All cheques are bills but all bills are not cheque.
This is correct statement because both cheque and bill are piece of paper which displays money which is to be paid to someone.
A bill is a document which is drawn on any person and there is no name on the bill whereas cheque is a document which is drawn on the payee name only.
Both of these are documents which are used to pay the amount to someone.
A cheque can be drawn payable on demand while bill is drawn on expiry of certain period.
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Answer:
The multiplier is useful in determining the change in GDP resulting from a change in spending
Explanation:
A change in autonomous spending will lead to a much larger final change in real GDP because of the multiplier effect. That spending will have a much larger final impact on real GDP.
Answer:
A) debit interest expense, $1000
Explanation:
to determine the accrued interest expense = $100,000 x 6% x 2/12 = $1,000
the journal entry should be:
December 31, 2018, accrued interest expense on note payable:
Dr Interest expense 1,000
Cr Accrued interest payable 1,000
Accrual accounting establishes that expenses must be recognize during the period that they occur regardless of when they are paid. So we must recognize 2 months worth of interest.
Test of controls is when you test controls surrounding a financial process . Substantive test are performed when one tests assertions surrounding a balance.
Answer:
I have 3 statements
Explanation:
The characteristics of oral narrations are as follows.
1) They can be real or imaginary.
2) They are structured in dialogue, monolog and paragraph.
3) It is written in past tense
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