Credit CARD Act
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Protects consumers from unfair credit card billing practices.
Patriot Act
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Prevents, detects, and prosecutes international money laundering
Identity Theft and Assumption Deterrence Act
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Criminalizes identity theft
Dodd-Frank Act
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Educates consumers so that they can protect themselves from unfair practices.
Answer:
=E7*C2/2
Explanation:
The interest expense will be the carrying value of the bond times the effective interest rate.
On cell C8 we have the interest expense
On E7 we have the carrying value which is the outstanding balance.
Then, on C2 we got the effective rate
As this is an annual formula, we must divide by two to convert to semiannual rate.
A file is attached for how the excel sheet looks like
Answer:
C. negotiating contracts
Explanation:
Discussing and Compromising on contract term in order to reach out final agreement between the company management and union at Selzar Inc.
Answer:
Recognize an income/loan repayment of $1,300, and cancel the debt of $200 from the earlier recognition of income
Explanation:
Swan would only recognize an income/loan repayment of $1,300 having already recognized an initial income of $200 of the $1,500 owed before the death of the customer.
Accounting entries would be as follows.
Debit Bank account: $1,500
Credit income/loan repayment account: :1,300
Credit receivables: $200.
The credit of $200 in receivables would be treated as shown above due to the income of $200 already recognised and which would have been treated as follows when it was recognized,
Dr: receivables $200
Cr. interest earned $200,
Answer & Explanation :
Bank Reconciliation Statement is prepared to reconcile (match) the differences between bank balance as per cash book & bank balance as per pass book, at end of an accounting period.
The differences may arise because of following reasons :
- Errors committed by firm or bank
- Cheques paid but not collected, upto the last date (added in cash book, but not in bank balance)
- Cheques issued but not yet presented for payment, upto last date (subtracted in cash book, but not in bank balance)
- Direct expenses & direct incomes settled by bank (done in bank balance, but not in cash book)
BRS involves starting with balance as per any book - cash book or passbook. Then, the adjustments for mismatch are done, to arrive at correct balance as per the other book.
