Answer:
In simple words, Asset transformation can be understood as the process of turning small denominational, instantly available, and generally riskless deposit accounts into lenders moderately risky, high denomination assets that are returned according to a specified schedule–from obligations (deposits) with distinct traits.
Answer:
Part 1
Revised depreciation expense = $32,000
Part 2
The entry to record depreciation expense :
Debit : Depreciation Expense $32,000
Credit : Accumulated Depreciation $32,000
Explanation:
Straight line method charges a fixed depreciation charge over the year of use of an asset.
<em>Depreciation expense = (Cost - Salvage Value) ÷ Estimated Useful Life</em>
2021
Depreciation expense = $80,000
2022
Old Depreciation expense = $80,000
New Depreciation expense = Depreciable Amount ÷ Remaining Useful Life
= ($240,000 - $80,000) ÷ 5
= $32,000
The Auditing Standards Board has concluded that analytical procedures are so important that they are required during planning and completion phases.
The American Institute of Certified Public Accountants has designated the Auditing Standards Board as its senior technical committee for the purpose of issuing standards, guidelines, and auditing, attestation, and quality control statements to certified public accountants for audits of non-public companies.
The Auditing Standards Board (ASB) provides certified public accountants with standards, guidelines, and auditing, attestation, and quality control statements (CPAs). It is the senior technical committee of the AIPCA and is in charge of creating generally recognized auditing standards (GAAS) for private enterprises.
Learn more about Auditing Standards Board (ASB) here
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Answer: Long-term assets are assets with a duration of more than one year. From the list the parties classified as long-term assets are three:
- Land
- Buildings
-Equipment
The rest of the games are classified as:
Accounts receivable (short-term assets)
Notes payable (due in three years) (Long-term liabilities)
Accounts payable (Short-term liabilities)
Retained Revenue (Equity)
Prepaid rental (Short-term assets)
Unearned Renvenue (Short-term liabilities)
Notes payable (due in six months) (Short Term Liabilities)
Answer: eclectic approach
Explanation: As its name indicates, eclectic therapy is a therapeutic approach that incorporates a variety of therapeutic principles and philosophies in order to create the ideal treatment program to meet the specific needs of the patient or client. Instead of insisting upon strict adherence to one particular approach or school of thouthe primary benefit of eclectic therapy is that the therapy is customized to meet the unique needs of the patient. By personalizing the therapeutic experience in order to best address and respond to the needs of the patient, the eclectic therapist ensures that the most effective therapeutic techniques are integrated into treatment. The eclectic therapists employ elements from a range of therapeutic techniques, with the goal of establishing a course that is personally tailored to the patient or client. Eclectic therapy is an open, integrative form of psychotherapy that adapts to the unique needs of each specific client, depending on the problem, the treatment goals, and the person's expectations and motivation . eclectic therapist can also use different therapies to help you deal with one difficult problem. For example, say you went into therapy because you felt like you were failing as a parent. The eclectic therapist might use several different methods to help you with that problem. If you're feeling anxiety about being a parent, they might teach you relaxation techniques and use art therapy or the 'empty chair' technique to help you express your feelings about the situation. They might find out the specific things you need to change and use cognitive behavioral therapy to help you change your thoughts about how to be a good parent so that you can change your behavior.
