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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Chapter II Review of Related Literature and Related Studies Related Literature Accounts receivable describes the amount of cash‚ goods‚ or services owed to a business by a client or customer. The manner‚ in which the collection of outstanding bills is handled‚ especially in a small business‚ can be a pivotal factor in determining a company’s profitability. Getting the sale is the first step of the cash flow process‚ but all the sales in the world are of little use if monetary compensation is
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data was taken from the production and account ing records for Casuccio Manufacturing‚ Inc. Unaudited 20X9 Audited 20X8 Audited 20X7 Operating Data Capacity in Units 450‚000 450‚000 450‚000 Production in Units 450‚000 400‚000 300‚000 Inventory in Units 32‚000 28‚000 21‚000 Financial Data ($000) Total Revenues 35‚200 27‚500 21‚200 Total Assets 23‚000 19‚500 15‚700 Accounts Receivable‚ Net 5‚900 4‚300 3‚900 Bad Debt Expense 175 135 105 Accounts Receivable Written Off 165 125 100 Required
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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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CPA‚ P.C.‚ is dated January 31‚ 2012: [pic] .:. During February‚ Mitchell or his business completed the following transactions: Feb 4 Collected $4‚000 cash from a client on account. 8 Performed tax services for a client on account‚ $4‚600. 13 Paid business debt on account‚ $2‚400. 18 Purchased office supplies on account‚ $900. 20 Paid cash dividends of $2‚200. 21 Mitchell paid for a deck for his private residence using personal funds‚ $8‚000. 22 Received $2‚300 cash for consulting work just
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$60‚000 cash on the purchase of equipment costing $80‚000. The remaining amount was recognized as a one year note payable with interest rate of 9%. Jan 4 Purchased office supplies costing $17‚600 on account. Jan 13 Provided services to its customers and received $28‚500 in cash. Jan 13 Paid the accounts payable on the office supplies purchased on January 4. Jan 14 Paid wages to its employees for first two weeks of January‚ aggregating $19‚100. Jan 18 Provided $54‚100 worth of services to its customers
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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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receivables follow: Step-1. Obtain Aged Schedule of Accounts Receivable The auditor should obtain an aged schedule of accounts receivable as of the confirmation date. He or she should apply the following procedures to this schedule: Determine that totals are correct. Compare all or a selected sample of account balances with the account balances in the accounts receivable subsidiary ledger. Investigate credit balances. Step-2. Select Accounts for Confirmation Auditors have used‚ and some continue
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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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