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Sedaia [141]
3 years ago
5

If the accountant forgets to adjust the Prepaid Expenses account, there will be_____________.

Business
1 answer:
Lana71 [14]3 years ago
5 0

Answer:

There will be an overstatement in income and an overstatement in current assets

Explanation:

In case an accountant forgets to adjust the prepaid expenses account for the period, the recognized expenses is understated because to adjust prepaid expenses we have to debit expenses (which will lead to an increase in recognized expenses) and credit prepaid expense account (a deduction to current asset). Failure to do so, income recognized for the period is overstated and prepaid expenses account is overstated as well.

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What are the two basic requirements to support the declaration of a cash dividend? What are the effects of a cash dividend on as
artcher [175]

Two basic requirements to support the declaration of a cash dividend are:-

1) Retained earning accounts should have a positive balance greater than dividends, as dividend can be issued only from free reserves.

2) the cash account has a balance greater than the amount of dividend declared, as we have to pay cash for dividend in the near future

Cash dividends affect cash and equity on the balance sheet. Retained earnings and cash are deducted by the sum of dividends. Equity dividends do not affect a company's liquidity, only the equities section of the balance sheet.

Learn more about Cash dividends here:brainly.com/question/20374943
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6 0
2 years ago
How can quality control affect production?
leva [86]

Answer: Quality Assurance with Quality Control

Quality assurance streamlines production and helps to ensure that the final products meet the company's quality criteria. It ensures that the processes used to design, test, and produce products will be done correctly.

Explanation:

Hope it helps

3 0
3 years ago
2. Manufacturers response to currency appreciation From 1996 to 2002, the U.S. dollar appreciated by 22% on average against the
xeze [42]

Answer: a. Cheaper

b. Shift production from commodity-type goods to high-value products.;

Begin importing foreign-made parts

Explanation:

1. Japanese products became 22% <u>cheaper</u> than U.S. products.

The US Dollar became 22% stronger than the Japanese Yen meaning that the US Dollar can now buy 22% more Yen than before. If a good is priced in Yen then this means that the USD can buy 22% more of that good than before meaning that the good is 22% cheaper now.

2. Commodity goods are essentially raw or semi processed foods. Because the USD has become stronger, importing these goods instead of producing them would reduce the cost of production if they were to start processing said goods and making them High Value products so this is what they should do.

The USD is now stronger against major trading Partners. Like earlier mentioned, this means that the USD can buy 22% more goods as a result. Companies should therefore import parts that they need because they'll be able to buy 22% more of those parts thereby reducing their cost of Production.

4 0
4 years ago
State the difference between individual and community goods and services<br>​
Luden [163]
Good are things that you can physically have but services are like someone cleaning your house
3 0
3 years ago
Charles, the president of an IT company, is friends with Levi, the CEO of Cyber Industries, a company that develops and manufact
Akimi4 [234]

Answer: Option A

 

Explanation: In simple words, Ponzi scheme refers to a scheme in which a company deceit their earlier investor by paying them from the funds of recent investors in the form of profits.

In the given case, Levi deceited Charles by making him believe of a strategy that may or may not exist in his organisation. Thus, he will pay charles from the money that he will gain from the market after the announcement of the new processor.

Hence from the above we can conclude that the correct option is A.

7 0
4 years ago
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