Which of the following statements is FALSE? A. Irregularities are intentional misrepresentations associated with the commission of a fraud B. Errors are unintentional mistakes C. Data conversion provides safe storage for the off-line data files. These files could be backups or current data files. D. Before the auditor can determine the nature and extent of the tests to perform he or she must gain a thorough understanding of the client’s business

Q: Non-cash assets invested into a partnership are recorded at O fair market value O net book value O…

A: Introduction: Assets that are not economic in nature. Non-cash properties are described here. These…

Q: Hawk company employs Weighted Average process costing system in the assembly department and FIFO…

A: The cost assigned to a particular department is determined by considering total units remaining as…

Q: Prepare cost of goods manufactured and statement of comprehensive income

A: The cost of goods manufactured is a schedule or statement that indicates overall production costs,…

Q: AGF partnership begins its first year of operation with the following capital balances and profit…

A: P&L Appropriation Account…

Q: Scare-2-B-U (S2BU) specializes in costumes for all occasions. The average price of each of its…

A: a Expected Revenues for S2BU for Each Month     April May June July August September   Number of…

Q: r balances of Nizwa Bank as on 31 st Dec.20 OMR (o00.) 2,500 Share Capital 1,500 Statutory Reserves…

A: Income Statement- An income statement is a financial statement that shows an organization's income…

Q: Easton Company makes and sells scooters. Easton incurred the following costs in its most recent…

A: Relevant costs are the avoidable costs. These are incurred or considered only when some specific…

Q: How long will it take for $5000 to double at 4% annual interest compounded monthly?

A: This would require the use of future value formula or present value formula to calculate the number…

Q: Which is incorrect statement regarding the taxability or deductibility of gains or losses in…

A: Tax is a liability calculated on the income earned and paid to the government that acts as revenue…

Q: On May 1, 2022, Carlo and Jamie formed a partnership by contributing $500,000 ach. addition to…

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

Q: Harper Corporation recently sold a used machine for $50,000. The machine had a book value of $75,000…

A: Formula: Cash flow from the sale after tax = Sale value of the machine + Savings in tax where,…

Q: A business registered as a barangay micro business enterprise received P400,000 in gross income from…

A: Barangay micro business enterprise received exemption for calculation of gross income.As per…

Q: Task 2: Raysoot Company has sold goods on credit RO 550,000 on 31st December 2020 and received RO…

A: A bad debt expense is reported when a receivable is no longer recoverable due to a customer's…

Q: 3. ENN Corporation has interest expense of P16,000, sales of P600,000, a taxrate of 30%, and…

A: Dear  You have asked 2 questions in one slot. So, I have solved 1st means Question no. 3 as per…

Q: Define Liabilities and Equity

A: its assets, debts, equity (equity) equity, short- and long-term loans, and other related items A…

Q: hs. 50,000, furniture of Kshs. 10,000, goods of Kshs.2, 000 and machinery worth Kshs.20, 000. During…

A: A financial statement is one prepared by the companies to depict the financial performance and the…

Q: One of the products manufactured by Cooper Company is a plastic tray. The information below relates…

A: Process productivity in the Tray Production Department= Units started in production/ Value added…

Q: A gift is valued at the date of*   the death of the donor. notarization of the deed of donation.…

A: Donor’s Tax is a tax on a donation or gift, and is imposed on the gratuitous transfer of property…

Q: (Adjustment of accumulated profit and reserves) A, B and Care partners sharing profit and losses in…

A: Partnership means where two or more partners agree to do the business jointly and share profit and…

Q: Blossom Company reported the following information for November and December 2022. November December…

A: Ending inventory is the price of factors handy there at cease of a reporting period. For a company…

Q: Assuming the Kreditor / Marble Partnership has $20,000 of net income for the year, the closing entry…

A: Partnership Account - A partnership is a mutual agreement enter into two or more entities for the…

Q: 3,000 Bank overdraft 3,000 Trade creditors (payables) 3,000 9,000 elego

A: The balance sheet is given as,

Q: Calculate the depreciation using the Straight-Line Method for a company that buys a piece of…

A: Depreciation is the allocation of cost of assets over the useful life of the asset. Under straight…

Q: he college you are attending has a very busy canteen. Students are allowed to place and pay for…

A: Cash Management and Control: It is the system of managing the cash inflows and outflows. Cash…

Q: Discuss this statement : " Because each nation's balance of payments equals zero , it follows that…

A: balance of payment is also known as the balance of international payment which is the statement that…

Q: Which of the following is NOT considered a legitimate expense of a partnership business? O Interest…

A: Legitimate expense of partnership business means the expense that is incurred and can be deducted in…

Q: Potential partners might not want to form a partnership because of the risk of having their personal…

A: solution concept partnership business partnership business is a unregistered business , with…

Q: Q.3.2 Record the packaging machine as it would appear in the asset register at 31 December 2021…

A: ASSET REGISTER MACHINE : PACKING MACHINE DATE COST DEPRECIATION ACCUMULATED DEPRECIATION…

Q: Q.1.1 For each of the following statements indicate if the statement is true or false. In your…

A: The underlying principles, premises, and circumstances that establish the parameters and…

Q: How to make balance sheet to balance

A: The financial statements of the business includes the income statement and balance sheet of the…

Q: Problem The following information pertains to Bosh Inc.'s depreciable assets: Machine Y cost…

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

Q: Joferlyn corporation leased a building and received P4,000,000 annual payment on June 15, 2015. The…

A: Introduction: It is the amount reported on the balance sheet's asset side. Essentially, it is…

Q: Task 1: Accounts receivable is the amount payable by the custome delivered and services provided.…

A: Bad Debts : Bad is the amount of accounts receivable which is certain that this shall not be…

Q: In a Statement of Retained Earnings, which statement is correct?

A: Retained earnings represent the earnings of the company accumulated over a period of time. The…

Q: Alpha Division of National Company’s operating results include: controllable margin, P200,000; sales…

A: Introduction:- The following basic information as follows under:- The Alpha Division’s ROI is 25%…

Q: Identify if TRUE or FALSE If the adjusted cash balance is P10, the unadjusted cash balance is P8…

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

Q: Revo Company reports average total assets of $200,000, revenue of $57,000, net income of $19,000,…

A: Cash flow on total assets can be calculated by dividing the cash flow from operation by its total…

Q: Problem 6 CPA Co. was organized on January 1, 2017. An analysis of the company's allowance for bad…

A: Bad Debt expense is an expense recorded in financial statements when amount receivable from debtors…

Q: Which of the following is added to the Partner's capital account in the Statement of Changes in…

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

Q: On May 1, 2022, Carlo has been in a trading business for five years as a sole proprietor. He needed…

A: Admission of partner means where the outsider is admitted as owner of the business and that person…

Q: TD ILK U 1. On a bank reconciliation, the amount of an unrecorded bank service charge should be: A.…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: OFIA had investments in equity securities costing P1,000,000 that were classifies as investment in…

A: When Investments are reclassified at fair value through profit and loss which were earlier…

Q: 1. Home office bills its branch for merchandise shipments at 25% above cost. The following are some…

A: Goods in transit mean goods sent by the home office but not received by the branch. Ending inventory…

Q: Skinner Butte, Inc. had the following information: Net income Depreciation Increase in accounts…

A: Cash flow statements show the cash inflow and outflow of the cash and cash equivalents. Cash flow…

Q: , the Chairman of a small local company, recently bought a motor van for GH₵15,000 on 1st January,…

A: The answer has been mentioned below.

Q: Company. has been reviewing its total cost over the last few weeks and has established the…

A: The high-low method is used to differentiate the mixed cost. The mixed cost is the combination of…

Q: Which statement is false? a. A trial balance lists all the accounts with their current balances.…

A: Introduction: The balance sheet, also known as the Statement of Financial Position, is a summary…

Q: Accounts receivable is the amount payable by the customer to the company for the goods delivered and…

A: Bad debts are considered to be estimated based on 2.5% of total credit sales. Therefore, the bad…

Q: On May 1, 2022, Carlo and Jamie formed a partnership by contributing P500,000 each. In addition to…

A: The non cash assets invested by partners are recorded at fair market value.

Q: Make or Buy Decision for a Service Company The Theater Arts Guild of Dallas (TAG-D) employs five…

A: The difference in overall costs between two viable alternative courses of action is known as…

Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.