in…

Q: An account that is classified as a contra-revenue: O a. may include sales discounts and credit card…

A: Solution: A contra revenue account is reverse of revenue account i.e. contra revenue accounts is…

Q: v. The financial controller of MJA Bhd. will not allow you to confirm the accounts receivable…

A: In the given case, the financial controller of MJA Bhd. has not allowed to confirm the accounts…

Q: Which is not correct?    The sale of VAT registrable persons are not subject to VAT and input VAT…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…

Q: Which of the following statement is not correct?   Employees who approve the payment should not…

A: The internal control creates framework for ruling the business operations and protects from…

Q: Question 7 The Vendor Number can be left blank in the case of a cash purchase. 4 O False True

A: Lets understand the basics.Credit purchases, when the customer agrees to pay for the products or…

Q: Question Content Area If a company accepts a major credit card such as Visa from a customer, then…

A: False

Q: QUESTION 16 Which of the following items found on a bank reconciliation does NOT require an…

A: Dear student,  Since you have specified Question #16 to be answered, I am posting the answer for the…

Q: In the province of Ontario and for HST/GST purposes, if you sell exempt rated services, you cannot…

A: Exempt-rated supplies do not attract HST; Where as Zero-rated supplies, on the other hand, are…

Q: 6 S1: Reciprocal accounts in the statement of financial position under home office and branch…

A: Combined or consolidated financial statement refer to the financial statement of a parent company…

Q: Question 9 Which 3 conditions could lead to the beginning balance of a bank or credit card…

A: The purpose of a reconciliation statement is to identify and resolve any discrepancies between the…

Q: 1. Under a consignment arrangement, the consignor recognizes net revenue equal to the gross sales…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: A payroll clerk and an HR clerk colluded in committing a fraudulent act that affects the payroll…

A: Payroll fraud takes place whenever a person manipulates a payroll system to get the cash to which…

Q: Type Details Particulars Code Reference Amount Date ForeignCurrencyAmount ConversionCharge Food…

A: Given the bank statement shows  1. Direct credit 2. Payment 3. Direct debit Direct credit is the…

Q: With drawl slip is used for Remit money None of these Transfer money Deposit money

A: Withdrawal slip is the document filled by the bank account holder and submitted to banker to…

Q: ec. 1-31 Unearned Gift Card Revenue Sales Revenue Sales Revenue (Breakage) (To record redemption and…

A: Unearned revenue is money received by a person or firm for a service or product that has not yet…

Q: 27 The direct write-off method is generally not permitted for financial reporting purposes because…

A: Compared to the allowance method, it would allow greater flexibility to managers in manipulating…

Q: What is the term used to describe the amount of accounts receivable that is actually expected to be…

A: A. The present value of accounts receivable is the amount of accounts receivable discounted to its…

Q: Which of the following are examples of the misappropriation of assets? O A. An employee theft of…

A: These kinds of conditions happen frequently in an organisation.

Q: Business rules i

A: Business process indicates a particular pattern to follow the activities and manage the transactions…

Q: In the allowance method why when account receivable is write off, bad debt expense is not debited?

A: The allowance Method is an indirect method of writing off bad debts. It means setting aside a…

Q: Note: Just provide the right answers no need for many information or explanations. 44 a penalty…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 36-Assuming that Bushra Trading LLC is trading a textiles business in Nizwa.  The business wants to…

A: Credit sales means when goods are sold to customers but they have not paid amount immediately. They…

Q: Statement 1: A commission payable to the consignee by the consignor is for loyalty payment.…

A: A cosignor pays comission to cosignee for normal sales, for extra ordinary sales and when a cosignee…

Q: The entry to eliminate the receipt of intercompany note receivable includes a credit to Note…

A: In the preparation of consolidated accounts, intercompany elimination refers to the process of…

Q: A credit memo states the amount of a sales allowance or return

A: Credit memo is a document issued by the seller of the goods to the buyer as a source document

Q: Which of the following is not related to the control of purchase of goods and services? O Approval…

A: Several measures have been suggested as a control of purchase of goods and services. We have to find…

Q: 8-Which of the following error will be called as an Error of Commission? a. A transaction is posted…

A: Rectification entry means where some error has been done in past and we need to rectify that errors.

Q: None

A: A) Matching principleThe matching principle is a fundamental accounting principle that requires…

Q: 33. A revenue account 34. If the trial balance is not balanced, it means that the total debits does…

A: Solution: Introduction: Normal debit or Credit balance is the balance of respective account ledgers…

Q: The journal entry to record uncollectible accounts expense under the allowance method is a.…

A: Journal entries are reported in the books so as to report the transactions primarily and to keep a…

Q: would help an auditor determine whether accounts payable have been misstated?     Examining…

A: Accounts payable (AP) is the sum owed to creditors and suppliers by a corporation (also referred to…

Q: when the company sold goods on account the A/P will be in the debit side O True O False

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The Market Adjustment account can only have a credit balance or a zero balance. True False

A: True. The Market Adjustment account is a contra-equity account used to record adjustments to the…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.