On her way to visit her parents, Jennifer drives 265 miles in 5 hours.

In her work as an accountant, Sandra Garcia recognizes that for every transaction that affects an asset, an equal transaction mu

adell [148]

Answer:

Correct option is (B)

Explanation:

In accounting, double entry book keeping is followed as every financial transaction has dual effect on the books of accounts. It starts with the accounting equation which stated:

Assets = Liabilities + Stockholder's Equity

If there is an increase in assets, there has to be a subsequent increase in either liability or stockholder's equity.

Every transaction is debited in one account and credited in some other account.

For example Depreciation for the year is $2,000. Depreciation expense account is debited by $2,000 and accumulated depreciation account is credited by $2,000.

Since Sandra recognizes that an effect on asset will have a simultaneous effect on either liability or equity, she is following double entry bookkeeping.

5 0

4 years ago

Proprietary and fiduciary funds follow account and reporting principles similar to those of ______ organizations.

suter [353]

City of New York

Hope this helps (:

8 0

2 years ago

Determine the price in period 1 (the future) if 30 units of oil are consumed in period 0 (the present).

Dovator [93]

Answer:

$16.50

Explanation:

Note: The complete question is attached as picture below

We know that there is a total of 90 units of oil and 30 units is consumed in period 0.

So, in period 1, the consumption amount will be = 90-30=60 units.

So, Q1 = 192 - 8P

For 60 units, the price will be 60 = 192 - 8P

8P = 192 - 60

8P = 132

P = 132 / 8

P = 16.5

So, the price in period 1 is $16.50

8 0

3 years ago

Shawna wins the lottery and her income increases by 60 percent. she used to buy 10 pints of cottage cheese per month and now she

Dmitriy789 [7]

Answer: Her income elasticity of demand for cottage cheese is 0.3333 making it a normal and necessary good.

The income elasticity of demand is given by :

$\mathbf{YED = \frac{percentage change in demand}{percentage change in income}}$

The percentage change in income is given as 60%. We calculate the percentage change in quantity demanded as follows:

$\mathbf{percentage change in quantity demanded = \frac{Q_{1}-Q_{0}}{Q_{0}}}$

$\mathbf{percentage change in quantity demanded = \frac{12-10}{10}}$

$\mathbf{percentage change in quantity demanded = 0.2}\\$

Substituting the value above in the income elasticity demand formula we get,

$\mathbf{YED = \frac{0.20}{0.60}}$

YED = 0.33333

Since the income elasticity is positive, and since Shawna buys more cottage cheese after an increase in income, we can classify this good as a normal good.

Since the income elasticity is between 0 and 1 we can also conclude that cottage cheese is also a essential good or a necessity.

7 0

3 years ago

• what are the four characteristics of capital acquisition and repayment cycle that significantly influence the audit?

gavmur [86]

There are four chararacteristics, which are:

1. Relatively few transactions affect the account balances, but each transaction is often highly material

2. The exclusion or misstatement of a single transaction can be material

3. A legal relationship exists between the client entity and the holder of the stock, bond, or similar ownership document

4. A direct relationship exists between the interest and dividends accounts and debt and equity

3 0

3 years ago