Reconciliations of the General Ledger Control Accounts to the Subsidiary Ledgers are an example of A. Data entry controls B. Output controls C. Logical access controls D. Segregation of duties

Q: Non-recording of purchases during the current and the non-inclusion of the goods purchased in ending...

A: Solution Concept Purchase is the recorded in the debit side of the income statement Purchase is the ...

Q: The statement of financial position of Trend, Inc. is presented below. These are the only accounts i...

A: Hi student Since there are multiple subparts, we will answer only first three subparts.  

Q: Last month when Holiday Creations, Incorporated, sold 41,000 units, total sales were $164,000, total...

A: Formula: Contribution margin ratio = ( Contribution margin / Sales ) x 100

Q: Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the ...

A: Liquidation of Partnership - Liquidation of partnership is the process of selling all the assets ava...

Q: The accountant for Lucky Corporation has developed the following information for the company's defin...

A: Solution Working note  Pension expense- Service cost  1000000 Add amortised prior service cost ...

Q: (1) Services performed but unbilled and uncollected at July 31 were $1,840. (2) Depreciation on equi...

A: The adjustment entries are prepared at end of period. These entries are prepared to adjust the reven...

Q: OnJanuary 1 of the current y ear, the Jordan Morris Company purchased office machinery for $94,000. ...

A: Solution..     Rate of depreciation  = 200% ÷ life  = 200% ÷ 5  = 40% 

Q: In year 2022, payment of rent for the month is debited to Rent Income. What is the effect of the err...

A: Correct entry: Debit: Rent expense  Credit: Cash   Entry recorded: Debit: Rent income Credit: Cash  ...

Q: In year 2022, collection of interest income is credited to Interest Expense. What is the effect of t...

A: Correct entry: Debit: Cash Credit: Interest income   Entry recorded: Debit: Cash Credit: Interest ex...

Q: n order to make CDs look more attractive as an investment than they really are,  some banks advertis...

A: calculation of compound interest yield rate are as follows.

Q: The projected benefit obligation is the measure of pension obligation that __is not sanctioned und...

A: The three components of pension expense 1. Service cost, 2. the interest cost,  3. expected return o...

Q: The following are budgeted data: January February March Sales in units 15,600 21,200 18,600 Producti...

A: Formula: Purchase of raw materials = Total produced units + Ending inventory - Beginning Inventory  

Q: Cost of acquisition of capital asset being immovable property acquired through gift covered u/s 49(4...

A: ANSWER Option D = Actual cost of acquisition to the previous owner    

Q: What is the effect of omission of prepaid expense in retained earnings at the end of year 2? Group ...

A: Prepaid expenses are those expenses which are related with future period of time but paid in advance...

Q: How much would you need to pay up front for a car that sells for $13,000, with 7% sales tax, a $2,60...

A: Down Payment = $2,600 License and registration fee = $78 Insurance premium = $99 Sales Tax = 7% x $1...

Q: Top executive officers of Tildon Company, a merchandising firm, are preparing the next year's budget...

A: An income statement is a financial report that indicates the revenue and expenses of a business. It ...

Q: Sales Less: Cost of goods so Fixed overhead cos Variable production Cost of goods sold Gross margin ...

A: The question is based on the concept of Cost Accounting.

Q: Find out from the following a scientific and accurate method of factory overhead absorption: Percent...

A: Factory Overhead Absorption is an important matter in pricing a product or determining total cost of...

Q: If a company's selling prices are $5, variable costs are $3 and fixed costs are $100,000, The number...

A: Break even point is the point of zero profits. Or we can say that it is the point where the Contribu...

Q: Disallowed Representation and Entertainment Expense, P35,231.84 Examination disclosed that the amoun...

A:

Q: From the following information, find the branch profit or loss of the branch: PARTICULARS AMOUNT Ope...

A: Income statement shows the profit or loss (P & L) of the company. Profit arises when income is m...

Q: A local picnic table manufacturer has budgeted these overhead costs: Purchasing $77,000 Handling Ma...

A: In this question , we will find out the total order cost:

Q: Institution-based view argues that the success and failure of firms are enabled and constrained by i...

A: Institution-based view refers to the view that devises strategic choices as a product of the dynamic...

Q: During your audit of the books of Antigua Corporation for the year ended December 31, 2021, you disc...

A:

Q: How much is her EBIT at the end of the first month?

A: The calculation of EBIT ( Earnings Before Interest and Tax) of Mrs Hiphop is shown hereunder : Total...

Q: Pine Hardware Store had net credit sales of $6,500,000 and cost of goods sold of $5,000,000 for the ...

A: Solution..   Net credit sales = $6,500,000  Beginning accounts receivable = $600,000  Ending account...

Q: This type of financial statement is basically produced by deducting expenses from the revenues of an...

A: Financial Statements: Written documents that communicate information about a company's business oper...

Q: Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the ...

A:                                 In liquidation of partnership we prepare Realisation A/c to find out...

Q: Determine the following amounts at the beginning of the lease: (Round your intermediate and final an...

A: Lease liability refers to obligation of the company requires to pay periodic lease payment on the le...

Q: Depreciation of equipment during 2021 was understated by P 12,000. What would be the adjusting entry...

A: Note: Understated depreciation mean depreciation expense are booked lesser than the actual depreciat...

Q: If an Investment of $5000 will grow to $8000 in four years with quarterly compounding the effective ...

A: The amount invested today will increase in the future if the amount is invested in some financial in...

Q: On January 1, year 1, Bray Company purchased for P 240,000 a machine with a useful life of ten years...

A: Revised depreciation = (net carrying value - residual value) / remaining useful life Where,  Remaini...

Q: Retained earnings at December 31, 2023 is not affected if Inventory at the beginning of year 2023 ...

A: If the beginning inventory of 2023 is overstated (or ending inventory of 2022 is overstated): Net i...

Q: What rate compounded monthly was charged on a loan of ₱3500.00 repaid in monthly installments of ₱10...

A: Interest rate refers to the rate that is charged by the lender on the amount blended by them to the ...

Q: Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the ...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: If a partnership is liquidated, partners ( except for limited partners) are liable to the extent of ...

A: Partnership is an agreement by two or more individuals to do a business together and the profit or l...

Q: 5. Retained Earnings as of December 31, 2020 [ Select] 6. Retained Earnings as of December 31, 2021 ...

A: Calculation of net income for the year

Q: If a firm total income is Rs. 10300000, the marginal relief available to the firm is: None of the ab...

A: As per The Income Tax Act 1961, Surcharge will be levied on the Tax if the total Income exceeds Rs. ...

Q: A serious exposure in the revenue cycle is customer dissatisfaction. What is the related threat and ...

A: In this question we tell about a serious exposure in the revenue cycle is customer dissatisfaction.W...

Q: On dissolution of a firm, the Balance Sheet revealed that total creditors' 50,000, Total Capital 48,...

A: Solution..   Capital = ₹48,000  Creditors = ₹50,000  Cash  = ₹3,000  Loss on realisation = ? 

Q: Additional Information • Pic uses the cost method to account for its investment in Sic. • Any acquis...

A: Non-controlling interest refers to the interest in the company that was not being acquired by anothe...

Q: Mort is the owner of an apartment building containing ten identical apartments. Mort resides in one ...

A: Net income (NI), also known as net profits, is calculated by deducting sales from cost of goods sold...

Q: Mr. Espiritu is a resident Filipino citizen. He purchased a parcel of land in Makati City in 1970 at...

A: Capital Gain refers to the difference between the sale and purchase of assets.

Q: 1) A Dutch petroleum company purchased a barge for $1,300,000. The estimated life in 20 years, at wh...

A: Comment: We’ll answer the first question since the exact one wasn’t specified. Please submit a new q...

Q: A change in accounting policy requires what type of adjustment to the financial statements? O prospe...

A: A change in accounting policy requires what kind of adjustment to the financial statements? This mea...

Q: The collection of accounts of Customer Alexander is recorded as a credit to the ledger of Customer S...

A: This error is a self balancing error. One account is credited instead of other. It auto balances the...

Q: What is the effect of omission of prepaid expense in retained earnings at the end of year 2? a. Can...

A: A basic Accounting equation is given as under;   Assets = Equity + Liabilities    Meaning,  Total As...

Q: Fair value, 12/ Fair value,12/31/2022 3,200,000 3,500,0 3,000,000 3,900,000 2,800,0 3,400,0 e of fif...

A: Fair value is the market value of the property at the end of the accounting year . As IAS 40 , inves...

Q: Unearned Sales Revenue of P 120,000 was overlooked at the end of 2021. What would be the adjusting e...

A: Unearned revenue refers to revenue received but not yet earned. Here, the unearned sales revenue ref...

Q: On January 1, 2018, Morrow Inc. purchased a spooler at a cost of $40,000. The equipment is expected ...

A: Depreciation refers to the permanent/fall/decline/decrease in the value of asset pertaining to many ...