Author Question: Kaufman Company had a beginning normal balance of 15,000 in the accounts payable account. The ... (Read 104 times)

D2AR0N

  • Hero Member
  • *****
  • Posts: 561
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.



fffftttt

  • Sr. Member
  • ****
  • Posts: 322
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.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

It is widely believed that giving a daily oral dose of aspirin to heart attack patients improves their chances of survival because the aspirin blocks the formation of new blood clots.

Did you know?

Nearly all drugs pass into human breast milk. How often a drug is taken influences the amount of drug that will pass into the milk. Medications taken 30 to 60 minutes before breastfeeding are likely to be at peak blood levels when the baby is nursing.

Did you know?

In most climates, 8 to 10 glasses of water per day is recommended for adults. The best indicator for adequate fluid intake is frequent, clear urination.

Did you know?

Alcohol acts as a diuretic. Eight ounces of water is needed to metabolize just 1 ounce of alcohol.

For a complete list of videos, visit our video library