Answer:
They should be planned for.
Explanation:
Unexpected expenses include emergencies and other unforeseen costs that a person incurs in day to day activities. These unexpected expenses must be paid for, which means resources must come from somewhere to effect the payments.
The best way to cater to unexpected expenses is to include them in the budget. Contingencies is the term used to describe funds kept aside to settle unexpected expenses. Without a contingency arrangement, unexpected expenses will affect the budget and a person's ability to pay normal bills.
Answer:
option A
Explanation: A firm cannot avoid paying taxes on previous profits as these profits were earned before the shutting down period and generally the taxes on profits for current period are paid at a later period. Thus option B is incorrect.
.
Revenue is the total income that a business gets from its normal operations and variable cost is the cost that changes with the level of output. Thus, there will be no revenue and also variable cost. Hence option C is incorrect.
.
Sunk cost are the costs that cannot be recovered and are already been incurred.So a company can avoid its variable cost by shutting down but not its sunk cost. Hence option D is incorrect.
.
Fixed costs are the costs that are independent of the level of output. Therefore, a company after shutting down will not receive revenue but will have to bear fixed cost. Hence option A is correct.
Answer:
b. Dec. 31
Income Summary 925
Fees Earned 750
Rent Revenue 175
Explanation:
At the end of each accounting period, the elements of the income statements which are the revenues earned and the expenses incurred are usually closed to the income summary account.
The revenue earned which is normally a credit balance is closed by debiting the account and crediting the income summary. The expenses are closed by crediting the account and debiting the income summary.
Hence if Fees Earned, $750, and Rent Revenue, $175,
Total revenue = $750 + $175
= $925
Answer:
The Correct Option is "B"
Explanation:
Total consumption model was created accordingly of traditional model. It shows the connection between the GDP and arranged spending. The condition of consumption model is as per the following:
Y = C + I + G + NX
Where, Y is the genuine GDP, C is Consumption, I Refers to net investment, G is government buys and NX is net ex[port.
The total use model accept that gross investment (I), government buys (G), and net export (NX) are independent to of genuine GDP (Y) as they don't depend on salary of the economy.
Answer:
The above statement is<u> true</u>.
Explanation:
As said in above statement , A will is the final declaration of how person desires to have her or his property disposed of after death and must follow exactly the requirements of state law to be effective. A will is good , as it express your feelings , that to whom you want to give your property after your death . It is always provided to that person you choose.
It protect your children from become homeless after your death. It also protect your property from being contested. A will is only valid if it is having number of years after the persons death.
A will should not include future plans, gifts and request , life insurance etc.
