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LekaFEV [45]
3 years ago
6

If the accountant forgets to adjust the Prepaid Expenses account, there will be:_____

Business
1 answer:
ivann1987 [24]3 years ago
7 0

Answer:

Option B, an overstatement of net income, is the right answer.

Explanation:

Option “B” is correct because when the prepaid expenses occur then it is recorded in the balance sheet on the asset side and the cash will be reduced by the same amount. However, if the prepaid expenses have not been adjusted then it will show the overstatement of net income because cash has been gone so actual cash will be lower than the recoded cash. Thus, option B is right.

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If a new firm was launched to help businesses comply with the affordable care act, that opportunity was created by ________.
vekshin1
That opportunity was created by political actions and regulatory changes, government subsidiaries. An opportunity is a favorable set of circumstances that creates need for a new product service or idea. An opportunity should have essential qualities such as attractive, timely durable and anchored in a product, service or business that adds value for its buyer or end user.
8 0
3 years ago
Managerial accounting information: Select one: a. follows GAAP in the reporting process. b. can be tailored to the needs of the
saveliy_v [14]

Answer:

b. can be tailored to the needs of the internal user.

Explanation:

Managerial accounting information is basically for internal users, and is not aimed to provide information to external users. It aims of future projections.

It need not follow the US GAAP process, as there is no statutory requirement.

Shareholders are considered external for this purpose, as internal ones are, management, employees, labor etc:

Therefore, it does not help shareholders.

It does not report any kind of business results, it only aims to regulate transactions and accordingly planning future goals.

Therefore, correct option is

b. can be tailored to the needs of the internal user.

7 0
3 years ago
What is unemployment insurance fund
MArishka [77]
Salutations!

What is unemployment insurance fund?

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Hope I helped :D
3 0
3 years ago
Who is responsible for payment of self-employment tax on fees received by a professional fiduciary?
zlopas [31]
<span>If a person is self employed, they are responsible for paying their own taxes. There are tables available on line to calculate the amounts. They should be paid no less than quarterly. If the income is significant, an account should be set up, or they should be paid more frequently. There are fees for late payments.</span>
8 0
3 years ago
A milestone is a typical measuring point used when establishing cost control. Which of the following DOES NOT accurately describ
KiRa [710]

Answer:

d. Milestones are developed during risk planning.

Explanation:

A milestone is a typical measuring point used when establishing cost control. Which of the following does NOT accurately describes the use of cost control milestones?Select one:a. Project managers and sponsors often decide the number of milestones jointly.b. Milestones are often identified in the project charter.c. Project managers can use their cash flow projections to determine the funding needed to reach each milestone.d. Milestones are developed during risk planning.

<u>ANSWER</u>

It is not correct that milestones are developed during risk planning but rather they are developed during Project budgeting where the deliverables are identified in terms of the cost to achieve them. Truly as stated in the scenario's options, Project managers can use their cash flow projections to determine the funding needed to reach each milestone. It is in the project planning phase that these milestones are established by Project managers and sponsors jointly.

5 0
3 years ago
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