Answer:
$84,150
Explanation:
Given that
Sale amount = $85,000
Terms = 1% discount is given it payment is made within 15 days and the total credit period allowed is 30 days
The computation of the amount of account receivable that should be recorded is shown below:
= Sale amount - sale amount × discount rate given
= $85,000 - $85,000 × 1%
= $85,000 - $850
= $84,150
Simply we deduct the discount period from the sales amount so that the accurate value could come
Answer:
There should be strong internal controls implemented and segregation of duties in the finance department.
Explanation:
There is lack of internal controls present in the company which may lead to fraud or errors. The employees assigned to record the transaction are not recording all the cash receipts and are missing some of the cash receipts which can cause errors during reconciliation. The sub divisions of finance department must be segregated and there should be a supervisor who should be responsible to review all the work done by these departments.
The accounts used by a business can be kept on pages or cards, which are kept together in a book or file called .. Ledger.
Answer:
D
Explanation:
Current assets are considered short-term assets because they generally are convertible to cash within a firm's fiscal year, and are the resources that a company needs to run its day-to-day operations and pay its current expenses. ...
