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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.
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.
Which of the following business transactions would cause a decrease both in assets and owner's equity?
a withdrawl
Why intercompany transactions are eliminated?
If you dont' eliminate intercompany transactions it "grosses up" the income statement. So if you sold inventory in an intercomany transaction and then sold it to a third party you would count (most) of the sales revenue twice and (most) fo the COGS twice. By eliminating the transactions only the ultimate sales price and the entire groups COGS are reflected on the P&L. Similar analysis applies to other transactions.
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.
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.
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.
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.
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.
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. :)
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.
How would you run a report that listed only disputed transactions?
How would you run a report included only disputed transactions over$500?
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).
