To determine the scope of a bookkeeping clean-up engagement, you are reviewing the Client Overview tab for a potential client. You notice that there is a large amount in the Opening Balance Equity account. Which 3 reasons could be causing this balance?(Select all that apply) A. The client added transactions in the Banking Center without assigning an account to them B. Opening balance for an inventory item was entered during the setup process C. The client entered an Opening Balance when creating an Other Current Asset account D. Opening balances were included when importing customers using the Import data tool E. The client forced a bank reconciliation when the difference was not zero
Breakeven Analysis
Break Even Analysis is a term used in business, cost accounting and economics. It refers to a point where the total cost incurred becomes equal to the total revenue earned. Break Even Analysis determines the number of units to be sold to earn the revenue required to cover the total costs. Total cost is a sum total of fixed and variable costs.
Process analysis
The term process analysis can be defined as breakdown of production process into different phases that converts inputs into output. A series of routine activities are incorporated using organizational resources with a view to achieve operational excellence.
To determine the scope of a bookkeeping clean-up engagement, you are reviewing the Client Overview tab for a potential client. You notice that there is a large amount in the Opening Balance Equity account.
Which 3 reasons could be causing this balance?(Select all that apply)
A. The client added transactions in the Banking Center without assigning an account to them
B. Opening balance for an inventory item was entered during the setup process
C. The client entered an Opening Balance when creating an Other Current Asset account
D. Opening balances were included when importing customers using the Import data tool
E. The client forced a bank reconciliation when the difference was not zero
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