Financial Statements

I will classify as "Operating expnse - Uniform"

true

true

[debit] Interest expense

[credit]interest payable

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Accounts receivable is any amount of money owed by a customer to a business. The cycle of accounts receivable includes services being rendered, a customer being billed, and the business being paid.

define liquidation preferences as disclosures should be made in the equity section of the balance sheet, rather than in the notes to the financial statements

False

Because it determines when revenue is credited to a revenue account.

Cash method means the transaction is reported when cash is received, but the revenue recognition concept means a transaction is reported as a sale even if no money has been paid. Cash basis does not recognize payable or receivable accounts.

Depreciation do not increase or decrease the cash as it is just the presentation of actual cost of assets through income statement actual cash was already reduced when asset was purchased.

1) An internal audit is an appraisal of activities within company areas, whereas an external audit looks at the financial statements as a whole

2) An internal report is normally given to managers, while an external report is prepared for shareholders, related companies, creditors, or government agencies.

no

Inventory is usually stocked for short term time period for one to three months so it is a current asset and never be considered as long term asset.

Another name of cash flow statement is fund flow statement.

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 Administrative Audit

Is the process of checking analytical regulator continuously aspects of financial and administrative activities, and evaluation of goals and plans, policies and procedures, organizational structure and methods of measurement and evaluation of performance and methods of financial control and management and the results achieved in the light of the potential physical and human resources, and measure the reflection effects of non-financial aspects of the company's activity and the relevant authorities using methods updated , in order to assess management performance for the company, and the rationalization of management by directing their eyes and their attention to increasing citizen or excessive profitability by providing recommendations, including weaknesses and inefficiencies in the activities of inspection and audit, and to clarify the causes and methods of treatment.

Nope / False

benefits and costs

assets, liabilities, stockholders' equity, revenues, expense

revenues are earned and expenses are incurred

Registrar of companies

A significant part of the equation to evaluate risk of long-term debt is the reliability of the organization issuing that debt and the likelihood of paying back that debt. In most cases, investing in the US Government is a lower risk than investing in a corporation.

W.H.T, or Withholding Tax, is a tax deducted at source from payments made to individuals or entities, typically on income such as salaries, dividends, or interest. This tax is withheld by the payer and remitted to the tax authorities on behalf of the recipient. The rate and regulations governing withholding tax can vary by jurisdiction and depend on the type of income. It serves to ensure tax compliance and streamline tax collection for governments.

Bi-Weekly = every 2 weeks - Every payroll period will cover 2 weeks.

Bi-Monthly = 2x per month - Every calendar quarter will have one payroll period that has 3 weeks in it.