Answer: The answer is 1950000
Explanation:
✓ Goods in transit on December 31, 2008:
Goods amounting to 100000 will be added into purchases of the year-end because they have already been sold as risk and rewards have been transferred to the Barlow that is goods have been physically dispatched to the Barlow. Hence this will increase accounts payable by 100000.
✓Goods in transit lost:
These words will also be included in the purchases and accordingly in the accounts payable irrespective of the fact that these have been destroyed. These goods were dispatched to the Barlow and therefore risk and rewards also been transferred hence purchase is done from Barlow's perspective.
So:
Total accounts payables are as under
Opening balance: 180000
Goods in transit reached next year:100000
Goods in transit lost:50000
Total: 1950000
A test balance is used to detect any calculation error that may have occurred within the accounting system. For this, it is sought to verify if the total debits and the total credits are equal, for this the balance of all accounting books is compiled in column totals of both debit and credit. A company usually prepares a trial balance periodically, usually at the end of each reporting period.
In this case, to carry out the trial balance, you must first clarify the name of the company, the title of the trial balance and the date on which the trial balance is prepared, then proceed to list the ledger accounts and enter the debit and credit balances in the respective columns, then the columns are totalized and finally it is verified that the credit totals are equal to the debit totals
Answer
The correct order of the steps is (3), (2), (4) and (1)
Answer: all of the options
Explanation:
Triffin paradox simply explains the economic interests conflicts that are faced by the countries that have their currencies been used as standards for global currencies.
The Triffin paradox was first proposed by Professor Robert Triffin. He also
warned that the gold-exchange system of the Bretton Woods agreement was programmed to collapse in the long run and was also responsible for the eventual collapse of the dollar-based gold-exchange system in the early 1970s.
