DATA ANALY ACCT + CONNECT LL
1st Edition
ISBN: 9781266167867
Author: RICHARDSON
Publisher: MCG/CREATE
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Chapter 6, Problem 5P
In a certain company, one accountant records most of the adjusting journal entries at the end of the month. What type of analysis could be used to identify that this happens and the cumulative size of the transactions that the one accountant records? Is this a problem or if not, when would it be?
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- The accountant forgot to record the accrual of salary and wages expense for the last few days of the month. What is the effect on the financial statements due to this omission? Address both financial statements and which account(s) may be misstated.arrow_forwardWhich of the following statements does not fit the job title? An accounting clerk works out accounting entries. An accounting clerk, together with the owner, compares this year’s and last year’s income statements. An accounting clerk uses software to record accounting entries. An accounting clerk inquires about a suspected error made by the bank.arrow_forwardUnder the new revenue recognition standard, what must companies do at the end of the period related to sales returns? Describe the journal entries that would be recorded.arrow_forward
- 1. When should you select settings and customizations for your company file? A. At the time you create the company file B. As work related to the settings comes up C. Before the end of the business's first fiscal year D. In the second quarter 2. What is the Chart of Accounts? A. The list of accounts for each transaction in the accounting system or general ledger B. The menu of products and services that the company offers its customers C. The full list of account numbers associated with the company's customers and vendors D. The balance of each account as of the start date of the business 3. Which of these would be an appropriate start date for a business? A. December 31 of the current year B. The first day of a period, month, quarter, or year C. The day of your first expense D. The day of your first sale 4. What is an historical transaction? A. A transaction that occurred before the start date of the company B. A transaction that appears in the company file by default in QuickBooks…arrow_forwardThe following items were selected from among the transactions completed by Sherwood Co. during the current year:Required:1. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Round your answers to the nearest dollar.2. Journalize the adjusting entry for each of the following accrued expenses at the end of the current year (refer to the Chart of Accounts for exact wording of account titles):a. Product warranty cost, $29,000.b. Interest on the nine remaining notes owed to Greenwood Co. Assume a 360-day year.arrow_forwardIf you were starting a business next month, what are some of the accounts you would establish up front to manage the business? Knowing that the chart of accounts can change, how often would you review your chart of accounts to potentially identify changes? When reviewing the chart of accounts, what personnel should be including in the review and the decision to make changes?arrow_forward
- When the business is highly seasonal, what does the standard suggest? A. Additional note about the seasonal natureB. Disclosure of financial information for the latest and comparative 12-month period in addition to the interim reportC. Additional disclosure in the accounting policy noteD. No additional disclosurearrow_forwardi need the answer for question number 2arrow_forwardMaddie Inc. has the following transactions for its first month of business. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?arrow_forward
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