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3 years ago

Which of the following statements are correct?

Business

1 answer:

ahrayia [7]3 years ago

8 0

Answer:

For accrual basis:

(1) record revenues when earned

For cash basis:

(3) record revenue when cash is received

Explanation:

As per accounting systems:

Accrual basis follows the periodic system in which revenues and expenses are recorded as and when they are incurred, as for revenue when it is earned, and for the period to which it relates is recorded at that time,

As in this it does not matter that cash is received in advance or after some period, the transfer of risk and reward matters.

In the case of cash basis all expenses and revenues are recorded as and when there is any cash inflow or outflow related to the same.

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To determine whether accounts payable are complete, an auditor performs a test to verify that all merchandise received is record

Leto [7]

To determine whether accounts payable are complete, an auditor performs a test to verify that all merchandise received is recorded. The population of documents for this test consists of all receiving reports.

<h3>What are receiving reports?</h3>

Receiving reposts is a kind of tool that is used to list, document or note all the transaction details of the businesses. It is generally updated and maintained by those employees of the staff who are responsible for receiving or accepting the delivery of goods.

Thus, an auditor runs a test to ensure that every item received is recorded in order to evaluate whether accounts payable are complete. The receiving reports are the population of documents for this test.

Learn more about receiving reports here:

brainly.com/question/14802834

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5 0

2 years ago

All of the accounts of the Grass is Greener Company have been adjusted as of December 31, 2016, with the exception of income tax

yulyashka [42]

Answer:

The income before tax is $370450, the income tax is $111135 and the net income is $259315.

Explanation:

As the data table is not visible,online a similar question is found for which the data is attached here with.

From the given data

Service Revenue=$943,000

Interest Revenue=$127,1000

Total Revenue=Service Revenue+Interest Revenue=$1070100

Now The expenses are given as

Supplies Expense=$349,200

Repairs and Maintenance Expense =$258,300

Depreciation Expense=$60,350

Rent Expense=$ 31,800

Total Expense=Supplies Expense+Repairs and Maintenance Expense+Depreciation Expense+Rent Expense=$699650

So the income before tax is given as

Income=Total Revenue-Total Expense

Income=$1070100-$699650

Income=$370450

So the income before tax is $370450.

Now the tax is estimated at 30% as given tax rate as

Tax=Rate*Income

Tax=30%*$370450

Tax=$111135

So the income tax is $111135.

Now the Net income is given as

Net Income=Income-Tax

Net Income=$370450-$111135

Net Income=$259315

So the Net Income is $259315.

8 0

3 years ago

ABC Brothers' cleaning products and equipment are sold to consumers and commercial cleaning companies in Best Supply's janitoria

Karolina [17]

Answer:

Distributor.

Explanation:

A distributor is a whole seller nominated by a company to most times exclusively redistribute the company products to all retailers and institutions in a designated territory.

A distribution may be required under three circumstances:

-for entering into a new town.

-for additional coverage in the same town.

-for replacing an existing distributor.

The expectations from the distributors must be defined right at the beginning so that the perspective candidates can be advised and secondly to get the right kind of distributors.

3 0

3 years ago

Princess, who resides in the 2nd Circuit, recently found a circuit court case that is favorable to her income tax research quest

lapo4ka [179]

The correct answer is C) 2nd Circuit or the Federal Circuit.

Princess, who resides in the 2nd Circuit, recently found a circuit court case that is favorable to her income tax research question. The circuits that she would prefer to have issued the opinion are the 2nd Circuit or the Federal Circuit.

Princess has to go to the 2nd Circuit Court of Appeals that is located in Manhattan, New York, at the Thurgood Marshall US Courthouse. It exercises federal jurisdiction in six districts of the states of Vermont, New York, and Connecticut. The 2nd Circuit Court of Appeals was established by Congress in 1891.

5 0

4 years ago

The real wages of workers will tend to be high when

DIA [1.3K]

Answer:

When labor productivity is high.

Explanation:

According to neoclassical economic theory, real wages are equal to the marginal product of labor (MLP). The marginal product of labor is the extra output produced by one extra unit of labor (one extra worker).

If the MPL is high, this means that workers are very productive, and therefore, are paid a high real wage accordingly.

This is why countries with high labor productivity like the U.S. or Switzerland also have very high real wages.

6 0

3 years ago