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Which o the following transactions during the year would most likely not need an adjusting entry at the end of the period?
Transactions that typically do not require adjusting entries at the end of the period include cash transactions that are fully recognized at the time of the transaction, such as cash sales or cash payments for expenses. Since these transactions are recorded immediately and do not involve accrued or deferred items, they accurately reflect the financial position without the need for adjustments.
A company would not likely use subsidiary ledgers for?
A company would not likely use subsidiary ledgers for accounts that do not require detailed tracking, such as general expense accounts or non-specific revenue accounts. Subsidiary ledgers are designed for accounts that involve numerous transactions or require detailed breakdowns, like accounts receivable or accounts payable. Therefore, for accounts with minimal transactions or where summary-level information suffices, maintaining a subsidiary ledger would be unnecessary and inefficient.
How will you ensure a smooth running of the organisation when you are experiencing the high cash outflow and less cash inflow?
To ensure smooth operations during periods of high cash outflow and low cash inflow, I would implement strict cash flow management by closely monitoring expenses and prioritizing essential expenditures. Additionally, I would explore short-term financing options, such as lines of credit or bridging loans, to cover immediate needs. Engaging with suppliers for extended payment terms and reviewing pricing strategies to enhance revenue can also help stabilize cash flow. Regular financial forecasting and scenario planning would further aid in anticipating and mitigating cash flow challenges.
J. true or false In cash as contrasted with accrual accounting a company does not record amounts due from customers in its accounting records.?
True. Under the Cash Basis for Accounting only transactions that involve the movement of cash are recorded. In Accrual Accounting (GAAP) you would record transactions once an economic event has taken place (e.g., supplier invoice received = expense, customer invoice prepared = revenue).
Prepare the journal entries for the following transactions for Guang Corporation for 20x1 and 20x2 Please provide?
A person would need to know what the transactions are to be able to prepare the journal entries for them. It is important to also include what the following transactions are.
What is the disadvantage of regular outflow?
With regular outflow, there would be shortage of capital,causing hidrance to regular running of business. With adequate inflow, regular outflow is always unwelcome and disadvantagous to business, for reason cited above.
Does an increase in accounts receivable create a cash outflow?
Yes increase in accounts receivable creates cash outflow or reduction in cash as if instead of credit sales it would be cash sales then there would be cash received which increases the cash.
Where to enter cash and credit purchase?
Purchases Journal & Cash Payments Journal.Also called as Specialized Jounal Entries. Purchases Journals record transactions that involve purchases on credit. Source documents here would probably be invoices. The purchase of inventory on credit is recorded in the purchases journal. Cash Receipts Journal record transactions that involve payments received with cash Source documents would probably be receipts and cheque butts.
Which o the following transactions during the year would most likely not need an adjusting entry at the end of the period?
Transactions that typically do not require adjusting entries at the end of the period include cash transactions that are fully recognized at the time of the transaction, such as cash sales or cash payments for expenses. Since these transactions are recorded immediately and do not involve accrued or deferred items, they accurately reflect the financial position without the need for adjustments.
What would be a synonym for instant?
Immediate Sudden
How would you describe a tactical decision?
Tactical decisions involve creating short-term strategies designed to bring a positive result or an immediate solution to a particular problem. They are seen in politics as well as in business.
How do you use the word immediate?
An immediate demonstration of your patience would be most appreciated by our staff.
The opposite of intake?
Outflow or exhaust is the opposite of intake. Or you could reword it to "give off". Another possible but incorrect answer would be outtake. :)
Why would a firm want to incur transaction cost?
Firms would not want to incur transactions costs. In fact, firms would much prefer to have zero transactions costs, since that would maximise their profits.
A company would not likely use subsidiary ledgers for?
A company would not likely use subsidiary ledgers for accounts that do not require detailed tracking, such as general expense accounts or non-specific revenue accounts. Subsidiary ledgers are designed for accounts that involve numerous transactions or require detailed breakdowns, like accounts receivable or accounts payable. Therefore, for accounts with minimal transactions or where summary-level information suffices, maintaining a subsidiary ledger would be unnecessary and inefficient.
Are two unwed persons who are the parents of a common child but do not live together considered immediate family?
They are considered immediate family depending on perspective.In this scenario, if someone were to ask the child who his immediate family members were, the child would name both the mother and the father (as they are indeed, part of his or her immediate family).If one were to ask the mother who her immediate family was, it would include the child, but not the father of the child.If one asked the father who his immediate family was, the answer would include the child, but not the mother.The mother and father are part of the child's immediate family, but they are not part of their counter-part's immediate family.
Would shining a flashlight involve friction?
Shining a flashlight does not involve friction.
