There are different kinds of loans. If a company obtained a bank loan, it would record that it received asset revenue in exchange for an Asset.
<h3>Is loan received a revenue?</h3>
Loans can be gotten from shareholders or any other person. They are
not grouped as revenue.
When loan is said to be received, the cash is known or regarded as an asset of the borrower.
Assets are known to be cash, accounts receivable, supplies, etc.
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Lexington company borrows $10,000 from a bank by signing a promissory note. Increased assets and increased liabilities are the effects of this transaction on the accounting equation.
A company is a legal entity or legal entity established under the Companies Act. It may be a limited or unlimited company, a private or public company, a limited liability company or company with share capital, or a company of common interest. A legal entity is a type of legal entity structure that is a separate legal entity from its owner. This is a complex business structure, with additional reporting requirements and invalid legal obligations making it expensive to set up and manage.
A corporation is a legal entity distinct from its owners, managers, operators, employees, and agents. Legal entities have the same powers as individuals, including the right to own and dispose of property, the power to sue and be sued, and the power to contract for a profit. A business example is an agriculture. An example transaction is the sale of a home.
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An unfavorable variance is produced
Answer:
$5778.31
Explanation:
The correct answer is as follows:
Overhead cost = 9*31.62+666*2.86+77*46.61
= 5778.31
Answer:
Major consumer-protecting laws are:
Explanation:
1. Major federal Act Section 5- This legislation specifies that all firms are required to treat the customer equally and must not be at any disadvantage because of their exploitative treatment.
2. Fair Credit Report Act- This statute guarantees that it is treated equally and safely by all companies handling customer data. It makes sure that no unethical sharing of such information with any 3rd person takes place.
3. Financial Modernization Act - This legislation mandates all commercial banks in the United states to include it in principle how they safeguard and manage customer data securely.
