With regard to segregation of duties, rule two is that asset custody and record keeping should be separated. What does this require in the revenue cycle? Please answer this. Thank youu.

Q: Job 123 was recently completed by BudolBudol Me Corporation. The following data have been recorded o...

A: The job cost is used to estimate the individual cost of the product. It includes both direct and ind...

Q: You are tasked to perform cut-off procedures for expenses and its related payable. In testing the c...

A: Cut-off procedures means all transactions are recorded is related to correct accounting period. Gene...

Q: KC Company's Dec. 31, 2021 cash balance is P8,350,000 before possible adjustments for the following:

A: Cash and cash equivalent is a most liquid current asset that is posted under the head current assets...

Q: Pedro and Jose form a partnership for the first time. Their investments are; Pedro is to invest cash...

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

Q: December 31 Debit $ 41,000 2,300 7,600 110,000 Account Title Credit Cash Prepaid insurance Notes rec...

A: The balance sheet is an essential part of the financial statement. It indicates the financial positi...

Q: Use the accounts listed to create a multistep income statement

A: solution multistep income statement is a income statement in which we have to separately present the...

Q: Answer if true or false. If false write the word that makes the statement incorrect/wrong. 1. In oth...

A: FOB destination and FOB shipping point are two type of shipping terms that are used. Credit card is ...

Q: The following details are found in the incomplete bank reconciliation statement of Phillip Company f...

A: Ideally cash balance as per cash book and bank balance as per bank statement must reconcile and if t...

Q: Redlands Inc. sells one product for $5. The variable cost per item is $3, and the fixed costs for th...

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

Q: Please complete income statement provided, as well as an expanded income statement for part b.

A: Income statement is one of the financial statement that is being prepared by the business which show...

Q: asked this question this afternoon but I got a wrong answer back. The wrong answer that someone g...

A:

Q: Which of the following expenses is usually listed last on the income statement?  a. Advertising expe...

A: The income statement is one of the financial statements of the business. It tells about the profitab...

Q: BC Corporation has a lower and an upper limit for its savings account at 40,000 and 70,000 respectiv...

A: Solution Concept Miller-Orr Model                 let us analyze the details of the model           ...

Q: Analyse on the variance between the planned and actual nett profit contribution of all the projects ...

A: Here asking about the total project details of different project which was actual value which are in...

Q: 2-a. Refer to the original data. How much will net operating income increase (decrease) per month if...

A: Operating income refers to the income or gross profit generated by the company from its operations o...

Q: 2. ABC Corporation issued P1,000,000 in 8% bonds, maturing in ten years and paying interest semi-ann...

A: Solution Concept When the coupon rate of bond = market rate of interest  , bond is called a par valu...

Q: Question 20. The amount of provisions that should be recognized at December 31, 2021 is?

A: Provisions in Accounting Provisions which are made in the accounting is to make the estimation in th...

Q: Required information [The following information applies to the questions displayed below.] The follo...

A: The closing entries are prepared at year end to close the temporary accounts of the business includi...

Q: 1-a. How much will net operating income increase (decrease) per month if the monthly advertising bud...

A: CVP analysis: Cost Volume Profit analysis is a method of cost accounting used to analyse the cost an...

Q: To remodel your business, you need to sign a 190-day note with proceeds of $16,559.57 and a maturity...

A: Solution Given Maturity period of note 190 days Issue proceed 16559.57 Maturity valu...

Q: On January 1, 2021 Asset of Matalino Company was P2,500,000 and its liabilities was P800,000. By Dec...

A: As per accounting equation in accounting, total assets must be equal to total liabilities and equity...

Q: 6. The president does not want to change the selling price. Instead, he wants to increase the sales ...

A: Computation of New variable cost $40 + $1.5 $41.5 Increase in sale units $2160000 / $80 + 25% 33750 ...

Q: The West Indies School Book Shop sells T Shirts emblazoned with the school's name and logo. The shir...

A: Introduction:- Job relationships are contractual in nature, consisting of an agreement between the p...

Q: An auditor's engagement letter most likely would include a statement regardıng: 1. Conditions under ...

A: Auditing involves an independent examination of financial records of an entity with a view to provid...

Q: The December 31, 2021 and 2020 comparative financial statements of Galley Company showed equipment w...

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage a...

Q: August 31, 2024 Balance Account Title Debit Credit Cash 8,420 Accounts Receivable 5,000 Office Suppl...

A: The trial balance tells about the final balance of each account of the business. The trial balance i...

Q: As the audit associate, you were asked by the senior associate to check the completeness of confirma...

A: As an auditor we have found that one of the supplier has not yet given their confirmation and since ...

Q: Under the cash basis of accounting, revenue is recorded       When earned       When realized       ...

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...

Q: Work in process Inventory jan, 1 2009 Direct materials inventory, dec. 31,2009 Finished goods invent...

A: The direct costs are the costs that are directly related to production such as direct materials and ...

Q: answer true or false: gains are increases in net assets from peripheral activities while revenues ar...

A:  revenue is  generated from sale of goods or service. it is recurring in nature as it is generated f...

Q: 1

A: The present value factor (PVF) is a financial treatment used for estimation of the current value of ...

Q: The 2021 financial statement audit of OMG company began when the trial balance was received from man...

A: SOLUTION If during audit auditor realise that differences is exceed materiality threshold then audit...

Q: On December 31, 2021, The Essence Finance Company had P5,000,000 note receivable from Galena Company...

A: When there are certain indications that the recoverable amount from the asset has been declined belo...

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A: The total purchases is calculated as sum of credit purchases and cash purchases made during the peri...

Q: ny had a profit of 450,00. 1. Assuming that there are three partners that agreed to share equally , ...

A: Solution: Profits are shares based on the profit sharing ratio. When profits are agreed to be shared...

Q: X Co. purchased P28,800. Give the adjusting entries as of December 31, 200A assuming the a two-year ...

A: Under Asset method, the entire amount spent will be recorded as a current asset initially and at the...

Q: the audit of loans payable, which of the following audit procedure would be most likely performed to...

A: Assertion  is representation made by the management . it ensure that the financial  records are accu...

Q: Requires that 25% of the authorized shares be paid up.

A: The Philippines has earlier the corporation law and that amended with the Revised Corporation Code o...

Q: Bulgasal Company provided the following data: 2020 2021 Share capital (P100 par value) 5,000,000 5,8...

A: Retained earnings is the amount of earnings which is accumulated and collected over the period of ti...

Q: You are assigned to perform a review of minutes of meeting for the year end audit ending December 3...

A: The assets, liabilities, and stockholders' equity are reported in the balance sheet of the company t...

Q: Calculate the labour price and usage variance, and the labour cost variance for the concrete work.

A: Labour cost variance is the difference between standard cost and actual cost of labour. This can be ...

Q: Required information Problem 6-9B Record transactions and prepare a partial income statement using a...

A: Under periodic inventory system, the cost of goods sold is not recorded with every sale transaction ...

Q: Required: Preparing the cash budget for 2022 on the months of July, August and September, with comm...

A: Data for the monthly cash budget preparation is given for the month of July, August and September. T...

Q: Corporation Code, Both, and Neither 1. Residency of incorporators are insignificant   a. Corporatio...

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

Q: Which of the following relationships held by your spousal equivalent may impact your independence? S...

A: Introduction:- Employment connections are contractual in nature and consist of an agreement between ...

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A: Assets can be defined as any resource which has its own intrinsic economic value, owned and controll...

Q: . What is the amount of sales under cash basis? 7. What is the amount of purchases under cash basi

A: Solution Concept Sales under cash basis   =cash sales made + collection from debtors Purchase under ...

Q: Choy, after recelving her degree in Hotel and Restaurant Management began her own business called Ch...

A: Acccounting equation is the basic principle of accounting which states that Asset = Liability + Capi...

Q: During the review of loan contracts and agreements, the auditor would most likely figure out the fol...

A: Answer: The responsibility of auditor is to test the assertions with respect to the financials items...

Q: Question 14 Which of the following would be an example of vouching? 1. Making sure a sale is include...

A: Audit: It implies to the detailed investigation and analysis of company's financial records to make ...