The End of the Financial Year for Reynolds Ltd Is

question 35

Multiple Choice

The end of the financial year for Reynolds Ltd is 31 December. At that date, salaries and wages expenses of $580 000 is closed to the profit and loss summary account. This balance includes $550 000 for salaries and wages paid in cash during the year and accrued wages at the end of the year of $30 000. Reynolds Ltd records a reversing entry for the accrued wages on 1 January. The first payment to employees for salaries and wages in the new financial year is $35 000. This payment would be recorded as:

• A) DR Salaries and wages expense $35 000; CR Bank $35 000
• B) DR Salaries and wages expense $5 000; CR Bank $5 000
• C) DR Accrued Salaries and wages $30 000; CR Bank $30 000
• D) DR Salaries and wages expense $35 000; DR Accrued salaries and wages $30 000; CR Bank $65 000

Grasp the non-quantitative signals indicating business health and the need for turnaround strategies.

Understand the definition and elements of transformational leadership, including the role of effective delegation.

Grasp the key concepts and dimensions of the GLOBE model of cultural dimensions.

Identify the nature of the Leader-Member Exchange (LMX) Model and its relevance to organizational leadership.

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Definitions:

Predominant Part

The most important or influential component of something.

Sue

To initiate legal proceedings against an individual or entity with the aim of obtaining redress or enforcing a right.

Computer Sales

The business activity of selling computers, computer components, and software to consumers or other businesses.

Title Passes

The legal transfer of ownership of a property from the seller to the buyer.