Answer:
Recognize the assessments as assessments receivable and revenue.
Explanation:
Practically, this will result in a receivable in the reserve fund, if the amounts are not received when due.
This could be seen when an/a corporation may decide on the amount of an assessment years before the cash is been used.
But cannot really obtain the revenue at the time of the decision, since the corporation can change its decision up until the day the amount is due. Also there are no specific parties being assessed, until the owner on record is known on the day the assessment is due, also the assessment should be recognized as revenue of the reserve fund when due.
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Answer:
Uncle accounting:
Cash Note Payable
DEBIT CREDIT DEBIT CREDIT
450 450
Bank Accounting
Cash Note Receivables
DEBIT CREDIT DEBIT CREDIT
450 450
B.- False
Explanation:
The uncle will see a decrease in their assets (cash) and a decrease i ntheir liabilties(Note payable)
Therefore their net equity (wealth) will remain the same
The bank will record the collection from their client and decrease their receivables.
The answer would be : B. business
Business refer to an activity in which an entity provides goods or services to the consumers. In this case , The united states is the entity , Steel is the Goods, and Germany is the consumer