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 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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In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that check number 4239 for November’s rent was correctly written and drawn for $7,390 but was erroneously entered in the accounting records as $3,790. When reconciling the November bank statement, the company should
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The treasurer (also called the chief accounting officer) is the financial executive primarily responsible for both management accounting and financial accounting.
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