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.
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Answer:
a. At lower levels, management have fewer controllable costs
Explanation:
The opposite is true, lower-level management have more controllabe costs than higher level management because top management focuses on the general strategy of the firm, while lower management focuses on the specific production processes.
It is in these specific production processes that many controllable costs arise. A production line supervisor (part of lower-level management) can directly control some variable costs such as energy used, amount of input, or even work hours.
Answer and Explanation:
The journal entry is shown below:
Cash Dr $98,800
Finance charge Dr ($120,000 × 1%) $1,200
To Liability - Financing Arrangement $100,000
(being receipts of cash is recorded)
Here cash and finance charge is debited as it increased the assets and expenses and liability is credited as it also increased the liabilities. Also, the cash & expenses contains normal debit balance and liabilities contains normal credit balance
Percent markup based on the selling price: 28.1%
Explanation:
The cost of the TV for the seller was
Of this, the markup of this price was 39%. Therefore, the value of the markup (in dollars) with respect to the cost for the seller was
So, this was the markup relative to the cost for the seller.
The price paid by the purchaser instead is
Therefore, the percent markup based on the selling price (paid by the purchaser) is:
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Answer:
Fiduciary
Explanation:
A fiduciary is a person that is appointed to protect the interests of his principal.
He should ensure that all transactions favor his principal maximally. It also entails full disclosure.
In this case, Mark was going to be the beneficiary of the sale. Even if the site was sold at fair market value, Mark has responsibility to fully disclose the source of the transaction to Anna.
Conflict of duty is when the fiduciary benefits from his position. This is not allowed.
