Auditing is the process of reviewing log files for suspicious activity and threshold Compliance.
An audit is an "impartial exam of monetary statistics of any entity, whether income orientated or not, no matter its length or prison shape while such an exam is performed to be able to specific an opinion thereon.” Auditing also tries to make certain that the books of bills are well maintained via the concern as required by using the regulation. Auditors don't forget the propositions earlier than them, gain proof, and evaluate the propositions of their auditing record.
Audits offer a third-celebration warranty to numerous stakeholders that the difficulty remembering is free from cloth misstatement. The term is maximum frequently applied to audits of the economic information relating to a criminal man or woman. different usually audited regions consist of secretarial and compliance, inner controls, first-class management, challenge control, water control, and strength conservation. because of an audit, stakeholders may additionally compare and improve the effectiveness of threat management, management, and governance over the difficulty be counted.
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Answer:
The question is:
a. Journalize Valley's written off of the uncollectible receivables
b. What is the Account Receivables of Valley at May 31st 2018.
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The answer is:
a.
31 May 2018
Dr Bad Debt expenses 1,100
Cr Account Receivables 1,100
( to written off of the uncollectible receivables)
b.
The balance of Account Receivables as at 31 May 2018: $24,900
Explanation:
a. Because direct written-off method is applied, the uncollectible amount is only recorded when it incurred rather than when it is foreseen. Bad debt expenses is debited and an offsetting credit is recorded straight into Account Receivables account ( instead of Provision for Uncollectible account).
b. The balance at end of May is calculated as:
Ending balance of April + Credit sales in May - Collection of credit sales in May - Uncollectibale amount recorded in May = 19,000 + 22,000 - 15,000 - 1,100 = $24,900.
Answer:
Explanation:
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Answer:
A potential disadvantage when considering long-term loans as an option for raising capital is:
D. They require diluting ownership in organizations.
Explanation:
This potential disadvantage becomes a reality when the long-term loans are converted into shares. At this point, the ownership in the organization is diluted. Ownership dilution reduces the percentage of the ownership of shares in the entity. The investment becomes less attractive to the original owners since more owners are brought on board.