(0.5 points) An entry recording a sum received, listed on the right-hand side or column of an account. 2. What is a credit score? (0.5 points) Credit scores is a three-digit number generated by a mathematical algorithm using information in your credit report. It's designed to predict risk, specifically, the likelihood that you will become seriously delinquent on your credit obligations in the 24 months after scoring.
Why not use the Trial Balance to report financial information internally and externally? What limitations does it have over formal financial statements? What is a fiscal year? What are the steps in completing the accounting cycle? Discuss the relationship between the amounts on the Adjusted Trial Balance for an account and its ledger?
(0.5 points) An income is the consumption and savings opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. 4. What is a projection? (0.5 points) A projection is a guess or estimate about what something will be like in the future. 5.
(0.5 points) No. d. How many creditors have made inquiries about Jessie Robinson's credit? (0.5 points) 3 creditors. e. Do you think Jessie Robinson usually pays bills on time and in full? (1-2 sentences.
ACC 290 Complete Course Material Week 1-5 To Purchase this Tutorial Copy And Paste Below Link In Your Browser http://www.homework-bank.com/downloads/acc-290-complete-course-material-week-1-5-2/ ACC 290 Complete Course Material Week 1-5 ACC 290 Week 1 DQ 1 Week One – DQ #1 What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why. How would the financial statements be useful to managers and employees?
d. Not sufficient information to determine effect on net income. 29. If a company uses the periodic inventory system, what is the impact on the current ratio of including goods in transit f.o.b. shipping point in purchases, but not ending inventory? a.
You still have a chance to reduce that amount, often significantly, by taking advantage of any allowable tax credits. 7. When would a person use a third party designess? If the taxpayer wants to allow a friend, family member, or other selected person to discuss the tax return with the IRS, the taxpayer should: • Check the Yes box in the Third Party Designee section of the return • Enter the designee's name, phone number, and any five numbers the designee chooses as his or her personal identification number (PIN) Visit W-2 Wage and Tax Form at http://www.irs.gov/pub/irs-pdf/fw2.pdf. 8.
Codification Assignment Matthew McElwain Acct II 3111 CE14-1 (a.) Callable Obligation- An obligation is callable at a given date if the creditor has the right at that date to demand, or to give notice of its intention to demand, repayment of the obligation owed to it by the debtor. (FASB 45-11) (b.) Imputed Interest Rate- The interest rate that results from a process of approximation (or imputation) required when the present value of a note must be estimated because an established exchange price is not determinable and the note has no ready market. (FASB 835-30-25) (c.) Long Term Obligations- Long-term obligations are those scheduled to mature beyond one year (or the operating cycle, if applicable) from the date of an entity's balance sheet.
Liabilities are accounts that are owed out to a creditor, vendor or a bank. Liabilities are presented on the Balance Sheet and normally have a credit (negative) balance. A debit to a liability account decreases it while a credit will increase it. Liabilities are broken down to current and long term. The current liabilities are what is owed and is expected to be paid off on one year.
What is a credit score? (0.5 points) Credit score is a number that tells lenders how likely you are to make payments on time. 3. What is installment credit? (0.5 points) Installment credit is when you borrow a specific amount and agree to pay it in a specific number of payments of equal amounts.