What is the advantage of using the imprest basis in accounting for petty cash?
What will be an ideal response?
A petty cash fund maintained on an imprest basis does not require journal entries at the time of each cash payment from the fund. Time is saved because journal entries are made only when the fund is replenished.
Petty cash funds are usually maintained on an imprest basis, which means that the money disbursed is periodically replenished. No journal entry is made in the accounting records when petty cash funds are disbursed. The effects on the financial statements are recorded only when the petty cash fund is replenished or increased.
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Which of the following statements is CORRECT?
A. One defect of the IRR method is that it does not take account of the time value of money. B. One defect of the IRR method is that it does not take account of the cost of capital. C. One defect of the IRR method is that it values a dollar received today the same as a dollar that will not be received until sometime in the future. D. One defect of the IRR method is that it assumes that the cash flows to be received from a project can be reinvested at the IRR itself, and that assumption is often not valid. E. One defect of the IRR method is that it does not take account of cash flows over a project's full life.
Marketing channel management is related to which of the four Ps?
A. production B. promotion C. price D. product E. place
The demand for an asset rises if ________ falls
A) risk relative to other assets B) expected return relative to other assets C) liquidity relative to other assets D) wealth
A class is a(n)________ for a virtual object
A) abstraction B) template C) collection D) both A & B