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EastWind [94]
2 years ago
9

True or false: It is acceptable accounting practice to initially record prepaid rent in either a balance sheet or income stateme

nt account.
Business
1 answer:
umka2103 [35]2 years ago
4 0

Answer:

False

Explanation:

In the initial period, the prepaid expenses should be recorded in the assets hand side of the balance sheet under the current asset column

But when some adjustments are made regarding this in terms of gains or expenses incurred, the same should be presented on the income statement

Hence, the given statement is false as it is recorded in the assets only during the initial period

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Karen is designing a process for issuing checks and decides that one group of users will have the authority to create new payees
Nataly [62]

Answer:

D. Separation of Duties

Explanation:

Separation of duties also know as segregation of duties refuses that one person he responsible of acquisition of assets, their custody and related record keeping. The process in which Karen is using to prevent fund by separating individuals who as the authority to issue checks is known as separation of duties. It is a form of internal control aimed at reducing risk of errors and frauds.

4 0
2 years ago
Country Able and Country Baker initially have the same real GDP per capita. Country Able experiences no economic growth, while C
muminat

Answer:

The correctt answer that fills the gap is Double.

Explanation:

GDP per capita, income per capita or income per capita is an economic indicator that measures the relationship between the level of income of a country and its population. For this, the Gross Domestic Product (GDP) of said territory is divided by the number of inhabitants.

The use of per capita income as an indicator of wealth or economic stability of a territory makes sense because through its calculation, national income is interrelated (through GDP in a specific period) and the inhabitants of this place.

The objective of GDP per capita is to obtain data that shows in some way the level of wealth or welfare of that territory at a given time. It is often used as a measure of comparison between different countries, to show differences in economic conditions.

4 0
3 years ago
At the end of a reporting period, a company determines that its ending inventory has a cost of $300,000 and a net realizable val
Maksim231197 [3]

Answer:

1.Cost of Goods Sold Increase by $70,000

2.Gross Profit and Net Profit decrease by $70,000

3.Inventory in balance sheet decrease by $70,000

Explanation:

IAS 2 requires inventory to be measured at the lower of cost or net realizable value.

In our case the inventory will be valued at net realizable value of $230,000 because this is lower.

The effect with this is :

1.Cost of Goods Sold Increase by $70,000

2.Gross Profit and Net Profit decrease by $70,000

3.Inventory in balance sheet decrease by $70,000

7 0
2 years ago
In the process of brainstorming his goals, Robert realized his Web business was more about money than creativity. His decision t
bixtya [17]
From what I understand here, it is the company that will be creating the 5000 monthly income. This is an example of a specific measurable goal since the goal of Robert is to make sure that the monthly net income of his company would reach at least 5000. Since he is the boss of his company, this is also probably his personal mission for his company so that he will be motivated to keep on bringing his company to better heights. This will also probably motivate his employees to work harder as well.
6 0
2 years ago
A. Find the FV of $1,000 invested to earn 10% annually 5 years from now. Answer this question by using a math formula and also b
vekshin1

Answer:

$1,610.51 (in both calculation)

Explanation:

1. Using Math formula,

We know, Future value, FV = PV × (1 + i)^{n}

Given,

Present Value, PV = $1,000

Interest, i = 10% = 0.10

Number of periods, n = 5 years

Putting the values in the formula, we can get,

Future value, FV = PV × (1 + i)^{n}

FV = $1,000 × (1 + 0.10)^{5}

or, FV = $1,000 × 1.61051

Therefore, FV = $1,610.51

2. Using excel formula,

See the image below:

We have to use present value as negative so that the result should be used as positive.

6 0
3 years ago
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