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Accounting Errors-Transaction ErrorsHow would the following errors affect the account balances and the basic accounting equation,Assets = Liabilities + Owners' Equity? How do the misstatements affect income?a. The purchase of a truck is recorded as an expense instead of an asset.b. A cash payment on accounts receivable is received but not recorded.c. Fictitious sales on account are recorded.d. A clerk misreads a handwritten invoice for repairs and records it as $1,500 instead of $1,800.e. Payment is received on December 31 for the next three months' rent and is recorded asrevenue.
San Jose Company issued 5-year $200,000 face value bonds at 105 on January 1, 2012. The stated interest rate on these bonds is 9%. Use the straight line situation to complete the a
beginning inventory,purchase,and sales data for commodity A are as follows november 1 inventory 1500units @k20.00 2 sold 5000unit @ 40.00 12 purchase 10000 units @22
Management accountants may or mayn't be CPAs. If a management accountant passes an examination prepared and graded by the Institute of Certified Management Accountants (ICMA) and m
Q. Describe the accounting procedures? The demand for college professors differ greatly by discipline. In fields such like Fine Arts, English, Philosophy and Psychology there i
stpes to be taken prepaing for final accounts
Q. Explain double-entry procedure? The double-entry procedure maintains the accounting equation in balance. The dual recording process generates two sets of accounts those with
Q. Explain about cash discount? In a few industries credit terms include a cash discount of 1 percent to 3 percent to induce untimely payment of an amount due. A cash discount
XYZ Solutions Pvt Ltd purchased a new vehicle for their employee Sonia to use for both work and private purposes on 1 November 2010. The car cost $38,500 and they paid an extra $2
Function and scope of the Accounting Standards Board: The major function of ASB is to originate accounting standards so that the Council of the Institute in India may set up su
is accounting is an art or science
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