The answer is D. Partnerships are liable to boundless obligation, which implies that each of the partners shares the risk and budgetary dangers of the business. Which can be off-putting for a few people. This can be countered by the arrangement of a restricted obligation organization, which profits by the upsides of constrained risk allowed to restricted organizations, while as yet exploiting the adaptability of the association show.
Answer: b. Open Item
Explanation:
The statement that Heather wants to help a client send out is to include unpaid invoices, unapplied payments, and Credit Memos which are essentially signs that the creditor has not been paid.
An open item statement would therefore work best because it is to include open accounts that are yet to be paid so will include all those entries described above.
Answer;
-A foreign company that wants to have their shares traded on U.S. stock exchanges who uses accounting practices that comply with IFRS
Explanation;
Financial Accounting Standards Board (FASB) is the primary accounting standard-setting body in the United States. Generally accepted accounting principles (GAAP) is a set of accounting standards that have substantial authoritative support and which guide accounting professionals.
-FASB goal is to provide leadership for public companies in establishing and improving the accounting methods used to prepare financial statements. The FASB has the authority to set, but not enforce, accounting standards. Enforcement falls under the jurisdiction of the SEC. The FASB takes recommendations from the SEC and the AIPA when devising or improving standards; however, it is not required to.
Answer:
OPTIMUS COMPANY
Home Division Responsibility Report For the Year Ended December 31, 2020
The report is attached in form of a variance report with comments. Where the variance is not indicated, it means that it was neither favorable nor unfavorable.
Explanation:
A responsibility report is usually presented by a division that is an investment center. An investment center has responsibility for return on investments.
The investment center takes charge of the cost, revenue, profit, and investments of the division. It is expected to produce returns on its investment that will be favorable to the shareholders of the company. It is directly responsible for profitability of the division vis-a-vis the capital investments made in the center. It is unlike other divisions like cost center, revenue center, and profit center, which narrowly report their performances in accordance with their responsibilities.
This is why it does not only report on the cost, but also the revenue, the profit and the returns on investment achieved during a period. An investment center is, therefore, the largest division of an entity.
Answer:
opportunity cost
Explanation:
The concept of Opportunity cost deals with the idea that individuals, investors, or business owners, due to scarcity of resources, lost possible benefits that could be gained, as he or she chooses alternative choice.
Hence, the underlying reason or factor trade benefits both sides of a trading arrangement is rooted in the concept of OPPORTUNITY COST.
Therefore, the right answer is Opportunity cost.
