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Stells [14]
3 years ago
5

The accountant of​ Omega, Inc. failed to make an adjusting entry to record​ $6,000 of unearned service revenue that has now been

earned. Assume the deferred revenue was initially recorded as a liability. Which of the following statements is​ true?A. The total revenue will be understated.
B. The total expenses will be overstated.
C. The total expenses will be understated.
D. The total revenue will be overstated.
Business
1 answer:
Galina-37 [17]3 years ago
8 0

Answer:

The answer is A. The total revenue will be understated

Explanation:

Unearned revenue is when the amount or money has been received before providing the service. For example, a manufacturer has received money from a customer for a product that will be delivered over a period of time, let's say every month.

Unearned revenue is a liability but the failure to make an adjusting entry in the income statement will understate revenue because as the product is being delivered monthly, the accountant should be recognizing it as revenue in the Income statement. As this is recognized as revenue, unearned revenue account decreases with the same amount monthly

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Part of implementing Quality Windows Limited new enterprise resource planning (ERP) software is ensuring all workstations and se
Setler [38]

Answer:

A)i) web browser software :

  ii) web server software :

B) i) Web browser software: Auto-download updates  and Tracking functionality

ii)  web server software : unauthorized access and unsecure connection from web browse

C) i) Legal and regulatory controls

  ii) Access controls

D) i)  Validation process -

ii) Define Requirements-

iii) Develop:

iv)Testing: Test what has been developed

v) Review/Management :

Explanation:

A ) Functions that the software application should provide

i) web browser software : This functions requires the software to make requests from the relevant web pages and sending them to the web server software application and serve it up to customers

ii) web server software : This function means that the software should be  able to store, process and deliver web pages to web browser applications’.

B) Functions that this software application should prohibit

i) Web browser software: Auto-download updates  and Tracking functionality

ii)  web server software : unauthorized access and unsecure connection from web browser

C) Controls that are necessary to ensure application software operates as intended

i) Legal and regulatory controls such as privacy laws, and copyright policies  will help the software operate smoothly

ii) Access controls such as  user authentication when a user is trying to login is very vital for the security of the user

D Steps necessary to validate that the software operates as intended

i)  Validation process - The validation process is the first step which is intended to  implement plans that identifies who has access to the software, what is been done on the software, and where the software is going to be accessed from.

ii) Define Requirements- defining the functions of the software and what the system can't do as well

iii) Develop: after Defining the requirements the next step is to develop the software in line with the defined requirements

iv)Testing: Test what has been developed

v) Review/Management : After successful testing of the product/software a review of the whole process before commercializing it is required as well

4 0
3 years ago
Stranahan Company allocates overhead based on machine hours. Estimated overhead costs for the year total $217,000 and the compan
castortr0y [4]

Answer:

Allocated MOH= $7,000

Explanation:

<u>First, we need to calculate the predetermined overhead rate:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 217,000 / 31,000

Predetermined manufacturing overhead rate= $7 per machine hour

<u>Job 45:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 7*1,000

Allocated MOH= $7,000

5 0
3 years ago
Mario won the lottery and is receiving payments of $1,521,875 a year for the next 19 years. However, he has decided to sell this
kotegsom [21]

Solution:

The calculation of interest rates using the financial calculator for these inputs;

PV = -$9,968,843;

PMT = $1,521,875;

N = 19;

FV = 0;

CPT I/Y = 13.9999% or approximately 14%

The discount rate used by the potential buyer is approximately 14%

6 0
3 years ago
PLEASE HELP ME ASAP PLEASE!!!!
Dmitry [639]

Answer:

C. all goods and services that are in demand

Explanation:

Macroeconomics, as a branch of economics, is concerned with the performance of the economy as a whole. Macroeconomics studies the key economic indicators such as unemployment rate, growth rate, aggregate demand, inflation, and price levels.  The government uses data form macroeconomic analysis to formulate policies and strategies for the country.

While microeconomics will be concerned with the income and expenditures of individuals and households, Macroeconomic will consider the consumption and revenues of the entire population. Microeconomics studies the demand for a single product. Macroeconomics focuses on the aggregate demand for products and services in a country, which is more like the GDP.

5 0
3 years ago
Olive Maccones dies without a will. She has three sons and seven grandchildren. She owned a substantial amount of property. What
navik [9.2K]

Answer:

The property will be transferred according to the Statute of Descent and Distribution.

Explanation:

Intestacy is the situation where a person dies without leaving a will for the sharing of his estate.

When this happens the descent and distribution statute comes into play.

The heirs or next of kin are beneficiaries to the estate. Heirs can be be blood relatives, adopted children, adopted parent, or surviving spouse.

The line of descent is the order of beneficiaries that are from an ancestor. The line of descent can be direct such as sons, or collateral such as cousins.

In this case where Olive Maccones dies without a will and she has three sons and seven grandchildren, her estate will be distributed by a court based on the line of descent of her sons and grandchildren.

6 0
3 years ago
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