Answer:
a) Fees earned (or revenues) will be understated. Net income will be understated.
b) Accounts (fees) receivable (or assets) will be understated. Owner’s equity will
be understated.
Explanation:
Adjusting entries refers to the entries that are made at the end of an accounting period in accordance with revenue recognition, principle and expense recognition principle.
All adjusting entries affect at least one income statement account (revenue or expense), and one statement of position account (asset or liability).
The answer is A. Indirect and Subjective
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Answer:
C) It will not pass because most proposed amendments do not pass.
Explanation:
It is very hard to pass an amendment to the Constitution of the United States. The US Constitution states that an amendment can be proposed by the Congress or by a Constitutional convention called for two-thirds of the states legislatures. But the last option has never been used. Just the first one, when two-thirds of the Congress has a majority vote.
This means in the Senate and in the House of Representatives. And an amendment must be ratified by three-fourths of the states, this means, 38 of the 50 states. Then, an amendment becomes part of the Constitution.
Every law that connects them to the nation people.