Answer:
The answer is C.
Explanation:
It will not be proper to just choose the balance in the cash ledger or the one in the bank because the balance as per the cash ledger in the book might be different from the balance in the bank statement in the bank.
So to eliminate this differentiation, bank reconciliation needs to be done. After this reconciliation has been carefully done, the adjusted cash balance in the reconciliation will be used.
Answer:
C. Your client can’t create an Adjusting Journal Entry.
Explanation:
In QuickBooks Online Accountant you (the accountant) make the adjusting journal entries, not your clients. It is like saying that you operate yourself while your doctor drinks coffee besides your bed.
the other options are wrong:
A. A Journal Entry cannot be used to account for depreciation of an asset. ⇒ FALSE, QuickBooks doesn't automatically depreciate an asset, the user must do this through journal entries.
B. The Accountant user can’t create an Adjusting Journal Entry in QuickBooks Online. ⇒ FALSE, when using QuickBooks Online Accountant you can create adjusting entries just like any other regular entry.
Answer:
The correct answer is letter "A": cumulative preferred stock that have been declared but have not been paid.
Explanation:
Dividends in arrears are dividends that have not been paid in a period on cumulative preferred stock. A company does not necessarily have to pay dividends to its shareholders but the payment becomes cumulative. Under this situation, it is said that the organization has failed to generate enough cash during the year. Besides, there must be a dividend declaration for the dividends in arrears to be liable recognized.
Answer: Option (c) is correct.
Explanation:
Given that,
Beginning work in process = 20,000 units and 70% completed
So, Units transferred = 20,000 × 30%
= 6,000
Direct transferred = 80,000 units
Ending work in process = 10,000 × 40%
= 4,000
Therefore,
Units were transferred out of the process in June:
= Beginning WIP transferred + Direct transferred + Ending work in process
= 6,000 + 80,000 + 4,000
= 90,000 units
