Accounting Answers

I asked a similar question awhile ago and you guys answered my question perfectly. Can you guys do the same thing here. The response I received is not helpful because the question is not getting answered. I appreciate all the help you guys provide me and I can't thank you enough. Just analyze each question and provide me a simple explanation based on that question. Thank you.

1. What does it mean when you Understate your Cost of Goods Sold?

2. What does it mean when you Overstate your Cost of Goods Sold?

3. What does it mean when you Understate your Ending Inventory?

4. What does it mean when you Overstate your Ending Inventory?

I asked a similar question awhile ago and you guys answered my question perfectly. Can you guys do the same thing here. The response I received is not helpful because the question is not getting answered. I appreciate all the help you guys provide me and I can't thank you enough. Just analyze each question and provide me a simple explanation based on that question.

5. What does it mean when you Overstate your Expenses?

6. What does it mean when you Understate your Expenses?

7. What does it mean when you Overstate your Current Assets?

8. What does it mean when you Understate your Current Assets?

9. What does it mean when you Overstate your Profit?

10. What does it mean when you Understate your Profit?

11. What does it mean when you Overstate your Assets?

12. What does it mean when you Understate your Assets?

Is an expenditure an asset, liability, or an expense? What type of account is it?

What is the difference between an Expenditure and Expense?

Thank you.

There are 7 items listed below. Can you please answer all 7 questions. Can you also number them, so its easier for me know which question you answered? Thank you.

Debit ROU Asset

Credit Lease Liability

• What does this journal entry mean?

Debit Interest Expense

Debit Lease Liability

Credit Cash/Lease Payable 

• What does this journal entry mean?

Debit Amortization Expense

Credit Accumulated Amortization – ROU asset

• What does this journal entry mean?

Debit Lease Receivable

Credit Fixed Asset

Credit Gain

• What does this journal entry mean?

Debit Lease Receivable

Debit Residual Asset

Credit Fixed Asset 

• What does this journal entry mean?

Debit Cash (lease payment)

Credit Interest Income

Credit Lease Receivable 

• What does this journal entry mean?

Debit Cash

Credit Rental Income

• What does this journal entry mean?

Difference between ifrs and Dutch GAAP

Andretti Company has a single product called a Dak. The company normally produces and sells 89,000 Daks each year at a selling price of $56 per unit. The company’s unit costs at this level of activity are given below:

Olivia works in Sntra plc. She earns annual employment income of £15,000. Olivia uses the house belonging to her employer for personal use (not job related), she pays notional rent of £1,600 The annual value is £9,200. She has been living in the house since December 2012. The house has a costed the company £120,000 when it was first bought in January 2009 and has a market value of £185,000 in March 2021. Her employers also pay for lighting and heating expenses of the house costing £1,850 a year.

a)  Calculate the Olivia’s taxable benefit for 2020/21.

b)  What will be the Olivia’s tax benefit if the accommodation was job related?

a) The fact that your trial balance agree does not mean that there are no errors. Discuss

12 marks

b) Accounting equation is the basis for the preparation of statement of financial position

in accordance to IFRS financial statement presentation. Explain 10 marks

c) Explain double entry in accounting and relate it to appropriate accounting concept.

Given the supply function and inverse demand function, Qs = 40 + 20 P and p=10-1/10Q

respectively. Determine the equilibrium price and quantity?

Primary and secondary schooling is free in state schools in our country. If parents are

given a choice of schools for their children, there will be a shortage of places in popular

schools. What methods could be used for dealing with this shortage? What are their

relative merits?