Answer:
Option D Only amounts known with absolute certainty are reported
Explanation:
This is incorrect statement because International Accounting Standard IAS 37 Provisions, Contingent Liabilities and Contingent Assets sheds light on the recording of future events that will arise as a result of past events. The standard is useful in estimating future events so saying that the absolutely certain amounts are reported is incorrect.
Answer:
The correct answer is letter "B": resources are limited and therefore cannot satisfy one's many competing wants.
Explanation:
Scarcity is the main problem in economic by which people have unlimited needs but finite resources to satisfy them. As a result, individuals must make tradeoffs to sacrifice part of the satisfaction of a need, to satisfy part of another need. Scarcity pushes people to make rational decisions to maximize their returns.
<span>The answer is B. Posting the date.
Here's the sequence of posting procedures.
First, Posting the date.
Second, posting the amount of the transactions.
Third,posting the page number of the journal in the Post. Ref. column of the ledger account.
And lastly, recording the posting ref. information</span>
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