Answer:
Abstraction
Explanation:
Abstraction can be defined as the doing way of some details that are not too necessary so that the main subject or features have maximum attention.
absstraction is very important in the aspect of object oriented programming
It should be noted that the process of paying attention to important properties while ignoring nonessential details is Abstraction.
You pay it back to the issuer plus interest
Answer:
I would prefer cash basis over the accrual bases.
Explanation:
Remember accounting entries are prepared on the basis of Accrual Principle. That is transactions are recognized when they meet the definition and recognition criteria of assets, liabilities, incomes and expenses not when cash is received. Taxable Income calculation follows this accrual principle as well.
This means an will mean that as an investor in a rent-to-own business, i will be taxed more often on the Revenues which are not yet paid for and this will be bad for my liquidity.
I would want to have my cash and pay the taxes when i have actually received cash on my revenues so that i wont run into liquidity problems. This is only possible if the cash basis was to be used.
The term spillover refers to a market exchange that affects a third party who is outside or external to the exchange. This is further explained below.
<h3>What is spillover?</h3>
Generally, A spillover effect occurs when an occurrence in one nation has an influence on the economy of another nation, often one that is more reliant on the economy of the first nation.
In conclusion, A market exchange that has an effect on a third party that is not part of the transaction is referred to as having a spillover.
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Answer:
Amount in $
Dr. Cr.
Salaries Expense 1,300
Salaries Payable 1,300
Salaries to be paid in august
Bank 20,000
Long term loan 20,000
Loan received from bank on a 10 year note
Interest Expense 200
Interest payable 200
Expense on loan for 10 years ( 20,000 *.12*1/12)
Revenue 2,400
Receivable 2,400
Unrecorded revenue
Explanation:
1. Salaries are payable in august so a payable will be recorded for the amount. and an expense will be booked for the month.
2. Since this loan is for a period of more than 12 months so it will be treated as long term and interest on it will be calculated as mentioned above.
3. Unrecorded revenue will be recorded at mentioned above.
