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1 year ago

Paying by check helps a business to control cash when the ______. (select all that apply.)

1 answer:

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Paying by check helps a business control cash when the: manager studies the documents supporting the payment before signing the check and checks are pre-numbered and written sequentially. Options A and C

This is further explained below.

<h3>What is business?</h3>

Generally, An organization or entrepreneurial body that engages in commercial, industrial, or professional activity is what we mean when we talk about "doing business."

Both for-profit and non-profit groups may operate under the business umbrella. There are many different kinds of businesses, such as sole proprietorships, partnerships, corporations, and limited liability companies (LLCs).

Payment is the voluntary tender of cash or its equal or of objects of value by one party to another in return for goods or services given by them or to meet a legal duty.

Payments may also be made in order to fulfill a legal requirement. It is standard practice to refer to the party that is making the payment as the payer, while the party that is receiving the money as the payee.

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Multiple-Choice Questions on Consolidation Overview [AICPA Adapted]

boyakko [2]

Answer: 1. D. Economic entity

2. C. Circumstances prevent the exercise of control.

3. B. Consolidation used for both Sell and Vane.

4. B. In form, the companies are separate; in substance, they are one entity

Explanation:

1. When a parent–subsidiary relationship exists, it can be infered that consolidated financial statements will be prepared in recognition of the accounting concept of economic entity.

2. Consolidated financial statements are prepared when one company has a controlling interest in another unless the circumstances prevent the exercise of control.

3. Based on the information given, in Penn’s consolidated financial statements, it should be noted that Sell and Vane should be consolidated. Therefore, the correct option is B.

4. The best theoretical justification for consolidated financial statements is that in form, the companies are separate while in substance, they are regarded as one entity.

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3 years ago

John kenneth galbraith said that in the past all societies had an economy of ______________; now the united states had what galb

djyliett [7]

John Kenneth Galbraith is an economist, most widely read economists and is considered to be the most well known economist. In the past, he had said that all societies had an economy of scarcity. In the present, the united states had acquired what Galbraith said, calling an economy of abundance.

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2 years ago

Auditing standards don't specifically discuss the audit procedures that should be applied to a client's pension-related financia

Irina-Kira [14]

Answer:

Explanation:

(a). Audit Procedure (b) . Audit Objective

1.a Take note of trading/order paperwork with the pension (b). Existence of investment/accounts.

2a. Movement of funds within accounts. (b. Examine plan document for investment objectives

3a.make sure that investments agree with plan objectives and allowed risk level (b. Take note of current investment holdings

4a. Make sure that funds are held at updated market fair value(mark to market) (b. Take note of contracts, meeting minutes etc. Confirm that purchases/sales have been approved and falls into plan polices

5a. Extra examination of any significant plan holdings (b. Verify existence and appropriate value . This is important if the plan invest in non-public assets , example is assets are private, equity.

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3 years ago

A proprietorship has three important advantages: (1) It is easily and inexpensively formed, (2) it is subject to government regu

Umnica [9.8K]

Answer:

<em>A proprietorship has three important advantages: </em>

(1) It is easily and inexpensively formed,

(2) it is subject to few government regulations, and

(3) it is subject to lower income taxes than are corporations.

<em>However, a proprietorship also has three important limitations: </em>

(1) A proprietor has personal liability for the business' debts.

(2) The life of the business is limited to the life of the individual who created it.

(3) A proprietorship has difficulty obtaining large sums of capital so proprietorships are used primarily for small businesses.

As all company structures, proprietorships have both advantages and disadvantages. Although the advantages mainly relate to feasibility, the disadvantages are often overlooked. The main disadvantage is the total liability of the owner, which is detrimental if the business faces tough times, which lead to liquidation.

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3 years ago

If you were starting a new business describe at least three departments to the company that you would need right away why are th

Dimas [21]

Answer:

Explanation:

These departments are as follow:-

1) Admin

2) Administrative

3) HOD (Head Of Departments)

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2 years ago