Answer:
2. True
Bank charges are the various fees account holders are charged in respect of maintenance of the account along with any other charges incurred in respect of specific transactions (e.g. cheque clearance charges, fund transfer charges, collection charges, etc). Bank charges are charged directly to the customer account thereby reducing the bank balance shown in the bank statement. These charges are usually not recorded by the business until the bank provides the bank statement at the end of a month which is why balance as per bank statement may be lower than the cash book balance.
Answer:
a) $9,000
b) $3,000
Explanation:
The calculation of the depreciation expense for each of the following cases
a)
As we know that
= (Purchase cost of machinery - estimated salvage value) ÷ (useful life)
= ($80,000 - $8,000) ÷ (8 years)
= ($72,000) ÷ (8 years)
= $9,000
b) Since the asset purchased as on Sep 1, 2020 so the depreciation expenses would be charged for four months i.e. From September to December.
Also at the same time we assume the books are closed as on Dec 31,2020
Therefore, the depreciation expense is
= $9,000 × 4 months ÷ 12 months
= $3,000
Answer:
1. Investors seeking capital appreciation over a long period of time
Explanation:
Deferred variable annuity are designed to provide long term capital appreciation. They do not provide immediate income. They do not adjust their return for inflation and they are not fixed rate securities.
A variable annuity is a tax-deferred retirement vehicle that allows you to choose from a selection of investments, and then pays you a level of income in retirement that is determined by the performance of the investments you choose. Compare that to a fixed annuity, which provides a guaranteed payout.
Answer:
False.
Explanation:
A bank is said to be federally chartered when it is appropriately authorized and regulated by the federal government of a country with recourse to statutory laws but not the state government. Some examples of federally chartered banks are Wells Fargo Bank, Bank of England, Swiss National Bank, Citizen National Bank, Bank of Japan, PNC Bank, First National Bank, U.S. Bank, Reserve Bank of Australia, etc.
A credit union can be defined as a non-profit making financial cooperative that is typically controlled by its members (employees, church groups, labour unions etc) and it is saddled with the responsibility of providing financial services like the traditional banks.
Generally, the profit made from the amount of money that is being deposited by the members of a credit union are usually returned to the members as a form of better interest rates. Some examples of credit unions are SchoolsFirst Credit Union, New York University Federal Credit Union, Consumers Credit Union, etc.
Hence, federally chartered banks and credit unions are not run like businesses that are a profit i.e they are a non-profit business.
Answer:
Whenever a person consumes too much of liquor, the body gets dehydrated as alcohol is a dehydrating agent and it removes body fluids through renal system.
Due to such dehydration, the occurrence of cramps is quite a common phenomena, apart from tastelessness.
In the current case, Mr Smith got besotted at a bar and in an attempt to navigate the stairs, he consequently passed out. The following morning he woke up, his right arm and hand were devoid of sensation.
The human body requires consistent blood flow with adequate oxygen and nutrient absorption to coordinate well with the nervous system. Neurons are responsible for nerve impulses and action.
Alcohol affects the functioning of neurons which are responsible for generating impulse, movement and coordination. Owing to the same phenomena, while an individual is intoxicated, the senses slow down due to which one feels less pain of an injury or hurt.
Here, consumption of excessive liquor led to pressure built up and the blood flow along with nutrients and oxygen, which are required for the neuron process, got obstructed. This led to a situation of no sensation with neuron function suspended temporarily. This resulted into lack of sensation in the arm and hand.
