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2 years ago

List at least one of each transaction related to all of the following business events:

Business

1 answer:

NeX [460]2 years ago

8 0

Answer:

a. Purchase of goods or services for cash

Transaction: Cash paid towards the dresses and shoes for security guards.

Accounts affected: Cash and Purchases

b. Providing services for cash

Transaction: Cash received against Bill raised towards Security services to M/s Major Computers for November month

Accounts affected: Cash and Service Revenues

c. Providing services on account

Transaction: Bill raised towards Security services to M/s Prime innovators for November month

Accounts affected: Accounts Receivables and Service Revenues

d. Purchase of goods or services on account

Transaction: Purchases the dresses and shoes for security guards on credit form M/s Immediate Dress.

Accounts affected: Accounts Payable and Purchases

e. Payment of a previously recorded expense

Transaction: Payment of bill raised by M/s Immediate Dress towards purchase of security guards dresses and shoes last month.

Accounts affected: Accounts Payable and Cash

f. Receipt of a previously recorded revenue earned

Transaction: Received payments towards Bill raised to M/s Prime innovators for Security services for November month

Accounts affected: Accounts Receivables and Cash

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Assume that you are a loan ofﬁcer of a bank. A local church is seeking a $4 million, 20-year loan to construct a new classroom b

n200080 [17]

Answer:

Explanation:

There is little information on how funds are used or how much money is spent to manage the church. The financial statements have been prepared incorrectly.

Interpretation:

While drafting the financial accounts, the church committed many errors. The church's revenue is equivalent to its daily operations operating expenditures. They have approximately $3 million in funding assets that they do not owe any money on.

It may be deduced that the church is attempting to preserve asymmetric information, and therefore it will be better to justify its sources of income and use of money in order to determine whether they can or they cannot pay the debt.

The revenue from various channels must be detailed in the yearly report so that the loan officer may make an informed judgment.

Interpretation:

Since payments and contributions account for 90% of revenue and revenue from other sources accounts for 10%, it's surprising how the church earns money in other ways as stated on the income statement. As a result, it's important to understand what other potential revenue streams the church has before approving the loan.

The officer in charge of the loan should check the church's book records to make sure and guarantee that there are no outstanding loans. This situation necessitates a thorough examination and assessment.

Interpretation:

The church has $3 million worth of equipment. The church's expenses, on the other hand, are equivalent to the church's income. As a result, it's unclear how the church acquired the equipment without taking out a loan. As a result, the church must be urged to produce a full breakdown of its expenses, which may be thoroughly and fully studied to see whether there are any financing charges that the church is attempting to hide in its yearly reports.

There is no direct or primary source of income for the church. It solely makes money from charity donations.

Interpretation:

The church's only sources of income are fundraisers and charitable donations. It also doesn't possess any significant revenue streams. Because the church is attempting to conceal numerous possible pieces of information, this may be a case of micro-management by the proprietors, and so these issues should be considered by the officer in charge of the loan before accepting the loan.

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2 years ago

SwimFit produces gear for swimmers, including suits, goggles, swim caps, and ear plugs. SwimFit wants to improve the quality of

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Answer:

(E)

Explanation:

Since SwimFit wants to improve the quality of its goggles and other products inorder to achieve better quality than that of its competitor it is termed reverse engineering.

Any reproduction of another manufacturer's product after examination of how it is made is called reverse engineering.

An example of this scenario occurs in real life when a close competitor of a firm invents a new mobile phone with certain features. Within a few weeks the other firm might release their own mobile phone with similar or even better features.

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2 years ago

When considering the economic prospects of a country, it can be said that Group of answer choices the advantages of building bra

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Answer:

Options 1 - 4 are True but 5 is FALSE

Explanation:

All options given are indicators of economic growth and strong economic performance

When considering the economic prospects of a country, it can be said that: 1. the advantages of building brand loyalty and gaining experience in a country's business practices is greater for a last-mover than for a first-mover because the last-mover has the chance to learn from the mistakes of the first-mover and perfect on them

2. countries which do not have property rights protection tend to achieve greater economic growth rates because prosperity and property rights are inextricably linked. The importance of having well-defined and strongly protected property rights is now widely recognized among economists and policymakers

3. the economic system and property rights regime are reasonably good predictors of economic prospects of a country because widely accepted explanation is that well-enforced property rights provide incentives for individuals to participate in economic activities, such as investment, innovation and trade, which lead to a more efficient market.

4. countries where property rights are not well respected and where corruption is rampant always have very low levels of economic growth because as stated in 3 above ill-enforced property rights does not provide incentives for individuals to participate in economic activities, such as investment, innovation and trade, which lead to a more efficient market.

5.countries with command economies tend to achieve greater economic growth rates than free market economies.

This is FALSE because one of the Command economy disadvantages include lack of competition and lack of efficiency.

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On September 1, Year 1, Gomez Company collected $9,000 in advance from a customer for services to be provided over a one-year pe

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Answer:

$3,000 and $9,000

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In the income statement only four months revenue is recorded i.e from September 1 to December 31

= $9,000 × 4 months ÷ 12 months

= $3,000

And, under the operating activities the whole amount i.e $9,000 is to be recorded and added to the net income as it is inflow of cash and the same is added using the direct method of the cash flow statements

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