Answer:
The normal balance of each account will depend on the type on account involved.
Explanation:
The double-entry system of accounting imlpies that transactions recorded shlooud involve two movements; a corresponding debit entry for a credit entry, though some transactions have more than two entries.
However, by way of rule, a normal balance increases the account and on the opposite of that account, the amount decreases so as to obtain a balance in its rightful position.
Thus, asset accounts will have debit balances, liabilities and capital accounts will have credit balances, income account will have credit balances due to its additional effect on capital, while expenses and withdrawals will have debit balances because they reduce capital.
Answer:
Diffused ownership of the company is more the exception than the rule.
Explanation:
Outside the United States and the United Kingdom, diffused ownership is more the exception than the rule mostly because the forms of diffuse corporate ownership tend to have an American or British origin, and from the U.S. and the U.K., they expand to other countries with time.
For example, Limited Liability Companies is a type of company with diffused ownership, and has been exported with different names to other countries, becoming more popular with time.
The full question is:
A farm grows soybean and produces chickens. The opportunity cost of producing each of these products increases as more of it is produced.
The farm adopts a new technology which allows it to use fewer resources to produce soybean.
With the new technology, the opportunity cost of producing a chicken _____ because _____ soybeans must be forgone to produce a chicken.
Answer:
increases; more
Explanation:
Opportunity cost is the forgone alternative when a particular line of action is undertaken. For example in the given scenario more production of chicken will lead to loss of soyabean production and vice versa.
So when there is production of more chicken more opportunity cost is incurred because more of soyabean production is forgone in order to produce the chicken.
Economists consider opportunity cost seperately from the actual cost incurred in taking up a particular activity.
Answer:
The correct answer is B.
Explanation:
The FASAB (Federal Accounting Standard Advisory Board) is a commitee that develops accounting standards for U.S government agencies, not for not profit entities, for all governmental entities or non-federal governmental entities.
