Answer: Controller
Explanation: Controller refer to the accounting officer of the company whose job is to analyze and interpret the transactions related to accounting and fiance.
The duties of controller include conducting internal audit, updating financial statements, filing tax applications on time etc.
Thus, from the above we can conclude that the correct option is B.
Answer:
b. Enterprise fund and depreciation on the capital assets should be recorded.
Explanation:
Cash flow can be defined as the net amount of cash and cash- equivalents that is flowing into (received) and out (given) of a business. There are three components of the cash flow;
1. Operating cash flow: all cash generated from the business activities of an organization.
2. Financing cash flow: all payments made by an organization and profits from issuance of debts and equity.
3. Investing cash flow: costs associated with purchasing of capital assets and investments of cash resources in other businesses.
Capital assets used by an enterprise fund should be accounted for in the enterprise fund and depreciation on the capital assets should be recorded.
Additionally, depreciation can be defined as the reduction of cost of a fixed asset systematically until the value of the asset becomes zero.
Answer: $744,000
Explanation:
The amount that should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2020 will be:
First, we have to calculate the amortization recorded up to 2019. This will be:
= (1,240,000 / 10) x 2
= 248,000
The we calculate the amortization to be recognized in 2020. This will be:
= (1,240,000 – 248,000) / 4
= 248,000
The amount that should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2020 will be:
= 1240000 - 248000 - 248000
= $744,000
Compounding. If you compound your interest, then your interest rate will go up, and you get more interest.
Because accrued expenses represent a company's obligation to make future cash payments, they are shown on a company's balance sheet as current liabilities.
