Moss County Bank agrees to lend the Cullumber Company $530000 on January 1. Cullumber Company signs a $530000, 6%, 9-month note. The entry made by Cullumber Company on January 1 to record the proceeds and issuance of the note is

Q: Define special purpose entity (SPE)

A: A special purpose entity is a legally separate enterprise that bears liability to an organization.…

Q: Define carried interest

A: Carried interest: It could be a portion of any profit that private equity and hedge reserves common…

Q: Define Assigning.

A: Assigning is a process of assignment. Assignment means a transfer of a right to receive a…

Q: What are the scopes of the IPSASs?

A: Financial Accounting- It is the branch of accounting that records events of financial nature that…

Q: The components of the conceptual framework ?

A:

Q: Required:

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: practical issues of wacc

A: Every entity uses a mix of equity and debt to fund its operations. This mix is recognized as the…

Q: purpose of FA

A: FASB stands for Financial Accounting Standards Board. It is a non-profit organization that follows…

Q: Use of CAATs?

A: Computer Assisted Audit Techniques or CAATs can be characterized as an auditing strategy that…

Q: How is RI calculated?

A:

Q: Describe the basic assumptions of underlie GAAP.

A: Generally Accepted Accounting Principles (GAAP): It refers to accounting principles, standards and…

Q: Define the term realization principle.

A: Accounting: Accounting refers to the information system, where the economic activities of a…

Q: Consistency Principal Definition

A: Generally Accepted Accounting Principles (GAAP):These are the guidelines necessary to create…

Q: Define Pooling of interests method

A: The pooling of interest is a technique used for the M&A between two companies. In this method,…

Q: Define characteristic line

A: Characteristic line is a graphical representation of alpha (α) where alpha is the difference between…

Q: Describe Caveats?

A: A notice that is given to the court that it must give caveator a fair hearing before making any…

Q: Define charter

A: Introduction: Charters are legalized documents that lawfully set up corporate companies. Only…

Q: Discus the elements of GAAS, how does it relate to GAAP?

A: GAAS(Generally Accepted Auditing Standards) :- provides standards by which the prepared financial…

Q: What is the relevant range?

A: The concept of relevant range is used in the cost accounting. It tells under what level of…

Q: Define direct quote

A: A direct quote can be computed using the following formula: Direct quote=1Indirect quote

Q: What is a cfar?

A: Cash Flow at Risk (CFAR):Cash Flow at Risk is a term which focuses on the risk of receivables and…