Answer:
The correct answer is letter "D": Charging the stolen asset to an expense account.
Explanation:
An asset misappropriation takes place when individuals take advantage of the job position they have in order to profit from fraudulent activities. The fraud could be caused by any employee within a given organization, from high executives to any of their subordinates.
In the case, option "D" is a good example of asset misappropriation since it is being charged to an expense account a good that was stolen when that kind of account is only useful to report work-related expenses.
Answer:
a. True.
b. True.
c. True.
d. False.
e. True.
Explanation:
Taxation can be defined as the involuntary or compulsory fees levied on individuals or business entities by the government to generate revenues used for funding public institutions and activities.
The different types of tax include the following;
1. Income tax: a tax on the money made by workers in the state. This type of tax is paid by employees with respect to the amount of money they receive as their wages or salary.
2. Property tax: a tax based on the value of a person's home or business. It is mainly taxed on physical assets or properties such as land, building, cars, business, etc.
3. Sales tax: a tax that is a percent of the price of goods sold in retail stores. It is being paid by the consumers (buyers) of finished goods and services and then, transfered to the appropriate authorities by the seller.
The following are considered when filing for tax;
a. True: compensatory damages received on account of physical personal injury or physical sickness can be excluded from gross income.
b. True: a payment for damaged or destroyed property is treated as an amount received in a sale or exchange of the property.
c. True: compensatory damages awarded on account of emotional distress cannot be excluded.
d. False: punitive damages are excluded from gross income. All punitive damages incurred by a business or an individual are to be included as part of gross income.
e. True: compensatory damages received for age discrimination or injury to one's reputation cannot be excluded.
Option A. Under comparative principles, a plaintiff's contributory negligence relieves a defendant from any liability for injury to the plaintiff.
<h3>What is the contributory negligence ?</h3>
This is the term that is used to say that if the party is negligent for the injuries that they have suffered, they would not be able to get damages for the injuries they have.
This would relieve the defendant from any of the liability that they may have to pay.
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Answer:
The answer is D. $1,830
Explanation:
FIFO means First in First out.
It is one of the inventory methods along with LIFO(Last in First out), average weighted cost and specific identification.
FIFO literally means the inventory bought first will be the first to be sold. Leaving the last inventories bought as the ending inventory.
In this question, Cost of Sales according to FIFO is:
250 units x $6 = $1,500
30 units at $11 = $330
Total =. $1,830
Therefore, the cost of sales under this method is $1,830