Which statement is true? Beauty and barber shops are cash-intensive businesses. Where the application of funds is greater than the sources, a person is deemed to have an overstatement of income. O Where the application of funds is less than the source, a taxpayer is deemed to have an understatement of income. The Cash T is appropriate for persons where a substantial amount of income is deposited in banks and the expenditures are proportionate to the income reported.

Q: Multiple Choice Question The officer responsible for managing the firm's cash flows is the ______.…

A: In accounting, a treasurer refers to an individual or position within an organization that is…

Q: Regarding Nonprofit Accounting, are there rules/policies regarding source documents and receipts for…

A: Not-for-profit bookkeeping alludes to the remarkable arrangement of recordation and detailing that…

Q: business

A: Company will windup at the end when borrowing are excessive and at that time all the assets and…

Q: This year, returns at large number of returns a. - policy to steal money How can sal b. hat interna…

A: Definition: Internal Control: Internal control refers to the plan of a company. Implementation of an…

Q: What are capital expenditures?   Multiple Choice   Additions or subtractions from debt.   Outlays…

A: Capital expenditures refer to expenditures made on fixed assets that provide long-term benefits to…

Q: What happens when business revenues are added or placed in the personal cash accounts of the owner?

A: The owner of a business may add business revenues to their personal cash accounts for a number of…

Q: After removing the Change Fund, a cash shortage exists if: a.the Petty Cash Fund is greater than the…

A: To meet daily expenses which are insignificant in nature, organisation keeps some amount of change…

Q: Donations in cash are easy to measure. What is the treatment that not-for-profit organizations use…

A: Not-for-profit organizations (NPOs) are organizations that are established for purposes other than…

Q: You ask a new client, Brad, "what are your financial obligations and what are your assets?" What…

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

Q: ______________ is a form of cash misappropriation where employees steal incoming funds prior to…

A: In  internal control system and auditing system the efforts are made to prevent frauds…

Q: A donor pledges money to the organization but has not paid it yet. The donor does not indicate how…

A: This will be regarded as an increase in net assets without any restrictions from the donor as the…

Q: _________________ is a form of cash misappropriation scheme where employees steal incoming funds…

A: The cash management is very important because effect on the working as well as financial decision…

Q: [The following information applies to the questions displayed below.] The transactions of Spade…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: Which of the following statements correctly describes the reporting of cash? O Cash is listed first…

A: Cash is listed first in the current assets section.This statement is correct. In the balance sheet,…

Q: What happens if a business use the owner's personal fund to pay for expenses?

A: It does happens sometimes that the owner pays for the expenses from his personal fund under certain…

Q: Method of Investigation: The Net Worth Method: The Net Worth Method is used to determine the…

A: Net Worth of a person, business or company is calculated by subtracting all the liabilities from the…

Q: Accounting: type question:, An expenditure is capital expenditure because A. the amount is paid in…

A: Lets understand the basics.Costs are divided into mainly two segments which are,(1) Revenue…

Q: Are there any regulations or procedures in place for source documentation and receipts for payments…

A: There are no separate regulations or procedures for source documentation of NPO's. however Not for…

Q: What happens when an owner withdraws cash for personal use? Onothing, because the cash is not for…

A: Basic accounting equation is  Total assets = Total liabilities + Owners equity

Q: Estate planning is the process by which an individual may determine how his or her assets will be…

A: Estate planning refers to the process of making arrangements for the management and distribution of…

Functions of Financial Institutions

Financial institutions are businesses that are formed to deal with financial and monetary transactions. These organizations primarily accept deposits, advance loans, make investments, and provide foreign exchange services. Financial institutions include, but are not limited to, banks, insurance companies, trust companies, brokerage firms, and investment bankers. Because financial institutions play such an important role in the economy in terms of monetary transactions, regulating their activities has become a requirement for governmental authorities. As a result, the government creates a multitude of laws and regulations to oversee the activities of financial institutions.