This topic contains a solution. Click here to go to the answer

Author Question: Explain whether each of the following would usually be used in a computerized accounting system and ... (Read 26 times)

ghost!

  • Hero Member
  • *****
  • Posts: 560
Explain whether each of the following would usually be used in a computerized accounting system and why or whynot. 1 . special journals 2 . accounts receivable control accounts 3 . electronic invoice form 4 . month-end postings to the general ledger

Question 2

A hospital that carries no malpractice insurance has several outstanding malpractice claims, including one for 1.5 million.
 
  Hospital attorneys believe the claim can be settled in the range of 200,000 to 340,000, but negotiations have not reached the point where they can estimate where within that range they can reach agreement. How should the hospital handle this claim in its financial statements?
   a. report nothing on the face of the statements; in the notes, state that there are claims against the hospital, and that historically it wins some cases and loses others.
   b. report an expense and a liability of 270,000, the mid-point of the range.
   c. report an expense and a liability of 340,000, the upper end of the range.
   d. report an expense and a liability of 200,000, the lower end of the range, and disclose the potential for additional loss in the notes to the statements.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

emsimon14

  • Sr. Member
  • ****
  • Posts: 344
Answer to Question 1

Special journals and accounts receivable control accounts are generally not usedin computerized systems. Instead, electronic forms like electronic invoice formsare used to record original transactions. Since the computer automatically poststransactions from electronic forms to the general ledger and individual accounts atthe time the transactions are recorded, month-end postings are not necessary in acomputerized system.

Answer to Question 2

d




ghost!

  • Member
  • Posts: 560
Reply 2 on: Jul 5, 2018
:D TYSM


peter

  • Member
  • Posts: 330
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

Did you know?

The Babylonians wrote numbers in a system that used 60 as the base value rather than the number 10. They did not have a symbol for "zero."

Did you know?

Opium has influenced much of the world's most popular literature. The following authors were all opium users, of varying degrees: Lewis Carroll, Charles, Dickens, Arthur Conan Doyle, and Oscar Wilde.

Did you know?

Vaccines prevent between 2.5 and 4 million deaths every year.

Did you know?

Pregnant women usually experience a heightened sense of smell beginning late in the first trimester. Some experts call this the body's way of protecting a pregnant woman from foods that are unsafe for the fetus.

Did you know?

Patients who have been on total parenteral nutrition for more than a few days may need to have foods gradually reintroduced to give the digestive tract time to start working again.

For a complete list of videos, visit our video library