Contra account amounts - Study guides, Class notes & Summaries

There are 10 parts to question 1. For each of the parts (a) to (j) below there are four possible answers, A, B, C and D. Choose the one you consider correct and place a tick () in the box to indicate the correct answer. 1 (a) Harpreet is a credit customer of Suzanna. Harpreet’s account in Suzanna’s books shows a credit balance. How could the credit balance have arisen? A A cheque from Harpreet was dishonoured. B Harpreet has overpaid his account. C Interest ...

2024/2025 Peregrine Exam - Questions and Answers When the costs of supplies increase in an industry, the low cost leader_____ - ANSWERS is the only firm able to pay the higher prices and continue to earn average or above average returns Accounts Payable - ANSWERS current liability account in which a company records the amounts it owes to suppliers or vendors for goods or services that it recieved on credit accounts receivable - ANSWERS current asset account in which a company records t...

ACA Accounting Exam Questions and Answers 100% Verified and Updated Which of the following would require adjustments to the cash at cash account in a bank reconciliation? 1. Bank charges 2. Unpresented cheques 3. Returned cheques 4. Uncleared lodgements Bank charges and returned cheques Unpresented cheques and uncleared lodgements are just timing differences What is the double entry for VAT (purchases)? D/R Purchases (Net) D/R VAT C/R Trade Payables (Gross) What is the double entry...

ACA Accounting Exam Questions and Answers 100% Verified and Updated Which of the following would require adjustments to the cash at cash account in a bank reconciliation? 1. Bank charges 2. Unpresented cheques 3. Returned cheques 4. Uncleared lodgements Bank charges and returned cheques Unpresented cheques and uncleared lodgements are just timing differences What is the double entry for VAT (purchases)? D/R Purchases (Net) D/R VAT C/R Trade Payables (Gross) What is the double entry...

On-a-Roll, Inc. amortizes its copyright of $20,000 over 20 years. Miss Hap, the bookkeeper, forgot to record the amortization in the current year. The effect of this mistake causes ______. assets to be overstated net income to be overstated Which of the following is contra-asset account? Allowance for Doubtful Accounts During the year, ABC Corp. realizes that a particular customer will never pay. What action should ABC take? Write off the uncollectible account and its corresponding allowance f...

CFA Level 1 Financial Statement Analysis 44 Questions with Answers Income statement - CORRECT ANSWER A financial statement that provides information about a company's profitability over a stated period of time. Also called statement of operations or profit and loss statement. Revenue - Expenses = Net income or loss Liquidity - CORRECT ANSWER The ability to purchase or sell an asset quickly and easily at a price close to fair market value. The ability to meet short-term obligations u...

©BRAINBARTER 2024/2025 CFE Exam Questions With 100% Verified Answers Falsified Hours & Salary Schemes - answerThe most common method of misappropriating funds from the payroll is the overpayment of wages. For hourly employees, the size of a paycheck is based on two factors: the number of hours worked and the rate of pay. Therefore, for hourly employees to fraudulently increase the size of their paycheck, they must either falsify the number of hours they have worked or change their wage r...

Solutions Manual For Fundamental Accounting Principles (Volume 2) 15TH Canadian Edition By Larson/Jensen/Dieckmann 2024. The cost of a property, plant and equipment asset includes all normal, reasonable, and necessary costs of getting the asset in place and ready to use. For example, cost includes such items as the invoice price paid, freight costs, non refundable sales taxes (PST, HST) and all costs incurred related to installing and testing an asset before it is put into use. 4. Land is a...

ACCO 310 - financial reporting I MULTIPLE CHOICE—Conceptual final exam actual practice verified 2024 questions and answers Concordia University 1. The essential characteristic(s) of accounting is (are) a. communication of financial information to interested persons. b. communication of financial information about economic entities. c. identification, measurement, and communication of financial information. d. all of these. 2. Financial accounting is concerned with the process that cul...

ACA Accounting Exam Questions and Answers 100% Verified and Updated Which of the following would require adjustments to the cash at cash account in a bank reconciliation? 1. Bank charges 2. Unpresented cheques 3. Returned cheques 4. Uncleared lodgements Bank charges and returned cheques Unpresented cheques and uncleared lodgements are just timing differences What is the double entry for VAT (purchases)? D/R Purchases (Net) D/R VAT C/R Trade Payables (Gross) What is the double entry...