Answer:
a.One entry creates an estimated returns inventory account.
b.One entry records the sales of goods to customers.
Explanation:
If a customer purchased a product on credit and returns that product for a refund, the business would have to make specific adjustments to its financial statements. The company would first make a debit entry to sales returns and allowances that equals the exact amount of the purchase
Answer:
M'Naghten Rule
Explanation:
The M'Naghten rule is a test which tests the insanity of the criminals. The primary purpose of the origination of the rule was to draw a limitation on the Insanity Defense. Under this rule, a person is said to be legally insane only if he/she would not be able to distinguish and decide what he/she is doing.
Answer:
It is called the fertile crescent because of it's close proximity to many water sources. The abundant source of fresh water caused the soil to be unusually fertile for the area and allowed for farming.
Subprime mortgages were considered toxic assets because mortgages were bought by investment banks and they bundled them and sold them as securities is True.
<h3><u>Explanation:</u></h3>
Toxic assets are those which can be sold a very low price therefore not making any profit for the seller due to significant drop of value or because they aren’t in demand anymore and cannot be sold in the market. Subprime mortgages were one of the risky investments in the midst of the financial recession.
Subprime mortgages from lenders were loaned to borrowers with no assets, poor credit and sometimes not even an income and sold to investors with regular payments as security. This over securitization was one of the major cause that triggered the financial crisis in 2007-2009 and a decrease in housing demand.