Journals: Journals are prepared to record business transactions. There are two types of journals: Special Journals: Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows: Sales journal Sales Return Journal Purchase journal Purchase return journal Cash receipts journal Cash payment journal General Journal: All the business transactions which do not belong to special journals are recorded using General journal. To Indicate: The appropriate item or phrase for the given description

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Answer 1

Question

Chapter E, Problem 1QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals are recorded using General journal.

To Indicate:

The appropriate item or phrase for the given description

Expert Solution & Answer

Answer to Problem 1QS

The appropriate item or phrase for the given description is as follows:

Description	Term
1	D
2	E
3	A
4	C

Explanation of Solution

The appropriate item or phrase for the given description is explained as follows:

Description	Term
1	D	Company Sustainability aspect is the set of environmental, social and governance aspects of the company
2	E	SASB Conceptual framework is a structure to help guide development of sustainability standards
3	A	SASB is the entity that creates and publishes sustainability accounting standards
4	C	Social aspect is the aspect of company sustainability involved with donation to hospital, colleges and Community programs,

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FlagStaff Ltd has a defined benefit pension plan for its employees. The company is considering introducing a defined benefit contribution plan, which will be available to all incoming staff. Although the defined benefit plan is now closed to new staff, the fund is active for all employees who have tenure with the company. In 2020, the following actuarial report was received for the defined benefit plan: 2020/$ Present value of the defined benefit obligation 31 December 2019 18 000 000 Past Service Cost 4 000 000 Net interest ? Current service cost 600 000 Benefits paid 2 000 000 Actuarial gain/loss on DBO ? Present value of the defined benefit obligation 31 December 2020 21 000 000 Fair value of plan assets at 31 December 2019 17 000 000 Return on plan assets ? Contributions paid to the plan during the year 1 500 000 Benefits paid by the plan during the year 2 000 000 Fair value of plan assets at 31 December 2020 27 500 000 Additional information All…

Answer 2

Question

Chapter E, Problem 1QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals are recorded using General journal.

To Indicate:

The appropriate item or phrase for the given description

Expert Solution & Answer

Answer to Problem 1QS

The appropriate item or phrase for the given description is as follows:

Description	Term
1	D
2	E
3	A
4	C

Explanation of Solution

The appropriate item or phrase for the given description is explained as follows:

Description	Term
1	D	Company Sustainability aspect is the set of environmental, social and governance aspects of the company
2	E	SASB Conceptual framework is a structure to help guide development of sustainability standards
3	A	SASB is the entity that creates and publishes sustainability accounting standards
4	C	Social aspect is the aspect of company sustainability involved with donation to hospital, colleges and Community programs,

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Answer 3

Question

Chapter E, Problem 1QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals are recorded using General journal.

To Indicate:

The appropriate item or phrase for the given description

Expert Solution & Answer

Answer to Problem 1QS

The appropriate item or phrase for the given description is as follows:

Description	Term
1	D
2	E
3	A
4	C

Explanation of Solution

The appropriate item or phrase for the given description is explained as follows:

Description	Term
1	D	Company Sustainability aspect is the set of environmental, social and governance aspects of the company
2	E	SASB Conceptual framework is a structure to help guide development of sustainability standards
3	A	SASB is the entity that creates and publishes sustainability accounting standards
4	C	Social aspect is the aspect of company sustainability involved with donation to hospital, colleges and Community programs,

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Answer 4

Question

Chapter E, Problem 1QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals are recorded using General journal.

To Indicate:

The appropriate item or phrase for the given description

Expert Solution & Answer

Answer to Problem 1QS

The appropriate item or phrase for the given description is as follows:

Description	Term
1	D
2	E
3	A
4	C

Explanation of Solution

The appropriate item or phrase for the given description is explained as follows:

Description	Term
1	D	Company Sustainability aspect is the set of environmental, social and governance aspects of the company
2	E	SASB Conceptual framework is a structure to help guide development of sustainability standards
3	A	SASB is the entity that creates and publishes sustainability accounting standards
4	C	Social aspect is the aspect of company sustainability involved with donation to hospital, colleges and Community programs,

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Answer 5

Chapter E, Problem 1QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals are recorded using General journal.

To Indicate:

The appropriate item or phrase for the given description

Expert Solution & Answer

Answer to Problem 1QS

The appropriate item or phrase for the given description is as follows:

Description	Term
1	D
2	E
3	A
4	C

Explanation of Solution

The appropriate item or phrase for the given description is explained as follows:

Description	Term
1	D	Company Sustainability aspect is the set of environmental, social and governance aspects of the company
2	E	SASB Conceptual framework is a structure to help guide development of sustainability standards
3	A	SASB is the entity that creates and publishes sustainability accounting standards
4	C	Social aspect is the aspect of company sustainability involved with donation to hospital, colleges and Community programs,

Answer 6

Chapter E, Problem 1QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals are recorded using General journal.

To Indicate:

The appropriate item or phrase for the given description

Expert Solution & Answer

Answer to Problem 1QS

The appropriate item or phrase for the given description is as follows:

Description	Term
1	D
2	E
3	A
4	C

Explanation of Solution

The appropriate item or phrase for the given description is explained as follows:

Description	Term
1	D	Company Sustainability aspect is the set of environmental, social and governance aspects of the company
2	E	SASB Conceptual framework is a structure to help guide development of sustainability standards
3	A	SASB is the entity that creates and publishes sustainability accounting standards
4	C	Social aspect is the aspect of company sustainability involved with donation to hospital, colleges and Community programs,

Answer 7

Chapter E, Problem 1QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals are recorded using General journal.

To Indicate:

The appropriate item or phrase for the given description

Answer 8

Expert Solution & Answer

Answer to Problem 1QS

The appropriate item or phrase for the given description is as follows:

Description	Term
1	D
2	E
3	A
4	C

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

The appropriate item or phrase for the given description is explained as follows:

Description	Term
1	D	Company Sustainability aspect is the set of environmental, social and governance aspects of the company
2	E	SASB Conceptual framework is a structure to help guide development of sustainability standards
3	A	SASB is the entity that creates and publishes sustainability accounting standards
4	C	Social aspect is the aspect of company sustainability involved with donation to hospital, colleges and Community programs,

Answer 12

Ch. E - Prob. 1QS

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Answer to Problem 1QS

Explanation of Solution

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Chapter E Solutions