Selected Answer: Both A and B. Correct Answer: Both A and B. Question 4 0 out of 1 points If credit sales for the year are $120‚000 and the accounts receivable balance has increased by $10‚500 over the year how much cash was received from accounts receivable during the year? Answer Selected Answer: $10‚500. Correct Answer: $109‚500. Question 5 1 out of 1 points Which item would not be included in the operating section of a statement
Premium Cash flow Depreciation Income statement
1. Is this an example of fraudulent financial reporting or misappropriation of assets In this case‚ it is misappropriation of assets because the fraud is the consequence of the employee theft. As it is stated in the case “manager at Aspen store was stealing payments by customers on accounts. That’s why subledger was out of balance with the GL. To cover it up‚ the manager debited the sales account‚ which was why the gross margins didn’t make sense.” 2. What created an opportunity to commit the fraud
Premium Auditing Internal control Audit
University of Wollongong Research Online Faculty of Business - Accounting & Finance Working Papers Faculty of Business 2006 Regulation: Standardising Accounting Practice M. Gaffikin University of Wollongong‚ gaffikin@uow.edu.au Publication Details This working paper was originally published as Gaffikin‚ M‚ Regulation: Standardising Accounting Practice‚ Accounting & Finance Working Paper 06/22‚ School of Accounting & Finance‚ University of Wollongong‚ 2006. Research Online is the open access
Premium International Financial Reporting Standards Financial Accounting Standards Board Financial statements
Q1. Show the effect of each of the seven listed transactions on the balance sheet items of Carpet Center Plus. Indicate the new balances after the transaction of May 2 and each subsequent transaction. The effects of the May 1 transaction are already filled in to provide you with an example. May | 1 | Issued capital stock for $75‚000. | | 2 | Purchased a small office building at a price of $58‚000 for the land and $65‚000 for the building. Paid $43‚000 cash and signed a note payable for the
Premium Balance sheet Generally Accepted Accounting Principles Revenue
EXERCISE 2–1 Classifying Manufacturing Costs [LO1] Your Boat‚ Inc.‚ assembles custom sailboats from components supplied by various manufacturers. The company is very small and its assembly shop and retail sales store are housed in a Gig Harbor‚ Washington‚ boathouse. Below are listed some of the costs that are incurred at the company. Required: For each cost‚ indicate whether it would most likely be classified as direct labor‚ direct materials‚ manufacturing overhead‚ selling‚ or an
Premium Variable cost Costs Fixed cost
Green Accounting: Concepts and Practices Research Paper Responsibility towards environment has become one of the most crucial areas of social responsibility. With the concept of sustainable development catching on rapidly‚ corporate and industrial houses across the world are increasingly incorporating the environmental element in their day-to-day business operations. They are clear in their perception that along with quality‚ safety of the environment too‚ is an important factor in making a business
Premium Sustainability Environmentalism Environment
Children of all ages desire the love and support of adults. Infants are very curious and are able to learn a lot on their own just by exploring. However I feel having an interested and engaged adult is still needed in order for an infant to learn. The interference of an adult only encourage the child’s development. Well a child is playing adults have many opportunities to support their learning. For example‚ if an infant is playing with a car an adult can be their supporting the child’s learning
Premium Learning Developmental psychology Play
Technology with Accounting Research Journal article by James E. Hunton; Accounting Horizons‚ Vol. 16‚ 2002 Journal Article Excerpt See below... Blending Information and Communication Technology with Accounting Research. by James E. Hunton INTRODUCTION The purpose of this commentary is to explore how information and communication technologies (ICT) have forever changed many aspects of business and accounting practice and‚ as a result‚ offer new and exciting research opportunities to accounting professionals
Premium Business Management
Unethical Practice and Behaiors in Accounting Byron Nelson February 11‚ 2013 ACC/290 U. Peter Wueger University of Phoenix Introduction Unethical practices and behaviors in accounting can be attributed to a variety of circumstances. Greed‚ opprotunity‚ disconnection‚ and ignorance can be said to be the primary root issues behind these practices. In an effort to prevent these practices former U. S. Senator Paul Sarbanes and former U. S. epresenative Michael Oxley drafter legislation that
Premium Business ethics Ethics Management
State University ACC202 – Managerial Accounting – Practice Test Chapters 14‚ 1‚ 2 Professor Paul F McGee‚ CPA Name___________________________________________ Please indicate the best/correct answer by circling the appropriate letter. 1. Managerial accounting helps managers perform three vital activities. These activities include all of the following except: a. Planning b. Controlling c. Decision making d. Hiring Controllers 2. The act that was intended to protect the interests of
Premium Cash flow statement Generally Accepted Accounting Principles Balance sheet