The correct answer to this is B) a designer handbag. This is not a commodity. A commodity is anything that is considered a raw material.
Answer: The correct answer is A). Net income is overstated.
Explanation: Net income is equal to Income less expenses. When an accrued expense is not recognised it results in an understated expense which in turn leads to an overstated net income.
Wages payable is a liability. An omission of such a liability means that wages expenses is also omitted.
They will put themselves on social media for a way to get out there
Answer:
I.Communicates business activities
II.Identifies business activities
III.Records business activities
IV.Helps people make better decisions
Explanation:
Accounting is an information measurement system that identifies business activities, records the business transactions as they occur, in order in which they occur, communicate the result of operations to interested parties which helps all the stakeholders make informed decision.
The main goal of accounting information is to communicate the true and fair view position of the entity to people that may want to make informed judgment on the entity.
