Answer:
D
Explanation:
Those that have access to managerial accounting information are known as internal users of accounting information. They include :
- managers
- owner
- employees
Those that do not have access to managerial accounting information are known as external users of accounting information. They include :
a. bankers.
b. investors.
c. regulatory bodies
Answer:
d. 4 years
Explanation:
The formula to compute the payback period is shown below:
= Initial investment ÷ Net cash flow
where,
Initial investment is $200,000
And, the net cash flow = $50,000
Now put these values to the above formula
So, the value would equal to
= ($200,000) ÷ ($50,000)
= 4 years
All other information which is given is not relevant. Hence, ignored it
Answer: 1. B. Petty Cash
2. D. Petty Cash
3. D. Debit petty cash and credit cash
Explanation:
1. When creating the Petty Cash fund, Cash is credited because money is being removed from it. It is then put into the Petty Cash account hence a debit.
2. When taking money from Petty Cash, it is an asset and so is credited to reflect the outflow.
3. Similar to the transaction in question 1. You are taking money from cash account to.put in Petty Cash so the right procedure is to debit Petty Cash and credit Cash.
Answer:
b. $10,000
Explanation:
Calculation to determine Eileen recognizes gain on the transfer
Recognized gain=Basis -Fair market value
Recognized gain=$190,000 -$180,000
Recognized gain=$10,000 gain
Therefore Eileen recognizes gain on the transfer of:$10,000
