Chapter 2: Macroeconomic accounts Multiple choice questions Question 1 Ignoring errors and omissions in the balance of payments accounts‚ if official interventions (Off) are positive‚ what may we conclude? a. That at least one of the current account (CA) and the private financial account (FA) was a deficit. b. That both the current account (CA) and the private financial account (FA) were a deficit. c. That either the current account (CA) or the private financial account (FA) was a surplus.
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of the Pinnacle-Financials Excel file. Use the income statement information to prepare a common-size income statement for all three years. Use the information to identify accounts for which you believe there is a concern about material misstatements. Use a format similar to the following: Estimate of $ Amount Account Balance of Potential Misstatement e. Use the three divisional income statements in the Pinnacle-Financials Excel file on the Web site to prepare a common-size income
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slight increase in accounts receivable reflecting the timing of seasonal sales at the end of 2011 as compared with 2010. Although its primary credit risk concentrates on two clients‚ McLane and Wal-Mart‚ its accounts receivable turnover is increasing. It means Hershey’s collection ability is good. Accounts Receivable—Trade In the normal course of business‚ we extend credit to customers that satisfy pre-defined credit criteria based upon the results of our recurring financial account reviews and our
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is account receivable? Credit sales‚ sales on account b. How do accounts receivable differ from notes receivable? Notes Receivable arises when the seller asks for a note to replace an Accounts Receivable when the customer requests additional time to pay a past-due account. A promissory note is a written promise to pay a specific amount of money‚ usually including interest‚ at a future date. c. What is a contra asset? An account which offsets another account. A contra-asset account has
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certain rules and regulation regarding business. How they wished they could manage every single task a company must do for the sake of their dues business became complicated with large number of works to monitor on sales‚ collection‚ reports‚ and accounts. Such problem affected the company’s customer service commitments and caused low productivity and profit levels. The need to increase manpower certainly will affect income and complicate the company’s operation. Updating reports have wasted time
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Report for Macroeconomics by Group 5 “Current Account Deficit – An Indian Perspective” Indian Institute of Management‚ Kozhikode Report by: GROUP 5: Aishwarya Kumar (063) Anirban Bhar (064) Anusha Acharya (071) Nimish Shah (110) Palak Bansal (097) Pratik Agarwal (101) Table of Contents Introduction 3 India CAD – Historical perspective (1991 – present) 7 Case Study 1 - US Current Account Deficit and the 2008 Financial Crisis 12 Case
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Table 1: Aging Schedule of Accounts Receivable AGE OF ACCOUNT | BALANCE OUTSTANDING | % OF TOTAL BALANCE OUTSTANDING | 0-15 days | $ 20‚000 | 19.59 % | 16-30 days | 30‚000 | 29.39 | 31-60 days | 40‚000 | 39.19 | 61-90 days | 10‚000 | 9.80 | Beyond 90 days | 2‚071 | 2.03 | TOTAL | $ 102‚071 | 100.0 % | 2. To evaluate the credit quality of Aero-Strip’s accounts receivables portfolio‚ we turn to their average collection period (ACP) and aging of accounts receivable. Knowing the ACP
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SCAN DETAILED LIST OF ACCOUNTS RECEIVABLE (4). 4. Scan the detailed list of trade accounts receivable and investigate significant unusual items (e.g.‚ credit balances and zero balances). Done by Date ..../../.. GUIDANCE: When scanning the detailed list of accounts receivable (aged by customer‚ if practicable)‚ the auditor should be
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paid within 10 days of the invoice date. The maximum amount of interest that can be charged varies by state. 4. Phone customers and start trying to collect the day after a payment is due.Never wait -- let them know that you keep close track of your accounts receivable. 5. Until a customer pays their bills‚ don’t do any more business with them. Do not bend on this rule – you’ll only cause yourself more problems and scuttle any chance of collecting what you’re owed. If you really want to keep doing business
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illustrate my opinion. Australia is a country that has had a current account deficit for over 50 years. Furthermore‚ forecasts on this current account deficit tend to show that if there is no increase of international competitiveness and decrease of reliance of overseas capital goods‚ the situation will keep on getting worse. Nevertheless‚ if a multinational company wants to invest in a country that tends to have a current account deficit‚ it must bear in mind that one of the ways to decrease this
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