Answer:
Accounting entity concept:
The basic idea behind this concept is that business and the owner are two different entities. Their transactions are to be recorded separately.
Going concern concept:
The concept is to have a view that the company is going to stay solvent in the future. That is we will have another accounting year in the future unless and otherwise we have evidence to the contrary.
Cost-benefit constraint:
It limits the amount of time to research the cost of an event if its benefits outweighs. In case of an immaterial event if its cost outweighs the benefits then that event can be forgone.
Expense recognition (matching principle):
The matching principle states that all the expenses are to be recorded based on the year they have been incurred rather than on the time they are paid.
Materiality constraint:
It states that any event that changes or effects the decision making of the user of financial statement should be recorded and vice versa.
Revenue recognition principle:
It states that the revenue is to be recorded in the period in which it has been incurred instead when it is collected. Accrual basis gives a more clear picture of the performance of the company.
Full disclosure principle:
It requires to disclose any information to be mentioned in the foot notes of the financial statements of the company that might affect the user of financial statement. This helps in identifying the methods used for accounting practices and any event that might effect the organisations future existence.
Cost principle:
To record the transactions based on their historical costs rather than making adjustments for fluctuations in market place.
<em />I think it is C but don't quote me on it.
<u>Solution and Explanation:</u>
<u>The status of each of the given case is as follows:
</u>
person Status Explanation
A Employed He is already working as a coach
B Unemployed Been laid off and also looking for a job
C Not in the labor force Since he was willingly off from the work and he is not actively looking for another work
D Not in the labor force Since she is not actively looking for another work.
E Employed As he is working on novel
F Not in the adult population Since he is 10- year old and is also a student
<u>Labor force participation</u> = Number of labor force divided by Adult population = 3 divided by 5 = 60 percent
Thus, the option D is correct answer.
<u>Unemployment rate </u>= Number of unemployed divided by labor force
= 1 divided by 3 = 33.33 percent
Therefore, the correct option is A option.
C Ethan
because that is who u are refering to.
Answer:
Date Account Title Debit Credit
June 30 Cash $150
Interest revenue $150
Explanation:
Interest earned is considered to be revenue so it will be credited to the interest revenue account.
Cash will be debited because the interest revenue increased it and assets are debited when they increase.
