Answer:
The answer is;
Deviation is the difference between the observed value of a quantity and the true value, residual is the difference between the observed value of a quantity and the mean of the observed values
Explanation:
The error of an observed value is the deviation of the observed value from the true value of a quantity of interest (for example, a population mean).
The residual of an observed value is the difference between the observed value and the estimated value of the quantity of interest (for example, a sample mean)
Answer:
the maturity date is August 12
Explanation:
The computation of the maturity date of 60 day note receivable dated on June 17 is as follows
Here we have to determine the 60 days from June 17
So in June, the remaining days left would be = (30 - 17) = 13
31 days in July
And, the rest of the days i.e. 12 days in August
So, the maturity date is August 12
Hence, the same would be considered
and, the same is relevant
The answer is "<span>EEC or European Economic Community".
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The EEC was otherwise called the Common Market in the English-speaking nations and sometimes alluded to as the European Community.
The European Economic Community (EEC) was a provincial association which expected to achieve financial combination among its part states. The European Economic Community (EEC), the most noticeable case of a free trade region, really is the thing that financial experts call a customs union.
Answer:
<h2>
W Smith, a sole trader</h2>
Identification and Explanation of Highlighted Accounting Concepts and Treatment in the Final Accounts:
1. Economic Entity: The business (economic entity) is separate from the individual (W. Smith). Accounts are kept to ensure this separation of ownership from the business. This withdrawal is treated as Drawings, a reduction of capital (owner's equity) in the balance Sheet.
2. Consistency concept: This concept requires that an accounting estimate or principle is consistently applied. However, if there is a change in an accounting estimate, the effect of the change needs to be disclosed in the final accounts.
3. Going concern concept: A business is assumed to continue indefinitely in life. Therefore, assets and liabilities are stated at their cost or fair values. Where there is a contrary view, this must be disclosed and accounts be kept to reflect the revised view. Then, assets and liabilities will reflect market or disposal values.
4. Materiality concept: This concept requires that values in accounts be material. Though, materiality is a matter of judgement, a threshold can be established based on the value of the individual item to the value of the business. Will its disclosure or not affect decisions of a knowledgeable investor or analyst, is a consideration under the materiality concept. The office stationery can be expensed in the income statement if the amount involved is not material, even though, they will continue to be used in the business for more than a year. This somehow contradicts the concept of the matching principle.
5. Accrual Concept: The concept states that "Revenue is recognized when earned, and expenses are recognized when assets are consumed," and not when cash is received or paid. This unpaid electricity bill for £900 must be accrued in the income statement as an expense and treated as a liability in the balance sheet in line with the accrual concept.
Explanation:
These are the basic accounting concepts:
1. Accruals concept
2. Conservatism concept
3. Consistency concept
4. Economic entity concept
5. Going concern concept
6. Matching concept
7. Materiality concept
Answer:
$50,000
Explanation:
Since the partnership is valued at $300,000, then each partner's stake = $300,000 / 3 = $100,000
that means that each partner must purchase 2 policies (one for each of the other partners) that covers his/her stake = $100,000 / 2 policies = $50,000 per policy
