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If you quit and have unrecoverable draws on future commissions, you may be required to repay those advances to your employer. Unrecoverable draws typically refer to amounts paid in advance against future commissions that you may not earn. Your employer may deduct these amounts from your final paycheck or pursue other means of recovery. It's important to review your employment contract and discuss the specifics with your HR department to understand your obligations.

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2w ago

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Continue Learning about Accounting

Who draws up the budget?

the legislative budget board and the officer of budget planning


What is profit and loss appropriation account?

its when a partnership business draws up an Appropriation Account to show how the net profit is shared out between the partners


How to make entry in case the owner draws cash from company account in tally?

debit the cash account with drawings amount (Thanks but drawing account should be under what?) please clarify.


What is an expanded basic accounting equation?

The expanded accounting equation replaces Owner's Equityin the basic accounting equation (Assets = Liabilities + Owner's Equity) with the following components: Owner's Capital + Revenues - Expenses - Owner's Draws. In other words, the expanded accounting equation for a sole proprietorship is: Assets = Liabilities + Owner's Capital + Revenues - Expenses - Owner's Draws.In the expanded accounting equation for a corporation, Stockholders' Equity in the basic accounting equation (Assets = Liabilities + Stockholders' Equity) is replaced by these components: Paid-in Capital + Revenues - Expenses - Dividends - Treasury Stock. The resulting expanded accounting equation for a corporation is: Assets = Liabilities + Paid-in Capital + Revenues - Expenses - Dividends - Treasury Stock.The expanded accounting equation allows you to see separately (1) the impact on equity from net income (increased by revenues, decreased by expenses), and (2) the effect of transactions with owners (draws, dividends, sale or purchase of ownership interest).


Who draws up the audit report?

The audit report is typically prepared by the auditor or audit team responsible for conducting the audit. This can include internal auditors for an organization's internal assessments or external auditors from an independent firm for external audits. The report summarizes the audit findings, including compliance with regulations, financial statements, and any identified issues or recommendations. Ultimately, it is reviewed and signed off by the lead auditor or audit manager before being presented to stakeholders.

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