Tasks associated with opening a checking account are:
- Provide information such as name, address, date of birth, and Social Security Number.
- Provide identification.
- Deposit at least the minimum balance.
- Sign an authorization card.
A checking account makes it simple to access your money for daily transactions while also keeping it safe. Typically, customers can pay their bills or make purchases using a debit card or a cheque. Different methods may be available for accounts to help avoid the monthly service charge.
A checking account's main function is to store your money in a safe location for a brief period of time, making it accessible when you need it to cover bills and other costs.
Customers who open checking account consent to make deposits into the account, and in return, the bank is obligated to carry out their payment instructions.
Before creating a checking account, it is important to weigh your options and find out whether or not the entity will charge you for maintaining the account and any related items. Being of legal age and fulfilling the conditions established by the chosen financial institution are the second prerequisites you must meet in order to open a checking account.
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Answer:
The answer is C. Government licensing allows media companies to have a near monopoly.
Explanation:
Not anyone can start a media company just because they want to. There are barriers to entry such as the large capital expenditure, staffing, and the government licensing.
Among these, the major contributor towards the marketto become an oligopoly is the government licensing process.
There are many things to consider and do during the licensing process and it is highly time consuming as well. Moreover, the costs involved is significantly high as well.
Answer:
True
Explanation:
When machine is purchased, then the assets increase by the carrying or purchase value of the machine purchased. Here, it is of $1 million.
Further, when it is purchased as against any credit, it creates a liability with the same amount.
Since here also the liability amount = $1 million, it will be recorded with the same.
As there is no involvement of Equity or Retained earnings this do not lay any impact on carrying value of owners equity.
Thus, it is True.
Answer:
c. Waiver of Premium
Explanation:
A waiver of premium is clause in an insurance contract in which the insurance company promises not to oblige the insurer to pay a fee to maintain the contract in some extraordinary cases: these cases are usually either disability or death.
Because in the case of this question the insured is concerned about becoming disable and losing the ability to pay for the contract, he is likely to benefit from a waiver of premium included in his insurance contract.
Answer:
James and Short LLC
Short's capital account on July 1, 20X1 should be recorded at the fair value of contributed property minus the mortgage liability, which the partnership assumed.
Explanation:
The fair value of contributed property is the current market value of the contributed property by Short. It is the market value that will determine how the contributed property can be valued. The market value assumes that the contributed property is being sold in pieces and not as a whole. This is why the value is considered a fair basis for recognizing the capital contribution of Short into the partnership.
