Answer:
Cash 2,157 debit
bank service expense 85 debit
account receivables 2,242 credit
Explanation:
To record the bank memorand:
The collection in behalf of the firm will increase cash
The new print the checks will be considered either miscellaneuos expense or bank service expense either way, will decrease cash.
Net cash variation: 2,242 - 85 = 2,157
For the Company errors another entry will be made looking for errors between our numebrs and the bank.
1. is true, and the 2. is false
Answer:
A
Explanation:
For an accounting manual, if your audience has different background of education then you need to keep different section for different audience. The thing is, if you write it for highest level then bookkeepers will have difficulty in understanding it. If you write for lower level, then it will be useless for higher level of audience.
So the manual should include different section for different audience.
Answer:
The correct answer is C)
Explanation:
A pledge in this context is a vow or a promise to make a donation or give something at a future date. It may be vocalized or communicated in writing.
The Financial Accounting Standards Board (FASB), sets out the criteria for recognizing a pledge or a promise as follows:
- Relevance— If the promise is important enough to make a difference in the users decisions, then it ought to be recognized
- Definitions—If the item satisfies the definition of a component of a financial statement, then it ought to be recognized;
- Dependability— When the pledge is based on a fact that can be recorded, verifiable, and neutral, then it can be recognized
- Measurability— if it allows for measurability, then it should be recognized
It is clearly stated that where the certainty or reliability of a promise or a vow is difficult that measure, it is better to decline from recognizing such a pledge.
Cheers!
Answer:
c. Economists devise theories, collect data, and analyze the data to test the theories
Explanation:
Economists use past data to predict the future.
They make use of sound economic theory instead of rule of thumb to predict the future.
I hope my answer helps you
