Answer:
B. Checks should be sequentially numbered and the numerical sequence should be accounted for by the person preparing bank reconciliations
Explanation:
Answer:
$38.14
Explanation:
The yield to maturity on the bond can be computed using the rate formula in excel as shown below:
=rate(nper,pmt,-pv,fv)
nper is the bond life measured in years which is 10
pmt is the annual coupon payment since the bond zero coupon ,pmt is $0
pv is current price of the bond which is $415.50
fv is the face value of the bond i.e $1000
=rate(10,0,-415.50,1000)=9.18%
implicit interest in dollars for first year=cash proceeds*yield to maturity
cash proceeds which is the same as price of bond is $415.50
implicit interest in dollars=$415.50*9.8%=$38.14
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Answer: Option (c) is correct.
Explanation:
Correct: Absolute income test
Absolute income test is a measure of poverty in a country. In absolute income test, there is a setting of income level that is the benchmark for the poverty. This means that if a person's income falls above this income level then he is not considered as poor whereas if a person's income falls below this income level then he regarded as poor.
