Answer: Personal comparison
Explanation:
When it comes to the Control Process, entities are allowed to use several comparison methods when comparing task results with objectives.
These include:
- the Historical method where current performance is compared to past performance
- the Relative comparison method where the organization's performance is compared against a benchmark of other organizations in the industry.
- Engineering comparison where schedules are used to ensure that activities finish on time.
Personal comparison is not an acceptable method.
Answer:
See explanation section
Explanation:
1. Debit Cash $17,000
Credit Service revenue (music) $17,000
<em>Note: The academy receives cash by providing music services to the students.</em>
2. Debit Prepaid Insurance $4,200
Credit Cash $4,200
<em>Note: The academy paid cash in advance to purchase insurance policy.</em>
3. Debit Musical Equipment $20,000
Credit Cash $20,000
<em>Note: The academy paid cash for acquiring musical equipment.</em>
4. Debit Cash $30,000
Credit Notes payable $30,000
<em>Note: The academy borrowed cash by signing a notes from the bank.</em>
They can lose their personal assets.
