Answer:
The statement is FALSE.
Explanation:
Concrete terms are referred to those objects and events that are available to the five senses of human. However, these terms can be used in an abstract or symbolic way. A word is concrete in a specific context, but becomes a symbol of an abstract idea in a different context depending on the author's intent. This is possible because that symbol is not used in a literal meaning, but is used to represent an idea which usually means something else. Henche the given statement is wrong.
Answer:
Assets= 15,000
Liabilities= 10,000
Owner's equity= 5,000
Explanation:
When he invests 5,000 of his own money that 5,000 is an asset as it is cash and the 10,000 he borrows is also an asset as it is cash. The liabilities are 10,000 as he has to pay 10,000 back and it is a loan so it is a liability also.
The owners equity is 5,000 as he invested 5,000 of his own money in the business and that is owners equity.
Answer:
Explanation:
The adjusting entry for interest expense is shown below:
Interest expense A/c Dr $1,134
To interest payable $1,134
(Being interest expense is adjusted)
The interest expense is computed by
= Note payable amount × interest rate × (number of months in a year ÷ total number of months in a year)
= $75,600 × 9% × (2 months ÷ 12 months)
= $1,134
The two months is computed from the November 1 to December 31
Microcredit help poor people establish thriving small
businesses because it provides a small finacial loan made to proverty stricken
individuals who want to start their own business. Hence the objective of this
microcredit is for the poor people for self-employment. The following are the
reasons why microcredit targeted primarily to women because women make better
use of small loans than men. That most women do not spend their money on snacks
or luxuries than men but instead use their money into providing food for their
children/family. Women have a better track record when it comes to repayment,
women are a huge untapped labor pool, women have the right to access capital
and lastly women who receive loans adopt healthier lifestyles and are
empowered.