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valkas [14]
3 years ago
7

Which of the following statements is correct? Revenue is recognized at the time of shipment when goods are shipped FOB destinati

on. Sales returns and allowances are reported as operating expenses on an income statement. A seller records revenue when title and risks of ownership transfer to the buyer. Sales discounts are reported as cost of sales on an income statement.
Business
1 answer:
allochka39001 [22]3 years ago
7 0

Answer:

The correct answer to the following question will be Option C.

Explanation:

  • The buyers, as well as sellers, must negotiate an understanding as to who is capable of paying certain transport costs and also who, whenever the item is delivered, assumes the default risk throughout transportation.
  • A seller reports compensation whenever the purchaser has the transition of titles as well as ownership uncertainties.

The other three options are not related to a certain scenario. So that option C is the right answer.

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Nico wants to buy a new digital camera for his semester studying abroad but he knows very little about cameras, having never own
Darina [25.2K]

Answer: External research

Explanation:

External research is referred to as or known as a research conducted when an individual does not have any prior knowledge or information about a commodity or product, which further leads the individual to seek data and information from the personal sources such as friends or family and also the public sources i.e. online forums or in other cases the marketer dominated source i.e. sales persons especially at times when an individual’s previous experience is known to be limited.

3 0
3 years ago
"Auditors should be familiar with the terminology employed in IT processing. The following statements contain some of the termin
mr Goodwill [35]

Answer:

Explanation:

Step 1:

the auditor is required to provide reasonable assurance for the financial statement audited.To provide such reasonable assurance,appropriate evidence must be obtained to confirm that no material misstatement material is present in the financial statement

Step 2:

For each statement select true or false in the following manner

a. A recent improvement in computer hardware is the ability to automatically produce error listings. Previously, this was possible only when provisions for such a report were included in the program.

FALSE

b. The control of input and output to and from the information systems department should be performed by an independent data control group.

TRUE

c. An internal-audit computer program that continuously monitors IT processing is a feasible approach for improving internal control in OLRT systems.

TRUE

d. An internal label is one of the controls built into magnetic tape drive hardware by the hardware manufacturers.

FALSE

e. A limit test in a computer program is comparable to a decision that an individual makes in a manual system to judge a transaction's reasonableness.

TRUE

f. A principal advantage of using magnetic tape files is that data need not be recorded sequentially.

FALSE

g. A major advantage of disk files is the ability to gain random access to data on the disk.

TRUE

h. The term grandfather-father-son refers to a method of protecting computer records rather than to generations in the evolution of computer hardware.

TRUE

i. When they are not in use, tape and disk files should be stored apart from the computer room under the control of a librarian.

TRUE

3 0
3 years ago
Diz Co. is a U.S.-based MNC with net cash inflows of euros and net cash inflows of Swiss francs. These two currencies are highly
VikaD [51]

Answer:

Yanta Co. has a higher exposure to exchange rate risk than Diz Co.

The reason is that Yanta Co. does not have net inflows of euros.  Instead, its euro transactions yield net outflows.

It will always be in need of euros to settle its foreign debts or obligations, unlike Diz Co. with foreign assets.

Explanation:

a) Data and Analysis:

Diz Co. has net cash inflows of euros and net cash inflows of swiss francs

Yanta Co. has net cash outflows of euros and net cash inflows of swiss francs

b) Exposure to exchange rate risk or currency risk is the financial risk arising from fluctuations in the value of the US dollars against the Euro or Swiss Francs in which Diz Co. has some foreign assets while Yanta Co. has foreign obligations.

5 0
3 years ago
You need $20,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortized loan. He would like
Serga [27]

Answer:

The annualy payment for theamortized loan is $6,802.44

Explanation:

First we will find the total loan payment TP for the $20,000 borrowed over the next four years with a annual return of 8%:

TP = $20,000 *(1+8%)^4

TP = $20,000 *(1.08)^4

TP = $20,000 *1.3605 = $27,209.7

The annual payments AN is obtained by dividing the TP into the 4 years:

AN  = $27,209.7 / 4 = $6,802.44

4 0
3 years ago
If a gain of $7,600 results from selling (for cash) office equipment having a book value of $55,100, the amount reported in the
Alisiya [41]

The amount reported in the Cash Flows from (used for) Operating Activities section of the statement of cash flows using the indirect method is $7,600.

<h3>Cash flow from operating activities sections:</h3>

Based on the information given the amount that will be reported in the Cash Flows from (used for) Operating Activities section of the statement of cash flows using the indirect method is the gain amount of $7,600.

This  gain is the gain from selling office equipment and this amount must be deducted from net income in the operating activities section of the statement of cash flows.

The reason why we have to deduct the $7,600 is because under accrual basis of accounting  the amount represent a noncash addition to net income.

Inconclusion the amount reported in the Cash Flows from (used for) Operating Activities section of the statement of cash flows using the indirect method is $7,600.

Learn more about cash flow from operating activities sections here:brainly.com/question/25530656

3 0
1 year ago
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