Increases Asset and increases Stockholders' equity
Decreases assets and decreases stock holder's equity
increases Asset and increase in Liabilities
Increase in Asset and decrease in stockholder's equity
Increase in Asset and de
a. Issuance of the note:
Accounts payable + Notes payable
$ (36,000.00) $ 36,000.00
b. Payment of the note, at maturity, including interest
The amount deposited in the bank for the day's sales is $14,356
The rcorded amount on the bank statement for the day's sales is $14,290
The mounts that are different is recorded $66 ($14,356 - $14, 290)
The cash flow seems to con
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increase to cash; decrease to accounts receivable
decrease to cash; decrease to accounts payable
increase to cash; increase to liabilities
increase to cash; increase to capital stock
decrease to cash; increase to assets
SECTION 404: ASSESSMENT OF INTERNAL CONTROL
BY: VICTORIA MILLER
Sarbanes-Oxley Act of 2002
Known as "Public Company Accounting Reform and
Investor Protection Act in the Senate
Known as "Corporate and Auditing Accountability and
Auto- Mart should implement a do it yourself business. For obvious reasons,
there would be less liability on the company for both the customers and the
employees. There is still a risk to a customer or employee getting hurt in the
store, but it is a far l
SCHOOLS SHOULD REQUIRE
CHILDREN TO WEAR UNIFORMS
*School requiring children to wear uniforms improve learning.
CM220 Unit 9 assignment
DO THE BENEFITS
OVERWEIGH THE BAD?
Knowledge of electronics
HOW ELECTRONICS CONTRIBUTE TO
SITTING WHILE ON ELECTRONICS
Which of the following best describes gross profit?
Net sales less cost of goods sold.
Total sales less merchandise returns and discounts.
Net sales less operating expenses.
Net sales less cost of goods sold less operating ex
The objectives of internal control include all of the following EXCEPT:
To give accountants more busy-work
To provide reasonable assurance that business information is
To provide reasonable assurance that assets are saf
Use the following information to answer the questions.
Indicate the effect of each transaction during the month of October
2011 using the given accounting equation.
a. Opened a business bank account for Jones, Inc., with an initial
The objectives of internal control are to _.
control the internal organization of the accounting department
personnel and equipment
provide reasonable assurance that assets are safeguarded,
information is processed accurately
As a positive amount ($66) in cash short and over
An investagation should be conducted on that employee whether the amount is
negative or postive. If negative, the employee coculd be stealing from the business and
Accounts receivable are normally collected within 30 or 60 days. They are classified as a current asset
(Warren, 2012.) I think that in order to encourage accounts to be paid, after the 30 or 60 day note period
is over, all accounts should be assessed a 3
DR Cash $14,356, CR Over/Short $66.00, CR Sales $14,290
Investigate if cashier could possibly be making a mistake or performing fraud. If it is simply mistakes, provide additio
double check accuracy. Alway
14,356 would be deposited while the overage would be on the cash short and over
account. At the end of the month, it would be reported as other income.
The difference should be recorded in the cash short and over account.
Sarbanes-Oxley Act of
AC113: Accounting for Non-accounting Majors
August 18, 2015
What is the Sabanes-Oxley Act
Enacted on July 30, 2002, it set new or expanded
All of U.S. public company boards
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