MULTIPART QUESTION 4 1 # Timely posting helps identify errors made in the journal obtain updated account balances in the ledger 1 enter transactions directly into the ledger helps determine if the financial statements are ready to be prepared 1. Unearned Revenues are recorded by companies that pay money in advance of receiving a service or good pay money after receiving a service or good receive money in advance of providing a service or good receive money after providing a service or good 1. What was the issue associated with Waste Management's poor accounting system? violated regulatory requirements limited the issuance of new mortgages created losses in customer accounts of 1 billion dollars issued erroneous paychecks to 17.54% of it's employees 1. What would be the effect on a company's Salaries and Wages Expense balance at the time of hiring a new employee for an annual salary of $75,000. Increase Salaries and Wages Expense Increase Salaries and Wages Payable No effect on Salaries and Wages Expense from the transaction More information is needed to determine the correct effect 1. When a direct cause-and-effect relationship cannot be established between revenues and expenses, the proper recognition treatment for an expense is immediately in full never, rather it remains as an asset on the balance sheet equally cach year in a manner deemed most correct by management 1. Which company's employees overstated the value of securities by approximately 2.85 billion dollars during the 2008 financial crisis? MF Global Holdings Ltd. Waste Management, Inc. Hain Celestial Group Credit Suisse Group 1. Which of the following accounts carries a normal credit balance? Cash Dividends Accumulated Depreciation Depreciation Expense 1. Which of the following accounts carries a normal debit balance? Accounts Payable Accumulated Depreciation Common Stock. Depreciation Expense