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OLEGan [10]
2 years ago
9

To determine the scope of a bookkeeping clean-up engagement, you are reviewing the Client Overview tab for a potential client. Y

ou notice that there is a large amount in the Opening Balance Equity account.
Which 3 reasons could be causing this balance?
A. The client added transactions in the Banking Center without assigning an account to them
B. Opening balance for an inventory item was entered during the setup process
C. The client entered an Opening Balance when creating an Other Current Asset account
D. Opening balances were included when importing customers using the Import data tool
E. The client forced a bank reconciliation when the difference was not zero
Business
1 answer:
Softa [21]2 years ago
7 0

Answer: B. Opening balance for an inventory item was entered during the setup process.

D. Opening balances were included when importing customers using the Import data tool.

E. The client forced a bank reconciliation when the difference was not zero.

Explanation:

The reasons that can be attributed to the large amount in the Opening Balance Equity account will be:

• Opening balance for an inventory item was entered during the setup process.

• Opening balances were included when importing customers using the Import data tool.

• The client forced a bank reconciliation when the difference was not zero.

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so as per the given situation, the option c is correct

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3 years ago
Who is responsible for applying skills, knowledge, and project management tools and techniques to project activities to successf
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Answer:

The correct answer is: Project manager.

Explanation:

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3 0
3 years ago
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Answer:

The correct answer is A. True.

Explanation:

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3 0
3 years ago
Haberdash inc. last year reported sales of $12 million and an inventory turnover ratio of 3. the company is now adopting a just-
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<span>Sales = $12,000,000</span>

<span> <span>Inventory Turnover ratio (old) = 3
</span><span>Inventory Turnover ratio (new) = 7.5
</span><span>Freed up Cash = ?
</span><span>So, let’s find out the freed up cash
<span> <span>We know level of inventory are calculated as follows;</span>
<span>Inventory = Sales Inventory turnover ratio</span>
<span>Calculating $ value of old inventory
<span> <span>Inventory Old=$12,000.0003
</span> <span><span>                         =</span>$7.5,000,000</span>
<span>  Calculating $ value of New inventory
<span> <span>Inventory New=$12,000,0075
</span> <span><span>                        =</span>$3,000,000</span>
<span> <span>The freed up cash would be=Old Inventory – New Inventory</span>
<span> <span>=$7.5,000,000 - $3,000,000
</span><span>=<span>$4.5,000,000</span></span></span></span></span></span></span></span></span></span></span>
6 0
3 years ago
Read 2 more answers
It is unethical to report the wrongdoing of a coworker.
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It is ethical to report the wrongdoing of a coworker.  Which means the answer is false.  Hope this helped!
6 0
3 years ago
Read 2 more answers
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