First of all, the laissez-faire economics is also known as hands-off apporach. This is from the 19th century. The leaders of the Middle class had a good reponse by embracing this type of approach. Some of the people looked to modify this kind of apporach for the government to have more control. Generally was accepted but also wished to be modified in order for the high class leaders to get control
Answer:
<u>Account Name</u> <u>Balance Sheet Classification</u> <u>DR or CR Balance
</u>
1. Accounts Receivable CA Debit
2. Prepaid Expense CA Debit
3. Inventories CA Debit
4. Long-Term Debt NCL Credit
5. Cash and Cash Equivalent CA Debit
6. Accounts Payable CL Credit
7. Income Tax Payable CL Credit
8. Contributed Capital SE Credit
9. Property Plant and Equipment NCA Debit
10. Retained Earning SE Credit
11. Short-Term Borrowing CL Credit
12. Accrued Liabilities CL Credit
13. Goodwill (an Intangible Asset) NCA Debit
Explanation:
Answer:
Habit Loop
Explanation:
Habit Loop -
It is a type of loop , which runs in the brain of the human being , and functions to govern the habit , is referred to as habit loop .
The habit loop has three components , i.e. , reward , routine , and cue .
The proper knowledge of these components enables the person to have command of their habits and can easily remove the bad habits and inculcate the good ones .
Hence , from the given scenario of the question,
The correct term is habit loop .
Answer:
Expense must be recognized in July
Explanation:
The reason is that the expense must be recognized in the month in which the supplies are used because the accrual concept says that the expenses must be realized when they are incurred. Incurred means that the consideration received has been used. For example if I pay the telecommunication network in June to give 4G internet and the services are delivered in the month July then the expenses will be realized in the month in which the services were used and that is July for internet facilities. So in this case the supplies are used in the month of July which is in-accordance with the accrual concept.
