The option that tells us the truth about the general purpose financial statements is that, They provide important information at the least cost.
<h3>What is meant by the general purpose financial statement?</h3>
The term general purpose financial statement is used to refer to the financial statements that re used in the provision of information about the operations and the financial standing of a company or an organization. It also tells us of the cash flow that the organization is having.
Hence we can say that The option that tells us the truth about the general purpose financial statements is that They provide important information at the least cost.
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Answer:
July 1
No Entry
Sep 1
Dr Cash $2,000
Dr Accounts Receivable $400
Dr Cost of goods sold $1,100
Cr Inventory $1,100
Cr Unearned Service Revenue $554
Cr Sales Revenue $1,846
Oct 15
Dr Cash $400
Dr Unearned Service Revenue $554
Cr Service Revenue $554
Cr Accounts Receivable $400
Explanation:
Preparation of the journal entries for Geraths in 2020.
July 1
No Entry
Sep 1
Dr Cash $2,000
Dr Accounts Receivable $400
($2400-$2000)
Dr Cost of goods sold $1,100
Cr Inventory $1,100
Cr Unearned Service Revenue $554
($600/$600+$2000*$2400)
Cr Sales Revenue $1,846
($2,000/$600+$2000*$2400)
Oct 15
Dr Cash $400
($2400-$2000)
Dr Unearned Service Revenue $554
Cr Service Revenue $554
($600/$600+$2000*$2400)
Cr Accounts Receivable $400
($2400-$2000)
Answer:
C. Reducing the reserve requirement on banks
Explanation:
The Federal Reserve( Fed) expects commercial banks to maintain a percentage of customer deposits in their custody. The amount that the banks keep is known as reserves. The Fed sets the percentage of deposits to be held as reserves. The Fed may adjust this percentage in line with its monetary objectives.
By reducing the reserve requirements percentage, commercial banks remain with a bigger portion of deposits that they lend out. It means banks will issues out more loans to customers. An increase in lending adds more money to the economy. Reducing the reserve requirement increases the money supply in the country.
Answer:
A.
Explanation:
In business, the term positioning is defined as a position where items or products stand in comparison with other products and services in the market.
External positioning refers to placing the price of services and items by taking cues from other similar products and services in the marketplace.
In the given case, the two companies are engaging in external positioning. Therefore, option A is correct.
The government’s budget is balanced when the Revenue and expenditures are sitting on a balance at the same level. Option B is correct.
<h3>What is government budget?</h3>
A government budget is a document created by the government or the other political institution that outlines anticipated tax revenues and proposed expenditure for the new financial year.
The budget is introduced to the legislature in most parliamentary systems, and it typically involves authorization.
Provided that the box dimensions symbolize the lengths of a state's revenues and expenditures, and that the two sizes are equivalent, the budget is called the balanced budget, as Revenue=Expenditure.
If in the second condition, if the two sizes are not equivalent then the budget would be called as the unbalanced budget, and then deficit will occur if the expenditure > revenue and the Surplus will make if revenue > expenditure.
Therefore, option B is correct.
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