Answer:
True.
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB).
Thus, it is a field of accounting involving specific processes such as recording, summarizing, analysis and reporting of financial transactions with respect to business operations over a specific period of time. Financial experts or accountant uses either the cash basis or accrual basis of accounting.
An account can be defined as a formal and individual record of the financial transactions of a person, business firm, goods, assets, liability, etc.
All the transactions with respect to a particular item such as income, expenses, assets, liability, etc., are recorded in its account.
In general, accounts are split or divided into two main categories and these includes;
I. Personal Accounts
II. Impersonal Accounts.
Answer:
Explanation:
Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smoothly manner.
There are various transactions due to which the bank statement balance and the cash statement balance do not match. To match these statements, we adjust the transactions accordingly.
The journal entries are shown below:
a. No journal entry required
b. Miscellaneous expense A/c Dr $16
To Cash A/c $16
(Being service charges is paid)
c. Cash A/c Dr $9 ($476 - $467)
To Utilities expense A/c $9
(Being correction is recorded)
d. No journal entry required
The preparation of the bank reconciliation statement is presented in the spreadsheet. Kindly find the attachment below:
The answers are supply and demand.
Answer:
The difference between autonomous expenditure and induced expenditure is as follows:
The autonomous expenditure is incurred even without a disposable income. The expenditure is incurred to provide basic necessities of life. In such a situation, the person spends from savings account or borrows to ensure that the basic necessities are provided.
On the other hand, induced expenditure is a disposable income-based expenditure. This implies that when disposable income rises, induced expenditure also rises, and vice versa. Induced expenditure is usually incurred to fund normal goods and services and not necessities. Without disposable income, there is no induced expenditure.
All the four sectors of the economy engage in these expenditures. The public (government) and household sectors are mostly affected. However, even the business and non-profit sectors are also affected by these types of expenditure.
Explanation:
We can distinguish between two types of aggregate expenditure. The first one is autonomous aggregate expenditure, which does not vary with the level of real GDP while induced aggregate expenditure varies with real GDP.
Given that <span>the U.S. dollar exchange rate increased from $0.96 Canadian in June 2011 to $1.03 Canadian in June 2012, and it
decreased from 81 Japanese Yen in June 2011 to 78 Japanese Yen in June 2012.
Between June
2011 and June 2012, the U.S. dollar appreciated against
the Canadian dollar.
Between June 2011 and June 2012,
the U.S. dollar depreciated against the Japanese Yen.</span>
