Answer:
The correct options are:
- A. It is used to avoid the time and cost of writing checks for small amounts.
- C. It is established to pay for small payments like postage, shipping fees, etc.
- E. It is an asset reported on the balance sheet.
Explanation:
A Petty Cash Fund is a small amount of money that is kept on hand to be used in covering for the making of purchases that are too small to bother to write a check. Money from the petty cash fund can be used to pay for minor expenses such as postage, cab fares, shipping fees or office supplies.
Petty cash fund appears in the balance sheet on the current assets section. This is because line items in the balance sheet are sorted according to their order of liquidity. Since petty cash is highly liquid, it always appears near the top of the balance sheet.
Answer:
Dr Retained earnings $14,000
Cr Inventory $14,000
Explanation:
There is a need to make adjustment to the inventory . Therefore,
Adjusted inventory
= New method of $171,000 - Old method of $185,000
= $14,000 decrease
It is to be noted that a lower inventory will have high costs associated with goods sold hence reduces profit/net income for the previous year by $14,000.
Also, the net income reports to retained earnings account hence decreases retained earnings.
Having made the above adjustment, we can assume that the average cost method was used for 2020 books.
The correct answer for this question is: TRUE. The Federal Advisory Council of the Federal Reserve decides if any changes to the money supply are needed. It is one of the responsibilities of the Federal Advisory Council of the Federal Reserve regarding to money supply that is needed.
The answer is fiduciary monetary systems. Cash gets its incentive from the certainty that general society has in its agreeableness. A case of such fiscal framework is the United States financial framework. On the off chance that you at any point saw the words in any dollar charge which says "In God We Trust" was first utilized as a part of 1957. Prior to that date, dollar bank notes were indicating "Silver Certificate".
Answer:
C-STEM Lab services is the organisation of choice
Explanation:
Why?
This is because C-STEM Lab offers services that leads to soft-skill and self dependent development thereby leading to the eradication of the high level of illiteracy in the society.
Their distinctive component
Their distinctive component is to providing education technology tools and platform's to enhance quality outcome in teaching and learning.
