Kaufman Company had a beginning normal balance of 15,000 in the ...

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Kaufman Company had a beginning normal balance of 15,000 in the accounts payable account. The accountant posted a 5,000 credit on May 6, a 2,500 credit on May 14, and a 8,000 debit on May 26 . What is the balance of accounts payable in the general ledger?
 a. 14,500 credit
   b. 15,500 credit
   c. 4,500 debit
   d. 15,500 debit

Question 2

Which of the following is a difference between a forecast and a projection?
 
  A) A forecast reflects conditions that may occur, whereas a projection reflects expected conditions based on current knowledge of trends in relevant factors.
  B) A forecast is typically for a short period, whereas projections can be made several years into the future projection.
  C) A forecast is based on hypothetical assumptions, whereas a projection is based on current knowledge of trends.
  D) A forecast invites rebuttal arguments of speculation and bias, whereas a projection is deemed to be the most appropriate indicator of expected future benefits.

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Answer to Question 1

a

Answer to Question 2

B
Explanation: B) A forecast reflects expected conditions, based on current knowledge of trends in relevant factors. Because current knowledge is short-lived in today's business environment, forecast periods are typically short. In contrast, a projection reflects conditions that may occur, given the realization of one or more hypothetical assumptions regarding certain factors. Given their hypothetical nature, projections can be made several years into the future.