Answer:
The correct answer is letter "D": All of the answers are correct regarding a petty cash fund.
Explanation:
Petty cash funds are sums of money that are useful for businesses to take care of small payments. These payments are too low to allow a check to be written for payment. In some businesses, each department maintains its own small cash box for expenses such as office supplies per unit.
For accounting purposes, transactions involving petty cash are documented only when the petty cash was totally spent and a new fund is to be created and recorded with a voucher.
Answer:
E. Division of the burden of a tax between the buyer and the seller
Explanation:
Tax incidence is an economic term for the division of a tax burden between buyers and sellers. Tax incidence is related to the price elasticity of supply and demand. When supply is more elastic than demand, the tax burden falls on the buyers. If demand is more elastic than supply, producers will bear the cost of the tax.
Answer:
the proper recording of this liability each year from 2016 through 2018 under GAAP is $150,000.
Explanation:
since the first amount cannot be determinable now, we cannot record it as a liability.
After the settlement of the dispute by the customer and company outside the court the company should record the loss and a liability at an amount of $150,000 because it is certain and determinable now.
Answer:
high-context culture
Explanation:
A high-context culture is a form of communicating with people in which the language and its rules play a very blurred role. The communication is primarily executed through the use of contextual elements like the language of the body, the tone used. Only the required information is set out for communication and the verbal expressions are kept aside. The members focus primarily on interpersonal relationships.
