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Tom [10]
4 years ago
14

A company's financial statements may contain errors even if debits and credit balance because:

Business
1 answer:
emmasim [6.3K]4 years ago
6 0

Answer:

B. correct but equal amounts may have been posted to wrong accounts

Explanation:

It is possible that in the presence of the errors the debits and credits side remains balance.

Following errors may balance the debits and credits

  • Error of omission ( Transaction is totally omitted)
  • Error of commission (posting in wrong accounts by same value)
  • Error of Principle (Entry made against the principle of accounting)
  • Error of Original Entry (Wrong amount posted on both debit and credit sides)
  • Compensating error (Two errors compensate each others effect)

All of the above errors may present in case of balanced debit and credit sides.

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Broker Bill has several agents in his employ. Agent Smith, an "S-Corporation" himself, has his commission checks written out to
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Answer:

C. managing broker over Agent Smith

Explanation:

a managing broker is someone is  held liable over the actions of another broker office or agency that act on the managing broker's behalf. Thse office or agnecy are allowed to act without direct order from the managing broker, but managing broker will be the one that receive all the consequences.

All the profit that is made by managed entity (in this context agent smith) will have to goes to managing broker first and the managing broker will share the profit on a private term with Agent Smith.

In return, the managing broker will have to ensure that all of the agents that he/she has under disposal have to follow the compliance rule that is made by the government. He will manage the licence and annual tests of the agents in order to ensure consumer safety.

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3 years ago
An incumbent monopolist producing more output than necessary might be able to keep potential rivals from entering
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The answer will indeed be A
5 0
4 years ago
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5. Describe what sort of packaging or products you will use in your product or service.
spin [16.1K]

Answer:

The type of packaging or products that I will use in my product of service is:

Recyclable. Thus, I won't make wast

Explanation:

The reasons for this answer are two. First of all, recyclable materials create no waste because they are able to be transformed into products of the same material after they have fulfilled their objective. Therefore, in my case, I wouldn't create waste. On the other hand, my products would create recyclable material to be used again after the proper process. Because waste as the concept defines it is something that can't be used again.

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3 years ago
Refer to the above table. if demand decreased by 4 units at each price, what would the new equilibrium price and quantity be?
PSYCHO15rus [73]
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4 years ago
A proximity sensor attached to the tip of an endoscope could reduce risks during eye surgery by alerting surgeons to the locatio
lilavasa [31]

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He could afford to spend $133,411 for the device now.

Explanation:

The maximum the surgeon could afford for the device is equal to the sum of present value of the lawsuit costs that he can avoid in year 2 and year 5 which is:

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+ Year 5: 1,350,000 * %out-of-pocket cost for the law suit = 1,350,000 * 10% = $135,000.

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7 0
4 years ago
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