Once an asset is fully depreciated, no additional depreciation can be taken even though the asset is still being used by the business
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A $100 petty cash fund has cash of $17 and receipts of $86. The journal entry to replenish the account would include a
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Merriweather Post Pavillion received a $820 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $280 and a credit to Service Revenue $280. The correcting entry is
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Dinosaur Junior Corporation purchased a one-year insurance policy in January 2014 for $75,000. The insurance policy is in effect from May 2014 through April 2015. If the company neglects to make the proper year-end adjustment for the expired insurance
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During an accounting period, a business has numerous transactions affecting each of the following accounts. State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries.
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The purchasing manager is evaluated by his/her supervisors based on purchasing inventory at the lowest price. Consequently, the purchasing manager knowingly orders materials only based on price. This has resulted in the purchase of inferior quality materials. This improved the purchasing manager’s performance evaluation, but had a negative impact on production due to an increase in scrapped materials. This situation is an example of a failure of:
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Listed below are several pervasive control plans discussed in Chapter 8. On the blank line to the left of each control plan, insert a “P” (preventive), “D” (detective), or “C” (corrective) to best classify that control. If applicable, more than one code may be inserted for each plan.
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The applications approach to data management decouples the data from the applications or other users of the data.
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Systems flowcharts portray business process activities, stores of data, and flows of data among those elements without presenting the physical details of those elements.
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The advantage of a physical data flow diagram (DFD) versus a logical data flow diagram (DFD) is that we can concentrate on what activities a system is performing without having to specify how, where or by whom.
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