Which of the following is not a basic characteristic of a system of cash control? Group of answer choices use of a voucher system combined responsibility for handling and recording cash daily deposit of all cash received internal audits at irregular intervals

Q: Butterfly Co. targets to sell 12,000 units of their newly launched line of product in April. If the…

A: Inventory means the goods to be sold by the business in order to earn profit.

Q: where is the correcting entry of the following?

A: Prepaid Expenses: Future costs that have been paid for in whole or in part in advance are referred…

Q: adjusting entry related to cash at Dec 31 would include: Cr Expenses 1,500 Cr Receivables 6,000 Cr…

A: The answer for the multiple choice question and relevant working are presented hereunder : Trade…

Q: In case of an M&A between firm A and firm B. If the value of firm A=50M, firm B=40M, the expected…

A: Cost refers to the money spent to create and sell goods and services, or to acquire assets. When…

Q: Lab Company's targeted ending inventory is ₱250,000. Its forecasted sales is ₱980,000 and has a…

A: Cost of sales = ₱980,000 x 68% = ₱666,400

Q: Assume that Zandile's Boutique registered as a VAT vendor effective 1 March 2019. Zandile's Boutique…

A: Introduction:-   The VAT control account records all the VAT on both sales and purchases.…

Q: When a petty cash fund is used, which of the following is true? A. Entries that include a credit to…

A: The petty cash fund is established to maintain the cash balance for the minor cash transactions of…

Q: Valuing Inventory and Recording Entries Using Relative Sales Value Method

A: Inventory valuation is very important and is generally done at the end of the accounting year. The…

Q: At the end of an accounting period, a company's total assets equaled $585,000, and liabilities…

A: An accounting equation refers to a mathematical representation of an accounting transaction. It…

Q: Which of the following statements about time value of money is not correct?   Present value of…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: 4. What if November production was 56,000 units, costs were stable, and sales were 57,000 units?…

A: Under variable costing system, fixed manufacturing overhead is considered as period cost and same is…

Q: Answer the following.

A: Accrued income represents that income which has been earned but not received during the current…

Q: The bill of exchange written by W states that BPI Family Savings Bank will get the reimbursement of…

A: A written order or promise by the maker of the document to pay a specified sum of money to some…

Q: Transaction Asset Liability Capital (g) The owner takes out $100 cash for his personal use.

A: Since basic accounting equation is Total assets = Total liabilities + owners equity

Q: Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the…

A: The T-accounts are prepared to post the transactions to the specific accounts of the business. The…

Q: Determine the amount of taxable income/(loss) for the year 2020 assuming the taxpayer opted to use…

A: When an individual sums up his income from all sources and deducts allowable deductions, it is…

Q: Average Rate of Return-Cost Savings Maui Fabricators Inc. is considering an investment in equipment…

A: calculation of average rte of return are as follows

Q: Prepare adjusting entry for October 31. Show computation. A bank loan amounting to P100,000 was…

A: Formula: Interest amount = Bank loan amount x Interest rate x Time period.

Q: What are the four major evidence decisions that must be made for every audit?

A: In general term, audit is type of process to check reliability. It is done to check whether the…

Q: Sy Co. has the collection schedule of 65% during the month of sales, 15% the following month, and…

A: Lets understand the basics. Cash collection schedule is prepared by management to know the cash…

Q: At the beginning of the year, Almond Factory bought three used machines. The machines immediately…

A: Introduction: Depreciation is an accounting method for allocating the cost of a tangible or physical…

Q: The total amount to be reported as cash and cash equivalent is;

A: cash and cash equivalents include cash , time certificate deposit , cash restricted for bonds…

Q: true or false: 21) The indivisible reserve of savings and credit cooperatives is NOT covered by…

A: Cosec is an insurance for credit insurance and offers one of the credit control solutions for…

Q: CARE Industry expects to have 3.5% increase in sales every year. Last 2019, the expected sales were…

A: calculation of expected sales in 2021 are as follows

Q: Sub Zero set the annual rental to ensure an 8% rate of return. The freezer has an economic life of 8…

A: Journal entry shows the recording of transactions during an accounting year and every transaction…

Q: In the year, Jack owed RM2,000 and Rose owed RM5,000 to Wakanda Enterprise. At the end of the year,…

A: The business allows credit facility to the customers regarding sales. If the customers cannot repay…

Q: Assume that on December 31, 2019, Kimberly-Clark Corp. sgns a 10-year, non cancelatie lease…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Being a vlogger with the aim of imparting information and knowledge to people who watch their videos…

A: Answer to (11) True, If a blogger provides information and knowledge to people then this can change…

Q: erate operatio

A: As per IAS 36 "Impairment of asset", impairment arise when recoverable value of asset is less than…

Q: Top management is trying to determine which would be the best choice of the following   investment…

A: Formulas: Return on investment = Operating income / Average operating assets where, Average…

Q: an IS O a capital or a venue nature forms part of the subjective test. elect one: True False

A: Accounting concepts/ conventions and principles are the guidelines for taking various accounting…

Q: could you elaberate on How should the bond situation affect your audit plan?

A: Audit plan is the schedule of what to be done in course of audit.

Q: Macon Mills is a division of Bolin Products, Inc. During the most recent year, Macon had a net…

A: Invested capital refers to the cash invested in a company during its lifetime by shareholders,…

Q: Part I. Using the adjusted trial balance of Margie Decorating Services, compute for the following:…

A: Income Statement Revenue     Professional fees    660,000.00   Total Revenue      660,000.00…

Q: (Capitalisation of super profits). A firm having the assets of $ 5,00,000 and liabilities of $…

A: Goodwill under the capitalization method is the difference between the capitalized value of average…

Q: 35. Shown below is the bank reconciliation of ABC Corp for may 31, 20X1: Balance per bank, May 31…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: The payment schedule of purchases made on account is as follows: 75% during the month of purchase,…

A: Payment for credit purchases in December = 10% of October + 15% of November + 75% of December

Q: Exercise 20.2 (Algo) High-Low Method of Cost Analysis (LO20-1, LO20-9) The following information is…

A: The high low method is prepared to separate the variable costs and fixed costs from the total cost…

Q: Current assets $745,000 $820,000 Property, plant, and equipment 1,510,000 1,400,000 Current…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Prepare the following: Post-closing Trial Balance

A: The question is related to Trial Balance. Trial Balance is the third stage of Accounting. After…

Q: Distinguish between qualitative and quantitative decision analys

A: As per the guidelines, only one question is allowed to be solved so I am answering the 2nd question…

Q: Part II. Prepaid Expense Apollo Dressmaking Shop paid P9,000 worth of airtime advertising to Eclipse…

A: The prepaid expenses are the expenses which are paid in advance. The accrued expenses are the…

Q: The internal rate of return method is used by Testerman Construction Co. in analyzing a capital…

A: Internal rate of return is the rate at which the present value of cash inflows is equal to the…

Q: A cashier who also acts as a bookkeeper violates the principle of Group of answer choices electronic…

A: Lets understand the concept of segregation of duties. Segregation of duties concepts say that, two…

Q: After much effort and analysis, you determined the following cost form the following actual cost…

A: A income or spending item in the variable cost and a comparable item in the static planning budget…

Q: 20. Joining rallies is the best form of active citizenship. 2 pointsA. True B. False

A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…

Q: Batik Company presents the following summarized balances of its projected 2021 balance sneet:…

A: calculation of external fund batik company needs are as follows

Q: 5-Calculate Work Opportunity Work Tax Credit from the following information Employer Z has four…

A: The concept of Work Opportunity Work Tax Credit is a federal tax credit which is being made…

Q: What is the difference between current and quick ratio

A: Introduction: Financial ratios, often known as accounting ratios, compare a company's financial…

Q: e Adjusted Trial Balance

A: Trail Balance- is list of ledger which have used in the accounting process.  As in accounts we…