Answer:
E-commerce facilitates the fundamental movement of goods from suppliers to customers. They offer an ideal commerce development to do digital business and improve the global presence. E-commerce has altered the workflow of the business
Answer:
1. Inventory account will be affected and assertions of accuracy and valuation will be violated.
2. Assets are overstated and assertion classification is violated.
3. Liability is understated and assertions of accuracy is violated.
4. No impact.
Explanation:
Assertions are certain claims of a business which a business must fulfill in order to make its financial statements reliable. A company has to record the expense when it is incurred in order to provide accuracy in valuation. In the given cases the assertions are violated which impact business accounts.
From the given options, the activity which exemplifies gathering data by observation is option D: Measuring how many parts workers assemble in an hour. This is the best answer as it uses senses to observe people in naturally occurring situation — according to the definition of observation as a data collection method.
Answer:
d. debit to an expense account and a credit to an asset account.
Explanation:
When a prepayment is made, the entries recorded are Debit prepaid expense and credit Cash account to recognize the amount prepaid.
As time passes and the expenses are incurred, the entries required are debit expense account and credit prepaid expense (an asset) with the amount of the expense incurred as a result of the passage of time.
