Answer:
A liability account in the balance sheet.
Explanation:
When rent is collected in advance, the entries required to be recognized at the point of collection is as follows;
Debit Cash account
Credit Unearned/Deferred rental revenue
The cash account is an asset while the Unearned/Deferred rental revenue is a liability account.
As such, the collection of rent in advance is A liability account in the balance sheet.
Answer: Option D
Explanation: In simple words, controlling refers to the function of management in which manager sets the standards of performance, compares the performance with the standards and take corrective actions in case of any discrepancy.
Controlling helps the organisation to achieve its goals by making the employees working towards the same goal determined in the planning stage. Controlling sets the standards of performance for the employees which works as a guide in their job.
Hence the correct option is D.
The Given Statement is TRUE. Banks helped international trade by allowing merchants access to money in different locations.
<h3>
What is International Trade?</h3>
International Trade is the exchange of goods and services across international borders. It usually comes with additional risks caused by changes in exchange rates, government policies, laws, judicial systems, and financial markets.
International trade drives a country’s growth. Import-export figures are one of the top contributors to a country’s gross domestic product. Thus, every country tries to strengthen its global trade relationships with world leaders.
<h3>What is the role of the banks in International Trade?</h3>
Banks facilitate international trade by providing financing and guarantees to importers and exporters. While access to external funds is important for domestic production, it is especially important for exporting firms.
<h3>What did a Merchant do?</h3>
Merchants were those who bought and sold goods, while landowners who sold their own produce were not classed as merchants.
Thus, we can conclude that the above statement is TRUE.
Learn more about International Trade on:
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The first step is determining what knowledge is most important. the control function involves measuring performance relative to the planned objectives and standards, rewarding people for well work done, and then taking corrective action when necessary.
hope this helps :)
