David, a recent college graduate, was on his way home from his new job when he was caught in a snowstorm and taken in by the Cales, an elderly couple who provided for David with Food and shelter. After the snowplows cleared the road, David continued home David's father, Frank, was so appreciative of the Cales' actions that he sent a letter promising to pay them $500 in consideration of their actions. The Cales, in need of the money, accepted the offer. Then David and Frank got into a dispute and Frank refused to pay the $500. The Cales sue Frank on a claim of breach of contract. How will the Court Rule

When an interest-bearing note comes due and is uncollectible, the journal entry includes debiting

Insurance companies have internal controls in place to protect assets, monitor the accuracy of accounting records and encourage operational efficiencies and adherence to policies. these internal controls are generally of two types: administrative controls and accounting controls. administrative controls are the policies and procedures that guide the daily actions of employees. accounting controls are the policies and procedures that delineate authorizations of financial transactions that are done, safeguard assets, and provide reports on the company’s financial status in a reliable and timely manner. internal controls should include both preventative and detective controls. the purpose of preventative controls is to stop problems and errors before they occur. detective controls identify problems after they have occurred. preventative controls are usually more effective at reducing problems, but they also tend to be more expensive. internal controls must be flexible to adjust for changes in laws and regulations in addition to adding new products or modifying current ones. companies must also do regular analyses to ensure that the benefits of implementing the controls are worth their costs. when concerned about paying unwarranted insurance claims which type of control would be useful?

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