Answer:
$8,350
Explanation:
When an organization estimates its uncollectible receivables, the entries posted are credit to the doubtful debts accounts (a balance sheet account usually mapped to accounts receivable) and a debit to Bad Debt Expense.
As such, given that both accounts have normal balances and the company uses the aging of accounts receivable method, the result of the aging analysis used to estimate uncollectible receivables is the basis of what will be posted to the bad debt expense.
Hence bad debt expense for the year = $8,350
Ordinarily, the most significant audit objective and primary risk area for auditors in the examination of accounts payable is:
Audit Objective: Completeness is the main goal of the accounts payable audit. Completeness suggests that the payable won't receive any significant future additions. Accounts payable are a significant source of operating cash flows in the drug wholesale industry because inventory turnover is very high.
Primary Risk Area:
1) Intentionally understated are expenses and accounts payable.
2) There are payments made to unsuitable vendors.
3 )Payments are made twice to vendors.
#SPJ4
Answer:
True
Explanation:
Controlling the flow of information is important since too much flow of information eventually leads to more loss of information and distortion of facts as less is grasped, comprehended and retained.
It is essential to control and regulate the flow of information as excessive flow of information also results into confusion and the intended meaning gets lost.
So it is recommended to learn by being exposed to little bit of new information at a time rather than huge quantity of information whose comprehension and retention both would be difficult.
I don’t she reports only one account at a time because if it overload of multiple Stephen Stephen you can possibly crash causing business millions of dollars
