Internal control in technologically advanced accounting systems depends less on the design and operation of the information system and more on the analysis of its resulting documents.
Answer the following statement true (T) or false (F)
False
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Careful planning of every aspect of the sales call helps the salesperson be organized and prepared to interact with the customer.
Answer the following statement true (T) or false (F)
Which of the following statements does NOT apply to the North American Industry Classification System (NAICS)?
A) NAICS is a numerical coding of industries developed by NAFTA countries. B) NAICS can be used by firms to assess potential markets. C) NAICS replaced the Standard Industrial Classification (SIC) system. D) NAICS can be used to find new customers. E) NAICS is a consumer buying directory for North America.
On December 31, the Jacob, Inc. general ledger contained the following balances prior to write-offs and adjustments:
Trade Accounts Receivable$ 623,450 Allowance for Doubtful Accounts15,800 (credit)Net Credit Sales2,529,000 Before completing an aging analysis to determine the estimated amount uncollectible, Jacob decided to write off $7,500 of an account past due over 360 days.Aging of the accounts receivable balance after the write-off on December 31 indicated the following: Estimated Percentage AgeAmount Uncollectible Under 30 days $358,900 1.5% 30-90 days 134,000 3.0% 91-180 days 96,000 7.0% 181-360 days 22,700 20.0% Over 360 days 4,350 60.0% $615,950 Required: a.Prepare the necessary journal entry to record the write-off.b.Prepare the adjusting journal entry at December 31 to record Jacob, Inc.'s estimated bad debts assuming that the company uses the aging of accounts receivable method.c.What is the net realizable value of accounts receivable on the December 31 balance sheet? What will be an ideal response?
Jake is charged with embezzlement. Embezzlement may be committed without
a. a criminal act. b. a criminal intent. c. taking property from its owner. d. the use of force or fear.