On January 1, a flower shop contracts with customers to provide flowers for their wedding on June 2. The total contract price is $3,000, payable in equal installments for the next six months on the first of each month (with the first payment due January 1). How much will be recorded as revenue during the month of April?

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Question 17 (10 points)

What are some possible negative signals when the product of the accounts receivable turnover ratio is lower (i.e., fewer times)?

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Question 18 (10 points)

What is the installment method?

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Question 19 (10 points)

What should be done if differences are found between the bank statement and the book account?

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Question 20 (5 points)

Why is it important to have a petty cash fund available in a company?

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Question 21 (5 points)

Discuss the importance of a company having proper insurance and bonding its employees.

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Question 22 (5 points)

What are the two most common receivables ratios, and what do these ratios tell a stakeholder about the company?

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What is the role of the Sarbanes-Oxley Act and the Public Company Accounting Oversight Board?

Question 12

What is an example of incentive as one of the three elements causing a person to commit fraud?

Question 13 (5 points)

Why is it important to have a very sound and well-developed internal control structure?

Question 14 (5 points)

What is the purpose of the bank reconciliation?

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Question 15 (5 points)

What is the matching principle?

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Question 16 (10 points)