End-user computing has become extremely popular in distributed data processing organizations. The end users like it because they think they can more readily design and implement their own applications. Does this type of environment always foster more efficient development of applications? Explain your answer.

Q: Warner Company’s year-end unadjusted trial balance shows accounts receivable of $99,000, allowance f...

A: Given information is: Account Receivable = $99,000 Allowance for doubtful accounts = $600 (credit) S...

Q: What are the major reasons why companies change accounting methods? Provide an example of a company ...

A: Consistency principle refers that, accounting methods, policies, and rules should be consistently ap...

Q: On March 17, Fox Lumber sells materials to Whitney Construction for $12,000, terms 2/10, n/30. Whitn...

A:

Q: Choose the term or phrase below that best completes each statement.a. Accounting c. Recording e. Gov...

A: Technology in accounting reduces the time, effort, and cost of recordkeeping while improving clerica...

Q: Identify the following users as either external users (E) or internal users (I). FBI and IRS

A: Internal User Internal Users are the people within the organization who use the financial informatio...

Q: What document signals that a company should record thepurchase of goods on account?a. Purchase requi...

A:

Q: On December 31, Yates Co. prepared an adjusting entry for $12,000 of earned but unrecorded Consultin...

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. Th...

Q: Greenleaf Company uses a sales journal, purchases journal, cash receipts journal, cash payments jour...

A: Cash payments journal is the special journal that uses to records all the payments that entity made ...

Q: Why is the cost of a lump-sum purchase allocated to the individual assets acquired?

A: Lump-sum purchase refers to purchase of two or more assets for a single price.

Q: Special Order Award Plus Co. manufactures medals for winners of athletic events and othercontests. I...

A:

Q: Which of the four basic accounting reports indicates thatit is appropriate to consider revenues and ...

A: Four basic accounting reports are: Income Statement Balance Sheet Cash flow Statement Statement of ...

Q: A company owes employee salaries of $5,000 on December 31 for work completed in the current year, bu...

A: Adjusting entries:   Adjusting entries are those entries which are recorded to update all the balan...

Q: Q)5        a )How would you create a chart of accounts for a project cost ledger?        b) What is ...

A: a) General ledger is the summary of all transactions. In general ledger information is collected for...

Q: Confucius Bookstore’s inventory is destroyed by a fire on September 5. The following data for the cu...

A:

Q: Which of the following describes the information reported in the income statement? a. Net income for...

A: Income statement: Based on income statement companies can ascertain the net profit or loss during th...

Q: Complete the following table by entering either debit orcredit in each cell:Item Increase DecreaseRe...

A: DEBIT or CREDIT BALANCE: Assets & Expenses – Debit increases whereas credit decreases their bala...

Q: Which of the following items is not a specific account in acompany’s accounting records?a. Accounts ...

A: Accounts receivable is the payment which the company will receive for the goods sold on credit from ...

Q: Identify the following users of accounting information as either an (a) external or (b) internal use...

A:

Q: (Learning Objective 2: Issue bonds payable (discount); record interest paymentsand the related bond ...

A: The effective interest method is a bookkeeping practice used to limit a security. This technique is ...

Q: Learning Objective 7: Calculate return on assets) In 2018, Ambrosia Corporation LO 7reported $100 mi...

A: Return on assets = Net Income / Average total assets where, Average total assets = (Beginning total ...

Q: On January 1, 2019, Import Properties Inc. reported the following balances on its statement of finan...

A: Allowance for doubtful debt is an account that records the amount of receivables expected to be unco...

Q: Total Cash (Dr.) = Total Sales Discounts (Dr.) =   Total Sales (Cr.) = Total Accounts Receivable (Cr...

A: The cash receipt journal is an uncommon area of the general journal explicitly used to record all re...

Q: Smith Auto uses a sales journal, purchases journal, cash receipts journal, cash payments journal, an...

A: All the entries except purchase or sale in regular course of business, cash receipts and cash paymen...

Q: Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts th...

A: Inventory shrinkage indicates loss of inventory by normal wear and tear e.g. due to evaporation in c...

Q: Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $210,000 ...

A: Partnership: It can be defined as an arrangement in which all the parties provide their respective c...

Q: Smith Co. filed suit against Western, Inc., seeking damages for patent infringement. Smith’s legal c...

A:   Contingent gains arises from an uncertain situation that will be probably occurred in future resul...

Q: In what ways are assurance services similar to attestation services (including audits of financial s...

A: An attestation engagement is an engagement in which a practitioner is engaged to issue or does issue...

Q: Prepare a bank reconciliation for Jamboree Enterprises for the month ended November 30. The followin...

A: Bank reconciliation is a statement which reconciles bank balance as per cash book with bank balance ...

Q: On July 1, 2016, Killearn Company acquired 88,000 of the outstanding shares of Shaun Company for $13...

A: Given:  As of July 1, 2016, the investee had assets with a book value of $3 million and liabilities ...

Q: An adjusting journal entry to recognize accrued salariespayable would cause which of the following?a...

A: Salaries payable: Salaries payable is a payment made to an employee for completion of work allocated...

Q: Selected accounts from Bennett Co.’s adjusted trial balance for the year ended December 31 follow. P...

A: Classified form of balance sheet is the financial statement prepared at the end of the financial yea...

Q: The following legal claims exist for a company. Identify the accounting treatment for each claim as ...

A: A probable loss that can be reasonably estimatable should be recorded as a liability in the books of...

Q: Hodgkiss Mfg., Inc., is currently operating at only 77 percent of fixed asset capacity. Fixed assets...

A: Growth rate in sales: In order to generate revenues and profits, the firm needs to invest in assets....

Q: According to the Food and Nutrition Service of the U.S. Department of Agriculture, in one school yea...

A:   Given information Reimbursement details Free Lunch Reimbursement $2.68 Reduced Price Lunch Re...

Q: What are five common internal control principles?

A: Controlling is one of the main managerial functions of any organisation. Managerial functions are Pl...

Q: University Hero is considering expanding operations beyond its healthy sandwiches. Jim Axelrod, vice...

A: Return on assets is computed by diving Net income by the average total Assets Profit margin is compu...

Q: Pete’s Tennis Shop has the following transactions related to its top-selling Wilson tennis racket fo...

A: For the purpose of computation of costs of goods sold and inventory, there are generally  four inven...

Q: Sportplace’s net income for the period is $119,600 and its average common stockholders’ equity is $6...

A: Given information is:  Sportplace’s net income for the period is $119,600 and its average common sto...

Q: Jerry believes that “dual effect” indicates that, for all transactions, one account will increase an...

A: Given case is:  Jerry believes that “dual effect” indicates that, for all transactions, one account ...

Q: Cheetah Copy purchased a new copy machine. The new machine cost $140,000 including installation. The...

A: Annual Depreciation as per straight line = (Cost of machine - Residual value) / Life in years

Q: On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses.Ser...

A:

Q: Using the weighted average method - Calculate the equivalent units of production for materials and ...

A: Weighted Average Cost Method: In this method the cost of opening work-in-progress (WIP) and cost of ...

Q: If the indirect method is used to calculate net cash provided by operating activities, adecrease in ...

A: Cash flow statement: To know the cash position in the organisation statement of cash flows is prepar...

Q: McGuire Industries prepares budgets to help manage the company. McGuire is budgeting forthe fiscal y...

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods product...

Q: Explain how to encourage high quality of financial reporting.

A: High quality of financial reporting is an amalgamation of many factors which involve financial repor...

Computerized Accounting System

The Computerized Accounting System is generally a system of maintaining accounts using computers. In this method of accounting system, the accounting transactions are processed through the use of hardware and software to generate the reports such as journals, ledgers, trial balance, trading account, P/L accounts, balance and other reports.