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galina1969 [7]
2 years ago
8

Suppose there were several large outstanding checks on the year-end bank reconciliation that did not clear the bank by the cutof

f date. Discuss the possible cause(s) of this, and discuss the nature of the potential misstatement(s) that could result.
Business
1 answer:
BigorU [14]2 years ago
4 0

Insufficient funds and irregular signatures are reasons why a cheque may not be cleared in time.

<h3>What is a Cheque?</h3>

This can be defined as a written, dated, and signed instrument which directs a bank to pay a specific sum of money to the bearer.

Insufficient funds and irregular signatures may delay the clearing of cheque which is a result of human error and could lead to returning it.

Read more about Cheque here brainly.com/question/24555580

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Discuss the concepts of Mean, Median, Mode, and Standard Deviation, including when each should be used, and evaluate the differe
yaroslaw [1]
<h3>What is mean?</h3>

The mean is a mathematical concept that is used to determine what the average number is in a given set of numbers. For example, given a set of numbers, 5, 1, 1, 1, and 4, the mean is 2.4 (\frac{5+1+1+1+4}{5}), where /5 is the sum of the given set of numbers.

<h3>What is the Median?</h3>

The median is a term used to represent the middle value in a given set of numbers. For example, given a set of numbers, 5, 1, 1, 1, and 4, the median is 1 because it is the middle for this set of numbers counting from left to right.

<h3>What is the mode?</h3>

The mode is a term that refers to the most frequently repeated value in a given set of numbers. For example, given a set of numbers 5, 1, 1, 1, and 4, the mode in the set is 1 since it occurs most, exactly three times.

<h3>What is the Standard deviation?</h3>

Standard deviation is a statistical method used to determine how far (i.e the deviation) of a given dataset relative to its mean. It is often calculated as the square root of variance.

You can learn more about the concepts of Mean, Median, and Mode here brainly.com/question/14532771

#SPJ1

5 0
1 year ago
Given that resources are scarce, Multiple Choice 1. A "free lunch" is possible, but only for a limited number of people. 2. Oppo
Semmy [17]

Answer:

Opportunity cost are experienced whenever choices are made

Explanation:

Scarce resources means the shortage or unavailability of resources required for production of goods and services . In fact economists believe that all resources are scarce because of the limit to the availability of factors of production involved in the production.

To manage scarcity , economist came up with the principle of opportunity cost.

Opportunity cost is the cost of the alternative forgone while making a choice.

This means that as a man may not be able to meet up with all his needs due to scarcity of resources , he will need to select the ones that are of utmost importance and forgo the other needs on the list , whichis the opportunity cost of the transaction.

5 0
3 years ago
Highland Industries makes custom yachts using a job cost accounting system. In anticipation of a busy year for 2019, Highland’s
il63 [147K]

Answer:

predetermined overhead per direct labor hour: $11.02

Explanation:

\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate

To solve for overhead rate we determinate the expected cost and distribute them over a cost driver which is, in this case; direct labor hours

<u>Expected overhead cost:</u>

Machinery maintenance   $   181,350

Utilities                              $  226,380

Supervision                        $   191,000

Materials handling cost     $    67,000

Building occupancy costs $    98,270

Indirect materials               $<u>     31,650 </u>

Total overhead:                 $  795,650

Total direct labor:    72,000

Overhead rate:   795,650 / 72,000 = 11.0206944= $11.02

3 0
2 years ago
From the following statements, select the one that describes the effect of dividends on equity.
Firdavs [7]

Answer: d) Dividends cause equity to decrease.

Explanation:

Dividends are payments to shareholders as a way of sharing the profit that the company made with its owners. Net profit is added to the Equity of company.

In other words, dividends cause equity to decrease because they are taken from Retained Earnings (net income) which are added to Equity. By reducing the amount of Retained earnings available therefore, dividends are reducing Equity.

4 0
3 years ago
Assume that the total cost of a project is $570,000 and that it is fully depreciable using a straight-line method over 6 years.
Lera25 [3.4K]

Answer:

So the depreciation in year 1 is $95,000

Explanation:

Depreciation is the accounting method that is used to allocate cost of an asset over its useful life. It is assumed that an asset losses values over a period and the salvage or terminal value is the value of the good after its useful life has ended.

Straight line method of depreciation assumes equal allocation of depreciation expense over the useful life of an asset.

In the given the asset value is $570,000 and the terminal value is $0

Using the formula

Depreciation= (Value of asset- Salvage value)/Number of useful years

Depreciation= (570,000-0)/6

Depreciation= $95,000 paid equally for 6 years

So the depreciation in year 1 is $95,000

4 0
3 years ago
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