Answer:
In this case, the amount of $20,000 represents the owner's equity.
Explanation:
Assets:
Assets are the items that are own by a business. Examples of assets are inventory, machinery, company owned vehicles etc.
Liabilities:
Liabilities are the items a business owes to others. Examples of liabilities are bank dept, taxes, mortgage debt etc.
Equity:
Owner's equity is also known as net assets refer to the owner share of assets when the liabilities are paid off.
The relation between Assets, liabilities and owner equity are represented in a equation as:
Assets = Liabilities + Owner Equity
Answer:
B. Information Management
Explanation:
According to Wikipedia, Information management is the collection and management of information from one or more sources and the distribution of that information to one or more audiences.
It is involves collecting, storing and managing information gotten in all its forms. Of course, there are various forms of information, whether physical or electronical or otherwise.
Kristen's Job in the company involves organizing resources info (collecting), regulating how they are used and making sure they are the necessary information needed by the company's workers which is all part of the information management process.
Answer:
a. downstream; upstream
Organizations and activities that are close to the end customer in a supply chain are said to be downstream activities, while organizations and activities that are close to the supplier in the supply chain are said to be upstream activities.
Explanation:
Upstream activities are those activities which bring information, raw materials to your organization in order to turn them into finished goods. Anything coming inside of your organization is simply termed as upstream portion of your entire supply chain.
Whereas, anything which is going out of your organization is defied as the downstream activities, which are mostly finished products. It is the mechanism which helps you reaching your goods to the final consumers in an efficient way. Both upstream and downstream activities are very much important for any organization's supply chain. If managed properly, it can proved you with a sustainable competitive advantage which will be very hard for the competitors to meet.
Answer:
a. Revenue recognition principle
Explanation:
The revenue recognition principle refers to the principle in which the revenues are recorded when it is realized or earned. It follows the accrual basis of accounting
It is not recorded when the cash is actually received.
When the sale is made, the same is to be shown in the books of accounts
Therefore as per the GAAP, the revenue should be addressed by revenue recognition
hence, the correct option is a.
