Question : (TCO 3) What is the purpose of the closing process? (TCO 1) The SEC issues accounting standards in the form of accounting research bulletins. financial reporting releases. financial accounting standards. financial technical bulletins.
1. Question: When opening a checking account, the authorized signer(s) must sign a check stub, which is kept on record at the bank Your Answer: True False CORRECT Points Received: 2 of 2 2. Question: When a checking account is opened, the person(s) who will be writing checks must sign a: Your Answer: check register check stub signature card CORRECT deposit slip none of the above Points Received: 2 of 2 3. Question: The one who writes the check is known as the: Your Answer: payee endorsee maker CORRECT drawee none of the above Points Received: 2 of 2 4. Question: When completing a check stub, to arrive at the ending balance, take the beginning balance and: http://gradebook.ecollege.com/Manager/GradeD...06X$23j36$25IK&NewTS=False&Locale=&TimeZone= (1 of 4) [11/19/2009 3:10:15 PM] Gradebook Detail Your Answer: add the deposit and the check subtract the check and add the deposit CORRECT subtract the check and the deposit add the check and subtract the deposit all of the above Points Received: 2 of 2 5.
[3] http://www.irs.gov/businesses/small/article/0,,id=146335,00.html It is important to determine if the taxpayer martially participates because this classifies the income as active or passive. Passive activity losses are non-deductable from active and portfolio income. This is why it is important to determine if the taxpayer martially participates in the business activity. PROBLEMS: 7-46) The $30,000 loss is considered a passive loss and can only be deducted against passive income, it is therefore suspended and carried forward to future years to offset potential passive income in those years. Mary has no martially participation in the rental activity, therefore the loss is considered
Answer: Total Assets - Total Debts Key Terms: Total assets - Total debts | Topic: Question: Which of the following would not be used to create a personal balance sheet? Answer: Slide presentation software Key Terms: Balance sheets | Topic: Question: Which of the following should you store in a safe deposit box? Answer: Your will Key Terms: Wills | Topic: Question: Which of the following would be considered a transaction account? Answer: checking account Key Terms: Transaction accounts | Topic: Question: Which of the following would be considered a savings alternative? Answer: certificate of deposit Key Terms: Certificate of deposit | Topic: Question: Which of the following is considered a cash outflow on your Personal Cash Flow Statement?
Would it have been appropriate for Avis to substitute another store for Store 51 after she discovered the cutoff errors in that store’s accounting records? Defend your answer. Avis formed an audit procedure, this procedure consisted of; preparing a list of the cash receipts reported in each of those stores’ accounting records during the last five days of Lowell’s fiscal year, which ended October 31. She would then obtain the relevant bank statements to determine whether the cash receipts had been deposited on a timely basis. Avis’s audit procedure is consisted with the stages of an audit: • Obtain or retain engagement • Engagement planning • Risk assessment • Audit evidence • Reporting The scenario does that imply that Avis was a certified
Rather, it only reorganizes debts and formats them for you to repay over time. Reorganization bankruptcies are for businesses, not individuals. Chapter 11 limits the debt to that of the business. In the case of your mortgage, filing Chapter 11 will allow you to re-write your mortgage. Real estate investors will work to rewrite your mortgage by reducing the principle balance to the value of the property.
The Act is designed to decrease any risks in the US financial system by overseeing Wall Street, regulating credit cards, loans, and mortgages. It stops banks from using the depositors’ money for its own profit, regulates any risky derivatives such as the credit default swaps, it brings hedge funds trades to light by registering with the SEC and giving the SEC all data about any trades made and portfolios. It created
The accounting department supervisor independently reconciles the accounts receivable subsidiary ledger to the accounts receivable control account monthly. C. The accounting department supervisor controls the mailing of monthly statements to customers and investigates any differences reported by customers. D. The billing department supervisor matches prenumbered shipping documents with entries in the sales journal. AICPA AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Risk Analysis Bloom's: Application Difficulty: Hard 32. Which of the following internal control activities most likely would assure that all billed sales are correctly posted to the accounts receivable ledger?
In conclusion, the Sarbanes-Oxley Act is an integral part of internal control. Because of Section 404, the CEO’s and chief financial officer are now held accountable for the accurate filings of its financial statements, or face stiff penalties. In 2007, SEC Chairman Christopher Cox stated, “Sarbanes-Oxley helped restore trust in U.S. markets by increasing accountability, speeding up reporting, and making audits more independent.” (Sarbanes-Oxley Act, 2010, section 6, para. 2). Because of SOX, investor’s confidence has improved and financial statements are now more accurate and
Issues such as money inconsistencies and banking panics were the reason congress established the Federal Reserve Act which was signed into law by Woodrow Wilson on December 23, 1913. In his word it was created “to provide for the establishment of Federal reserve banks, to furnish an elastic cur¬rency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes.” (FRS, 2005) The Fed operates independently by financing its own operations. These finances are generated by the actions of The Board of Governors. This is a seven member board which is appointed by the president. Under them, there are twelve Regional Reserve Banks and each of these has nine directors as well.