Answer:
INCORRECT.
In income summary account, all revenue accounts are closed by debiting them and crediting the income summary account. expense accounts are closed by crediting them and debiting income summary account. then on closing income summary account it shows debit balance if there is a net loss and it shows credit balance if there is a net income.
In the given case clever auto services has debit balance of $5,300 i,e it implies that clever auto services has loss .
Therefore above statement is wrong. It implies a loss of $5300 not the net income of $5,300.
Answer:
The second one
Explanation:
Control through rules and budgets can lead to rigidity and loss of creativity in an organization in a way that it limits change. When all available funds are allocated to specific operational budgets, it may be impossible to procure additional funds, when an opportunity arises elsewhere. Some organizations are therefore working in a way to back their budgeting systems.
Answer:
Option C.
Explanation:
Social capital is basically the relationships among people who live and work in a particular society, thus allowing that society to function effectively". As such. The value of social capital is determined by the number of the relationships in a social network.
Answer:
Explanation:
In the context of Human Resources, turnover refers to the number of workers who leave the organization. A scenario where an increase is what is needed the most would be if the current employees are unable to efficiently and effectively complete their work and are costing the company more money than they are producing in sales. Therefore, if those employees leave the company will save money on them and can hire newer employees that may perform much more efficiently.
Answer and Explanation:
The journal entries are shown below;
a. Investment Dr $37,282
To Cash $37,282
(being the investment in bonds is recorded)
b.
Cash (($1,000 × $40) × 0.07 × 6 ÷ 12) $1,400
Investment $91
To interest revenue ($37,282 ×8% × 6 ÷ 12) $1,491
(Being the first interest payment is recorded)
