Answer:
d. Business entity assumption.
Explanation:
Business entity assumption -
It is an accounting principle ,
According to this principle , the financial statements or any financial records ,should be kept far apart from the personal financial records , is referred to as business entity assumption .
As all the money required for business need to be recorded separately .
Hence, from the given scenario of the question ,
The correct option is d. Business entity assumption .
Answer:
E. $560,000
Explanation:
Balance of Long term Investment
= Value of Investment - Pre Acquisition Dividend ($100,000*40%) + Share of Net Income ($500,000*40%)
= $400,000 - $40,000 + $200,000
= $560,000
Therefore, The balance in Madison Corporation's Long-Term Investment-Jay Corporation account as of December 31 should be $560,000.
Answer:
D) Tenants in common
Explanation:
To be tenants in common you must be part of a tenancy in common agreement. A tenancy in common agreement is a situation in which 2 or more people hold interest in a property and each owner has the right to leave their share of the property to a beneficiary upon their death.
This doesn’t mean you own separate parts, but that you have separate interest in the whole property.
Tenants in common can have different ownership interests, e.g. Smith may own 60% of a property and Michael may own 40%.
The correct answer is known as "The Law Enforcement Services".
Law Enforcement Services is the system of the society wherein its members act in a organized and well-trained manners, wherein they enforce the law by investigating, stopping and changing or may also lead to punishing the individuals who violates or break the rules and norms laid out by the government for the betterment of the society.
