if no adjusting entry is made at year-end, the financial statements will be affected:
Net - income: will be overstated
Assets: will be overstated
<h3>What are Financial statements?</h3>
- The financial actions and position of a company, individual, or other entity are formally recorded in financial statements (also known as financial reports).
- The presentation of pertinent financial data is organized and presented in an understandable style.
- The purpose of financial statements is to give information about an organization's financial situation, performance, and changes in financial position that may be used by a variety of users to make financial decisions.
- Financial statements must be clear, pertinent, dependable, and similar.
- The financial condition of an organization is directly tied to the reported assets, liabilities, equity, income, and expenses.
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<u>Explanation:
</u>
Accounting principles: It is the general instruction or guidelines and rules that a company has to follow for reporting the company's accounts and financial data. There a five accounting principles, in general, they are Revenue Recognition Principle,
Historical Cost Principle, Matching Principle,
Full Disclosure Principle, Objectivity Principle.
auditing techniques: There are 5 steps in auditing techniques to walk through and test each in a controlled place of the service organization. The steps include observation, inquiry, examination or inspection of the evidence,computer-assisted audit technique (CAAT) re-performance.
standard tax law: The law proposed by the government stating that the portion of income that is not subject to tax is used to reduce your tax bill. The deduction is based on age, filing status, and whether you are disabled or claimed as a dependent on someone else's tax return.
general investigative methods: General investigative methods involve physical evidence examining, gathering data or related information, collect the available evidence, protection of evidence, interviewing the witness, and suspect interviewing and interrogation.
C. buying an established business
If you look at it it kind of depends on the business and their success rates.
Answer:
a. in the general ledger
Explanation:
When preparing the retained earnings statement, the beginning retained earnings balance can always be found in the general ledger.
I would say that Jake has made a word-of-mouth offer based on knowing Sarah so this does not depend on advertising but on direct knowledge of the interested buyer and this can be a very effective way to sell things and also with seeking contracts for consultants in the form of networking it can also be very effective.
