. not as important as income because wealth does not change over time. ... D. a stock variable and includes both tangible assets and human capital. ... give examples of books of accounts and financial statements required in bus...
Answer and Explanation:
The closing journal entries are shown below:
1. Appropriations Dr $305,000
To Estimated revenues $300,000
To BUdgteary fund balance $5,000
(Being budgetary accounts are closed),
2. Revenues Dr $300,000
To Expenditures $285,000
To Fund balance $15,000
(Being the financial accounts are closed)
Options:
A. Public prosecutor
B. Government Accountant
C. Internal auditor
D. Public accountant
Answer: C. Internal Auditor.
Explanation: An Auditor is a professional whose main responsibility is to evaluate processes or systems in order to determine and expose areas where losses or failures are taking place in order to mitigate or correct these losses and failures. There are two types of Auditors, which includes INTERNAL AUDITOR (An Auditor employed by a firm to continuously audit its processes,accounts or system) and EXTERNAL AUDITOR(An Auditor contracted from external bodies in order to audit a firm).
Answer:
Morgan Manufacturing, Inc.
The Land should be recorded at $1,1505,597 , calculated as follows:
Down-payment - $340,000
Note payable - $628,597 (the Present value of $740,000 in 2 years at 6% interest)
Title search, etc - $34,000
Demolishing Building - $84,000
Clearing & Grading - $64,000
Explanation:
Land is a fixed asset or capital asset. It is a resource that is expected to generate future earnings.
All costs incidental to the land acquisition must be capitalized. The fair value of the note payable on the land is determined by calculating the present value (PV) at 6% for 2 years, in order to reflect the time value of money despite the fact that interest was not payable.