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Usimov [2.4K]
3 years ago
11

For the statements below select the appropriate terms from the given choices. 1. A revenue not yet recognized; collected in adva

nce. 2. Office supplies on hand that will be used in the next period. 3. Interest revenue collected; not yet recognized. 4. Rent not yet collected; already recognized. 5. An expense incurred; not yet paid or recorded. 6. A revenue recognized; not yet collected or recorded. 7. An expense not yet incurred; paid in advance. 8. Interest expense incurred; not yet paid.
Business
1 answer:
IRISSAK [1]3 years ago
8 0

Following are the  appropriate terms that are used in Business terms.

Explanation:

1. Advance income received - As it is prepaid

2. Stock / Current Asset - Depending upon the choice given

3. Advance interest received - Prepaid Advance

4. Accrued rent- Amount yet to be credited

5.Outstanding Expense - That is yet to be paid

6. Accrued Income - Revenue yet to be generated

7.Prepaid Expense - Paid in Advance

8. Outstanding Interest - Yet to be paid.

Above are the proper words that are used to in the Business terms that are globally used by any kind of enterprise.

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When a material gain contingency is probable and the amount of gain can be reasonably estimated, the gain should be _________:
astraxan [27]

Answer:

The correct answer is letter "B": Disclosed but not recognized in the income statement.

Explanation:

Events that cause realized gains for the company must be reported in the financial statements. In case the gain represents a contingency (<em>uncertain activity for the firm</em>) and remains unrealized affecting the economic decisions of the organization, <em>then the contingency gain must be disclosed in the notes but not reported in the financial statements.</em>

4 0
3 years ago
A dispute is:
maw [93]
Hey :)

I would say it’s b) Claim or argument that an error was made

Hope this helps!
3 0
3 years ago
Why doesn’t the fact that the ‘’Inflation solution" is only a temporary solution to stop many developing countries from using it
Lynna [10]

Explanation:

Remember, inflation is scenario in an economy in which there occurs a constant rise in the prices of commodities/services in the market, which may lead to a reduction of the money in circulation.

Although, developing countries could use alternative approaches such as taxation or cutting down government expenditure, they do not use this but prefer "inflation solution" because it appears to be the easy way out.

Since, taxes are always lesser than required to run the economies of developing countries they (the government) may not use this approach.

5 0
4 years ago
Economists agree that a. neither high inflation nor moderate inflation is very costly. b. both high and moderate inflation are q
bezimeni [28]

Answer:

High inflation is costly, but they disagree about the costs of moderate inflation.

Explanation:

Inflation can be defined as the persistence rise in the price of goods and services. Inflation leads to a decline in the value of money this means that individuals may no longer to buy enough thing with the same amount of money which is previously enough to buy the things needed. The rise in the price of goods will equally mean inability to purchase the normal quantity of goods.

The main causes of inflation are demand pull and cost push. Demand pull occurs when manufacturers increase their prices due to the increase in demand for their products. Cost push occurs when manufacturers increase the prices of their products because the costs have also increased.

4 0
3 years ago
explain sustainable income. what relationship does this concept have to the treatment of discontinued operations on the income s
Anni [7]

A corporation needs sustainable income in order to cover all of its expenses in the long run.

What is Sustainable income?

Sustainable income represents the after-tax gain or loss on the impact of operations on a discontinued segment of business for a period.

Therefore, in the case of a discontinued operation, there is no sustainable income arising in the future as the segment of business is already discontinued and income, if any, is going to come only for the period of the discontinued operation. Income or expense from discontinued operations is a line of item in the income statement of a company below income from continuing operations and before the net income.

To know more about Sustainable income, click here- brainly.com/question/18687603

#SPJ4

4 0
2 years ago
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