Which 2 options are benefits of using the Close the books feature? It can prevent users from changing transactions in a closed period It keeps unauthorized users from accessing the QuickBooks Online company It keeps track of any changes made to any transactions dated after the closing date It keeps track of any changes made after the closing date was set to closed period transactions It can prevent users from accessing any information in a closed period

Which 2 options are benefits of using the Close the books feature? It can prevent users from changing transactions in a closed period It keeps unauthorized users from accessing the QuickBooks Online company It keeps track of any changes made to any transactions dated after the closing date It keeps track of any changes made after the closing date was set to closed period transactions It can prevent users from accessing any information in a closed period

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The sales of $2,000 made to Shanaya has been posted to the Sara’s account by mistake. It happened because a customer account number was incorrectly entered into the system. Explain what internal control procedure(s) would provide protection against this threat in future?
1 Only the answer without explain A or B or C or D
Blossom Company purchases various types of beach toys for sale to consumers. Listed below are the transactions for the month of June. Blossom uses a perpetual inventory system. June 1 Purchased 25 water tubes for $260 each terms n/30 FOB destination. 8 Returned 4 tubes purchased on June 1 due to defects. Received a full refund for the defective tubes. 10 Freight charges of $100 for the June 1 transaction are paid by the responsible party. 11 Made a complaint about competitive pricing. Received a $400 credit for the water tubes purchased on June 1. 15 Purchased 110 water tubes for $235 each on account, terms 2/10 n/30. 18 Made payment for the amount owing for the June 1 transaction. 20 Made payment for the amount owing for the June 15 transaction.
Wildhorse Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2025. Wildhorse had the following transactions related to notes payable Sept. 1 Sept. 30 Oct. 1 Oct. 31 Nov. 1 Nov. 30 Dec. 1 Dec. 31 Issued a $13,200 note to Pippen to purchase inventory. The 3-month note payable bears interest of 9% and is due December 1. (Wildhorse uses a perpetual inventory system) Recorded accrued interest for the Pippen note. Issued a $22,800, 9%, 4-month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1. Recorded accrued interest for the Pippen note and the Prime Bank note. Issued a $24,000 note and paid $7,600 cash to purchase a vehicle to transport clients to nearby climbing sites as part of a new series of climbing classes. This note bears interest of 6% and matures in 12 months. Recorded accrued interest for the Pippen note, the Prime Bank note, and…
Making a sale to customer who are already behind in making the payments on account is a threat. Rena is making a credit sale to Sara, a customer who is already six months behind in making payments on his account. What internal control procedure(s) would provide protection against these threats?
2nd-assignment-Flnacc (Protected View) - Microsoft Word AYOUT REFERENCES MAILINGS REVIEW VIEW et can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing . I 1 ..I · 2. .. 3. I . 4 ..1 . 5 Problem -2: In the course of your audit of the Romen Company, its controller is attempting to determine the amount of cash to be reported on its December 31, 2016 balance sheet. The following information is provided: 1. Commercial savings account of P1,200,000 and a commercial checking account balance of P1,800,000are held at Union Bank. 2. Travel advances of P360,000 for executive travel for the first quarter of the nest year (employee to reimburse through salary deduction). 3. A separate cash fund in the amount of P3,000,000 is restricted for the retirement of a long term debt. 4. Petty cash fund of P10,000 5. 1.O.U.from a company officer in the mount of P 40,000. 6. The company has two certificates of deposit, totaling P1,000,000. 7. The company received a…
Provide an appropriate response based on the following scenarios. Assume that the accounting clerk posts a customer’s payment for the wrong amount, giving the customer credit for less than he or she actually paid. How will this error be detected? How might this error have been prevented? Assume that the employee who opens the mail steals a customer payment. How will this theft be detected? How might this theft have been prevented?
How does a revolving line of credit work? Please do not copy and paste
Saved Help Save In 2021, the internal auditors of Blooper Inc. discovered that goods costing $12 million that were shipped f.o.b. shipping point in December of 2020 were in transit on December 31. The goods were recorded as a purchase in December of 2020 but were not included in the 2020 year-end inventory. Prepare the journal entry needed in 2021 to correct the error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Record the necessary entry to correct the error. Note: Enter debits before credits. Transaction General Journal Debit Credit
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Credit card fraud involving filling out multiple blank sales slips using the card is known as: skimming true name fraud merchant scamming nonreceipt fraud
I got this question wrong can you help me find the right answer and please explain?