Answer:
Expenses, Losses, Income and Gains are associated with nominal accounts.
Answer:
The answer is: C) II and III
Explanation:
The benefits for filing your tax return online are:
- You can save money since you don't have to hire an accountant or other professional to file your taxes
- It is very simple and easy, since the tax software is very user friendly and intuitive.
- You can file your taxes from anywhere as long as you internet connection. This can save a lot of time and money, instead of having to physically go to an IRS office.
- Tax software helps you gain financial knowledge and that is always useful.
- It ensures accuracy since tax program can do accurate calculations on your behalf.
- You can receive your tax refund faster if you file your taxes online. Usually within 21 days the IRS is sending out refunds based on taxes filed only.
Answer:
The importer accepts this price, so his bank will <u>debit</u> the importer's account in the amount of <u>$500000</u>
Explanation:
Debiting an account removes money from the account. Crediting an account adds money to the account.
The bank will therefore <em>debit</em> his account because the money will be taken out and paid to the exporter.
The amount that the importer pays in dollars can easily be calculate as:
€512,100 / €1.0242 = $500000
Answer:
A. Earned.
Explanation:
The accrual basis of accounting applicable to proprietary fund types requires that exchange revenues be recognized when <u>earned.</u> In Accrual Accounting, revenue is recognized when it is earned and is recognizable to be collected in future, not when cash is received against that revenue.
Answer:
c. Interest Payable, $1,200.
Explanation:
Based on the information given in a situation where the company keeps its records on a calendar year, an adjustment is needed on December 31 to increase: INTEREST PAYABLE, by $1,200
Increase in Interest payable=6%*30,000*8/12
Increase in Interest payable=$1,200
(May 1 to December 31=8 months)
