Answer:
I. It helps users to be better informed, so they can evaluate the risks and returns of different business decisions.
II. It collects and processes data from transactions and events.
III. It organizes financial information into useful reports.
IV. It communicates financial information to decision makers.
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB).
The fundamental functions of an accounting system includes;
I. It helps users to be better informed, so they can evaluate the risks and returns of different business decisions.
II. It collects and processes data from transactions and events.
III. It organizes financial information into useful reports.
IV. It communicates financial information to decision makers.
Curtis Williams is 69 years old. His wife, Mary Williams, is 67 years old. Curtis and Mary plan to file a joint return. Mary is legally blind. IRS provides high standard deduction to married couples who have age of 65 or above and blind or one of the partner is legally blind.
IRS states that if filling for joint return is done by married taxpayers in the year 2022 then normal standard deduction is $25,900. In this case Curtis and Mary both are over the age of 65 and Mary is blind too then as per IRS guidelines they will get $1,400 deduction per person for being above 65 plus Mary will get additional $1,400 deduction for being legally blind.
$25,900 + $1,400 + $1,400 + $1,400 = $30,100
Hence, Curtis and Mary's standard deduction is $30,100.
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Answer:
$36 billion
Explanation:
The formula to compute the GDP under the income approach is shown below:
GDP = Interest payments + profits + rent + wages
$65 billion = $15 billion + $7 billion + $7 billion + wages
$65 billion = $29 billion + wages
So, the wages equal to
= $65 billion - $29 billion
= $36 billion
The net exports or exports less imports values are ignored under the income approach as this are used under the expenditure approach
Answer:
Explanation:
1. Accounts Receivable - Asset (Come under Current Asset)
2. Equipment - Asset (Come under Fixed asset)
3. Fees Earned - Revenue (Come under income statement)
4. Insurance Expense - Expense (Come under income statement)
5. Prepaid Advertising - Assets (Come under Current Asset)
6. Prepaid Rent - Asset (Come under Current Asset)
7. Rent Revenue - Revenue (Come under income statement)
8. Salary Expense - Expense (Come under income statement)
9. Salary Payable - Liability (Come under current liabilities)
10. Supplies - Asset (Come under Current Asset)
11. Supplies Expense - Expense (Come under income statement)
12. Unearned Rent - Liability (Come under current liabilities)
