Answer:
Aug 2 2013 Notes Receivable 6000 Dr
Accounts Receivable 6000 Cr
Oct 31 2013 Interest Receivable 180 Dr
Interest Revenue 180 Cr
Oct 31 2013 Cash 6180 Dr
Notes Receivable 6000 Cr
Interest Receivable 180 Cr
Explanation:
When the note is received, the customer account will be closed and accounts receivable will be credited while a new asset of notes receivable will be created and notes receivable is debited.
The interest on notes receivable is calculated assuming a 360 day year and the 12% is annual interest rate.
The interest on note is 6000 * 0.12 * 90/360 = $180
The interest is income so wull be credited while as it is receivable, the interest receivable will be debited.
On 31 October when the note is honored and cash is received, it will be total of principal + interest so cash = 6000 + 180 = 6180
As a result, the assets notes and interest receivables will be closed and credited against cash.
<span>Customers' expectations are based on their experiences. if a customer expects his hotel room to be ready when he arrives, but encounters a wait because it is not prepared, this reflects a knowledge gap on the part of the hotel because it did not understand the customer's expectations.
The knowledge gap explains that there are discrepancies that can be made when someone is unsure of another persons expectations. This is common and normal, human error exists. The best thing someone can do moving forward is ask more question to be better prepared but often times, it was not communicated to the appropriate person correctly. </span>
Answer:
1. False
2. False
3. False
4. True
5. True
Explanation:
1.
Sarbanes-Oxley Act was a federal law that was established by congress to sweep auditing and financial statements for public companies. The main aim for this was to improve the investor confidence by improving reliability in accounting statements. Errors in the financial statements for the public companies were to be minimized following this law especially in the wake of numerous cases of corporate crime. This law was never passed to ensure that investors only invest in companies that will be profitable, since the choice of which company to invest in is exclusively left to the investor. So the above statement is false.
2.
Ethics can be defined as a set of rules and regulation that govern the moral behavior of someone. Ethical standards vary from one region to another since they are majorly cultural, for example; a behavior in the United States can be considered as appropriate while the same behavior in a different place can be inappropriate. Ethical standards are either right or wrong, and the actions are judged on these terms. Ethics don't measure whether a actions are loyal or disloyal, thus the statement is false.
3.
The primary accounting standard setting body in the United States is Financial Accounting Standards Board (FASB). This body is charged with regulating and setting the best standard of accounting practice. The FASB usually constitutes a board whose officials are rigorously assessed. The board members have to be professionals in the field of accounting. Securities and Exchange Commission on the other hand is an independent federal agency with the authority to enforce federal security laws. Thus the statement above is false.
4.
The historical cost principle suggests that the companies record assets cost at their original cost and continue to report them at their original cost over the time the asset is held. The historical cost principle is a generally accepted accounting principle that has been in use for a long time. The definition about the historical cost principle in the question above is therefor true.
5.
The monetary unit assumption dictates that business related activities be converted to monetary units. There are some business transactions that are however quite difficult to convert into monetary units, therefor the accountant in using this principle is only obliged to record only the transactions that can be measured in money terms. The statement about monetary units in the question above is thus true.
When equipping your office your first concern should be the equipping yourself and your office (virtual or otherwise) is connectivity.
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Explanation:</u></h3>
Office refers to the workplace where the task that are assigned by an organisation gets completed. This place involves the collection of people who work for achieving the objectives of an organisation. When equipping the office there should be consideration for all things that are very essential for the work completion.
The first thing to be focused while equipping an office includes the connectivity that you have in completing the work. It may be either virtual or anything. When you could not go to office in any unavoidable circumstances the virtual connectivity helps you in working form anywhere.
Answer:
Poorer developing countries which often produce and export primary commodities tend to face unfair _______exchange values______________ in relationship to rich countries that produce manufactured (capital) goods.
Explanation:
Unfair exchange value means that rich countries that use the primary commodities of poorer developing countries to produce manufactured goods, especially capital goods, sell the manufactured goods at values that are not real or too exorbitant. This practice contributes to the unfairness of international trade. It also means that the prices at which the primary commodities are bought form the poorer countries are too low when compared with the prices of the manufactured capital goods sold by rich countries to poorer countries.
