Answer:
The correct answer is letter "D": are an information system that records, processes, and reports on transactions to provide financial and non-financial information for decision making and control.
Explanation:
An Accounting Information System or AIS is a way to track all of a company's accounting activities. An AIS provides easy access to the same information to different departments. An AIS collects, stores, retrieves and processes the data. The data can come from internal and external sources allowing managers to make decisions about the business operations.
Answer:
$46.51
Explanation:
The weighted arithmetic mean can be defined as:
Where n is the number of shares and P is the share price, then:
Based on this, the weighted arithmetic mean price per share is $46.51
Answer:
SCC won't pay any tax
Explanation:
Their loss of $30,000 in year 1 will be unused and made available to counterbalance the total generated earnings in year 2.
The $20,000 earnings in year 2 can be used to counterbalance the whole taxable income; so, SCC will not pay pay tax. SCC will have a ($10,000) loss carryover available for year 3 and beyond
Answer:
d. net income for the year will be overstated.
Explanation:
The prepaid rent account is used to record the amount paid in advance for rent. Once the amount is paid, the entries required are
Debit Prepaid rent
Credit Cash account
On subsequent use of the rent, the required entries are
Debit Rent expense
Credit Prepaid rent
As such where at the end of the fiscal year, the usual adjusting entry to update Prepaid Rent for the portion of the benefit that was used up / expired was accidentally omitted, net income for the year will be overstated as the rent expense that would have been posted to reduce it would have been omitted.
