Answer:
an understatement of assets and an understatement of revenues.
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP). Examples of financial statements includes Balance sheet, cash-flow and income statement.
Financial reporting can be defined as the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors.
Hence, failure to prepare an adjusting entry at the end of a period to record an accrued revenue would cause an understatement of assets and an understatement of revenues.
Answer:
Debit Depreciation Expense, $960; Credit Accumulated Depreciation, $960.
Explanation:
Depreciation is an expense recorded in the income statement. An expense account is created to record annual depreciation in a given year. Since depreciation is an expense, an increase is captured by debiting the account. The depreciation amount will be credited to the accumulated depreciation account as per the rules of double-entry accounting.
Accumulated depreciation is the natural contra entry account for the depreciation account. The account is used to recorded accumulated depreciation up to the current period. Accumulated depreciation account is because it reduces the book value of the asset.
Answer:
$ 3,085
Explanation:
Given that;
The present value(PV) ------ ???
Future payment (F) ---- $5,000
The annual effective rate are 4%, 5% and 5.5% respectively, which can be illustrated as;
r = 0.04, 0.05 and 0.055 respectively.
The present value formula is given as:
PV = 5000 × (1.04)⁻³(1.05)⁻²(1.055)⁻⁵
= $ 3,084.814759
≅ $ 3,085
Answer:E- Earlier warning of potential problems.
Explanation:Benefits of a good communication are numerous and are listed below:
1- It gives clarity and direction.
2-Effective communication skills provide clear and defined policies. 3-Organizational communication helps organization to be successful. 4- Effective interpersonal communication skills such as listening skills, making eye contact gives boost to your personality.
5- It informs of earlier warnings of potential problems.
Answer:
B) cognitive dissonance
Explanation:
According to my research on studies conducted by various psychologists, I can say that based on the information provided within the question his attitude change is best explained by cognitive dissonance. This is defined as the state of having inconsistent thoughts, beliefs, or attitudes, especially as relating to behavioral decisions and attitude change. Which is exactly what Fernando is experiencing.
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