1. When coupons are issued to customers which can be used as payment for their purchases in retail outlets, unredeemed coupons at the end of the accounting period is: A. recorded as additional revenue. B. is recorded as liabilities. C. recorded as liabilities at expected percentage of redemption. D. ignored 2. Statement I. Mandatory deductions for SSS, Philhealth, and PAGIBIG are normally accrued at period-end because the remittance of payments is normally done on the following period. Statement II. Withholding tax for compensation cannot be accrued at month-end because the payroll is already disbursed to the employees even if the remittance to BIR will just be made on the following month. A. Both statements are true. B. Both statements are false. C. Statement I is true; Statement II is false. D. Statement I is false; Statement II is true. 48. Entities may require deposits and advances from customers for the following reasons/purposes EXCEPT: A. For returnable containers delivered to customers, as guarantee against possible damage B. In case of utility companies, for use by customers of electric meters or water consumption meters C. Both a and b D. None of the above
1. When coupons are issued to customers which can be used as payment for their purchases in retail outlets, unredeemed coupons at the end of the accounting period is: A. recorded as additional revenue. B. is recorded as liabilities. C. recorded as liabilities at expected percentage of redemption. D. ignored 2. Statement I. Mandatory deductions for SSS, Philhealth, and PAGIBIG are normally accrued at period-end because the remittance of payments is normally done on the following period. Statement II. Withholding tax for compensation cannot be accrued at month-end because the payroll is already disbursed to the employees even if the remittance to BIR will just be made on the following month. A. Both statements are true. B. Both statements are false. C. Statement I is true; Statement II is false. D. Statement I is false; Statement II is true. 48. Entities may require deposits and advances from customers for the following reasons/purposes EXCEPT: A. For returnable containers delivered to customers, as guarantee against possible damage B. In case of utility companies, for use by customers of electric meters or water consumption meters C. Both a and b D. None of the above
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter14: Activities Required In Completing A Quality Audit
Section: Chapter Questions
Problem 65RSCQ
Related questions
Question
1. When coupons are issued to customers which can be used as payment for their purchases in retail outlets, unredeemed coupons at the end of the accounting period is:
A. recorded as additional revenue.
B. is recorded as liabilities.
C. recorded as liabilities at expected percentage of redemption.
D. ignored
2. Statement I. Mandatory deductions for SSS, Philhealth, and PAGIBIG are normally accrued at period-end because the remittance of payments is normally done on the following period.
Statement II. Withholding tax for compensation cannot be accrued at month-end because the payroll is already disbursed to the employees even if the remittance to BIR will just be made on the following month.
Statement II. Withholding tax for compensation cannot be accrued at month-end because the payroll is already disbursed to the employees even if the remittance to BIR will just be made on the following month.
A. Both statements are true.
B. Both statements are false.
C. Statement I is true; Statement II is false.
D. Statement I is false; Statement II is true.
48.
Entities may require deposits and advances from customers for the following reasons/purposes EXCEPT:
A. For returnable containers delivered to customers, as guarantee against possible damage
B. In case of utility companies, for use by customers of electric meters or water consumption meters
C. Both a and b
D. None of the above
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Auditing: A Risk Based-Approach to Conducting a Q…
Accounting
ISBN:
9781305080577
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
South-Western College Pub
Auditing: A Risk Based-Approach to Conducting a Q…
Accounting
ISBN:
9781305080577
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
South-Western College Pub