transfers a financial asset‚ an interest in a financial asset‚ or a group of financial assets that it controls to another entity” (FASB ASC 860-10-20). 6) Factoring: Factoring arrangements are a means of discounting accounts receivable on nonrecourse‚ notification basis. Accounts receivables in their entireties are sold outright‚ usually to a transferee (the factor) that assumes the full risk of a collection‚ without recourse to the transferor in the event of loss.
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| |1. |Which of the following is the best definition of personality? | | | |a. | | | |Personality is an aggregate set of traits that are mostly determined at birth. | |
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———————————————————————————————————————— Symbols: NSF (Not sufficient funds) SC (Service charge) CM (Credit Memo) ———————————————————————————————————————— Check No. 18 was correctly written for $708.62 for a payment on account. The NSF check was from S. King‚ a customer‚ in settlement of an accounts receivable. An entry had not been made for the NSF check. The credit memo is for the collection of a note receivable including interest of $60 which has not been accrued. The bank service charge is $25.00. Instructions
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Faris should not prepare cheque. - Payments to suppliers can only be authorized by AP. Voucher should be prepared by the one who updated account payable. This is to ensure the payment of bills is authorized by account payables not the finance clerk‚ who writes the checks. Implications (effects of the problem) a. There will be a manipulation of accounts and misuse of cash. b. Without a copy of PO‚ vendor‚ Receiving Department and AP cannot review and
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Using the four steps in the reconciliation procedure‚ prepare a bank reconciliation at November 30. (b) Prepare the adjusting entries based on the reconciliation. (Hint: The correction of any errors pertaining to recording checks should be made to Accounts Payable. The correction of any errors pertaining to recording cash receipts should be made to
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decreasing‚ can invest to bring good products up‚ otherwise terminate; Strategies change as products move through life cycle and successful strategies determine best strategy for product on its life cycle stage. PRODUCT-BY-VALUE ANALYSIS- Pareto Principle- focus on critical few‚ not trivial many; Product by Value Analysis- lists products in descending order of their individual dollar contribution‚ lists total dollar contribution of product; Contribution- the difference
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A microscope (from the Ancient Greek: μικρός‚ mikrós‚ "small" and σκοπεῖν‚ skopeîn‚ "to look" or "see") is an instrument used to see objects that are too small for the naked eye. The science of investigating small objects using such an instrument is called microscopy.Microscopic means invisible to the eye unless aided by a microscope. There are many types of microscopes‚ the most common and first to be invented is theoptical microscope which uses light to image the sample. Other major types of microscopes
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If a company earns net income of $25 million in Year 8‚ has 10 million shares of stock‚ pays a dividend of $1.00 per share‚ and has annual interest costs of $10 million‚ then | | |[pic]|[pic]|the company would have Year 8 earnings per share of $1.50. | | |[pic]| | |[pic]|[pic]|the company’s retained earnings for
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21. General-purpose financial statements are the product of a. financial accounting. b. managerial accounting. c. both financial and managerial accounting. d. neither financial nor managerial accounting. 22. Users of financial reports include all of the following except a. creditors. b. government agencies. c. unions. d. All of these are users. 23. The financial statements most frequently provided include all of the following
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aggregation concept Concept on Prudence Matching Principle Dual Aspect Relevance Concept Introduction Financial accounting has a number of conservative laws which have been considered over the years and all the possible identifiable rules are: Business Entity Concept‚ Money Measurement Concept‚ Going concern Concept‚ Accrual basis of accounting concept‚ Consistency Concept‚ Materiality and aggregation concept‚ Prudence‚ Matching Principle and Dual Aspect 1. The Business Entity Concept
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