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3 years ago

A company's financial statements may contain errors even if debits and credit balance because:

Business

1 answer:

emmasim [6.3K]3 years ago

6 0

Answer:

B. correct but equal amounts may have been posted to wrong accounts

Explanation:

It is possible that in the presence of the errors the debits and credits side remains balance.

Following errors may balance the debits and credits

Error of omission ( Transaction is totally omitted)
Error of commission (posting in wrong accounts by same value)
Error of Principle (Entry made against the principle of accounting)
Error of Original Entry (Wrong amount posted on both debit and credit sides)
Compensating error (Two errors compensate each others effect)

All of the above errors may present in case of balanced debit and credit sides.

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Beau said to a close friend, "I am fed up with my company's continual disregard for the environment. They secretly dispose of ha

RideAnS [48]

Answer:

Beau's decision to tell somebody about his company's actions is an example of: whistle blowing

Explanation:

Ethics is the study of moral human behavior. Ethical behavior usually varies with different areas. What is considered ethical is always subject to the cultural standards of that particular place. In a company environment, there are ethical standards that are supposed to be met on the part of the company and also individuals working in the company.

One major ethical standard that companies must maintain is environmental protection. This is more prevalent in manufacturing companies that have to release toxic waste to the environment in the form of fumes to the atmosphere or liquid waste to rivers and water bodies. The environment is used by all living beings and therefor it needs to be protected. Ethical standards dictate that industrial waste should be kept below toxic levels before being released into the environment.

It is also ethical for any individual working in a company and has information about unethical practices of a company to publicly expose the company so that they can be held accountable for their actions. This is referred to as whistle blowing. Beau's decision to inform a newspaper reporter about the actions of the company in destroying the environment is an example of whistle blowing. Her decision is a typical example of ethical behavior.

8 0

3 years ago

Tyrone, a project manager at a computer firm, needs to monitor the schedule of a critical project. What should Tyrone do first?

MA_775_DIABLO [31]

Answer:

The correct answer is letter "C": Identify major scope creep.

Explanation:

Scope creep in project management refers to those uncontrolled changes in the scope of a plan. This can be caused when the scope of the project is not defined or controlled correctly. It may cause schedule variances so it is important to deal with it during the first steps of monitoring a critical project.

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3 years ago

I have a question I dont know I was just wondering

Elis [28]

Yeah for sure i guess ...

8 0

2 years ago

g Declaring bankruptcy by the bond issuing firm ______ . a. has no impact on value of its bonds b. increases the value of its bo

Scilla [17]

Answer:

c. decreases the value of its bonds

Explanation:

There is a significant decrease in the value of the bond if the firm declares bankruptcy.

4 0

3 years ago

Relix, Inc., is a domestic corporation with the following temporary timing differences for the current year. The building deprec

Rina8888 [55]

Answer:

Computation of Provision for income tax expense

Particulars Amount

Pre tax financial income $4,800

Add: Non deductible business meal $780

Less: Tax exempt interest -$2,375

Less: Book tax difference in depreciation -$16,800

of building and Furniture & fixtures

Add: Accured litigation expenses $16,000

Taxable Income $2,405

Provision for income tax Expense

Current Tax (21% of $2,405) $505

Deferred tax liability $3,528

Deferred tax asset -$3,360

Total Provision for income tax expense $673

Computation of book net income after tax

Particulars Amount

Book net income before taxes $4,800

Less: Provision for income tax expense -$673

Net Income after tax $4,127

3 0

3 years ago