In the political state of the world as at now, a lot of countries are using representative democracy where there seems to economic power tussle between China and America.
<h3>What is the current state of the world economy?</h3>
The economy of different nations are said to be growing wile some are expressing some financial crises.
Note that studies has shown that Global growth will rise to about 3.4 percent for 2021.
Therefore, In the political state of the world as at now, a lot of countries are using representative democracy where there seems to economic power tussle between China and America.
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Answer:
Yes this statement was an error and its effect on financial statements of Woods will be that asset ( equipment in this case) would be overstated and obviously the net income of the company would also increase.
Explanation:
Here Woods accountant has made the error of debiting the cost of $500 on the asset account ( equipment) , which shouldn't have happened as the asset accounts have natural debit balance which means that when an amount is debited to the asset account it will increase the value of the asset.
So therefore here we can say that the asset here is overstated and if the assets are shown overstated it is natural that the income reflected would also be overstated.
The answer is per capita gross domestic product. The per
capita GDP is the one responsible for measuring the country’s total output in
which they take their GDP and are being divided by how many are the people in
their own country.
Answer:
$22,000
Explanation:
Given that
1st house rented = 10,000
2nd house estimated rent = 12,000
Therefore,
The two houses would contribute
= 10,000 + 12000
= $22,000
Note: Rent is considered as consumption and as a result, rent is added into the GDP. Also, in GDP estimation, imputed rent which is the amount a house owner is willing to rent a house away for if he decides to is calculated as part of the GDP.
