andy Bank holds a short-term note from General Store, Inc., that General Store expects to refinance. Which section of the Accounting Standard Codification best indicates whether this arrangement should be disclosed to General Store's investors.?

Q: Which of the following is not a Money Market Instrument? a. Commercial Paper b. Debentures c.…

A: Money market is related to short term debt instruments and not long term debt instruments.

Q: . Which one of the following statements concerning disbursement float is correct?  A.…

A: Disbursement float is difference in available balance and book balance due to difference in time of…

Q: Arrange the following information on Bank X into its income statement. Label and place each item in…

A: Financial Statement: financial statement is an organized information about the financial position…

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A: Internal sources of audit evidence include a company's documented processes, policy documents,…

Q: describe how a bank or other lender might secure itself after making a business loan by filing a…

A: UCC- Uniform Commercial Code -1  statement - Under the UCC , UCC-1 are required for all business…

Q: o meet immediate cash needs of the business b. To create an additional guarantee of collection c. To…

A: Factoring is a kind of financial transaction whereby the owner of the firm sells their receivables…

Q: it stated Customer note, includes 40000 note collected by the bank erroneously credited by the bank…

A: Step 1 A correcting entry is a journal entry that is made in order to fix an erroneous transaction…

Q: Bank Muscat advances secured and unsecured loans to their customers. If Bank Muscat is issuing…

A: Secured loans are the loans which provided to borrower after taking collateral security. Unsecured…

Q: vable is reasonably assured, what is the net income to be recognized by the entity for the year…

A: Franchise Account The Purpose of providing the franchise business to allow to use the reputation of…

Q: There's double taxation when a business is subject to VAT and then Income Tax in the same taxable…

A: As per our protocol we provide solution to the one question only but you have asked multiple choice…

Q: At the time of submission for encashment the cheque has to be signed by: a. Both endorser and branch…

A: At the time of submission for encashment the cheque has to be signed by: Both endorser and branch…

Q: when a company establishes a credit line with a bank, it is the same as borrowing from the bank True…

A: Credit line is similar to taking a loan but in credit line loan is taken on a regular basis. There…

Q: Which one of the following is classified as a cash or cash equivalent? Select one: a. Prepaid…

A: Cash and cash equivalent means that highly liquid assets which can be converted in to known amount…

Q: Choose the one correct answer. You are the auditor of a company and you came upon the inspection of…

A: Factoring with recourse: The company sells the account receivable to the bank for receiving the…

Q: If a company has accounts receivable from ordinary customers and from related parties, can they…

A: International Financial Reporting Standards are known as the accounting standards which is issued by…

Q: Identify which one of the following is a meaning of the term Bankrupt: a. A person or company is…

A: Bankruptcy involves legal proceedings of a business when the business is unable to service its debt.

Q: From a company’s point of view, which of the following statements best describes an “outstanding…

A: Outstanding check: When company issue the check to the vendor/creditors but they do not present the…

Q: State how each of the following accounts should be classified on the balance sheet. (a) Treasury…

A: Balance sheet is a statement which shows the financial position of an organization at a point in…

Q: A company repays its bank borrowings.  The entry to record that transaction should be Group of…

A: Borrowing means where business taken loan from outsider to be used in business and repaid later.

Q: Which of the following is true when accounts receivable are factored without recourse? a. The…

A: Accounts receivable factoring without recourse means that the factoring company is not retaining…

Q: When bonds and other debt securities are issued, payments such as legal costs, printing costs, and…

A: The correct answer is Option (d).

Q: A bank guarantee is a guarantee from a lending institution ensuring the liabilities of a debtor will…

A: Bank guarantee refers to the form of surety that is being provided by a financial lending…

Q: If a company sells its accounts receivables to a factor O a. there is a gain on the sale of the…

A: Solution: Factoring is a financial transaction thru which business sells its accounts receivables at…

Q: Singletary Associates has accounts receivable due from normal credit customers and also has an…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Deposits made by a company but not yet reflected in a bank statement are called: a.Credit…

A: Bank reconciliation statement: Bank reconciliation statement is to be prepared by the customer of…

Q: When a bank reports Current Account as a liability, what would the Shariah compliant contract be in…

A: In Ijarah, it is a kind of lease and renting activity. In Mudharabah it is a partnership agreement…

Q: The bank or other financial institution where the cheque can be presented for payment. a. BDO b.…

A: BDO : Full form of BDO is bank development organization.  It works for the development of bank.…

Q: Explain how bills of endorsement work. Are they classified as Off-Balance-Sheet (OBS) assets or OBS…

A: An endorsement of bill is defined as the procedure through the bill holder or maker for bill…

Q: Statement 1: Financial securities are instruments that can be transferred or sold easily through…

A: Securities are fungible, negotiable financial instrument that has some monetary value and can be…

Q: Moon Hardware is planning to factor some of its receivables.The cash received will be used to pay…

A: Definition:

Q: Which of the following is not reconciliation item? a. Deposit in transit b. Bank charges c. Dividend…

A: Introduction: Bank Reconciliations: To reconcile the difference between bank book and cash book…

Q: match the correct term for each of the following descriptions. Descriptions Terms Examples of these…

A:

Q: As part of the safeguards against imprudent banking, the General Banking Law imposes limits or…

A: As part of the safeguards against imprudent banking, the General Banking Law imposes limits or…

Q: The accounting treatment of Discount on bill discounted is: a. A current liability b. A current…

A: The earnings which are earned but not received are the accrued revenue for the business. The…

Q: If a bill of exchange is discounted and on the date of maturity such bill of exchange was dishonored…

A: Bill of Exchange According to Negotiable instrument Act there are three types of Negotiable…

Q: Which of the following is the primary reason why a company sells it receivables to another entity?…

A: Accounts receivable represents the amount that is due to be received by the customer of the company.…

Q: An auditor decided to render sales cut-off as part of auditing an audit client’s accounts…

A: As per our protocol we are supposed to answer to one question under a single question as you have…

Q: A cheque drawn by the business from RM609 for payment of a liability was recorded in the journal as…

A: Bank reconciliation is the summary showing the balances as per books of the entity and the pass book…

Q: 33 - What is the record to be made when the company pays a debt that arises from the purchase of…

A: Journal entries refers to the process of systematic recording the financial transactions of a…

Q: hich of the following should be recorded in Accounts Receivable? Group of answer choices Receivables…

A: Accounts Receivable means the amount to be received from customers in respect of sales effected or…

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A: Introduction: A journal entry is a recording of a commercial transaction in the accounting system of…

Q: On 17 January 2021, SA Traders, a debtor of Africa Traders, did a direct deposit payment of R11 0…

A: JF termed as Journal entries reporting of the transactions into the day book of the business and it…

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A: Debt instrument can be defined as the financial instrument which acts as a tool for the business…