key parties who can influence, or will be affected by, your decision?
Q: Explain the role of voters as one of the causes of inefficiencies underlying the public choice
A: Public choice reflects people's action in collective decision making. The main features associated…
Q: What does Vouching test?
A: Vouching is the process that involves reviewing of original evidence to check whether the…
Q: Explain Regulatory Provisions?
A: Regulations: The regulation is processed by which a complex system is managed under a set of rules.
Q: What risk creates a demand for independent and objective outsiders to provide assurance to decision…
A: The assurance individuals aim to mitigate the risk of errors in the financial statements and improve…
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A: The social work ethics audit is a method for social workers to evaluate ethical questions in a…
Q: Essay about The Importance of Accountability
A: Accountability means to take the responsibility by a person for their own actions. The accountable…
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A: Right issues is raising money from existing shareholders by providing more equity to existing…
Q: What is the first stage in Ackerman model of social responsibility?
A: Option b
Q: analysis needed
A: Risk Analysis is a process that helps you identify and manage potential problems that could…
Q: What is decision-making? What are the factors that influence individual decision-making?
A: Decision making: The ability to make a decision regarding a project, employee, and organizations it…
Q: What rules or policies should be developed to avoid the ethical problem?
A: Ethical problems: These kinds of problems arise when while making decisions neither of the options…
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A: Client representation letter refers to the vital evidence piece in audit and the representation as…
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A: Decision making requires analysis..
Q: on based
A: There are three main models of the judicial decision-making that explain how judges come to a…
Q: What is a strategic plan?
A: The question is based on the concept of Accounting Theory.
Q: What makes information irrelevant to decision making?
A: Irrelevant information is a part of the information collected for decision-making from various…
Q: Which of the investment constraints is expected to have the most impact on your decision process?…
A: Investment constraints: These are the conditions that limit or restrict an investor's investment…
Q: What are the sources of pressure that change and influence the development of GAAP?
A: Generally Accepted Accounting Principles (GAAP): A set of accounting principles, practices and…
Q: Think of two [ of your ] real life examples about concervatism principle
A: Define Conservatism principle as follow
Q: Define the term conservatism concept.
A: Conservatism: Conservatism is an accounting assumption, it is as an approach used by the accountants…
Q: How can you tell the difference between planning and control decisions
A: The difference between planning and control decisions will be shown:
Q: Do ethical standards have anything to do with culture and diversity?
A: Ethical standard The founders of the organization created a set of ethical guidelines to explain the…
Q: Who are stakeholders?
A: Stock: It refers to a security issued in a form of certificate. It implies the right of ownership of…
Q: Explain Make-or-Buy Decision?
A: Meaning: It is a decision which is made to either manufature a product or service in house ( by…
Q: Among the following, what plays a key part in social control and social order by exerting pressure…
A: Social control is Control of Society over Individual people in order to maintain the desired level…
Q: form of opinion you would consider the most appropriate
A: The entity has made proper disclosure regarding the takeover of other company and expected increase…
Q: what arw the objectives of engagement letter
A: SOLUTION ENGAGEMENT LETTER IS A WRITTEN AGREEMENT THAY DESCRIBES THE BUSINESS RELATIONSHIP TO BE…
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A: Relevant accounting information is one that makes difference in the opinion of the users of the…
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A: A policy statement or an investment policy statement is a document created by the investment…
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A: Social responsibility in terms of business refers to the social accountability that a business…
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A: The prevalence of cyber theft and online crimes has imposed certain providential norms and adherence…
Q: What is the make or buy decision?
A: Managerial accounting: Managerial accounting is more focused towards analyzing information and…
Q: What is a Review engagement?
A: Auditing: Auditing refers to the procedure for providing independent report over the presentation…
Q: What standards govern Review engagements?
A: Audit means independent examination of books of accounts or financial information so so as to…
Q: In what situation should you MAKE?
A: Make or Buy: Make or Buy decision are normal condition arises in front of management due to…
Q: 1. Define "Ethics" in your own words. Using an example, explain how it is related to decision…
A: Comment - We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: What is a postaudit? What are its potential benefits?
A:
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A: Covid19 is the infectious disease caused by moist recently discovered coronavirus . This new virus…
Q: Define Conservatism.
A: Conservatism: Conservatism is an accounting assumption, it is as an approach used by the accountants…
Q: What is meant by the do-nothing alternative?
A: Do-nothing alternative means that there will not be sufficient facilities created to solve the…
Q: - form of opinion you would consider the most appropriate
A: The client has made appropriate disclosures regarding the intention to discontinue the manufacturing…
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- You are the staff accountant of ABC Company. Your work is mainly focuses on Accounts Receivable group. You record the accounts receivable and provide allowance for doubtful accounts based on company’s estimate. On Year 2012 the company suffered from loss due to environmental disobedience. The DENR fine them 1M pesos for the infraction of the sea. With this, the company revise its policy of recording allowance of bad debts from 5% to 2%. The company has significant account receivable for the year and collection for this accounts are highly possible. On your trending analysis report, you noticed that you rarely record and write off any bad debts as part of the policy. You join the meeting with the new accounting policy and Hilary, the CFO said that the decrease of bad debts expense is immaterial to total accounts receivable. She insisted the accounting principles of materiality. Your controller agrees and immaterial to present the changes in the financial statements and ask you to…You are the staff accountant of ABC Company. Your work is mainly focuses on Accounts Receivable group. You record the accounts receivable and provide allowance for doubtful accounts based on company's estimate. On Year 2012 the company suffered from loss due to environmental disobedience. The DENR fine them 1M pesos for the infraction of the sea. With this, the company revise its policy of recording allowance of bad debts from 5% to 2%. The company has significant account receivable for the year and collection for this accounts are highly possible. On your trending analysis report, you noticed that you rarely record and write off any bad debts as part of the policy. You join the meeting with the new accounting policy and Hilary, the CFO said that the decrease of bad debts expense is immaterial to total accounts receivable. She insisted the accounting principles of materiality. Your controller agrees and immaterial to present the changes in the financial statements and ask you to…Record the write off for bad debts based on the this information: Alpha Company's accounts receivable and allowance for doubtful accounts balances were RM100000 and RM14000 (credit) respectively, at the beginning of 2012. During 2012, a customer defaults on a RM12000 balance related to goods purchased during 2011. By the end of the year, the company had mad credit sales of RM2400000 and collected RM2200000 on account. Estimates 1 percent of its credit sales will default.
- Create a ledger of Account Receivable and ledger of AFDD to find the bad debt by using this information; Alpha Company's accounts receivable and allowance for doubtful accounts balances were RM100000 and RM14000 (credit) respectively, at the beginning of 2012. During 2012, a customer defaults on a RM12000 balance related to goods purchased during 2011. By the end of the year, the company had mad credit sales of RM2400000 and collected RM2200000 on account. Estimates 1 percent of its credit sales will default.California Cannery began in 2008 with a debit balance in Accounts Receivable $150,000 and a credit balance in Allowance for Doubtful Accounts for 7,500 for the year. During the year California Cannery sold 1,300,000 of product and collected 1,350,000 from customers. In addition, $4,000 of Accounts Receivable balance was written off as uncollectable during the year. Management uses the allowance method to account for bad debts and believes that ultimately 5% of the year-end balance in Accounts Receivable will not be collected. How much bad debt expenses will be recorded in 2008?Blossom Company uses the percentage-of-receivables basis to record bad debt expense. Accounts receivable (ending balance) $500,000 (debit) Allowance for doubtful accounts (unadjusted) 4,000 (debit) The company estimates that 2% of accounts receivable will become uncollectible.(a)Prepare the adjusting journal entry to record bad debt expense for the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
- 1. the accountant finds from the copy of the loan record and from the company's checking account that the Bank has calculated the interest on 31/12 in the amount of 4,000 euros and has withdrawn the installment of the loan in the amount of 8,000 euros. 2. An additional 20,000 euros from customers are bad debts, the company's policy for the closing year is to cover them with provisions by 100%, and it also amortizes bad customers amounting to 10,000 euros. write the journal entries(2) Accounting for Bad Debts The following data was associated with the accounts receivable and uncollectible accounts of Hilton, Inc. during 2003. (1) Prepare journal entries under the direct write off method to record the fact that: (2) Prepare journal entries under the allowance method to record the fact that: (If a journal entry is not needed, state no entry.) (a) The company estimates that $920,000 of bad debts will occur this year. Date entry as of 1/1/03. (b) John Smith did not pay his account of $50,000, and it was written off on 12/15/03. J C (2) Accounting for Bad Debts- The following data was associated with the accounts receivable and uncollectible accounts of Hilton, Inc. during 2003. (1) Prepare journal entries under the direct write off method to record the fact that: (2) Prepare journal entries under the allowance method to record the fact that: (If a journal entry is not needed, state no entry.) (a) The company estimates that $920,000 of bad debts will occur this year.…The beginning balance in the Allowance for Doubtful Accounts is $47767 cr.. During the year a total of $41485 of accounts were written off and $4997 of accounts previously written off were recovered. The company estimates that the ending balance in the Allowance for Doubtful Accounts should be $60647. What is the bad debt expense for the year? Select one: O a. $49368 O b. $60647 Oc. $41485 O d. $36488
- At the end of year there was an imbalance in the trial balance of Messy and Co which meant that a suspense account with a credit balance of €700 had to be created. The following items were discovered after investigation: I. A sales credit note for €750 was correctly recorded on the trade receivables account but inconectly included with purchases returns. A stock of Heating Oil valued at €300 had not been accounted for at all. All costs associated with light and heat have been recorded in the appropriate expense account. III. П. An early settlement discount of €100 had been taken even though the early payment period had expired, and the supplier statement records the amount as still due Cost of sales included €750 for components for a new non-current asset. These components will extend the useful life of the asset and should have been capitalised. Sale of goods for €1,200 on credit had been entered correctly in the trade receivables account but omitted in the sales account. IV. V. VI.…JD Company decided on January 2, 2022, to effect the change in accounting policies in relation to bad debts as follows: Bad debt percentage from 2% to 10% of accounts receivables. JD Company's receivable balance at December 31, 2022 was P 960,000, and the allowance for bad debt account has a debit balance of P 7,000. What is the 2022 carrying value of the accounts receivable?You are the accountant for Black Cat Ltd. (BCL) and you have just finished the aging analysis of accounts receivable. You have estimated that $5,000 of the current $98,000 of A/R will be uncollectible. The allowance for doubtful accounts had a $400 credit balance at year-end before adjustment. What amount of bad debts would you expect to see on BCL's income statement for the year? a. $0 b. $4,600 c. $5,000 d. $5,400