Answer:
The correct answer is:
Expenditures—2017 in the amount of $200. (C.)
Explanation:
This scenario describes a record that was less than the actual amount spent on the General Fund supplies. The amount recorded was $2,000, meanwhile the actual amount spent was $2,000. This entails that an amount worth $200 was not recorded, hence it will be debited as expenditures, but the question now is where the debit will be recorded?
This review was done in January 2017, meaning that the income statement for the 2016 Fiscal year must have been balanced, hence the amount will be an expenditure recorded in 2017, but the particulars will have a description that it was a carried over expenditure from 2016. Therefore $200 will be debited from 2017 as expenditures.
When a firm can depreciate its capital equipment over a shorter period, it cuts its taxes now.
A capital asset's value dropping is referred to as capital depreciation. To determine the recovery cost incurred on fixed assets over the course of their useful lives, assets are depreciated. When the asset reaches the end of its useful life or you need to sell it, this is used as a sinking fund to replace it. Depreciation lowers the taxable income, which lowers the tax burden. Capital assets are listed as an asset on the balance sheet and are depreciated over the course of their useful lives. Businesses typically have to spread out the costs of capital investments over a number of years in accordance with predetermined depreciation schedules.
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These gains and losses may be described or classified as either operating or nonoperating, depending on their relation to an entity's major ongoing or central operations.
<h3>What does Conceptual Framework say about profit and loss?</h3>
- The Exposure Draft proposed that, because profit or loss is the primary source of information about an entity's financial performance for the period, the framework should include a presumption that all income and all expenses will be included in that statement.
- The FASB's conceptual framework classifies gains and losses based on whether they are related to an entity's major ongoing or central operations.
- Nonoperating are “other” gains and losses.
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Answer:
D) None of these answers are correct
Explanation:
None of the answers are correct because the definiton of current liability is a debt or obligation that has to paid off before the fiscal year ends. In other words, current liabilities are by definition short-term obligations, and all the options in the question refer to long-term obligations.
The answer is 7 players.
If, the amount of red cards that received by either team make the total players of their team less than 7, the opposition team would automatically won the game (and the vicotry would be recorded as 3-0 victory for the team that still had more than 7 players)
