All of the following are insureds under a Business (Commercial) Auto pokIcy issued to a corporation EXCEPTOAolficers of the corporalionOBemployees driving company cars on company businessanyone driving a company car with the aCompany's pemissionOD.employees of a service station who are repainng a company car

All of the following are insureds under a Business (Commercial) Auto policy issued to a corporation…

Answered: All of the following are insureds under…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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36-Assuming that Bushra Trading LLC is trading a textiles business in Nizwa. The business wants to raise a Credit Sales invoice. Which of the following statement is correct in regards to a Credit Sales invoice? a. It will be raised by Bushra trading LLC at the time of receiving the goods returned by customers due to damage of goods b. It will be raised by Bushra Trading LLC to the Suppliers at the time returning the goods due to partial damage of goods c. It will be raised by Bushra Trading LLC at the time of selling the goods to customers under the credit terms of 2/10 n/60 d. It will be raised by Bushra Trading LLC at the time of Purchase of Merchandise from Suppliers under the credit terms of 2/10 n/60
The trust department of a bank would be interested in participating in all of the following activities EXCEPT a.manager of a small savings account. b.conservator of the estate for an incompetent person. c.guardian of the estate of a minor. d.trustee for an insurance proceeds trust.
5
QUESTION 42 For each of the following situations indicate the proper disclosure of the company's financial statements. In the space provided provide one of the following answers: Record as a Liability Disclose in the footnotes Not recorded nor disclosed A customer claims to have slipped in a grocery store and sues the store for damages related to the injury, claiming negligence by the store. The store's security cameras clearly show that the customer faked the incident and as a result, the store believes they. have no liability for the incident Neither record nor disclose Disclose in the footnotes O Record as a liability
Identify which one of the following statement is not correct? a. The credit limit under the facility of cash credit is sanctioned against the security of materials for sale of a business man by the bank b. The credit limit under the facility of cash credit is sanctioned against the guarantee provided by the government c. The credit limit under the facility of cash credit is sanctioned against the goods in show room of the borrower by the bank d. The credit limit under the facility of cash credit is sanctioned against the security of certain tangible assets of the borrower by the bank
Black is a Certified Fraud Examiner for the ABC Company. Green, an employee in the accounting department, steals $40,000 worth of merchandise from the store’s warehoused. If Green’s cas is eventually referred to the police by Black, they will probably charge Green with: A. Breach of contract. B. Breach of fiduciary duty. C. Embezzlement. D. Larceny.
An estate agent must ensure that the computerised accounting system for the estate agency business is not capable of deleting a trust ledger account unless two (2) requirements are met - What are they?
Which of the following is not one of the nine features of an internal control system? Multiple Choice Having employees covered by a fidelity bond Establishment of clear lines of authority Customer service comment cards Requiring regular vacations for certain employees
Under sales on credit, the supplier-customer relationship may be terminated under the law in the following situation except: Select one:a. Death of the customer b. Liquidation or bankruptcy of the customerc. Mental incapacity of the customer or personal guarantor d. Legal suits/litigation commenced against the customer
All of the following are prevention methods for overstated expense reimbursements, EXCEPT: O a. Run expense reimbursements per employee looking for individuals whose travel and entertainment expenses appear to be out of line. O b. Do not reimburse any expenses supported by a photocopied receipt without first verifying that the expense is legitimate. O c. Spot-check expense reports with vendors. O d. Only reimburse air travel expenses from itineraries supplied by travel agencies
Match the described job with the job title from 1. Revenue Officer 2. Tax Compliance Officer 3. Appeals Officer 4. Customer Service Representative 5. Revenue Agent 6. Special Agent 7. National Taxpayer Advocate 8. Deputy Commissioner 9. Chief Counsel Attorney Files a levy to get money from a taxpayer's bank account. Performs complex audits at a taxpayer's business Investigates tax evasion and conspiracy claims Performs audits on limited issues at IRS offices Writes IRS Regulations
-Differentiate between a regular member and associate member of a cooperative. -Explain to what extent liable to cooperative debts? -Discuss the procedure when the board of directors may wish to terminate a member of a cooperative.

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