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1.Explain why non-financial information is likely to give more reliable indication of the likely future prosperity of the company than the financial information
1.Discuss the four reasons why accountants should observe international Accounting standards.
2.Identify the main approaches in preparing final accounts where there are incomplete records.
Debit Receivable
Credit Contract Liability
- What does this journal entry mean?
Debit Cash
Credit Receivable
- What does this journal entry mean?
Debit Contract Liability
Credit Revenue
- What does this journal entry mean?
Debit Contract Asset
Credit Revenue
- What does this journal entry mean?
Debit Cash
Credit Financial Liability
- What does this journal entry mean?
Debit Interest Expense
Credit Financial Liability
- What does this journal entry mean?
Debit Financial Liability
Credit Revenue
- What does this journal entry mean?
The COO (chief operating officer) of a company emphasized that any surplus amount of cash must be used to pay off previously borrowed money. In contrast, the CMO (chief marketing officer) argued that doing such would not fulfil our minimum cash balance target at the end of each month/quarter. Do you agree with CMO? Why or why not? What will be the optimum solution?
(a) You have been hired as a trainee accountant by the BDL group. and you are given the task of preparing a monthly budget for the production department. What factors will you consider in setting production requirements? Why inventories are important in production budgets?
(b) Tonwal group operates in such a dynamic environment that the top management stresses achieving the targets under all situations. What consequences of such an approach may have on Tonwal’s operations? How can the budgetary slack cause negative consequences on Tonwal’s long-term operations?
When there are implicit costs of production, then: accounting profit will be greater than economic profit.
a.
False.
b.
True.
When there are implicit costs of production, then: accounting profit will be greater than economic profit.
a.
False.
b.
True.
Assuming some idle capacity in the US economy use the following graph identify the point that present where our economy operates in 2012
Discount allowed to credit customers /debtors are recorded in which journal?
Select one:
a. Sales Journal.
b. Cash payments journal
c. Debtors’ journal.
d. Cash receipts journal
Mars Musical Instrument Company and Tiger Company engaged in the following transactions with each other during July:July 2 Mars Musical Instrument Company purchased merchandise on account with a list price of $48,000 from Tiger Company. The terms were 3/EOM, n/60, FOB shipping point. The original cost to Tiger Company was $30,000.
5 The buyer paid the freight bill on the purchase of July 2, $1,104.
6 The buyer returned damaged merchandise with an invoice price of $2,790 to the seller and received full credit. The original cost of the returned merchandise to Tiger Company was $1,700.
On the last day of the discount period, the buyer paid the seller for the merchandise.
Prepare all the necessary journal entries for the buyer and the seller using perpetual inventory method.
