Answer:
D) only revenue is recorded each time a sale is made.
Explanation:
When a company uses a periodic inventory system, the cost of goods sold is calculated only after the physical inventory count is completed. This physical count is done periodically and may happen once every few months or even once a year.
The periodic system is obsolete nowadays and cheaper technological solutions make it easier for companies to use a perpetual inventory system which is much better in every possible way.
Answer:
C
Explanation:
Backward induction is the process of going backwards in time with yZermelour reasoningreasoning , from the end of a problem or situation, to determine a sequence of optimal actions. It starts by first considering the last time a decision might be made and choosing what to do in any situation at that time. Using this information, one can then determine what to do at the second-to-last time of decision. This process continues backwards until one has determined the best action for every possible situation (i.e. for every possible information set) at every point in time. IZermelo was the first to use this technique in 1913 to make a point that chess has pure optmal strategies
Answer:
The first journal entry was not the most appropriate, but since the mistake was correctly adjusted at the end of the year, both assets and expenses will be the same whether they did it correctly the first time or they had to adjust a mistake at the end of the year.
E.g. something like this happened
October 1, rent expense for 1 year
Dr Rent expense 12,000
Cr Cash 12,000
December 31, adjustment to rent expense
Dr Prepaid rent 10,000
Cr Rent expense 10,000
they should have recorded it as:
October 1, prepaid rent for 1 year
Dr Prepaid rent 12,000
Cr Cash 12,000
December 31, adjustment to rent expense
Dr Rent expense 2,000
Cr Prepaid rent 2,000
Whichever way you recorded the transactions, the balances a the end of the year would be:
prepaid rent (asset) $10,000
rent expense (expense) $2,000
Answer:
The demand for money decreases sharply.
Explanation:
The portfolio choice and Keynes's theory of demand for money both proposes that as the returns expected on money falls, its demand also falls. When there is an increase in interest rate, it leads to a decrease in the expectation placed on returns on money thus leading to a decrease in demand for money.
He was born in the city of Dunfermline which is in the country Scotland.
