All categories

3 years ago

For accounting errors, which of the below sentences is true?

Business

1 answer:

Monica [59]3 years ago

7 0

Answer:

The correct option is C

Explanation:

Accounting error is the type of error in the accounting which was not done intentionally but when spotted, the error need to be fixed immediately. And when there is no immediate solution for the error, an investigation is conducted in order to find out who caused the error.

The statement which is true is that they represent the fraud which usually result in the legal action to be taken.

You might be interested in

The 2020 accounting records of Splish Brothers Inc. reveal these transactions and events. Payment of interest $ 10,400 Collectio

Alekssandra [29.7K]

Answer and Explanation:

The Preparation of cash flows from operating activities section using the direct method is shown below:-

Splish Brothers Inc.

Statement of Cash Flows using Direct method

For the Year ended 2020

Particulars Amount

Cash Flows from operating activities:

Cash collection from:-

Customers

($49,300 + $189,500) $238,800

Dividend Revenue $17,900 $256,700

Less: Cash payments for

Interest ($10,400)

Income Taxes (15,000)

Salaries and wages (57,700)

Operating Expenses ($28,400)

Cash payment to

Suppliers for Merchandise ($115,400) $226,900

Net Cash provided by operating activities $29,800

Since the cash payment reflects the cash outflow so this items would be represented in a negative sign and the cash collections reflects the cash inflow so this item would be represented in a positive sign

3 0

3 years ago

How many people make 1 million per year in the world

Dmitry [639]

I think it’s around 18 million or more people that make more than 1 million or 1 million yearly

8 0

2 years ago

Choi Company manufactures two skin care lotions, Smooth Skin and Silken Skin, from a joint process. The joint costs incurred are

mafiozo [28]

Answer:

The answer is "205,241"

Explanation:

Its relative value operation:

Smooth skin Seedling Skin Total

A Unit sold $240000 \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 110000$

selling price per unit $\$ \ 3.10 \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$ \ 5.10$

Sales value $\$ \ 744,000 \ \ \ \ \ \ \ \ \ \ \ \$ \ 561,000 \ \ \ \ \ \ \ \ \ \ \ \$ \ 1,305,000$

Join its cost allocate $(360000 \times \frac{sales\ value}{1305000})$ $205,241 \ \ \ \ \ \ 154,759 \ \ \ \ \ \ 360,000$

Smooth Skin is assigned the combined costs within each development process by way of the relative cost process 205,241

3 0

2 years ago

What is the best way to pursue a leadership position?

cestrela7 [59]

D would actually be the correct answer because this would actually help improve your qualities of becoming that important leader. And by this, it would show your <span>leadership position</span>

4 0

3 years ago

Century Real Estate’s primary broker is John Kerr. John is licensed as the broker of that company and he is licensed as a broker

fomenos

Answer:

The broker is doing two different jobs; so it is okay to have two different licenses.

Explanation:

In this case, since the broker is doing two different jobs then it is okay for him to have two different licenses. In a hypothetical case that the individual Broker was doing the same job role for two different companies then that would be considered a form of conflict of interest and may cause problems with both firms in the future. Since this is not the case, then he should not have any problem.

3 0

2 years ago