Rectification of errors Once an accounting error is found, it should be properly rectified. The correction of accounting errors in a systematic manner is known as the rectification of errors. To Prepare : A journal entry necessary as a direct result of the error described .

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Definition Definition Items on the balance sheet that are created when the tax paid is more than tax considered on the income statement. Deferred tax assets result from overpayment and advance payment of taxes. They are recorded on the assets side of the balance sheet. A deferred tax asset results in the reduction of a future tax payment and is beneficial to the company. It arises when the profit as per tax laws is more than the profit as per books of accounts.

Chapter 20, Problem 20.17P

(1)

To determine

Rectification of errors

Once an accounting error is found, it should be properly rectified. The correction of accounting errors in a systematic manner is known as the rectification of errors.

To Prepare: A journal entry necessary as a direct result of the error described.

(2)

To determine

To describe: The other steps GY Industries would take to appropriately report the situation.

(3)

To determine

To prepare: A journal entry for 2018, depreciation adjustment.

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ABF's metal spare parts manufacturing company uses the customised production method by attributing the GST to the products it produces with the help of predetermined attribution coefficients. The processing of metal parts is carried out in two production departments: the Cutting and Drilling department, and the Assembly department. The GIS attribution coefficients for the two departments are based on the operating hours of machines and the cost of direct work respectively. At the beginning of the year, the following budgets were implemented: Cutting and Drilling Department Assembly Department Direct Labor Costs (in euros) 1.320.000 2.000.000 G.B.E. (in euros) 4.800.000 2.400.000 Machinery Operating Hours 80.000 5.000 Direct Work Hours 27.000 12.000 Requested: To calculate the coefficient of attribution of the General Secretariat that will be used in each department. (4 units) To determine the production cost per unit for order 158 which…

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Definition Definition Items on the balance sheet that are created when the tax paid is more than tax considered on the income statement. Deferred tax assets result from overpayment and advance payment of taxes. They are recorded on the assets side of the balance sheet. A deferred tax asset results in the reduction of a future tax payment and is beneficial to the company. It arises when the profit as per tax laws is more than the profit as per books of accounts.

Chapter 20, Problem 20.17P

(1)

To determine

Rectification of errors

Once an accounting error is found, it should be properly rectified. The correction of accounting errors in a systematic manner is known as the rectification of errors.

To Prepare: A journal entry necessary as a direct result of the error described.

(2)

To determine

To describe: The other steps GY Industries would take to appropriately report the situation.

(3)

To determine

To prepare: A journal entry for 2018, depreciation adjustment.

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Answer 3

Question

Definition Definition Items on the balance sheet that are created when the tax paid is more than tax considered on the income statement. Deferred tax assets result from overpayment and advance payment of taxes. They are recorded on the assets side of the balance sheet. A deferred tax asset results in the reduction of a future tax payment and is beneficial to the company. It arises when the profit as per tax laws is more than the profit as per books of accounts.

Chapter 20, Problem 20.17P

(1)

To determine

Rectification of errors

Once an accounting error is found, it should be properly rectified. The correction of accounting errors in a systematic manner is known as the rectification of errors.

To Prepare: A journal entry necessary as a direct result of the error described.

(2)

To determine

To describe: The other steps GY Industries would take to appropriately report the situation.

(3)

To determine

To prepare: A journal entry for 2018, depreciation adjustment.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Definition Definition Items on the balance sheet that are created when the tax paid is more than tax considered on the income statement. Deferred tax assets result from overpayment and advance payment of taxes. They are recorded on the assets side of the balance sheet. A deferred tax asset results in the reduction of a future tax payment and is beneficial to the company. It arises when the profit as per tax laws is more than the profit as per books of accounts.

Chapter 20, Problem 20.17P

(1)

To determine

Rectification of errors

Once an accounting error is found, it should be properly rectified. The correction of accounting errors in a systematic manner is known as the rectification of errors.

To Prepare: A journal entry necessary as a direct result of the error described.

(2)

To determine

To describe: The other steps GY Industries would take to appropriately report the situation.

(3)

To determine

To prepare: A journal entry for 2018, depreciation adjustment.

Expert Solution & Answer

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Answer 5

Chapter 20, Problem 20.17P

(1)

To determine

Rectification of errors

Once an accounting error is found, it should be properly rectified. The correction of accounting errors in a systematic manner is known as the rectification of errors.

To Prepare: A journal entry necessary as a direct result of the error described.

(2)

To determine

To describe: The other steps GY Industries would take to appropriately report the situation.

(3)

To determine

To prepare: A journal entry for 2018, depreciation adjustment.

Answer 6

Chapter 20, Problem 20.17P

(1)

To determine

Rectification of errors

Once an accounting error is found, it should be properly rectified. The correction of accounting errors in a systematic manner is known as the rectification of errors.

To Prepare: A journal entry necessary as a direct result of the error described.

Answer 7

Chapter 20, Problem 20.17P

(1)

To determine

Rectification of errors

Once an accounting error is found, it should be properly rectified. The correction of accounting errors in a systematic manner is known as the rectification of errors.

To Prepare: A journal entry necessary as a direct result of the error described.

Answer 8

(2)

To determine

To describe: The other steps GY Industries would take to appropriately report the situation.

Answer 9

(2)

To determine

To describe: The other steps GY Industries would take to appropriately report the situation.

Answer 10

(3)

To determine

To prepare: A journal entry for 2018, depreciation adjustment.

Answer 11

(3)

To determine

To prepare: A journal entry for 2018, depreciation adjustment.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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Rectification of errors Once an accounting error is found, it should be properly rectified. The correction of accounting errors in a systematic manner is known as the rectification of errors. To Prepare : A journal entry necessary as a direct result of the error described .

Solution Summary: The author explains the rectification of accounting errors in a systematic manner. GY Industries acquired industrial robots at the beginning of 2015.

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Rectification of errors

Once an accounting error is found, it should be properly rectified. The correction of accounting errors in a systematic manner is known as the rectification of errors.

To Prepare: A journal entry necessary as a direct result of the error described.

To describe: The other steps GY Industries would take to appropriately report the situation.

To prepare: A journal entry for 2018, depreciation adjustment.

Want to see the full answer?

Chapter 20 Solutions

Rectification of errors Once an accounting error is found, it should be properly rectified. The correction of accounting errors in a systematic manner is known as the rectification of errors. To Prepare : A journal entry necessary as a direct result of the error described .

Solution Summary: The author explains the rectification of accounting errors in a systematic manner. GY Industries acquired industrial robots at the beginning of 2015.

Videos

Rectification of errors Once an accounting error is found, it should be properly rectified. The correction of accounting errors in a systematic manner is known as the rectification of errors. To Prepare: A journal entry necessary as a direct result of the error described.

To describe: The other steps GY Industries would take to appropriately report the situation.

To prepare: A journal entry for 2018, depreciation adjustment.

Want to see the full answer?

Chapter 20 Solutions

Rectification of errors

Once an accounting error is found, it should be properly rectified. The correction of accounting errors in a systematic manner is known as the rectification of errors.

To Prepare: A journal entry necessary as a direct result of the error described.