Accounting Answers

How you feel QuickBooks makes keeping up with your payables and making purchases.

Compare to how you learned about payables in Principles of Financial Accounting. Do you think QuickBooks makes the process easier or harder? How do you like the aspect of making reports to show you different aspects of your payables?

The following material matters are under discussion:

a. After the balance sheet date one of the company ’s factories was seriously damaged by fire. Insurance will only cover part of the loss suffered. The company’s going concern status is not affected.

b. One of the company’s buildings was revalued during the year. The directors are uncertain as to how the revaluation surplus should be included in the financial statements.

c. The draft financial statements for the entity for the year ended 30 June 2015 have been prepared. A final review of the draft reveals an overvaluation of the closing inventory of GHS 200,000 at 30 June 2014. Further investigation shows that there was an overvaluation at 30 June 2013 of GHS 120,000

Explain how each of these matters should be dealt with, stating in each case the relevant accounting standard.

A Joel took goods from inventory for his own use, cost $220.

Can you help me about record the transactions using double entries

I don't know Debit is Drawings and credit is Purchase or debit is Drawings and credit is Inventory?

Thanks all

Which statement about unused accounts created in the generic Starter Chart of Accounts is true?

A.You can either rename or delete these accounts.

B. You can delete these accounts.

C. You can rename these accounts.

Which statement about transferring funds between 2 assets accounts is true?

A. Debit the account that's increasing & credit the account that's decreasing.

B. Credit the account that's increasing & credit the account that's decreasing.

C. Credit both the account that's increasing & credit the account that's decreasing.


Which statement about deleted & voided transactions is true?

A. Both are recorded & become part of the overall records.

B. Both are removed from the overall records.

C. Voided transactions are removed; deleted transactions are recorded & become part of the overall records.


Which of these accounts has its own register?

Sales, rent expense, or opening balance equity

Jamie has a full time job earning £400 a week. He has booked a holiday costing £1 400 and he will have to pay for it in full by the end of the month. He does not have enough money to do this at the moment. Usually after paying his bills he has around £100 for personal spending. He is unsure whether to apply for an overdraft or a personal loan to make this payment for his holiday.

5 Assess whether an overdraft or a personal loan would be better for Jamie

James, Keller, and Rivers have the following capital balances; P48,000, P70,000 and P90,000 respectively. Because of a cash shortage James invests an additional P12,000 on June 1st. Each partner withdraws P1,000 per month. James, Keller, and Rivers receive a salary of P13,000, P15,000 and P20,000, respectively, for work done during the year. Each partner receives interest of 8% on their weighted average capital balance without regard to normal drawings. Any remaining profits are split 20%, 30%, and 50% respectively. The net income for the year is P30,000.

explain detail transaction processing risks with example

How is the interest for notes receivable calculated? if tropical breeze inc. receives a 2000$ , 90 day, 10% promissory from paradise sand on december 1,2018. Calculate 30 days of interest received by tropical breeze inc

Que 1. Sameer Electronics is producing a large range of electrical goods. It has under construction two projects ‘X’ and ‘Y’ each costing Rs. 120 lakhs.

The projects are mutually exclusive and the company is considering the question of selecting one of the two. Cash flows have been worked out for both the projects and details are given below. X has a life of 8 years and Y has a life of 6 years. Both will have zero salvage value at the end of their operational lives. The company is already making profits and its tax rate is 50%. The cost of capital of the company is 15%.

Net cash inflow (Rs. in lakhs)

Year 1 2 3 4 5 6 7 8

Project X 25 35 45 65 65 55 35 15

Project Y 40 60 80 50 30 20 - -

PV @ 15% 0.870 0.756 0.685 0.572 0.497 0.432 0.376 0.327

The company follows straight line method of depreciation. Advise the company regarding the selection of the project.