Answer:
a. Unearned Revenue; b. Accrued Revenue; c. Accrued Expense; d. Prepaid Expense
Explanation:
Prepaid Expenses : Expenses paid before due
Unearned Revenue : Revenue earned before due i.e Advance Income
Accrued Revenue : Revenue earned i.e due , but not received
Accrued Expense : Expense due but not paid i.e Outstanding Expense
a. Cash received for use of land next month = Unearned Revenue or Advance Income
b. Fees earned but not received in cash = Accrued Revenue / Accrued Income
c. Wages owed but not yet paid = Accrued Expense / Outstanding Expense
d. Supplies on Hand = Prepaid Expense
Answer:
A. control a resource that is essential in the production process.
Explanation:
When the crucial resource is required to make a product, then the restrictions on such resource would not allow, many people to enter in such business.
Also that the resources will be restricted in some or other manner, its price will increase accordingly the cost of producing such article would also increase.
As the cost of production will increase only producers with a high budget and resources in terms of finance will chose it.
Answer:
D. The auditor should assess the risks of material mis-statement due to fraud.
Explanation:
At the time of auditor visit in a company the financial statement represent that the company has done the fraud in this scenario, the auditor should analyze the material misstatement risk that is done for fraud
Therefore in the given case, the option D is correct as the auditor responsibility is that he or she should analyze the risk with respect to the false statements presented in the financial statement
Assume that a change in government policy results in greater production of both consumer goods and investment goods. We can conclude that the economy was not employing all of its resources before the policy change.
Explanation:
Policies by government will affect economic growth
Government policies have a major role to play in encouraging (or deterring) economic growth. Economic policies that lead to economic growth include:
Investing in infrastructure:
Infrastructure, such as highways or bridges, is tangible capital available to all. Governments are increasing their capital stock in the country by investing in infrastructure.
Productivity and labor participation strategies :
Promoting a higher rate of labor participation, for example labor participation tax incentives, will lead to even more economic growth.
Policies promoting accumulation of capital and technological advancement:
Savings-enhancing strategies that lead to higher growth and thus capital investments. Strategies that encourage technological innovation, such as research and development tax credits, often lead to increased economic growth.
