Please answer the questions to the best of your ability, outlining what you believe may be relevant to the field of Accounting Principles 1 Based on your experience, do you believe that Cash Basis or Accrual Basis is better for managing a business Cash Basis Explanation Accrual Basis Explanation More explanations and elaborations 2 Which of the following on a Balance Sheet would cause concern for you Use the sample Balance Sheet provided Notes Comments Current Assets 10350 Bank Chequing $75,992 10857 Visa Credit Card $226 12000 Accounts Receivable $21,296 13500 Inventory Assets $27,791 14990 Hold Backs $275 Total Current Assets $124,578 Liabilities Equity 20000 Accounts Payable $22,063 22100 Unapplied Cash $8,716 29300 Shareholder Loan $24,410 35600 Retained Earnings $52,416 Net Icome (Current Year) $16,873 Total Liabilities Equity $124,478 3 At what point in the Financial Reporting Cycles would you produce a Trial Balance 4 What would you prioritize in your job if you were to take on the position at our firm Description of Task Requirement Priority (1 8) Your Reasons Understanding the Balance Sheet Sorting through all the outstanding vendor bills Reviewing the work flow process Collecting outstanding customer payments Ask what to do first Process the payroll for the employees Get to know everyone else in the company Review the previous period's financial reports 5 What is the difference between digital records and paper records 6 Find is the error in the Journal Entry below, and explain the error Use the sample Journal Entry provided Account Debit Credit Notes Comments 10350 Bank Chequing $319 79 29300 Vehicle Loan $219 48 71300 Interest Expense $63 52 24200 HST Paid ITC $36 79 Total Liabilities Equity $319 79 $319 79 7 Which of these Accounts would you post corrections for, directly to the General Ledger Indicate a Yes or No, then explain Explanation Bank Account Yes No Credit Card Yes No Accounts Receivable Yes No Shareholder Loan Yes No HST Paid ITC Yes No Common Stocks Yes No Retained Earnings Yes No

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 21, 2024

Please answer the questions to the best of your ability, outlining what you believe may be relevant to the field of Accounting Principles. 1. Based


Please answer the questions to the best of your ability, outlining what you believe may be relevant to the field of Accounting Principles.

1. Based on your experience, do you believe that Cash-Basis or Accrual-Basis is better for managing a business?
Cash-Basis Explanation
Accrual-Basis Explanation
More explanations and elaborations
2. Which of the following on a Balance Sheet would cause concern for you?
Use the sample Balance Sheet provided		Notes & Comments
Current Assets
10350 Bank Chequing	$75,992
10857 Visa Credit Card	-$226
12000 Accounts Receivable	$21,296
13500 Inventory Assets	$27,791
14990 Hold Backs	-$275
Total Current Assets	$124,578

Liabilities & Equity
20000 Accounts Payable	$22,063
22100 Unapplied Cash	$8,716
29300 Shareholder Loan	$24,410
35600 Retained Earnings	$52,416
Net Icome (Current Year)	$16,873
Total Liabilities & Equity	$124,478

3. At what point in the Financial Reporting Cycles would you produce a Trial Balance?

4. What would you prioritize in your job if you were to take on the position at our firm?
Description of Task / Requirement		Priority (1-8)	Your Reasons
Understanding the Balance Sheet
Sorting through all the outstanding vendor bills
Reviewing the work flow process
Collecting outstanding customer payments
Ask what to do first
Process the payroll for the employees
Get to know everyone else in the company
Review the previous period's financial reports
5. What is the difference between digital records and paper records?

6. Find is the error in the Journal Entry below, and explain the error.
Use the sample Journal Entry provided
Account	Debit	Credit	Notes & Comments
10350 Bank Chequing		$319.79
29300 Vehicle Loan	$219.48
71300 Interest Expense	$63.52
24200 HST Paid ITC	$36.79
Total Liabilities & Equity	$319.79	$319.79

7. Which of these Accounts would you post corrections for, directly to the General Ledger?
Indicate a Yes or No, then explain			Explanation
Bank Account	Yes	No
Credit Card	Yes	No
Accounts Receivable	Yes	No
Shareholder Loan	Yes	No
HST Paid ITC	Yes	No
Common Stocks	Yes	No
Retained Earnings	Yes	No