If the $5,000 put in an interest-bearing account for replacement is included in the estimation of the net operating income, it is typically referred to as a Depreciation Reserve.
<h3>What is depreciation?</h3>
Depreciation refers to an accounting method that allocates the cost of a tangible or physical asset over its useful life.
While the purpose of depreciation is to spread the cost of an asset over the financial periods in which the asset is put to use, investing an amount equivalent to the depreciation amount in a special account provides the cash needed for replacement.
Thus, if the $5,000 put in an interest-bearing account for replacement is included in the estimation of the net operating income, it is typically referred to as a Depreciation Reserve.
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Answer:
they believe that independent opinion expressed by an independent auditor on such a financial statement is more reliable than financial statement not from such a source due to potential conflict of interest.
Explanation:
The financial statement audited by an independent CPA is more reliable than the ones audited by a non-independent CPA. This is so because of the statutory responsibilities of the independent CPA.
The non-independent CPA is under the control of the management but the independent CPA is not responsible to the management but the shareholders.
The parties who may qualify to claim Millie as a dependent are Weston and Faith (option B)
A support agreement is a contract between one or more people who voluntarily agree to support other people (usually children or elderly parents).
In the case presented, the people who qualify are:
- Weston and Faith (option B)
These two people qualify because between them they give more than 50% of the support and are closely related to Millie, they are her children.
On the other hand, Jake and Brayden do not classify because they do not contribute equally or more than 50% of the support and one of them is not related to Millie.
According to the above, the correct answer is B, because it mentions the people who qualify to claim Millie as a dependent.
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Answer:
2. Make sure employees have the training necessary to maximize their capability.