o a. Financial ACCOUNTING
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A: Journal Entry Working Notes: Insurance for 12 months = $4800 Amount of Expired insurance =…
Q: A capital budget estimates a firm’s expenditures for labor costs and other monthly expenses.; True…
A: A firm refers to a commercial company or enterprise that purpose is to buys and sells products or…
Q: Independent auditing can best be described as(1) a branch of accounting.(2) a discipline that…
A: Independent auditing can be described as the examination of the business transactions, accounts,…
Q: Recommend THREE (3) audit procedures which can be performed to prevent external auditor's reliance…
A: In day to day language audit means inspection. In an organisation it means inspection of accounts.…
Q: Smith Company, a CPA firm, conducted an audit for the 2020 financial statements of Sara Corporation.…
A: The question has an auditing procedure in which the auditors make a comparison of current year…
Q: O c. Accounting rate of return
A: Correct Answer Is c. Accounting Rate of Return Accounting Rate of Return is a profit/loss dependent…
Q: what are the major requirements for the job the financial analyst, build a vacancy for it.
A: FINANCIAL ANALYST Financial analysts guide businesses and individuals in decisions about expending…
Q: Give the meaning and purpose of each of the following: a. income statement b. cash flow statement…
A: Financial Statement is the business report which describes the business performance and its…
Q: What is Special Reports in management reporting? Give an example on how to make special report
A: In an organization, the structure, culture, framework, and design play key roles in determining the…
Q: Business Operating expenses are recorded in: Trading Account Profit and Loss Account Balance Sheet…
A: Net earnings of a business can be identified by preparing a Profit and loss account. It consists of…
Q: Explain the differences and similarities between financial statements, compliance and operational…
A: Financial statements represent the entity financial information. An operation audit is done to check…
Q: What is the purpose of cost accounting ISs?
A: Introduction Cost Accounting Information System is a part of management system which helps the…
Q: Which of the following is the essential purpose of the audit function? *
A: The term "audit" refers to a comprehensive examination of anything. Auditing is defined as a…
Q: m provide both
A: Management Accounting System comprises the inner frameworks that an association uses to quantify and…
Q: 8. Which of the following responsibilities rests with the management of an entity? ) Selecting and…
A: The correct option is B), that is, (i), (ii) and (iv). It means the management of an entity is…
Q: In the conduct of audits of financial statements, it would be a seriousbreach of responsibility if…
A: Financial statements are described as the reports on the liquidity, performance, and financial…
Q: Assume that you are the chairman of the Department of Accountancy a Mountain State University. One…
A: As a chairman, I should follow the moral and ethical standards, especially the reaction to the…
Q: Time value of money as realistic in ________. a. Working Capital b. None of the options c. Capital…
A: The principle of time value of money is important in capital budgeting because it allows business…
Q: Which item is the most liquid asset for companies? A:Accounts receivable B:Inventory C:Marketable…
A: Answer is choice D. Cash
Q: Given below question on accounting information system subject. You are required to give answers…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: Which of the following are the tools of management accounting? i. Standard costing ii. Cash flow…
A: Management accounting Management accounting is that type of accounting that is used by the managers…
Q: 5/Management accounting provides valuable services to management by performing: a. Planning b.…
A: Management is the art of getting things done together for achieving the goal with efficient and…
Q: Which of the following is the most liquid form of current assets a. Inventory b. Accounts Payable c.…
A: Liquid assets are assets that may be easily converted into cash or are in the form of cash. It helps…
Q: Which of the following deals with the management of money? Banking Finance Trading Accounting
A: The processes of planning, saving, investing, spending, or otherwise overseeing an individual's or…
Q: 44) Balance sheet includes ___________________ of the firm. a. Capital b. Liabilities c. Assets d.…
A: Balance sheets can be defined as the summary of financial balances of the firm. It is considered to…
Q: The following are the balance sheet and income statement data of Jowie Corporation Balance Sheet…
A: Current Assets Cash 283000 Account receivables 1000000 Inventories 500000 Total…
Q: Required: 1. According to the Standards of Ethical Conduct for Practitioners of Management…
A: A code of morals sets out an association's moral rules and best practices to follow for genuineness,…
Q: 1. The set of guidelines and procedures that constitute acceptable accounting practice at a given…
A: Disclaimer- Since you have asked multiple questions we will solve the first question for you. If you…
Q: Kindly assist with the following: a) The business needs to have a sense of its future cashflows…
A:
Q: "The financial manager should have sound knowledge not only in finance but also well versed in other…
A: The finance manager should have sound knowledge not only in the finance-related area but also well…
Q: Cash flow Statement Cash Flow Statement for the first Years
A: Cash flow is the transactions in and out of account.
Q: 15 Which of the following does not describe the main focus of management accounting? a.…
A: In the past, there was large-scale standardised production to gain economies of scale. But now the…
Q: Question9  Under the modified accrual basis of accounting: a. Revenues are recognized at the time…
A: Modified accrual method of bookkeeping can be defined as a blend of cash and accrual basis. Cash…
Q: Which of the following statements best describes the overall purpose of management accounting? A…
A: Managerial accounting is the practice of identifying, measuring, analyzing, interpreting, and…
Q: XYZ Company Balance Sheet Liabilities Assets Cash $10,000 Notes Inventory $61,000 Wages Property…
A: The quick ratio compares a company's current obligations to its available liquid assets in terms of…
Q: true or false 8. Company's confidential information can be considerably more valuable than…
A: Company's confidential information means that a company has created, developed or acquired which…
Q: An accounting firm of CPA's is an example of a. a service factory. b. a mass service.…
A: A certified public comptroller (CPA) could be a designation given by the yank Institute of Certified…
Q: profit, net assets, return on investment return on investment, net assets, cash flow gross income,…
A: Financial performance is a subjective assessment of how effectively a company can utilize and…
Q: (10 Ma (05 Ma What are the functions of Management Accounting? Explain. 'Cost Accounting is an aid…
A: Ans 1- The IFAC's framework describes the evolution of managerial accounting in 4 phases:- cost…
Q: 1) Which of the following statements includes closing stock? a. None of the options b. Income…
A: Closing Stock refers to the amount of unsold stock left in the organization on a given date. In…
Q: The most essential part of securing venture capital funding is undergoing through ________, which…
A: Venture capital (VC) is a type of private equity and a type of financing provided by investors to…
Q: Recommend a suitable departmentalisation for Cathy’s accounting firm and provide reasons for…
A: Departmentalization is a process in which the jobs or activities are grouped together in functional…
Q: 17) Which of the following is the significance of Capital Budgeting? a. Irreversible b. All the…
A: Operational productivity measure is a measure to calculate how efficiently inputs are converted into…
Q: Sarah O’Hann enjoyed taking her first auditing course as part of herundergraduate accounting…
A: Ans 1: The prime intention of the audit is nothing but to enabling the auditors to express the…
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- 4- Cash flow statement of any company shows the net cash inflow and outflow during a period of time. Which of the following activities are considered while making cash flow statement? a. Cash flow from investing activities b. All of the options c. Cash flow from financing activities d. Cash flow from operating activitiesThe statement that shows the sources and uses of funds is: a. Fund Flow Statement b. Cash Flow Statement c. Income Statement d. Cost SheetUse the following information to prepare the Juy cash budget for Acco Co. It should show expected cash receipts and cash payments for the month and the cash balance expected on July 31. Question 1 What is net income after taxes? Question 2 What is the amount of total assets? Question 3 What is the amount of retained earnings?
- Give the meaning and purpose of each of the following: a. income statement b. cash flow statement c. balance sheetChapter 22 Organizations determine whether to take on debt and how much to take on are common and necessary parts of financial planning. Explain the sources of capital that are available to an organization to obtain funds. Chapter 23 Explain why an organization should buy or lease when purchasing equipment.Balance Sheet is a statement of: Assets Capital Liabilities All of the above
- Consider the following balance sheet: Cash $70,000 Accounts receivable $30,000 Inventories $50,000 Net fixed assets $350,000 Total assets $500,000 Accounts payable $30,000 Long-term debt $20,000 Common stock $200,000 Retained earnings $250,000 Total liabilities and equity $500,000 Assume that the business uses $30,000 of its cash to pay salaries. Which of the following statements reflects the resulting balance sheet change?5/Management accounting provides valuable services to management by performing: a. Planning b. Controlling c. Coordinating d. All managerial functionsWhich report accounting method shows an overview of the money received and spent for a specific period? A. Hybrid basis B. Accrual basis C. Modified basis D. Cash basis
- To prepare the gross margin, include operating expenses, calculate your income, include income taxes, calculate net income and lastly finalize we need to generate a trial balance report, calculate your revenue, determine the cost of goods sold, calculate your income statement with business details and the reporting period. A) Balance Sheet B) Cash Flow Statement Income Statement D Break-even analysisIf a firm shows a net accounting income then it will not have a cash flow isue not have problem obtianing loan able to repay all liabilities on timeYou work as a freelance accounting professional and have beenrecently engaged by the auditors of Life-Positive Inc. for anassignment. In examining the company’s records, you have extractedthe following information Life-Positive’s Account Balances 2021 ($) 2022 ($) Accounts Payable 24,600.00 21,250.00 Accounts receivable 15,700.00 12,340.00 Cash 23,450.00 28,600.00 Cost of goods sold 19,700.00 23,000.00 Depreciation 3,090.00 4,590.00 Dividends 5,800.00 10,800.00 Interest 2,340.00 2,890.00 Inventory 7,050.00 8,640.00 Long-term debt 28,000.00 30,000.00 Net fixed assets 41,500.00 48,000.00 Other expenses 2,400.00 2,800.00 Sales…
