Answer:
The first closing entry transfers credit balances in revenue ( and gain ) accounts to the income summary accounts.
Dec 31 Fees Earned $56,000 Dr
Income Summary $56,000 Cr
We bring account credit balances to zero by debiting them. The entry closes revenue accounts and leaves them with zero balances. The accounts are now ready to record revenues when they occur in the next period.
Answer:
C. An explicit target is easier to understand by households and firms which makes monetary policy more transparent.
Explanation:
Explicit inflation targeting is a monetary policy used by central banks to check inflation rate is under control for medium term. However, critics target this policy as they believe that instead central bank should have monetary policy for long term inflation control and economic growth for long term. Product price targeting or nominal income targeting would create more economic stability.
Answer:
Not involved In the production process
Eg. Selling expenses or advertising expenses
Answer: All the options given are correct.
Explanation:
Income inequality is the differences in income of people. It is the aim of every government to reduce income inequality in a country by taking appropriate measures such as the use of progressive tax, infrastructural provision etc.
There are different causes of income inequality in an economy. One of the causes is differences in people's ability. Some peolle are more talented than others e.g footballers and actors. As a result, they may earn higher income than others.
Also, one who works longer hours is likely to make more money than others who work for shorter hours. Some people might also get wealthy through luck.
Answer: yes, because some people studied the material which would make it easier for the to catch on.
Explanation:
