Answer:
True Cash Balance $7,688
Explanation:
The computation of the true cash balance is shown below:
Unadjusted Cash Balance as of May 31 $7,176
Add: Interest Earned $14
Note Collected by Bank $600
Less: NSF check ($67)
Less Bank charges ($35)
True Cash Balance $7,688
Hence, the true cash balance is $7,688 and the same is to be considered
Answer:
The correct answer is C) the cause-‐‑and-‐‑effect and the benefits-‐‑received criteria.
Explanation:
In general, the costs that are collected in the accounts serve three general purposes:
- Provide cost reports to measure utility and evaluate inventory (income statement and balance sheet).
- Offer information for the administrative control of the operations and activities of the company (control reports).
- Provide information to support planning and decision making (analysis and special studies).
Control constitutes the management for the fulfillment of the proposed goals, while cost reduction refers to the effort aimed at achieving a decrease in the levels or magnitude of the costs. The cost of the quality of a product represents the work that requires the identification and administration of the necessary expenditures to maintain an adequate degree of quality, that is, the supervision of compliance with the rules of its design and its specifications.
Answer:
The answer is: C) Approving vendors’ invoices for payment.
Explanation:
Within an organization, the duties of authorizing payments, record keeping and asset custody have to be assigned to separate business units or departments. One single department shouldn't authorize payments and make them. There would be no possible control over what they are doing.
For example, if the treasury department is able to authorize payments, instead of paying $1,000 for an invoice they could pay $50,000 and no one would be able to discover the fraud committed.
Answer:
b. Not affect total assets
Explanation: Account receivable is a term used to describe the total amount expected to be paid by debtors to a a business Organisation on transactions completed during a given accounting period,it is an asset account.
WHEN THE ACCOUNT RECEIVABLES ARE COLLECTED, THEY DO NOT HAVE ANY EFFECTS ON THE ASSETS OF A BUSINESS ORGANISATION AS IT HAS ALREADY BEEN ACCOUNTED FOR IN THE ASSETS OF THE BUSINESS ORGANISATION.
