Answer:
The correct option is b.
Explanation:
Given information: In Prepaid Insurance account
Beginning balance = $14,000
Ending balance of $24,000
Change in balance = $24,000 - $14,000 = $10,000
In means the balance of Prepaid Insurance account is increased by $10,000.
In a cash flow statement, operating activities section represents the changes in current assets (except cash) and current liabilities. Prepaid Insurance is a current asset.
A decrease in Prepaid Insurance will be added to the Operating Activities and a increase in Prepaid Insurance will be subtracted from the Operating Activities section.
The $10,000 increase will be subtracted from the Operating Activities section. Therefore the correct option is b.
Answer:
Option A is correct
Explanation:
What we need to know to solve this question is how the cash method for accounting works in this scenario.
Thus, using the cash accounting method income is to be recognized when cash is received, thus the taxpayers for tax purposes will be reporting income when the income is received (in the form of services, cash, property, etc.).
Answer: Contrast
Explanation:
Contrast error is a type of rating error whereby how a target person is evaluated in a group is dependent and affected by how others perform in that group.
Contrast error is used in appraising the performance of an individual and the rating of a candidate will be affected by how the person before him or her was rated. Based on the question, Juan was rated below average because the person before him was given an exceptional rating.
Answer:
C) $22,727.
Explanation:
to calculate the 2019 layer, I will first determine the value of the 2019 inventory using LIFO:
(2018 inventory / 2018 price index) + (2019 inventory - 2018 inventory) = ($300,000 / 1.1) + ($350,000 - $300,000) = $272,727 + $50,000 = $322,727
to determine the LIFO layer = adjusted 2019 inventory - 2018 inventory = $322,727 - $300,000 = $22,727
The LIFO layer represents the difference in cost of goods sold from the ending of one year to the next year.
Answer:
False
Explanation:
Forgetting curve depicts how a person tends to forget about a particular information over time when there is no attempt to retain it.
Normally memory retention declines over time without repetition.
The lower the forgetting rate of customers associated with a brand the lower the number of repetition required to retain the information.
When rate of forgetting is high customers easily forget about the product. So there is need for higher repetition to keep the information fresh in their minds.
