R &D Company has been practising a policy of allowing its customers to return faulty goods within six months from the date of sales, even though the company has no legal obligation to do so. Based on the past experience, it was probable that there would be such returns. R&D Company estimates that such return usually amounts to RM3,000 annually. (5 marks)
Discuss the accounting treatment of the above situations in accordance to MFRS137 Provisions, Contingent Liabilities and Contingent Assets and prepare the journal entry for the above situation
Answers
The provision for returns represents a best estimate based on historical experience and judgment. If the actual returns differ from the estimate.
According to MFRS 137 (Provisions, Contingent Liabilities, and Contingent Assets), a provision should be recognized when a company has a present obligation (legal or constructive) as a result of past events, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate of the amount can be made.
In the given situation, R&D Company has a policy of allowing customers to return faulty goods within six months, even though there is no legal obligation to do so. However, based on past experience, it is probable that such returns will occur, and the estimated amount of returns is RM3,000 annually.
To account for this situation, R&D Company should recognize a provision for the estimated amount of returns. The journal entry to record this provision would be as follows:
Debit: Provision for Returns (Expense) - RM3,000
Credit: Provision for Returns (Liability) - RM3,000
The provision for returns is recognized as an expense in the income statement and simultaneously recorded as a liability on the balance sheet. This reflects the company's obligation to accept and process returns, even though it is not legally required to do so.
At the end of each reporting period, R&D Company should reassess the estimate of returns and adjust the provision if necessary. If the estimate changes, the provision is adjusted accordingly, and any increase or decrease is recognized as an expense or a reduction of expense in the income statement.
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Related Questions
What are the three signs of workplace discrimination?
Answers
Answer:
Inappropriate Questions During a Job Interview.
Lack of Diversity.
Harsh or Demeaning Communications.
Unequal Pay.
Unfair Promotions.
Unjust Disciplinary Actions.
The Takeaway.
Explanation:
A cheque of Rs 4500 received from yogesh and deposited into bank. Required: Journal Entry
Answers
Answer:
See below
Explanation:
This transaction will affect the bank balance by increasing it with the check amount. The bank is cash (asset ) held in the bank. An increase in assets account is a debit. The bank A/c will be debited.
The check is received from Yogesh. Yogesh must have bought goods on credit and hence is an account receivable (asset). Since Yogesh has paid, his account decrease by the check amount. A decrease in assets is credited.
The journal entry will be
Bank A/c DR. Rs 4500
Yogesh A/c Cr. Rs 4500
what is meant by globalization? question 5 options: a) an economy in which most economic decisions are made by buyers and sellers, who may be individuals or firms. b) the trend in which buying and selling in markets have increasingly crossed national borders. c) the market in which households sell their labor as workers to businesses or other employers. d) a market in which firms are sellers of what they produce and households are buyers.
Answers
Globalization is the trend of cross-border buying and selling, integrating economies and societies worldwide. Option B
Globalization refers to the process of increasing interconnectedness and integration of economies, societies, and cultures across the world. It is characterized by the growing flow of goods, services, capital, technology, and information across national boundaries.
Globalization has been facilitated by advancements in transportation, communication, and technology, which have made it easier for businesses and individuals to engage in cross-border transactions.
Globalization has led to the emergence of a global marketplace where goods and services are produced and consumed on a global scale.
It has expanded international trade and investment, allowing companies to access larger markets and tap into resources and labor from different countries. Global supply chains have become more complex, with components and production processes taking place in multiple countries.
Furthermore, globalization has facilitated the exchange of ideas, knowledge, and cultural influences among different nations. It has led to increased cultural diversity and the spread of information and communication technologies, enabling people to connect and interact across borders.
In summary, globalization is the trend of increasing economic, social, and cultural interconnectedness among nations, characterized by the cross-border flow of goods, services, capital, and information. So OptioN B is correct.
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a good way to increase the volume and quality of traffic to a particular website is to:
Answers
One effective way to increase the volume and quality of traffic to a website is through search engine optimization (SEO). SEO involves optimizing the website's content, structure, and coding to make it more visible and attractive to search engines .
Some specific strategies for improving SEO and driving traffic to a website include:
1. Conducting keyword research to identify relevant and high-traffic search terms related to the website's content.
2. Incorporating those keywords into the website's content, metadata, and URLs.
3. Creating high-quality and shareable content, such as blog posts, infographics, and videos, that will attract links and social shares.
4. Building high-quality backlinks from other reputable websites to the website.
5. Ensuring the website's code is clean and optimized for speed and performance.
6. Making the website mobile-friendly and easy to navigate.
Other effective ways to drive traffic to a website include social media marketing, paid advertising, and email marketing. It's important to have a comprehensive strategy that includes a mix of tactics to drive targeted traffic to the website.
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What should you do if a caller needs a particular question answered and you're completely uncertain about whom the caller should contact?
A. Transfer the call to the person who you think might provide the correct information. B. Ask the caller's name, number, and purpose of the call, and tell him or her that someone will call back in a few minutes. C. Politely inform the caller that you don't know who the appropriate person is and transfer him or her to the office operator. D. Put the caller on hold while you ask others in the office who the appropriate contact person might be
Answers
When faced with uncertainty about whom a caller should contact, it is best to gather the caller's information, assure them that someone will call back, and then seek guidance from colleagues to determine the appropriate contact person.
If you're uncertain about whom a caller should contact when they need a particular question answered, the best course of action would be to ask the caller's name, number, and purpose of the call, and assure them that someone will call back in a few minutes. This option is represented by choice B.
By asking for the caller's information, you can ensure that their query is properly addressed. This approach allows you to take responsibility for assisting the caller and finding the appropriate person to answer their question. It also demonstrates professionalism and a commitment to providing excellent customer service.
Once you have the caller's information, you can reach out to colleagues or superiors to determine who the appropriate contact person might be. This ensures that the caller receives accurate information and avoids any confusion or potential miscommunication.
In conclusion, when faced with uncertainty about whom a caller should contact, it is best to gather the caller's information, assure them that someone will call back, and then seek guidance from colleagues to determine the appropriate contact person.
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Four students are at an extracurricular activity fair at their high school and are trying to decide which clubs to join. Some information about the students is listed in this chart:
Answers
Answer:
Hello your question is incomplete below is the missing part of your question
A 2-column table with 4 rows. Column 1 is labeled Student with entries Eleanor, Russel, Giada, Joe. Column 2 is labeled Hobbies with entries is already in B P A but is looking for a similar club to join as well; enjoys being treasurer for school band and drama club, and wants to join a club to help him learn more about these skills; builds remote-control cars and robots as a hobby; wants to be a stay-at-home dad and be involved in the homeowners association for his future.
Which describes which CTSO each student should join?
Answer : option A).
Explanation:
It is necessary that each student should join a CTSO based on his/her interests which means that Eleanor should join NYFEA (National Young Farmer Educational Association) , Russell should join FEA(Future Educators Association) , Giada should join TSA(Transportation Security Administration) while Joe should join HOSA(Health Occupations Students of America) secondly this various CTSO's will help the students develop better in their various areas of study and skills.
True or false genres or categories of repertory, do not necessarily transfer from one society to the next though they may be similar. Music
Answers
Answer:
True
Explanation:
Considering the style and function of music in society, researchers have found out that music is used for different specific purposes, in every different society as well.
In other word, there is specific music for specific events, hence, it is TRUE that "genres or categories of repertory, do not necessarily transfer from one society to the next, though they may be similar."
How long after the irs accepts your return will it be approved?.
Answers
Answer:
When you receive confirmation that the IRS accepted your return, it means that they have reviewed your return, and it has passed their initial inspection. They verify your personal information and other basic items, like if your dependents have already been claimed by someone else.
Explanation:
As you read through the draft of your message, you consider whether parts of your message should be rearranged to make your point more effective. Proofreading Evaluating Editing
Answers
Answer:
The correct answer will be "Editing".
Explanation:
Editing seems to be the process where even the letter being written is reconstructed or reconfigured to more efficiently express the letter. Arranging, modifying, as well as assembling a recorded, written, or video content for official completion, commonly by such an individual except for the producer of the content (considered as an editor).The other options in question aren't relevant to the particular circumstance. So the option available here is just the right one.
distinguish between capital intensive and labour intensive
Answers
answer:
capital intensive
— industries require a greater amount of machinery to produce the product
labour intensive
— product requires a larger amount of human labor to bring it off
explanation:
ex:
capital intensive
— telecommunications, airlines, automobile manufacturing, oil production
labour intensive
— food service, hospitality, public education, agriculture
credits: online search!
Labour intensive products required a larger amount of human labor to bring it off.
Darryl is a small farmer in southern Georgia. His main crop is peaches. After he harvests his peaches he must exchange them for money as soon as possible. The longer he goes without selling the peaches, the less others will be willing to exchange for them. Why does Darryl attempt to exchange his peaches for money soon after they are harvested?
Answers
Peaches are a particularly perishable fruit, therefore Darryl tries to sell them as soon as they are picked for money. The moment the peaches are picked, they start to quickly lose their quality and finally become unsellable.
What steps are involved in the procedure of clearing a field and burning it afterwards to maximise the nutrients in the soil?A modest farmer in southern Georgia appears in the search results for Darryl. Peaches are his primary crop. He needs to sell his peaches for cash as quickly as possible after they are harvested.
In terms of agriculture, what is farming?Farming is defined as "farming" in the Longman Dictionary of Current English as follows: Agriculture is the practise or business of raising crops or maintaining animals on a farm. lambs, dairy, livestock, etc.
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anybody have good jokes??
Answers
Answer:
dark humor... why did the kid in the wheelchair get bullied?
Explanation:
because he couldn't stand up for himself
Answer:
A string walks into a bar, the bartender says "Hey! We don't serve your kind here!" so the string walks out and wravels himself up. He turns himself inside out all in knots, gets all dirty, and ruffles up his ends. He walks back into the bar and the bartender says "Hey! Aren't you that piece of string I just threw out a second ago?" and the string answered "Im Afraid Knot!"
the aggregate demand (ad) curve is used together with sras to explain the economy in the short-run (over the course of a few years). one or more of the following will move you down along the ad curve (that is, as p declines). which one or ones?
Answers
There are several factors that can move the economy down along the aggregate demand (AD) curve, resulting in a decline in prices (P) in the short run.
One of the primary factors is a decrease in consumer spending. If consumers become more cautious with their spending due to economic uncertainty or personal financial struggles, this can lead to a decrease in demand for goods and services. As a result, businesses may lower their prices to stimulate demand and maintain sales.
Another factor is a decrease in government spending. When the government spends less on goods and services, there is less demand for those products, which can lead to lower prices. This decrease in government spending can occur due to a variety of reasons such as budget cuts, austerity measures or policy changes.
Overall, any factor that reduces demand for goods and services in the economy can lead to a decline along the AD curve and a decrease in prices in the short run.
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All of the following are considered generic business-level strategies EXCEPT: product diversification. cost leadership. focused differentiation. integrated cost leadership/differentiation.
Answers
A product diversification is not part of a typical generic business-level strategies.
What is generic business-level strategies?The strategy refers to a way of positioning a firm within an industry.
The focus placed on the generic strategies allows the executives to concentrate on the core elements of firms' business-level strategies.
The cost leadership. focused differentiation. integrated cost and leadership/differentiation are all generic business-level strategies.
Therefore, the Option A is correct.
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[15 POINTS] Which negative quality does Deborah exhibit? Deborah believes that people of other nationalities are inferior to her. She treats them with disdain and does not miss an opportunity to abuse them. Deborah is a (BLANK) .
Answers
Answer:
rasit
Explanation:
i got it right on plato have a nice day!
Deborah is Xenophobic. Xenophobic are those who fear or hate those who have different nationalities, race, language etc.
XenophobiaIt is the fear and hatred for people who are percieved as aliens to the xenophobic person's culture, nation, language, race etc. Since Deborah view other nationalities as inferior, and treats them with disdain and abuse, it suggest that she hates people who, she thinks, are alien to her nationality. Therefore, the negative quality Deborah exhibit is the Xenophobia.
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List and discuss driving forces of containerization and
intermodalism.
Answers
The term containerization refers to the technique of packing products in standard-size containers that can be transported by different modes of transportation such as ship, truck, or train.
Intermodals is the utilization of two or more modes of transport to move products or people from one point to another. Here are the main answers to your question: Driving forces of containerization1. Increased productivity and cost savings: Containerization has resulted in faster turnaround times and greater efficiency in handling cargo, lowering shipping costs.
2. Improved safety: Using containers has improved the safety of cargo because it prevents goods from being damaged during handling or lost in transit.
3. Enhanced security: The use of containers has made it easier to secure cargo during transportation, reducing theft and smuggling.Explanation1. Increased productivity and cost savings: Containerization results in faster turnaround times and greater efficiency in handling cargo, lowering shipping costs. When compared to traditional cargo loading methods, containerization has been shown to reduce the time needed to load and unload ships and transport cargo, resulting in quicker turnaround times. Furthermore, the use of containers has resulted in more efficient transport, which has resulted in significant cost savings.
2. Improved safety: The use of containers has significantly improved cargo safety by preventing goods from being damaged during handling or lost in transit. The containers are designed to withstand harsh weather conditions and ensure that the cargo remains intact. This minimizes the chance of accidents and ensures that the cargo arrives at its destination in good condition.
3. Enhanced security: The use of containers has made it easier to secure cargo during transportation, reducing theft and smuggling. This is due to the increased level of security that containers provide. With containers, it is easier to track cargo, monitor its movement, and identify where it has been lost or stolen. As a result, this has reduced the chances of cargo theft or smuggling. Driving forces of intermodalism1. Greater efficiency: Intermodals improves the overall efficiency of transportation by combining different modes of transportation.
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john went on a trip with his friends before making his credit card payment. when he returned home he put his payment in the mail to the credit card company who recived the payment six days after the due date which term applies to this situation
Answers
Answer:
Jhon bought a used car and got a loan from his credit union.
The Overtons bought a new home and mortgaged it for 30 years.
Tammy borrowed $40,000 in school loans to be paid back in 5 years.
Answer:
Annual Percentage Rate
Explanation:
A percentage of your balance each month is
set as the minimum amount you are required
to pay on your account to not be considered
“late” or “in default”
When managers identify a market trend that suggests a new opportunity and then devise a strategy to go after this new opportunity, they are involved in the function of.
Answers
Managers are performing the planning role when they see a market trend that points to a new opportunity and then develop a plan to seize this opportunity.
Planning is the process of arranging, outlining, and compiling plans and methods to fulfill a company's marketing goals. A solid marketing strategy should outline the company's value proposition, specifics about its target market or consumers, a comparison of its competitors' positions in the market, promotion strategies, distribution channels, and a budget set aside for the plan. All relevant teams inside the company should review the marketing plan.
More people have begun their journeys as small company entrepreneurs throughout the past several decades. Unfortunately, many people don't stop to think about their marketing plan and approach. Marketing the company is a crucial choice that always begins with a strategy, just like other aspects of a project. Learning about market planning and its components is essential if you want to stand out in the market with a distinctive and consistent advertising approach.
Market Planning Stages
Sales forecasts and analyses of previous promotional efforts are part of the market planning process's initial phase. The process of product analysis helps a business to determine which elements of the strategy should receive more attention or need to be altered.
Organizing marketing goals and tactics is the second stage. Here, it is essential to develop the connections between the suggested actions in order to effectively carry out the plan.
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What are 2 ways to send a message to your client when signed in as an Accountant user? My accountant > Requests > Create client request Accountant Tools > Notes Work > Create client request Accountant Tools > Prep for taxes > Message client Books review > Transaction review > Select Transaction > Ask client
Answers
The use of Ask client and Requests are the 2 ways to send a message to your client when signed in as an Accountant user.
What is the use of QuickBooks Online Accountant?The software is an accounting-based that is used by bookkeepers and accountants to edit client transactions, review their books, make adjustments etc.
Whe login as accountant user, one can send a message to client through use of Ask client and Requests.
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Arbitration is the final step in the conflict-management process.
False
True
Answers
Answer:
True
Explanation:
Arbitration is a private judicial -like process of resolving conflicts. The two or more conflicting parties select an independent party to make a final and binding decision on the conflicting issue. In general, there is no room to appeal when a decision from an arbitration process.
In arbitration, the conflicting parties are given a chance to present their evidence before the arbitrator. The arbitrator or a panel of arbitrators are experts in law or in the subject causing the conflict. A decision is made after listening and evaluating the evidence produced.
assume the gross amount of an invoice is $200 and a trade discount of 10% is allowed. the amount to be entered in the accounting records would be
Answers
The amount to be entered within the accounting data after applying a trade discount of 10% on a gross invoice amount of $200 would be $180.
A trade discount is a reduction in the listed rate of goods or offerings through the seller to the client, typically supplied for bulk purchases or long-term customer relationships.
It's far given as a percent of the gross invoice amount. In this example, the change cut price is 10% of $200, which is $20.
Consequently, the internet quantity to be paid through the customer after deducting the discount could be $200- $20 = $180.
That is the amount that ought to be entered inside the accounting facts as the total price of the purchase.
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Angie perceives inequity because when she compares her input/outcome ratio to that of Sally's, the ratios are not equal. Angie frequently volunteers to work many more hours than Sally, but she receives smaller bonuses compared to what Sally receives. According to equity theory, one way Angie can reduce her perceived inequity is to:
Answers
According to equity theory, one way Angie can reduce her perceived inequity is by either increasing her outcomes (bonuses) or decreasing her inputs (hours worked) in order to bring her input/outcome ratio closer to that of Sally.
Equity theory, developed by psychologist J. Stacy Adams, suggests that individuals strive for fairness and equality in social exchanges. When individuals perceive inequity in their input/outcome ratios compared to others, it creates a sense of unfairness and can lead to dissatisfaction. To reduce this perceived inequity, Angie has two options based on equity theory.
First, Angie can try to increase her outcomes by negotiating for larger bonuses or seeking additional rewards for her extra efforts and contributions. This approach focuses on achieving a better balance between her inputs (extra hours worked) and outcomes (bonuses received), aligning them more closely with Sally's input/outcome ratio.
Alternatively, Angie can decrease her inputs by working fewer hours or adjusting her level of effort to match Sally's. By reducing her inputs, Angie can bring her input/outcome ratio closer to that of Sally, potentially reducing her perception of inequity.
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Submit your 500-word essay describing the career you have chosen, a five-day schedule of this career, and the
advantages and disadvantages of the work schedule that you have created.
Answers
Assuming you choose the marketing career to write your essay, it is essential to conduct research on reliable sources for information about professional assignments.
What is a career in marketing like?As a broad and innovative field, a career in marketing can take many different paths. It involves efforts to promote a company's products and services, through value creation and positioning strategies.
Therefore, if the chosen area is content marketing, some advantages are greater flexibility and creativity to create media that engage the public with the brand.
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You bought 100 shares of stock at $15 per share. You sold your 100 shares at $21.75 per share. Calculate your percentage of gain. a) 18% b) 21% c) 31% d) 45%
Answers
Answer:
45%
Explanation:
2175-1500=675
675/1500=.45 or 45%
Who's copping the candy axe?
Answers
Answer:
not me
Explanation:
Answer:
I dont understand the question but i have it
Using tools, operating vehicles, and repairing equipment all involve working with _____.
people
data
things
none of the above
Answers
Answer:
things.
Explanation:
Using tools, operating vehicles, and repairing equipment all involve working with things.
please site references
1. Discuss when and why the two different FTAs were created. 2. What are the three countries stance on globalization: isolationism, bilateralism, or neomultilateralism? Note: You will discuss the U.S.
Answers
Two different Free Trade Agreements (FTAs) were created at different times and for different reasons. In terms of the three countries' stance on globalization, the United States has undergone some shifts in recent years.
The North American Free Trade Agreement (NAFTA) was established in 1994 among the United States, Canada, and Mexico. Its purpose was to promote economic integration and trade liberalization among the three countries, eliminating barriers to trade and investment.
NAFTA aimed to boost economic growth, increase employment opportunities, and enhance competitiveness within North America. However, NAFTA was criticized for its impact on certain industries and workers, leading to negotiations for a revised agreement.
In 2018, NAFTA was replaced by the United States-Mexico-Canada Agreement (USMCA). The USMCA sought to modernize and update the provisions of NAFTA. It included new chapters on digital trade, intellectual property rights, labor, and the environment.
The agreement aimed to address concerns related to labor rights, environmental protection, and the automotive industry, among other areas. The USMCA was designed to provide improved market access, fair competition, and stronger enforcement mechanisms, promoting a more balanced and mutually beneficial trade relationship among the three countries.
In terms of the three countries' stance on globalization, the United States has undergone some shifts in recent years. Historically, the U.S. has been a proponent of globalization and has pursued multilateral trade agreements. However, there has been a growing debate and a shift in certain sectors toward a more protectionist approach. While the USMCA represents a continuation of bilateralism in North America, the overall stance of the U.S. on globalization can be characterized as a mix of bilateralism and neomultilateralism.
The U.S. continues to engage in bilateral trade negotiations while also expressing interest in addressing global challenges through multilateral frameworks, such as the World Trade Organization (WTO) and regional partnerships like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The specific stance on globalization can vary depending on the administration and prevailing political and economic circumstances.
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PLZ HELP: FIND THE PROFIT
Fixed costs are £26,000 per year, and variable costs include wages at £10 per
unit, raw materials at £12 per unit and delivery/packaging at £3 per unit. It is expected that a business will make and sell 750 units during the year, with
a selling price of £26.
Answers
Answer:
Net loss -£25,250
Explanation:
The computation of the profit is shown below:
Sales (750 units × £26) £19,500
Less: Variable cost (750 units × £25) £18,750
Contribution margin £750
Less: Fixed cost £26,000
Net loss -£25,250
The £25 could be calculated below:
= £10 + £12 + £3
= £25
Basically applied the above format
Explain the role of public relations in developing and maintaining a corporate image.
Answers
By overseeing communication and relationships between an organisation and its stakeholders, public relations plays a critical part in creating and sustaining a company image.
To influence the perception, reputation, and overall image of the business, strategic communication is used. To improve the public's view of the company, public relations experts take part in activities like media relations, crisis management, community involvement, and employee communications. Public relations contributes to the development of trust, credibility, and goodwill among stakeholders by clearly articulating the company's ideals, accomplishments, and social responsibility efforts. It helps build the company's brand, draw in clients, investors, and talent while minimising reputational hazards.
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The association stradegy is used to_________information
Answers
Answer:
The association strategy is used to help memorized information.
Explanation:
A benefit of using association is that it allows the learner to be creative and have fun. ... The association strategy is used to help memorized information.