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Mamont248 [21]
4 years ago
7

If a journal entry and posting for the use of one month of rent from the prepaid rent account during the year is accidently omit

ted, what would be the impact on the financial statements
Business
1 answer:
tensa zangetsu [6.8K]4 years ago
4 0

Answer:

Expenses will be understated, hence, Net Income will be overstated.

Rent prepaid will be overstated, hence, current assets will be overstated.

Explanation:

Ordinarily, rent prepaid is meant to be credited every month to the tune of the the value that has been consumed and then added to period expenses to reduce net income.

In the statement of Financial Position, the same amount that has been consumed should be used to reduce balance in rent prepaid account, otherwise, current assets will be overstated if no adjustment is made.

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What is double jeopardy?<br> Explain how this vocabulary<br> word relates to the 5th<br> Amendment.
kykrilka [37]

Double jeopardy is a legal defense which, after a clear acquittal or conviction, does not preclude an accused person from being charged on the same charge again.

Explanation:

The Fifth Amendment to the Constitution states that "no one is twice liable to be targeted at the same offense." The Double-jeopardy Clause bars any second prosecution or conviction and forbids multiple penalties of the same offense.

Double jeopardy does not shield suspects from being charged for multiple offenses, while separate charges are prohibited for the same crime.

For example,  An convicted person could again be charged on the "less included crime" of involuntary killing.

6 0
3 years ago
In the context of social responsibility and environmental management, by 2020, China’s _____ will be more than double the closes
Katena32 [7]

Answer:

Basel Convention

Explanation:

The overarching objective of the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and their Disposal, also known as the Basel Convention, is to protect human health and the environment against the adverse effects of hazardous wastes. This is China's main contribution towards social responsibility and environmental management that will surpass the United States contribution.

3 0
3 years ago
The cost of goods sold during the year was $380,000. Inventory increased by $12,000 during the year and accounts payable decreas
murzikaleks [220]

Answer:

$411,000

Explanation:

Cost of goods sold was $380,000

Inventory was increased by $12,000

Accounts Payable was decreased by $19,000

The relationship via direct method of cash flow can be established as:

COGS + Increase in Inventory + Decrease in A/P

$380,000 + $12,000 + $19,000 = $411,000

5 0
3 years ago
A firm that decides to expand internationally based on the availability of government subsidies in the host country is pursuing
Aleksandr-060686 [28]

Some policies favor businesses, A firm that decides to expand internationally based on the availability of government subsidies in the host country is pursuing a competitive advantage.

<h3>What is competitive advantage?</h3>

Competitive advantage is factors that allow a company or industry to produce goods and services better, expand or produce more cheaply than its rivals.

A nation's competitiveness in business depends on the capacity of the industry to innovate and upgrade.

Therefore, a firm that decides to expand internationally based on the availability of government subsidies in the host country is pursuing competitive advantage.

Learn more on competitive advantage here,

brainly.com/question/26514848

8 0
3 years ago
An investment of $6000 earns interest at 2.5% per annum compounded semi- annually for 5 years. At the that time the interest rat
slamgirl [31]

The accumulated value be $7212.10 2 years after the change.

Calculation

FV = PV × (1 + r / k) ^ {(nk)}        (here k = no. of times compounded in a year)

so, in first case

FV = 6000 × (1 + 2.5%/ 2)^{(5 . 2)}

    = $6793.62

The FV becomes PV in the second case

So, FV = 6793.62  ×  (1 + 3%/ 4)^{(2 . 4)}

          =  $7212.10  

<h3>What is accumulated value?</h3>

The sum of an investment's present holdings, including the money invested and interest accrued thus far, is known as its accumulative value. Because it refers to the whole acquired value of a whole life insurance policy, the accumulative value is significant in the insurance industry. Accumulated value, also known as accumulated amount or cash value, is determined by adding the initial investment and any interest that has already been accrued.

When the owner of a whole (or universal) life insurance policy starts making monthly premium payments, the accumulated value of the policy starts to increase for insurance reasons. These premium payments are divided into two halves by an insurance company. The first part pays for the costs of the fundamental insurance coverage. The insurance company places the second share in an internal account where it serves as a form of investment that builds cash value.

Learn more about accumulative value

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#SPJ4

6 0
1 year ago
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