What is another term for accountability?

The significance of the bill of lading in overseas shipments is to provide which of the following?

nignag [31]

Answer:

D. Evidence of title transfer of goods to customers.

Explanation:

The bill of lading is a legally binding document that provides the carrier and shipper with all of the necessary details to accurately process a shipment. It has three main functions. (1) it is a document of title to the goods described in the bill of lading. (2) it is a receipt for the shipped products. (3) the bill of lading represents the agreed terms and conditions for the transportation of the goods.

5 0

3 years ago

The bank forecloses on Lisa's apartment complex. The property had been pledged as security on a nonrecourse mortgage, whose prin

skelet666 [1.2K]

Answer: $400,000

Explanation:

Based on the information given in the question, Lisa's recognized gain or loss will be calculated as the difference between the amount that's realized and the adjusted basis. This will be:

Recognized gain will be:

= Amount realized - Adjusted basis

= $900,000 - $500,000

= $400,000

There's a recognized gain of $400,000

6 0

3 years ago

Enviro Company issues 8%, 10-year bonds with a par value of $300,000 and semiannual interest payments. On the issue date, the an

elena55 [62]

Answer:

1. Issuer's cash is $262,500

2. Total amount of bond interest is $277,500

3. The amount of bond interest expense is $13,875.

Explanation:

1. Issuer's cash = Face Value × Selling Price

Issuer's cash = $300,000 × 87.50%

Issuer's cash = $262,500

2. Discount on bond = $300,000 × 12.5% = $37,500

Interest on bond = $300,000 × 8% = $24,000

Period of bonds= 10 years

Total amount of bond interest = Discount on Bond + (Interest on Bond × period)

Total amount of bond interest = $37,500 + ($24,000 × 10)

Total amount of bond interest = $277,500

3. Discount on bond = $300,000 × 12.5% = $37,500

Interest on bond = $300,000 × 8% = $24,000

Period = 0.5 years

The amount of bond interest expense = (Discount of Bond ÷ 20) + Interest

The amount of bond interest expense = ($37,500 ÷ 20) + ($24,000 × 0.5)

The amount of bond interest expense = $1,875 + $12,000

The amount of bond interest expense = $13,875.

7 0

3 years ago

Mega Loan Company has very stringent credit requirements and, accordingly, has negligible losses from uncollectible accounts. Th

Marianna [84]

Answer:

The correct answer is letter "C": Materiality.

Explanation:

The Materiality principle refers that one of the accounting standards can be left behind only if it has an irrelevant impact on the financial statements. According to the Generally Accepted Accounting Principles (GAAP) only when an item is "<em>immaterial</em>", provisions for the transaction derived from that item are not mandatory. But, the definition of what is material and immaterial is not provided by the GAAP, then, it relies on the judgment of the accountant.

7 0

3 years ago

On January 1, Year 2, Grande Company had a $69,600 balance in the Accounts Receivable account and a $2,600 balance in the Allowa

Katarina [22]

The amount of uncollectible accounts expense recognized on the Year 2 income statement is $1,830.

Explanation:

On January 1, Year 2, Grande Company had balance = $69,600 in the Accounts Receivable account

Grande provided services = $183,000

The Allowance for Doubtful Accounts account = $2,600
The company collected cash from accounts receivable = $215,500
Uncollectible accounts are estimated to be = 1% of sales on account
Thus, following calculation gives the desired result,
Multiply amount of Grande services with 1% sales on account.
i.e : $183,000 sales on account × 1% = $1,830
So, the amount of uncollectible accounts expense is $1,830 as the income statement for the 2nd year.
The reserves are recorded when, the uncollectible accounts expense are debited and credit the allowance for the uncollectible accounts.
There are many reasons for the uncollectible accounts such as,
the debtor's bankruptcy,
the inability to get the debtor,
fraud, etc

5 0

3 years ago