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- 59. A P100,000 check dated December 30, 2021 was drawn by the Company against BSA bank in favor of its BSMA bank account. Per ledger, BSA Account has a credit of the amount on December 30 and BSMA ledger account showed a debit of the same mount on the same date. Per bank statements, BSA deducted the amount on January 2 while BSMA added the amount on January 1 only. Based on the foregoing, which of the following is true? a. Cash is overstated because of the window dressing made. b. Cash is correctly recorded at its balance as there was no embezzlement technique was employed in the situation. c. Cash is overstated because of the kiting performed. d. Cash is understated because of lapping has occurred.Under the Foreign Corrupt Practices Act of 1977 (FCPA): a. No US person or company that has securities listed on US markets may make a payment to a foreign officical for the purpose of obtaining or retaining business (pay a bribe) b. Companies that have securities listed on U. S. markets must make and keep financial records that accurately and fairly reflect transactions of the company and must design and maintain an adequate system of internal accounting controls. c. Certain payments to foreign officials known as “grease payments” made to an official to expedite the performance of duties that the official would already be bound to perform are permitted. d. only A and B are included in the FCPA e. A, B, and C are included in the FCPAMC43 The cash account shows a balance of P450,000 before reconciliation. The bank statement does not include a deposit of P23,000 made on the last day of the month. The bank statement shows a collection by the bank of P9,400 and a customer's check for P3,200 was returned because it was NSF. A customer's check for P4,500 was recorded on the books at P5,400, and a check written for P790 was recorded as P970. The correct balance in the cash account was? (with solution) a. P455,120 b. P455,480 c. P457,280 d. P478,480
- Which group in the federal goverment is responsible for counting M1 and M2 money amounts? A. Internal Revenue Service B. Department of the Treasury C. Federal Reserve D. US Mint Which problem associated with barter transactions is reduced when people conduct these transactions with money? A. Deflation B. Local sales taxes C. Inflation D. Transaction costsPalmetto Bug Extermination Corporation (PBEC), a U.S. company, regularly purchases chemicals from a supplier in Switzerland with the invoice price denominated in Swiss francs. PBEC has experienced several foreign exchange losses in the past year due to increases in the U.S. dollar price of the Swiss currency. As a result, Dewey Nukem, PBEC's CEO, has asked you to investigate the possibility of using derivative financial instruments, specifically foreign currency forward contracts and foreign currency options, to hedge the company's exposure to foreign exchange risk. Required Draft a memo to CEO Nukem comparing the advantages and disadvantages of using forward contracts and options to hedge foreign exchange risk. Recommend the type of hedging instrument you believe the company should employ and justify this recommendation.31. Which of the following is not a function of Bureau of Customs? Group of answer choices a. Assessment and Collection of all national internal revenue taxes, fees, and charges b. Simplification and harmonization of customs procedures to facilitate movement of goods in international trade c. Border control to prevent entry of smuggled goods d. Prevention and suppression of smuggling and other customs fraud e. Facilitation and security of international trade and commerce through an informed compliance program
- 12 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 102 02 X BANK DTH DOLAR XXX120 02 INTERNATIONAL BUYER XXX646 02 IR. CHANGE DIFFERENCE XXXWhich transaction does the journal entry belong to? A) Collection record of the export in the current periodB) Import fee transfer recordC) Foreign income registrationD) Recording of the return of the export priceE) Registration of collection in the next period of the export23 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 100 01 TL CASE XXX 100 02 DOLLAR CASE XXX 646 01 EXCHANGE PROFIT XX Which transaction belongs to the accounting record made?A) Foreign currency has been sold with negative exchange rate difference.B) The bank received foreign currency from DTH.C) Year-end appraisal has been made to the FX in the vault.D) Foreign currency was bought with a positive exchange rate difference.E) Foreign currency has been sold with a positive exchange rate.A US construction company paid a bribe to a foreign government official in an effort to land a contract in the official‘s country. When word leaked out, the US company‘s CEO said, ―Bribery is a standard business practice in that country. Required: What is your reaction to the CEO‘s statement?
- 38 Assume that Arkan Majan International LLC sold goods to its customer on credit for OMR 2500 and received notes receivables for the same amount. The customer directly deposited the amount of OMR2500 in company bank account that the company unaware. The company received the bank statement in which OMR 2500 is showing more as compared to company’s cash book balance. Therefore while preparing the Bank Reconciliation statement, what adjustment the accountant will do? Choose the correct answer from the following given options. a. Add OMR2500 to the bank statement balance b. Add OMR2500 to the cash book balance c. Less OMR2500 from the cash book balance d. Less OMR2500 from the bank statement balance Clear my choice15.Which of the following is/are considered as trade receivables?I. Claims from customers for merchandise soldII. Claims from employees representing cash advancesIII. Claims from employees representing selling price of goods sold under normal credit termsIV. Dishonored customer's noteV. Customer's accounts on which post-dated checks are heldVI. Receivables arising from subscription to the company's share capital a. I, II, III and V b. I, III and V c. I, III, IV and V d. I and III36. I. Imprest should be used for small reimbursements and material expenses such as utilities or to purchase assets for the firm.II. An unrecorded voided check would be disregarded if the company issued the check.III. Outstanding checks issued as a certified check shall be included as an adjustment to book to bank balance. a. I and III are true b. I and II are false c. II and III are false d. All statements are false
