Answer:
He will get nothing from the Accidental Policy.
Explanation:
- Raymond owns an Accidental policy but he Dies from Coronary artery disease. according to insurance companies policy, he will get nothing when he is dead by any means other than by accident.
- Insurance companies have their own regulations and policy.
- The insurance company is liable to pay for the incident for which the insurance is taken.
Answer:
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Explanation:
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answer
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Answer:
1. False
2. False
3. False
4. True
5. True
Explanation:
1.
Sarbanes-Oxley Act was a federal law that was established by congress to sweep auditing and financial statements for public companies. The main aim for this was to improve the investor confidence by improving reliability in accounting statements. Errors in the financial statements for the public companies were to be minimized following this law especially in the wake of numerous cases of corporate crime. This law was never passed to ensure that investors only invest in companies that will be profitable, since the choice of which company to invest in is exclusively left to the investor. So the above statement is false.
2.
Ethics can be defined as a set of rules and regulation that govern the moral behavior of someone. Ethical standards vary from one region to another since they are majorly cultural, for example; a behavior in the United States can be considered as appropriate while the same behavior in a different place can be inappropriate. Ethical standards are either right or wrong, and the actions are judged on these terms. Ethics don't measure whether a actions are loyal or disloyal, thus the statement is false.
3.
The primary accounting standard setting body in the United States is Financial Accounting Standards Board (FASB). This body is charged with regulating and setting the best standard of accounting practice. The FASB usually constitutes a board whose officials are rigorously assessed. The board members have to be professionals in the field of accounting. Securities and Exchange Commission on the other hand is an independent federal agency with the authority to enforce federal security laws. Thus the statement above is false.
4.
The historical cost principle suggests that the companies record assets cost at their original cost and continue to report them at their original cost over the time the asset is held. The historical cost principle is a generally accepted accounting principle that has been in use for a long time. The definition about the historical cost principle in the question above is therefor true.
5.
The monetary unit assumption dictates that business related activities be converted to monetary units. There are some business transactions that are however quite difficult to convert into monetary units, therefor the accountant in using this principle is only obliged to record only the transactions that can be measured in money terms. The statement about monetary units in the question above is thus true.
Answer:
<u>If records invoices at gross amounts</u>
October 2th
inventory 3,000 debit
A/P 3,000 credit
October 2nd
A/P 500 debit
inventory 500 credit
October 17th
inventory 5,400 debit
A/P 5,400 credit
October 26th
A/P 5,400 debit
Inventory 108 credit
cash 5,292 credit
October 31th
A/P 2,500 debit
Cash 2,500 credit
<u>If records invoices at nets amounts</u>
October 2th
inventory 2,940 debit
A/P 2,940 credit
October 2nd
A/P 490 debit
inventory 490 credit
October 17th
inventory 5,292 debit
A/P 5,292 credit
October 26th
A/P 5,292 debit
cash 5,292 credit
October 31th
A/P 2,490 debit
Inventory 10 debit
Cash 2,500 credit
Explanation:
gross amount: we use the invoice nominal
net amount: we use the net nominal
October 2nd net:
3,000 x (1-2%) = 2,940
returns net: 500 x ( 1 - 2%) = 490
October 16th invoice net:
5,400 x ( 1 - 2%) = 5,292
october 31th
october 2th invoice balance:
2,940 - 490 = 2,450
