#10 January 7‚ 2014 BSA 3-14 ACCO 3116 Prof. Flora Briones Chapter 20 SUBSTANTIVE TESTS OF TRANSACTIONS AND BALANCES 1. What is a cutoff bank statement? How is it used by the auditor? Cut off bank statement is the statement of transactions occurred for the 7 to 14 consequent days from the closing date of financial statement like Dec 31 provided by banks. It is used by the auditors to check the accuracy of checks outstanding and deposits in transit in accounting. 2. Why should
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An aging of a company’s accounts receivable indicates that $4‚500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1‚200 credit balance‚ the adjustment to record bad debts for the period will require a debit to Allowance for Doubtful Accounts for $3‚300. debit to Bad Debt Expense for $4‚500. credit to Allowance for Doubtful Accounts for $4‚500. debit to Bad Debt Expense for $3‚300. The financial statements of the Melton Manufacturing Company reports net sales
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output in each of the following scenarios (consider each one separately). a) R rises to 4 percent. b) R falls to 1 percent. c) a ¯c increases by 1 percentage point. d) a ¯g decreases by 2 percentage points. e) a ¯im decreases by 2 percentage points. Answer to Problem 1: This is just a straightforward application of the IS formula. You can verify that the changes in short-run output will be as follows: a) A fall of a fall of 1.5 percent. b) An increase of 0.75 percent. c) An increase of 1 percent. d)
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accounting quiz 1 [pic] 1 The primary purpose of accounting is to determine whether the business entity is profitable or unprofitable in its operations. A) True B) False This is the correct answer. Feedback: The primary purpose of accounting is to provide information that is useful for decision-making purposes. Accounting is ’not an end’‚ but rather it is a ’means to an end.’ LO 1 2 Costs‚ prices‚ sales volume‚ profits‚ and return on investment are all accounting measurements. A) True
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KEY PROBLEM 1 Suppose a candy company roaster producing generic suckers (measured by Q) has the following cost function: C(q) = 1 3 1 2 q − q + 3q + 180 1500 15 A i) Using the cost function‚ set-up functions to demonstrate the following costs: a) Fixed costs b) Variable costs c) Average fixed costs d) Average variable costs e) Average total costs e) Marginal cost of production Fixed Costs = FC(q) = 180 Variable Costs - VC(q) = 1 3 1 2 q − q + 3q 1500 15 AFC(q)
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Business Ethics Fundamental The public view on business ethics has never been high. Many citizens see business ethics as essentially a contradiction in terms‚ an oxymoron‚ and think that there is only a fine line between a business executive and a crook. Public opinion may be reported at 2 levels. At a broad level is the general perception of business ethics by the public and at a narrower level are specific perceptions as to what is going on inside the organization. There is no doubt that the media
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Introduction to Financial Accounting 1. A _____ year ends on a date that is determined by the firm‚ perhaps based on its business model (for example‚ many retailers choose the end of January). physical natural fiscal business cycle Normal ANS: C 2. An income statement connects two successive _____ through its effect on retained earnings. a. balance sheets b. cash flow statements c. cash receipts and disbursement statements d. funds flow statements e. financing statements
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Report On “PAYROLL MANAGEMENT SYSTEM” Prepared by:- Sanura Nilesh R.(110573116006) Padariya Sanket M.(110573116010) Submitted to:- Prof. Sushmita Mandal Assistant Professor of IT Department Marwadi Education Foundation Group Of Institutions Payroll Management System: Payroll is very simple‚ flexible and user-friendly Management software. That takes care of all your requirements relating to accounting and management of employees’ Payroll. Payroll stores complete
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Company Case: Bentley Motors: Differentiation and Positioning in International Market The mission of Bentley Motors‚ the definitive British luxury car company‚ to produce best cars in their class‚ has remained unchanged since it was expressed eloquently by its founder Walter Owen Bentley in London in 1919. Located in Crewe‚ England‚ since 1946 and owned since 1998 by Volkswagen AG‚ Bentley Motors is an international company developing and crafting one of the world’s most desirable luxury cars
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1)Why does Coelho open with the modified myth of Narcissus? How does the new version differ from the original one? How does it change the myth’s meaning? What might the author be suggesting about how we perceive ourselves and the world? Paulo Coelho began with the tale of Narcissus to show the reader that when you are so caught up in your own life you do not realize the greater things like nature and friends. It differs because it leaves out how the lake was also too caught up in its own beauty
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