Answer:
D. Corn is not used in the production of other goods.
Explanation:
D is the only option that can be an argument for the total value of the corn produced to be included as corn for the same year in the GDP.
This is due to the fact that only the final production is recorded in the GDP, this means that no goods are registered that are going to be part of other productive processes (generally raw materials) since double accounting would be incurred.
If for example, corn were part of another productive process and this productive process begins next year, that part of the corn used to produce that good would be included in the GDP of the year in which the product will be produced (the one that corn is used in the production).
This means that the lobbyist can only rely on option D (include all the value of corn for the year in which it was produced) if in this country the corn is not part of another productive process.
Answer:
The statement is true.
Explanation:
In order to compute the interest rate, the formula which is used is:
F = P × (1 + i) ^ t
Where
F is future value
P is Principal
i is interest rate
t is number of years
So, Future value is directly related to the interest rate, which means that increase in interest rate means more future value and decrease in interest rate means less future value.
Therefore, statement is true as it is directly related.
Answer:
B) Integrity
Explanation:
There are various ethical standards which are described below:
A) Credibility: This ethical standard deals with the communication of the correct information of the statement of financial position to all stakeholders of the business organization.
B) Integrity: This ethical standard stated that the chartered accountant should be honest and not biased for his personal gain. If he/she is biased, then he/she violates his/her profession.
C) Competence: The person is capable to do the particular task or not will check by his competence
D) Confidentiality: The financial information should not be disclosed out to third parties. The person should maintain confidentiality.
So as per the given scenario, the most appropriate option is B. Integrity
<u>Answer:</u>
<u>Closing entries
</u>
Date account and explanation Debit Credit
Dec 31 Service revenue 108000
Income summary 1080000
(To close revenue)
Dec 31 Income summary 72000
Supplies expense 6000
Salaries and wages expense 40000
Utilities expense 8000
rent expense 18000
(To close expense)
Dec 31 Income summary 36000
Owner's capital 36000
(To close income summary)
Dec 31 Owner's capital 22000
Owner's Drawing 22000
(To close withdrawal)
Answer:
1.Insurance
2.Computer Crashes
3.Having to go to another City
