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Six actors ---- Bob, Carol, Dave Ed, Frank, and Grace audition for a part in an off-Broadway play. The auditions will take place over four consecutive days, starting on a Thursday. Each actor will have one audition; the days on which the different actors will audition must conform to the following conditions.
i . At least one audition will take place each day.
ii. No more than two auditions will take place on any day.
iii. No more than three auditions will take place on any two consecutive days.
iv. Bobโs audition must take place on Saturday.
v . Carolโs audition must take place on the same day as another audition.
vi. Frankโs auditions must take place on the day before Graceโs audition.
vii. Daveโs audition must take place on a day after Edโs audition.
Sub-Questions:
A business records a credit sale of Rs. 350 (no cash involved) using accrual accounting. How will this transaction be reflected in the financial statements?
Under accrual accounting, revenue is recognized when it is earned, not when cash is received. A credit sale of Rs. 350 means the business has earned the revenue, so it is recorded in the income statement as sales revenue. The receivable (Rs. 350) is recorded on the balance sheet as an asset, but the sale itself appears on the income statement. Cash-basis accounting would delay recognition until cash is received, but accrual accounting does not.
What is the main objective of maintaining a sales ledger control account?
A control account acts as an independent check on the arithmetical accuracy of the subsidiary ledger. It verifies that the total of individual customer balances matches the total recorded in the general ledger.
Compare the two quantities below.
Column A: $1 - \dfrac{1}{27}$
Column B: $\dfrac{8}{9} + \dfrac{1}{81}$
Column A: $1 - \dfrac{1}{27} = \dfrac{27-1}{27} = \dfrac{26}{27}$
Convert to 81 denominator: $\dfrac{26}{27} = \dfrac{78}{81}$
Column B: $\dfrac{8}{9} + \dfrac{1}{81} = \dfrac{72}{81} + \dfrac{1}{81} = \dfrac{73}{81}$
Since $\dfrac{78}{81} > \dfrac{73}{81}$, Column A is greater.
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