Answer:
Explanation:
The journal entry to record the accrued expense is shown below:
Example:
Wages expenses A/c Dr XXXXX
To wages payable A/c XXXXX
(Being the accrued expenses is recorded)
While recording the wages expenses, we debited the accrued expenses as it increases the expenses account and credited the wages payable account as the liabilities account is also increased
Terp Bank obtains a relatively large portion of its funds from conventional demand deposits as it creates many branches with many employees to attract demand deposits. Its interest expenses should be relatively low while its noninterest; expenses should be relatively high.
Option B
<u>Explanation:</u>
A withdrawal deposit is a banking or any other financial institution balance whereby the depositor may, without any notice or notification, remove the deposited funds from those in the account within seven days.
An example of demand deposits is checking accounts. We require the depositor to withdraw money at any moment. The volume of transactions a creditor is allowed on these transactions is infinite (even though each transaction might be paid by a bank).
For buyers, deposits of demand are essential because sometimes they house funds for daily expenses. Under no scenario, depositors could not purchase items on-demand without informing the bank first.
Answer:
The correct answer is D
Explanation:
Specific identification method of inventory is the method which helps in finding the ending cost of the inventory. And this method need the detailed physical count, as it helps the company in making or knowing how many goods brought on particular dates which is remained at the end of the year inventory.
Under this method, the companies which could adopt this method, are antique shop, farm implement dealership and music store.
Answer:
c. short-run average total cost is typically above long-run average total cost
Explanation:
In the case when the average of the total cost of the short run should be compared with the average of the total cost of the long run for a given output level so this means that the average of the total cost of the short run should be more than the average of the total cost of the long run
Therefore as per the given situation, the option c is considered
