Explain what are Provisional Entries-SolutionProvisional Entries - Pro.docx

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Explain what are Provisional Entries? Solution Provisional Entries - Provisional Entries are made every month/Year to ensure few of those accounting entries which might not get recorded in time and should be recorded to ensure correct accounting . A provision can be a liability of uncertain timing or amount. Provision entries are entries that are made to account for expenses that have not been accounted in the period for which it relates. Hence the provision is created by debiting the expenses and crediting the party account or liability account. Provision means liabilities It means payable account. It helps to control payable accounts like telephone charges, Gratuity , Providend Fund accounts. Example are - Provision for DoubtFul Debt , Provision for Taxation , Provision for Telephone Bills ( Invoice not received yet ) .

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Compare and contrast accruals and deferrals. Compare and contrast accruals and deferrals. Compare and contrast accruals and deferrals. Solution Accruals and deferrals in the accounting cycle involve the time at which income and expense entries are noted in their respective accounts. Accruals and deferrals occur only when a business uses accrual-based accounting methods. If accruals and deferrals are not used correctly in the accounting cycle, certain accounts may seem undervalued or overvalued. An accrual occurs before a payment or receipt. A deferral occurs after a payment or receipt. There are accruals for expenses and for revenues. There are deferrals for expenses and for revenues. An accrual of an expense refers to the reporting of an expense and the related liability in the period in which they occur, and that period is prior to the period in which the payment is made. An example of an accrual for an expense is the telephone that is used in December, but the payment will not be made until January. An accrual of revenues refers to the reporting of revenues and the related receivables in the period in which they are earned, and that period is prior to the period of the cash receipt. An example of the accrual of revenues is the interest earned in December on an investment in a bond, but the interest will not be received until January. A deferral of an expense refers to a payment that was made in one period, but will be reported as an expense in a later period. An example is the payment in December for the six-month insurance premium that will be reported as an expense in the months of January through June..

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Explore the FASB codification section related to liabilities (405),Explain how speciic liabilities might be treated and justify why this methodology is appropriate. Solution Answer: The Liabilities Topic includes the following Subtopics: The definition of liability can help decide the accounting treatment of the situation. Under the Conceptual Framework a liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. In this case, the past event is the fall and injury to the pedestrian. Expenses are decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities. In this case, the expense arises at the time the pedestrian is injured because a liability has also arisen at that time. Expenses and liability should be recognised. .

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rtodd432

Explore the FASB codification section related to liabilities(405). Explain how specific liabilities might be treated and justify why this methodogy is appropriate . 250-500 words. Solution Answer: The Liabilities Topic includes the following Subtopics: The definition of liability can help decide the accounting treatment of the situation. Under the Conceptual Framework a liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. In this case, the past event is the fall and injury to the pedestrian. Expenses are decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities. In this case, the expense arises at the time the pedestrian is injured because a liability has also arisen at that time. Expenses and liability should be recognised. .

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Explain why UNIX designers chose a unified file abstraction for a variety of devices and objects that were not regular files. Provide two examples of special files. For each, state one way in which our use of the file system API differs from when we are working with regular files. Solution A file system is a logical collection of files on a partition or disk. A partition is a container for information and can span an entire hard drive if desired. Your hard drive can have various partitions which usually contains only one file system, such as one file system housing the / file system or another containing the /home file system. One file system per partition allows for the logical maintenance and management of differing file systems. Everything in Unix is considered to be a file, including physical devices such as DVD-ROMs, USB devices, floppy drives, and so forth. Special Files .

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Explain why sulfur dioxide and acetic acid have dipole moments. Use an electronegativity argument. Solution * Sulphur dioxide has bent shape with one lone pair on Sulphur and two oxygen atoms are more electronegative than Sulphur. Hence the bond pair of electrons are strongly attracted by oxygen atoms where as lone pair move in opposite direction and net there exists some unequal distribution of electrons around central sulphur. Thus sulphur dioxide exhibits dipole moment. ** In Acetic acid the central C is attached to one - CH 3 group, one O with double bond and one - OH gorup. Around this Carbon, the shape is trigonal plananr. Since the electronegativity of O is greater than C, the bond pair of electrons spends more time nearer the O and hence there exists unequal distribution of electrons around central C. Thus the molecules has a net dipole moment. .

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Explain what type of audit report is used when The entity would not allow the CPA to confirm any of the accounts receivable. All other procedures were performed as considered necessary and no other issues were encountered, but the CPA was unable to satisfy themselves with regard to the balance in accounts receivable. Assume that the accounts receivable comprised 40% of the total assets of the entity? Solution When an auditor of financial statements does not confirm material accounts receivable, but is satisfied by the application of alternative auditing procedures, she normally should: issue an unqualified opinion with no reference to this omission but be prepared to defend the action. .

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Explain the trade-offs between contiguous, noncontiguous linked, and noncontiguous indexed file allocation. In particular, note the effect on sequential and random access methods ? Solution Contiguous File Allocation + fast sequential access + fast random access + low disk space overhead - external fragmentation - hard to grow file Linked File Allocation + no external fragmentation + easy to grow file - very slow random access (must search through the whole list) - potentially slow sequential access (if the list blocks are randomly allocated over the disk surface) - some disk space overhead to store pointers to the next block. Indexed File Allocation + i-node in memory only when file is open + Easy random access - What if each a file grows beyond the limit of fixed number of disk addresses? + Pros - Cons .

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Explain the results of the Michelson-Morley experiment if the ether had been a reality? What significance would this have had to the speed of light? Solution The Michelson Morely experiment was conducted to prove the existance of a uniformly pervasive ether medium. As the experiment was a failure we can conclude that the universe is vaccuum but not ehter. Now if it were a reality, then that means for the propagation of light a medium is required. That means speed of light will be different for different media. This will effect the validity of second law of speacial theory of relativity which is to say that the speed of light is same across and is a universal constant. Speed of light would also depend on the direction of earth\'s motion. .

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