misstate the depreciation expense in 2004 on the financial statements, but corrected said error the following year. An adjusting entry should take place to fix the original errors. 3. Miscellaneous There are very few instances when an expense should be placed in the Miscellaneous account. Each miscellaneous expense needs to be verified and possibly transferred to a different
Words: 435 - Pages: 2
has to do directly with keeping you and/or your family warm during the cold season in any mountainous location while being as price effective as possible. These differences are as follows, the cost of fuel to operate the appliance, the cost of miscellaneous parts or installation, and finally, the cost of the unit itself injunction with the cost of its maintenance. The first stove we will discuss is the free-standing, wood burning stove that is large enough to sufficiently heat a typical, 2-story
Words: 1391 - Pages: 6
report her expenses correctly. However, Sophie is stressed because during the sales training course, she learned that the expense vouchers are very important and they should be completed as the company indicates. 2. Not enough space to write miscellaneous expenses as tipping waiters, cab drivers, etc.: According her mentor, Emma, the salespeople complain because the expense vouchers don’t have enough space for the extra tip that she normally gives to waiters, cab drivers, bell hops, airport baggage
Words: 474 - Pages: 2
goods sold (COGS), marketing costs, administrative costs and miscellaneous costs for the month of January have the following distributions: January figures Sales COGS Marketing cost Administrative cost Miscellaneous cost Normal(2225,150) Uniform(870, 910) Triangular (90, 93, 96) Triangular (75, 78, 81) Triangular (23, 24, 25) In addition, the percentage change in the sales, COGS, marketing, administrative and miscellaneous costs from one month to the next can be modeled as independent
Words: 548 - Pages: 3
1. INTRODUCTION Hotel industry is inextricably linked to the tourism industry and the growth in tourism industry fuels the growth in hotel business. Demand for hotel rooms also increases during times of boom in the economy, due to the increase in business travellers. In India, the Ministry of Tourism is the regulatory authority for categorisation of hotels, the purpose of which is to provide contemporary standards of facilities and services available in the hotels and thereby contribute in the overall
Words: 1750 - Pages: 7
Scarce skills Jobs are scarce. What plan can you make to secure a job in today’s world of work? The answer is to study for a scarce skill! What is a scarce skill? A scarce skill is a qualification or job for which there are too little people in South Africa doing the job. Government would like to set South Africa on a winning economic pathway, by developing the skills of our people and assisting people to find employment more easily. Studying for a scarce skill would not only mean helping your country
Words: 2545 - Pages: 11
Ch06. Itemized Deductions LO 1 Identify the common deductions necessary for calculating adjusted gross income (AGI). LO 2 Describe the different types of itemized deductions available to individuals and compute itemized deductions. LO 3 Explain the operation of the standard deduction, determine the deduction for personal and dependency exemptions, and compute taxable income. 1. [§213]Patricia paid the following medical expenses in the current tax year: Surgeon's fees $1,200 Medical insurance
Words: 6425 - Pages: 26
cash basis) to patients during April, $1,720. 30. Paid salaries of receptionist and nurses, $1,725. 30. Paid various utility expenses, $360. 30. Recorded fees charged to patients on account for services performed in April, $5,145. 30. Paid miscellaneous expenses, $132. Hearts Inc.’s account titles, numbers, and balances as of April 1 (all normal balances) are listed as follows: Cash, 11, $4,123; Accounts Receivable, 12, $6,725; Supplies, 13, $290; Prepaid Insurance, 14, $465; Equipment, 18
Words: 1353 - Pages: 6
CHAPTER 1 AN OVERVIEW OF FINANCIAL MANAGEMENT (Difficulty: E = Easy, M = Medium, and T = Tough) Multiple Choice: Conceptual Easy: Firm organization Answer: c Diff: E [i]. Which of the following statements is true? a. One of the benefits of incorporating your business is that you become entitled to receive unlimited liability. b. Sole proprietorships are subject to more regulations than corporations. c. Sole proprietorships do not have to pay corporate
Words: 4360 - Pages: 18
Save Reset Print Name(s): Course & Selection: Identifier: Client: Chapter 03: Financial Accounting Exercise 03-02: Basic Financial Accounting Process Single Company Code Version 1 Rev: 01/03/2011 Introduction General Notes and Information It is strongly recommended that you read through the entire exercise prior to starting. Not all instructions can be provided in a linear manner. The following symbols are used to indicate important information as described below: An arrow highlights
Words: 3323 - Pages: 14
