Business High School

Q 4.13: salaries and wages expense should have been accrued on december 31st, but the entry was not made. the result of this oversight is that

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Answer 1
The answer to the given situation is "the result of this oversight is that the liabilities are understated".
We can define understated as if someone say to you that your account is understated, it means that either the amount is incorrect or the amount is too small or it is less than the actual or true amount. In the given case the entry was not made due the understatement of liabilities.
Answer 2

Final answer:

The oversight of not accruing salaries and wages expense on December 31st results in an understatement of expenses and liabilities, and an overstatement of net income, which misrepresents the company's financial performance and position. It violates the accrual basis of accounting and the matching principle, necessitating an adjusting entry to correct the financial statements.

Explanation:

If salaries and wages expense were not accrued on December 31st, it means that the company fails to recognize expenses that it has incurred during the period but has not yet paid. This oversight leads to an understatement of expenses and liabilities on the income statement and balance sheet, respectively. As a result, the company's net income would be overstated, and its financial position would appear healthier than it actually is. Moreover, this can lead to a misrepresentation of the company's financial performance and condition to stakeholders.

Accruing the salaries and wages ensures that the financial statements are presented fairly, following the accrual basis of accounting, which requires that revenues and expenses be recognized when they are earned or incurred, regardless of when the cash transactions occur. Failure to make this accrual entry violates the matching principle, which stipulates that expenses should be recorded in the same accounting period as the revenues they help to generate.

The correct course of action would be to make an adjusting entry as soon as the oversight is discovered to record the expense and the corresponding liability. This adjustment would increase the salaries and wages expense on the income statement and increase the accrued wages liability on the balance sheet.

Related Questions

Compare and contrast weak sustainability and strong sustainability. discuss how a policymaker might decide which sustainability concept to use

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Weak sustainability may involve unclear goals that are unattainable or impossible to achieve to the average person. Strong sustainability should be realistic, measurable and attainable. Policy makers should be clear and precise with the expectations. Clear and precise policy would allow the policy maker a better understanding of their workforce and the ability to measure true success.

Anything entered as a service charge or as interest earned during a bank reconciliation will be entered automatically when the reconciliation is complete.
a. True
b. False

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A the answer is true.

___________, founded in 1982, is one of the oldest and largest video-game publishers and developers after nintendo and activision blizzard.

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Electronic Arts (EA). You see it on the Madden and several other games. "EA Games. Challenge in everything" or "EA Sports. It's in the game"

Super Mario Bros. Series

Uses the same underlying philosophy as shortest job next, where the shortest jobs are processed first and longer jobs are made to wait.

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yes, that seems like a prudent decision.  Maybe provide more information?

What effect did the assembly line have on the manufacturing industry?

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The assembly line is known for making the manufacturing industry more productive because the whole process of manufacturing is broken down into different workstations wherein each workstation has their own respective specialty for each task. 

Teacher gives points for right answer but takes away points for wrong answer

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bc the student got it wrong

yeah...like they do in regular tests and quizzes

Partial performance cannot override the statute's requirement for a written agreement.
a. True
b. False

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The answer is true. It is because the actions of both groups or individuals has showed agreement in which they don’t need to write it or provide any written agreement even if needed because they have proven both of their existence.

When amy's entire family tried advising her on her science project, she politely told them that too many cooks spoil the broth?

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Amy’s expression of having to say ‘too many cooks spoil the broth’ is a way of saying that if too many people are going to be involved, it may ruin the project as this shows in the scenario above of Amy’s family advising her on her project.

The organizational structure of tata consultancy services (tcs) is a ___________ organizational structure.

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The organization structure in TCS is "Hierarchical Organization Structure".

Hierarchical organization structure is a top to down pyramid framework used to compose and orchestrate the connections between the elements in an association. Obligations and rights are focused on the highest point of the pyramid and decisions come from the top down. The pyramid can be steeper. Steep pyramid has many levels of administration, so a unit of association is relatively small.

The steps a company can take toward enhancing corporate ethics include

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The steps a company can take toward enhancing corporate ethics include developing and enforcing ethics codes. These ethics codes are determined by the respective organization to indicate and show the employees what manners and behavior to exhibit in the place of work.

Smith plumbing supply has completed a swot analysis. the company is in a good position financially and has decided to use some of the opportunities it has identified. the most likely course of actions is

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This is a growth strategy. The company, since it is in a good financial position, does not need to take a stability track to maintain its standing. Taking advantage of the opportunities they have found will give Smith Plumbing the ability to grow and become a more profitable business.
The answer is growth strategy. This is a strategic commerce activity that allows business holders to strategize and track the growth of their income. It lets businesses to assign their limited resources to a positioned effort to familiarize to changes in the business driven by digital commotion and distinguish them from rivals. Thus, having this kind of strategy will help Smith Plumbing the capability to develop as a business.

WHATS THE BEST MOVIE TO SEE ON THEATERS RIGHT NOW?

Answers

what genre but i really like blade runners
Final answer:

The 'best' movie to see in theaters is subjective and depends on each person's preferences. With a vast selection of films from superhero to comedies, the choice should be based on an individual's taste. Checking ratings, reviews, and movie genres can guide one's choice.

Explanation:

Deciding the best movie to see in theaters is rather subjective and largely dependent on personal preferences. The movie business today is controlled by six major studios which deliver around 130 feature films annually. These studios typically look for storylines that are original yet relatable, drawing from past hits for inspiration.

Popular genres include superheroes, science fiction, fantasy, comedies, and animation. Sequels and movies with special effects are quite common. Per the dialogue from Robert Altman's satire, 'The Player', effective films usually blend elements of violence, suspense, laughter, hope, heart, nudity, sex and ultimately, a happy ending.

Owing to this, the 'best' movie for someone might be a riveting superhero film or an intriguing sci-fi, depending on their individual taste. Therefore, it is recommended to check the ratings, reviews, and genre of films currently showing to identify what might be the best for you.

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Doris, an eighty-seven-year-old widow, collapsed while shopping at a store. she was taken to the detroit city hospital by ambulance. she stayed there for fourteen days and was then transferred to another hospital, where she later died. she never regained consciousness. after she died, the hospitals and the ambulance company sued her estate to recover their expenses. will doris's estate be held liable for the medical bills?

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The answer is yes, the source of the obligation would be a quasi-contract. In a quasi-contract, there is an agreement between the two parties without preceding obligations to one another that has been made and lawfully recognized by the court. In a quasi-contract, neither involved party is predictable to create such a contract; this contract is decided and obligatory by a judge to correct a condition in which one party obtains somewhat at the expenditure of the other party. In the principle of the quasi-contract, no one should be gaining and the other party is losing, so the party that gained should pay the right compensation so no one is unjustly enriched.

A person arrives at a restaurant claiming to be a health inspector. what should the manager ask for

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The manager should ask for an ID. A real health inspector would have an ID card OR Identification card on him. Have a nice day

A company that manufacturers locomotives is likely to use which layout in its manufacturing​ process?

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A company that manufacturers locomotives is likely to use
a continuous process in its manufacturing​ process. Continuous process is a manufacturing process in which a firm produces the same product(s) over a long period of time. In this case the products are locomotives, which are all the same. 
Plant layout is important for any manufacturing company. It refers to a planned design for the arrangement of all the physical facilities that might be required in the manufacturing process of any product. The physical facilities such as equipments, tools should be arranged in such a way that these are easily available and flow of raw materials take place in the quickest and lowest rates.

A company for the manufacture of locomotives is likely to use Fixed Position Layout in its manufacturing process. In fixed position layout the product which is being produced is fixed at one loaction.

Occurs when a case is retried on appeal, rather than simply being reviewed on the record

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Criminal Appeals After a court has convicted and sentenced a criminal defendant, the defendant may file an appeal to a higher court, asking it to review the lower court’s decision for legal errors that may have affected the outcome of the case. If the appellate court grants the appeal, it may reverse the lower court’s decision in whole or in part. If the appellate court denies the appeal, the lower court’s decision stands. The Right to Appeal If a conviction results from a defendant’s guilty plea, the defendant does not have an automatic right to appeal their conviction. In most jurisdictions, an appeal will be heard only if the defendant is granted permission to proceed by the appellate court. Criminal defendants who were convicted by a judge or jury at trial, however, have an absolute right to appeal their convictions. Additionally, all states which enforce the death penalty allow an automatic appeal of cases involving a death sentence. If a court acquits the defendant, the prosecutor may not appeal the verdict. Appealing a verdict of “not guilty” would violate the Double Jeopardy Clause of the Fifth Amendment. Prosecutors may, however, appeal all pre-trial rulings and decisions regarding the admissibility of evidence at trial. Grounds for Appeal Potential grounds for appeal in a criminal case include legal error, juror misconduct and ineffective assistance of counsel. Legal errors may result from improperly admitted evidence, incorrect jury instructions, or lack of sufficient evidence to support a guilty verdict. To grant the appeal, the appellate court must find that these errors affected the outcome of the case. If the errors would not have changed the verdict, they are considered harmless, and the conviction will stand. A conviction may also be appealed if the defendant reasonably believes that the jury conducted itself improperly during deliberations or the trial itself. Jury misconduct includes the use of experiments, drug or alcohol abuse during deliberations or trial, and improper communications between jurors and witnesses or counsel. Finally, criminal defendants often appeal their cases when they feel that they were not provided with adequate representation. To succeed in an ineffective assistance of counsel claim, a defendants must typically prove that but for their counsel’s actions, the outcome of the case would have been different. Process of Appellate Review If a state court convicts a defendant, the ruling is appealed to an intermediate-level state appellate court. If the defendant is unsuccessful in the intermediate court, the defendant may appeal their conviction to the state’s highest court. Each state has its own court naming system. In California, the state’s highest court is the California Supreme Court. In New York, the highest court is the New York State Court of Appeals, and the New York State Supreme Court is a trial court. Review of appeals in state’s highest court is discretionary and is limited to only a small percentage of cases. If the defendant can frame the appeal in terms of a federal issue, the defendant may then pursue relief in the federal court system. Defendants convicted initially in a federal trial court may appeal their case directly to the federal appellate court. If unsuccessful, they may then seek review in the U.S. Supreme Court. An appeal is not a retrial of the case. Rather, the appellate court reviews the record of the lower court’s proceedings to determine whether there are adequate grounds to grant the appeal. The record includes all pre-trial and post-trial motions, all evidence admitted to the court and a word-for-word transcript of the trial. In addition to analyzing the record, appellate courts also review written briefs submitted by each party. Appellate briefs frame the legal issues raised on appeal and set forth persuasive legal arguments to support their position. The court may also hear oral argument from counsel in order to clarify any points raised in the written briefs. Criminal Appeals Resources Overview Web Resources Laws Law Blogs Lawyers & Attorneys Related Practice Areas Common Criminal Defenses Criminal Offenses Criminal Procedure Stages of a Criminal Case Stages of a Criminal Trial

:wifi corporation, a u.s. firm, signs a contract with bueno computadores, ltd., an argentinean firm, for a shipment and payment for wifi's goods. this is

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This is direct exporting. It is a circumstance in which an organization offers its items straightforwardly to clients in another nation without utilizing someone else or association to make courses of action for them, or an item that is sold thusly: The immediate fare of products includes certain methods, which must be clung to.

Final answer:

Wi-Fi Corporation's contract with Bueno Computadores, Ltd. for goods shipment and payment is an example of an international business transaction that involves contract law, international trade, and commercial law, typically discussed in college-level Business courses.

Explanation:

When Wi-Fi Corporation, a U.S. firm, signs a contract with Bueno Computadores, Ltd., an Argentinean firm, for a shipment and payment for Wi-Fi's goods, this represents an international business transaction involving elements of contract law, international trade, and commercial law. Such agreements are critical to the operation of the global market, allowing businesses to expand their reach beyond domestic borders and engage in import-export activities. This example, in particular, falls under the subject of Business, with a focus on international trade and contract law, typically studied at the college level.

What kind of inhibitor is a transition state analog usually classified as?

Answers

An enzyme inhibitor are chemical compounds with a chemical structure that resembles the transition state of a substrate molecule in an enzyme-catalyzed chemical reaction. The inhibitor can be designed according to the determined transition state structures or intermediates.

In one statistics course, students reported studying an average of 9.92 hours a week, with a standard deviation of 4.54. jessica is working two jobs and struggles to find time to study, averaging only 3 hours per week. what percent of students are at least as extreme as jessica, in both directions? (round z score to two decimal places.)

Answers

Given:
μ = 9.9 hours, population mean
σ = 4.54 hours, population standard deviation

For the random variable x = 3 hours, the z-score is
z = (3 - 9.92)/4.54 = -1.5242

From standard tables, obtain
P(x ≤ 3) = 0.064 = 6.4%


Answer: 6.4% on both tails of the normal distribution

As a business owner, you are always concerned about how much of your good or service is demanded. if there is an increase in your pro- duction costs, what options do you have to keep your product in demand?

Answers

Depending on whether the good is elastic or inelastic, there is one choice for each situation. If the good is elastic, the producer can raise the price of the good to compensate for the rise in production costs, but this will lower the overall revenue received because demand will likely fall to make up for this increase. If the good is inelastic, the price can be raised again, but this time it will increase the overall revenue because demand will stay the same (due to the good being inelastic and more of a necessity than a luxury).

3. What role do pawn shops play in the American economy?

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Pawn shops do well in american economy.CASH AMERICA is the biggest pawn shop company in the country.Micheal mack is the owner of MAX PAWN in las vegas.he says that the conventional wisdom that pawn shops doing well means a bad economy isn't necessarily true.The last few years,demand for loans at pawn shops has been higher.

Pawn shops act as alternative financial services providing loans and second-hand markets, offering immediate cash to those without access to traditional credit, circulating money within local economies, and supplying jobs. Their impact is more localized compared to large retailers, but they play a key role in the economic activity for many communities.

Pawn shops play a unique role in the American economy by providing a form of credit through collateral loans and by facilitating the resale of goods. They function as an alternative financial service for individuals who might not have access to traditional banking or credit sources. Pawn shops offer immediate cash in exchange for personal property, which the store holds as collateral until the loan is repaid with interest. If the individual does not repay the loan, the pawn shop may sell the item to recoup the loan amount, thereby injecting used goods back into the market and providing an option for consumers to purchase items at reduced prices. In essence, they act as a flexible and accessible form of consumer credit and as a marketplace for pre-owned merchandise.

As small businesses, pawn shops also contribute to the local economy by creating jobs and maintaining cash flow within a community. While they may not have the significant economic impact of large retailers like Wal-Mart or Mega-Mart, which often send profits out of the local area, pawn shops are akin to "Mom and Pop" firms that circulate money within the local ecosystem. Moreover, they provide a service that is unique in its immediacy and accessibility, particularly for those who require cash and either cannot or choose not to engage with banking institutions. However, one must consider the societal and economic implications of this form of credit, as it often comes with high interest rates and can contribute to ongoing cycles of debt for some individuals.

The broader context of how pawn shops fit into the economy touches upon concepts like the market revolution, which transformed production and exchange from social relations to anonymous transactions governed by supply, demand, and price. In contemporary terms, pawn shops represent a point of access to the economy for both buyers and sellers on terms that are more immediate and possibly more accommodating to individual circumstances than traditional markets.

Abc company is entering a new international market and has decided to enter the market under a different brand name. the selected brand name should?

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Final answer:

The selected brand name for ABC Company entering a new international market must be culturally appropriate, easily pronounceable, and align with the brand's image. Tailoring content to fit the local cultural context is crucial to avoid misinterpretation and ensure the brand resonates with the target audience.

Explanation:

The selected brand name for ABC Company as it enters a new international market should be easily pronounceable, culturally appropriate, and convey the desired brand image. These considerations are essential for ensuring the brand's success in the new market. For instance, Coca-Cola adjusted its brand name in China to kekou kele, meaning "tasty and happy," to resonate with the local audience. Similarly, visual and verbal content should be tailored to fit the cultural context, avoiding any potential misinterpretations that could harm the brand's reputation.

Furthermore, understanding the importance of names and symbols in different cultures can prevent mistakes that could lead to brand rejection. The brand name should also reflect the product's unique selling points and align with the company's overall branding strategy. Choosing a brand name that meets these criteria will enhance ABC Company's chances of success in the international market.

What are the functions of a nation-state? select one:
a. maintain order
b. maintain armies
c. collect taxes
d. all of the above?

Answers

d. all of the above

A nation-state maintains order, maintains armies, and maintains the collection of taxes.

Can i withdraw money from bank of america without my debit card

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Make sure to use the same ATM/debit card that was selected for your ATM withdrawal in the Bank of America Mobile Banking app when picking up your cash at the ATM. If a different ATM/debit card is used at the ATM, you will not be able to complete the withdrawal you set up in the Bank of America Mobile Banking app.

What are two jobs that ms. haddix did before she published her first book?

Answers

The specific person is not known. In order to give the best response to this question, the data or the information that was given at the start of the question needs to be provided. Making the data attached would help us to make the best answer and not make an educated guess as this would be impossible.

As customers of pierre’s dress shoppe prepared their wardrobes for winter, they purchased all of the long-sleeved dresses he had in stock. pierre will record the money made from the dresses as

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The appropriate response is sales revenue. Revenue is the measure of cash that an organization really gets amid a particular period, including rebates and conclusions for returned stock. It is the "best line" or "gross pay" figure from which costs are subtracted to decide net salary.

Today, labor unions represent about ________ percent of the labor force. quilet

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12.4
Hope this helps! :)

The answer is 12.4 percent.

Which of these is the largest difference between developed and developing countries?

Answers

As there is no set of options given with the question, we'd go with one difference which is most conspicuous between the two types of countries. That difference is the standard of living and amenities in the incone range of the masses. In developing countries, people still have to give up on necessary amenities which are normal to have in developed countries.

Answer: the level of wealth

Explanation:

Apex answer

You heard that rating agencies have upgraded a bond's rating. the yield on the bond is likely to

Answers

When a bond's rating is upgraded, the bond is considered a safer investment. This will lower the yield on the bond, because the risk premium is lower. The same principle is at work if you apply for loan. You can think of your credit score as your "bond rating". The better your credit score, the more of a safe bet you are to lend money to, and the more likely you are get a lower interest rate. The same is true of bonds. The yield of a bond is inversely related to the perceived risk of the bond not being repaid. 

Q 7.25: why are payments through checks and/or electronic fund transfers (efts) the best method for expenses that are not incidental?

Answers

The checks and electronic fund transfers are the best methods of payment for not incidental expenses because it ensures better internal control over cash disbursement.

Further Explanation:

Internal control: It is a process of establishing control over organization activities. Business deals with different kinds of activities. The management of the company should control and manage the activities to ensure the effective performance of every activity. The control over these activities is known as an internal control. The internal controls over cash disbursement are:

• Segregation of Duties

• Authorization and Processing of Disbursements

• Managing Restricted Funds

• Check Signing

• Internal Accounting Controls Checklist

Incidental expenses refer to small expenditures that are associated with the business. Since the expenses are of small amount related to the these can be paid by cash. If expenses are of large amount and are not incidental, it is better to pay them with electronic fund transfer or check to have better authenticity of the transaction. It states better control over cash activities.

Therefore, the checks and electronic fund transfers are the best methods of payment for not incidental expenses as they ensure better internal control.

Learn more:

1. Learn more about the ethical dilemma

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2. Learn more about the recording of bank-related transactions

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3. Learn more about the national retail bank

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Answer details:

Grade: High School

Subject: Auditing

Chapter: Internal control

Keywords: Checks and electronic fund transfers, best methods of payment, not incidental expenses, internal control, cash disbursement.

Final answer:

Checks and electronic fund transfers are best for non-incidental expenses due to their ease of use, security, and their ability to serve as proof of payment. They provide easy access to funds and eliminate the risk of loss or theft associated with cash transactions. Additionally, they are convenient for larger amounts or recurring transactions.

Explanation:

Payments through checks and/or electronic fund transfers (EFTs) are considered best for non-incidental expenses due to their ease of use and enhanced security. For one, both methods facilitate transactions by giving you easy access to your money.

Checks can be written for any amount

and serve as proof of payment. On the other hand,

EFTs

allow you to transfer funds from your bank account directly to the receiver's account, which is especially useful for larger amounts or recurring transactions. It also eliminates the risk of loss or theft associated with cash transactions. Furthermore, in the case of checks, many banks offer checking accounts that will pay an interest rate similar to a savings account.

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