Answer:
The correct answer is d. accounting cycle.
Explanation:
The accounting cycle, also known as the accounting process or registration flow, is the period in which the Company chronologically and reliably records each transaction in its respective Daily Book in order to analyze, prepare and prepare financial information.
The accounting process is made up of all the steps that must be followed since an accounting event occurs until it is introduced into the system and, therefore, is reflected in the financial statements.
The stages of the accounting cycle begin with the identification of the accounting fact, such as with a sale of merchandise. The next step is to generate an accounting document that supports this transaction and allows it to be reflected in quantified accounting in monetary units and with a specific date.
Once this document is generated (delivery note or invoice) the operation is recorded in the Daily Book. At the end of the accounting cycle, which is usually from January to December, the transactions are transferred to the general ledger. After some regularizations (amortizations, reclassifications between short term and long term, calculation of the result, etc.) the accounting is closed to generate the final financial statements.
Expenses likely to be classified as prepaid expense (asset) are Prepaid Rent & Insurance Premiums. Enter a prepaid rent payment on the balance sheet as an asset until the month when the company is actually using the facility to which the rent relates, and then charge it to expense. Any insurance premium costs that have not expired as of the balance sheet date should be reported as a current asset such as Prepaid Insurance.
Answer:
True
Explanation:
The <em>Substitution Effect</em> is the effect on the demand of a certain product because of variations of the prices of the product or the income of households. The concept illustrates how quantities demanded of a product decrease as the population find other products to substitute it.
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Answer:
Independence of the external auditor means independence from parties that have an interest in the results published in financial statements of an entity. ... Internal and external concerns are convoluted when nominally independent divisions of a firm provide auditing and consulting services