Answer: B. Consumer Financial Protection Bureau
Explanation:
The Consumer Financial Protection Bureau was authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 and was a response to the 2007-2008 financial crisis which was followed by great recession. They are responsible for consumer protection in the finance sector and their functions include; writing and enforcing rules and regulations covering consumer financial products and services including mortgages, credit cards, payday loans, loan servicing, check cashing, debt collection etc.
Answer:
In 2017
Net Income and Retained Earning are overstated by $100,000
Expenses and Payables are understated by $100,000.
In 2018
Inventory, Net Income and Retained Earning are understated by $57,000
Expenses are overstates by $57,000
Explanation:
Accrued Salaries is Recorded as follow
Dr. Salaries Expense
Cr. Salaries Payament
Non recording of this entry will result in understatement of Expenses and Payables by $100,000 over statement of Net income and retained earning by the same amount.
Treatment of Office supplies of $57,000 as expense will overstate the expenses and understate the the inventory, Net income and Retained Earning.
Answer:
The capital market stakeholders and organisational stakeholders.
Explanation:
In this scenario William Ackman owned a large share of J.C. Penney stock, and also a member of the J.C. Penney board.
He had disclosed information about the company which was in breach of his boardroom duties.
There is a conflict for William in his roles as a capital market shareholder and a organisational stakeholders.
As a shareholder he has the freedom to disclose information about the company, but as a organisational stakeholders his obligation is to protect the company by not disclosing information about the CEO search and financial condition of the company.
Answer:
balance sheet
Explanation:
Businesses are required to prepare a balance sheet at the end of every financial year. The balance reports the net worth of a company. It lists all the assets and their values on one side and liabilities and equity on the side. The balance sheet follows the accounting equation to indicate the total assets on one side. It shows how the assets have been financed through liabilities and equity.
The wealth effect refers to the fact that when the price falls, the real value of household wealth rises and consumption will also rise. The wealth effect causes movement along the demand and supply curve due to the value of money and items changing. The wealth effect is used to determine people spending more money when the value of their assets rise.
