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mr Goodwill [35]
3 years ago
10

In conducting the audit procedures for the search for unrecorded liabilities, the materiality/scope for this area was accessed b

y the auditors at $5,000. Adjustments are only recorded for individual items equal to or exceeding materiality. The company fiscal year end is December 31, 2019 and the last day of fieldwork is estimated to be February 1, 2020. Below is an item from the check/cash disbursement register, which is not recorded in the accounts payable subsidiary ledger at December 31, 2019. Daniel Breen, Esquire Check Number 1334 Check Date 1/6/2020 Amount $6,000 Nature of the Expenses: Corporate legal services for December 2019 Required: Determine if this check/cash disbursement is recorded in the proper accounting period. This transaction requires an accounting adjustment to the financial statements for the fiscal year ending 12/31/2019 - If you believe that statement is correct - answer "Yes" This transaction does NOT require an accounting adjustment to the financial statements for the fiscal year ending 12/31/2019 - If you believe that statement is correct - answer "No."
Business
1 answer:
Yuki888 [10]3 years ago
5 0

Answer:

"No."

This transaction does NOT require an accounting adjustment to the financial statements for the fiscal year ending 12/31/2019 - If you believe that statement is correct - answer "No."

Explanation:

The check disbursement does not require an adjustment to the financial statements for the fiscal year ending 12/31/2019, because the check is dated 1/6/2020.

Adjusting entries are changes to the journal entries which tries to match transactions to their correct accounting periods.  A check dated January 6, 2020 does not belong to the fiscal year ending December, 2019.

Adjusting entries are usually for Accrued Revenue, Accrued Expenses, Deferred Revenue, Prepaid Expenses, and Depreciation Expenses.

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Kono corp. , an american company, is trying to decide whether to open its first international branch in europe or asia. The mana
scZoUnD [109]

The managers of Kono Corp., which is an American company trying to open a branch in Europe or Asia are operating under a condition of <u>D. uncertainty</u>.

<h3>What is uncertainty?</h3>

Uncertainty refers to situations where the information is imperfect or unknown. When operating under uncertainty, some evaluations need to be undertaken to close the information gap.

<h3>Answer Options:</h3>

A. goal displacement.

B. illusion of control.

C. social reality.

D. uncertainty.

Thus, the managers of Kono Corp. are not operating under goal displacement, the illusion of control, or social reality, but it is operating under conditions of uncertainty.

Learn more about Uncertainty at brainly.com/question/3998745

6 0
2 years ago
Detrich Products is planning to upgrade an aging manufacturing operation five years from now at a cost of $100,000. If the compa
Reika [66]

Answer:

$21,547.08

Explanation:

To get the amount of the deposit, we use the PMT function of MS Excel

Rate = 10%

Nper = 4

Pv = 0

FV = -100000

PMT = ?

The amount of the deposit = PMT(Rate, Nper, PV, -FV)

The amount of the deposit = PMT(10%, 4, 0, -100000)

The amount of the deposit = 21547.08037

The amount of the deposit = $21,547.08

So, the amount of the deposit at 10% per year interest is closest to $21,547.08

6 0
3 years ago
How does Corona Virus affect Purchasing Power Parity globally?​
sammy [17]

Answer:

CV19 could impact PPP by negatively impacting the market value of goods in an economy that is severely impacted by the virus.

Explanation:

When the economic conditions and demand for goods and services slow down, prices will naturally fall as the individuals selling those goods and services try to attract scarce buyers.  

In the case of CV19, if one country is severely impacted by either illness or the measures taken to avoid illness, their economy will slow down and prices will fall.  Compared to a country who is not impacted and whose market prices do not fall, PPP between these countries will be affected.

5 0
3 years ago
According to the matching hypothesis, if you rated yourself as a "5" on a 1 to 10 scale, who would you most likely ask out?
Goryan [66]
Answer: 5

According to the matching hypothesis, people become attracted to people equally socially desirable( usually physical) and are more likely to succeed in a committed relationship. Other couples that have a successful relationship but have differing physical attractiveness, may be together due to other variables that compensate their difference in attractiveness.
3 0
3 years ago
Argonia and Selenia have specialized in the production of industrial equipment and pharmaceuticals respectively. Argonia exports
lidiya [134]

Answer:

The correct answer is B. a positive-sum game.

Explanation:

The positive sum is an expression derived from game theory that refers to a situation in which participants can cooperate and make a profit (+1), so the sum of the resulting winnings is a positive number (+ 1 + 1 = 2 or more).

A positive sum game is a scenario where agents have options capable of improving everyone at the same time. A positive sum game in everyday life is the exchange of favors, where each person can produce a great benefit to another with a small cost.

5 0
3 years ago
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