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MAXImum [283]
3 years ago
12

Assertions about account balances at year-end typically include _______.A. existence, completeness, and allocationB. existence,

completeness, and rights and obligationsC. existence, occurrence, and cutoffD. accuracy, valuation, and occurrence
Business
1 answer:
Ksenya-84 [330]3 years ago
7 0

Answer:

The correct answer is letter "B": existence, completeness, and rights and obligations.

Explanation:

Assertions are management claims about certain matters regarding a company. Those claims are raised as a result of <em>auditing</em> the firm's financial statements. There are three (3) types of assertions which are:

  • Transaction-level assertions: <em>accuracy, classification, completeness, cutoff, and occurrence. </em>
  • Account balance assertions: <em>completeness, existence, rights and obligations, and valuation. </em>
  • Presentation and disclosure assertions: <em>accuracy, completeness, occurrence, rights and obligations, and understandability.</em>
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When a banker records how many dollars each of his borrowers owes the bank, money is serving as a rev: 06_06_2018 Multiple Choic
snow_lady [41]

Answer:

The correct answer is the second option: unit of account.

Explanation:

To begin with, the particular concept of money, in the economics field, has a lot of application that can vary depending on wheter the use that person is going to give it to it. In the cases where the money is use in the accounts of the companies to keep the books in actual values of the day then the money has the function of acting as a unit of account in order to know how much is the amount that it has to be registered in the books and therefore that the banker is using the money as a unit of account for the bank.

6 0
3 years ago
1) A small firm employs nine workers. The wages it pays to these workers are $200, $220, $280, $300, $310, 320, $330, $350 and $
Stolb23 [73]

solution :

sum of dollar =200+220+280+300+310+320+330+

350+390

Now,

average =<u>total </u><u>sum</u><u> </u><u>of</u><u> </u><u>all</u><u> </u><u>dollar </u>

total sum of worker

=<u>2</u><u>3</u><u>7</u><u>0</u>

9

=263.333#

5 0
2 years ago
How does the spending multiplier compare between a $1,000 increase in government spending and a $1,000 decrease in taxes collect
mr Goodwill [35]

Answer: Option B

Explanation: In simple words, spending multiplier refers to the effect that the spending from the govt have on an economy. As per this effect, if the govt. spends a little on the economy the multiplier effect will come into force and make a major impact on the organisation.

Government spending refers to the total outflow of resources made by the govt. for the betterment of economy. However the decrease in tax will not directly be considered an outflow but it surely does increase their revenue leading to more demand in the economy.

Hence from the above we can conclude that the correct option is B .

8 0
3 years ago
On March 17th, Rollo's Antiques accepted a credit card for a $1,000 purchase. The credit card company charges a 2% service fee.
Ne4ueva [31]

Answer:

C : debit to Service Charge Expense of $20

Explanation:

The complete journal entry used to record this transaction would be:

March 17, 202x, sales revenue

Dr Cash 980 (assuming the transaction is processed automatically)

Dr Service charge (or Credit card) expense 20

    Cr Sales revenue 1,000

Since the credit card company is charging you a 2% commission ($20), we must consider it an expense. Remember that all expenses must be debited.

3 0
3 years ago
Which of the following is an example of a franchise
boyakko [2]

Answer:

Sonic Fandom

Explanation:

4 0
2 years ago
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