Answer: condition subsequent
Explanation: A condition subsequent is an incident or set of circumstances that bring something to a conclusion. A subsequent circumstance is being used as a symbol in a legal sense to put an end of one's constitutional rights or responsibilities.
This generally occurs when someone do anything illegal or unethical in the eyes of law. In the given case, Franco got employed by some other party although he had a contract with James that he cannot do that. Hence we can conclude that the given case depicts condition subsequent.
Answer:
The correct answer is letter "A": Costs and revenues in engineering decisions accrue over periods of years.
Explanation:
Engineering Economics is a field that allows managers to make decisions effectively thanks to the application of engineering techniques to economics. Those approaches are mainly associates with cost allocation determining if a company is assigning expenses efficiently at the point of being able to save money after conducting its operations given a determined period.
Answer:
1. Once a month, the sales department sends sales invoices to the accounting department to be recorded.
⇒ documentation procedures
Unless all of the company's sales take place only once a month, sales should be recorded as soon as possible. Accounting records must be as precise and accurate as possible, and they must be processed on time. Stacking invoices makes no sense, since sales might be on cash or the collection period might be very short. Who holds the money until the sales records are made?
2. Leah Hutcherson orders merchandise for Rice Lake Company; she also receives merchandise and authorizes payment for merchandise.
⇒ segregation of duties
One single person cannot be responsible for the whole process, since this creates a huge opportunity for fraud. Imagine if the person in charge of the inventory is also in charge of making new purchases, paying for them and reporting ending inventory. No company would be able survive one year, while the person in charge would get rich.
3. Several clerks at Great Foods use the same cash register drawer
⇒ establishment of responsibility
If everyone is allowed to collect money, no one can be responsible for any loss.
Answer:
Debit to cash is $3,900,000
Explanation:
The journal entry for recording this given transaction is as follows
Cash Dr (600,000 shares × $6.50) $3,900,000
To Additional paid in capital (600,000 shares × $0.50) $300,000
To Treasury stock (600,000 shares × $6.00) $3,600,000
(Being the stock reissued for cash is recorded)
for recording this we debited the cash as it increased the assets and credited the treasury stock as it reduced the treasury stock balance and credited the additional paid in capital
Answer:
Bob is calculating the nominal gross domestic product GDP for 2018.
Explanation:
The nominal GDP includes the market value of all the final and legal goods and services produced within a country during a certain period (generally a year). Since it uses current market values, it is not adjusted to inflation nor measures real GDP.
