Answer: Unilateral contract.
Explanation:
A unilateral contract is a contract in which promise to fulfill a requirement is made only in one direction, when only the offeror makes a promise and the offeree is on the receiving end of the promise. In insurance the insurer is the only one who makes a promise while the insured is the one receiving the offer(and can break from the agreement at any time).The insurer is the offeror while the insured is the offeree.
<h2>Jill's interest in the property will: <u>Pass to Jill's heirs </u>(Option B)</h2>
Explanation:
Let us understand the meaning of tenancy: It is the "possession of any property which might be land or building and get connected as tenant".
In contrast, ownership means the property belongs that person alone or in partnership.
Understanding the above terms, We can say, Jack and Jill have been a tenant and after ten years, Jill dies. So the rest of the interest in the property will definitely go to his heirs only.
It cannot be passed to Jack because Jill's interest will not be paid by other person except for Jill's heirs. Jack heirs are no way responsible or own the property of Jack.
Available Options:
a) The budget helps motivate employees to achieve sales growth and cost-reduction goals.
b) The budget provides managers with a benchmark against which to compare actual results for performance evaluation.
c) The planning required to develop the budget helps managers foresee and avoid potential problems before they occur.
d) All of the above.
Answer:
Option D. All of the above.
Explanation:
The reason is that when budgets are set every personnel in the organization is given a task along with the restriction on the use of excessive resources of the company by generating a standard number of output, which is benefitial to the company and the managers as well.
Furthermore, standard costs are used in budgeting to estimate the costs of the operations of the company which means that the standard cost would be used for actual units to compare the actual results to make meaningful conclusions.
At the end, the main benefit of the budgeting is that it highlights the potential issues in the operating systems of the organization which must be corrected to avoid the same advers outcome in the future.
So all of the statements are correct.
A, B, D ,and E statements are correct
Explanation:
The main reason for the annual report is that it is utilized by investors when they expect future income and dividend from the company as well as the risks associated with those cash flows.
The statement of income shows the difference between the income and costs of a company–that is, its profits–over a given duration. Nevertheless, any income reported comes in cash and the expenditure reported always reflects cash expenditures. There will therefore be no substantial difference for the same period between a company's profits reported and its real cash flow.
Suppose all companies follow generally accepted standards of transparency. Two years ago, both companies started operations with similar fixed assets worth $1 million, and neither company sold either or purchased any of these properties. All firms would have to report to their balance sheets the same amount of net fixed assets as the statements are sent to creditors.
Assets other than currency are expected to produce cash over time and the amount of cash they generate will be the same as the amounts on the ledger.
Answer:
The answer is:
Asset will be overstated
Net income will be overstated
Explanation:
Because of the incorrect capitalization(the process of converting or adding to a firm's asset):
1. Assets are overstated. Assets that shouldn't are added to the entire assets are added. So it's increasing the company's asset whereas it's not.
2. Net income are overstated. Because depreciation too will have to be charged for the asset that wasn't there, therefore, net asset will be overstated.
