Whether the given statement is correct

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Answer 1

Question

Chapter 14, Problem 1Q

To determine

Whether the given statement is correct

Expert Solution & Answer

Explanation of Solution

Given statement:

The budgets are beneficial only to the small scale companies as they can estimate the sales with accuracy.

Whether the given statement is correct:

The statement is incorrect as budgets are useful for both the small and large companies. Budgets are the tool of communication where the company communicates its objectives through budgets in a document by formalizing the plans framed by management.

Budgets and these kinds of benefits are applicable to all sizes of the companies which operate at various levels of complexity.

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Students have asked these similar questions

Swifty Supply Co. has the following transactions related to notes receivable during the last 2 months of 2027. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $85,500, 90-day, 8% note. 16 Received a $87,840, 180 day. 10% note to settle an open account from Joe Fernetti. 31 Accrued interest revenue on all notes receivable. (a) Journalize the transactions for Swifty Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for cal in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit

Hi expert please give me answer general accounting question

Howard James started a business in 2011 in Jamaica and has been operating in the wholesale/retail industries, where he buys and sells household items to the local market. In 2012, he expanded his business operations and opened two other businesses in Trinidad and Tobago and Antigua and Barbuda, respectively. The annual sales of the respective businesses in 2015 are: Jamaica: J$3,000.00 Trinidad and Tobago: TT$251,000.00 Antigua and Barbuda: $299.00 Mr. James failed to register his business for VAT/GCT as specified by the respective Sales Tax Acts and Regulations. He stated that there is no need for his businesses to be registered because their sales are under the VAT thresholds and thus not required to be registered. a) You are to advise Mr. James if his decision not to register his businesses is justifiable. b) Search the respective VAT Acts for the 3 countries and advise Mr. James of the benefits of being a registered taxpayer; also the penalties for not registering for VAT/GCT.

Answer 2

Question

Chapter 14, Problem 1Q

To determine

Whether the given statement is correct

Expert Solution & Answer

Explanation of Solution

Given statement:

The budgets are beneficial only to the small scale companies as they can estimate the sales with accuracy.

Whether the given statement is correct:

The statement is incorrect as budgets are useful for both the small and large companies. Budgets are the tool of communication where the company communicates its objectives through budgets in a document by formalizing the plans framed by management.

Budgets and these kinds of benefits are applicable to all sizes of the companies which operate at various levels of complexity.

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Answer 3

Question

Chapter 14, Problem 1Q

To determine

Whether the given statement is correct

Expert Solution & Answer

Explanation of Solution

Given statement:

The budgets are beneficial only to the small scale companies as they can estimate the sales with accuracy.

Whether the given statement is correct:

The statement is incorrect as budgets are useful for both the small and large companies. Budgets are the tool of communication where the company communicates its objectives through budgets in a document by formalizing the plans framed by management.

Budgets and these kinds of benefits are applicable to all sizes of the companies which operate at various levels of complexity.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 14, Problem 1Q

To determine

Whether the given statement is correct

Expert Solution & Answer

Explanation of Solution

Given statement:

The budgets are beneficial only to the small scale companies as they can estimate the sales with accuracy.

Whether the given statement is correct:

The statement is incorrect as budgets are useful for both the small and large companies. Budgets are the tool of communication where the company communicates its objectives through budgets in a document by formalizing the plans framed by management.

Budgets and these kinds of benefits are applicable to all sizes of the companies which operate at various levels of complexity.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 14, Problem 1Q

To determine

Whether the given statement is correct

Expert Solution & Answer

Explanation of Solution

Given statement:

The budgets are beneficial only to the small scale companies as they can estimate the sales with accuracy.

Whether the given statement is correct:

The statement is incorrect as budgets are useful for both the small and large companies. Budgets are the tool of communication where the company communicates its objectives through budgets in a document by formalizing the plans framed by management.

Budgets and these kinds of benefits are applicable to all sizes of the companies which operate at various levels of complexity.

Answer 6

Chapter 14, Problem 1Q

To determine

Whether the given statement is correct

Expert Solution & Answer

Explanation of Solution

Given statement:

The budgets are beneficial only to the small scale companies as they can estimate the sales with accuracy.

Whether the given statement is correct:

The statement is incorrect as budgets are useful for both the small and large companies. Budgets are the tool of communication where the company communicates its objectives through budgets in a document by formalizing the plans framed by management.

Budgets and these kinds of benefits are applicable to all sizes of the companies which operate at various levels of complexity.

Answer 7

Chapter 14, Problem 1Q

To determine

Whether the given statement is correct

Answer 8

Expert Solution & Answer

Explanation of Solution

Given statement:

The budgets are beneficial only to the small scale companies as they can estimate the sales with accuracy.

Whether the given statement is correct:

The statement is incorrect as budgets are useful for both the small and large companies. Budgets are the tool of communication where the company communicates its objectives through budgets in a document by formalizing the plans framed by management.

Budgets and these kinds of benefits are applicable to all sizes of the companies which operate at various levels of complexity.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

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Whether the given statement is correct

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Whether the given statement is correct

Explanation of Solution

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Chapter 14 Solutions