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LuckyWell [14K]
3 years ago
5

Why must a signature card be filled out and signed to open a checking account?

Business
1 answer:
Viefleur [7K]3 years ago
5 0
A signature card is a document that a bank keeps on file with the signatures of all the authorized people on that account. ... In other words, a signature card is a fraud prevention tool that a bank uses to make sure unauthorized people aren't forging checks in the company's name.
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Q 4.24: At the end of March, Paul’s Painting hired five temporary employees to work on a project that began on April 5 and ended
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Answer:

At the end of March, Paul’s Painting hired five temporary employees to work on a project that began on April 5 and ended on April 28. Paul’s received 100% of the total payment for the project on May 3. In this situation, both cash basis accounting and GAAP require that Paul’s recognize the employees’ total salary expense in April.

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A collection of accounting rules and standards usually followed, for financial reporting is known as GAAP (generally accepted accounting principles) .

For businesses, GAAP needs accrual accounting.

Accrual accounting operates on the basis of matching both revenue and expenses. Revenues and the related expenses occur concurrently, though the cash transaction concerning thereto might happen in some other period.

In the situation given in the question, the revenue from the project is earned in April, subsequently, the salary expense related to that work should also be recognized in the same period due to an accrual basis.

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1 year ago
What examples best demonstrate likely tasks for Distribution and Logistics workers? Check all that apply. Stacy supervises worke
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