False.A person's net worth statement shows a person's net worth based on assets and liabilities Done through:
Assets- money or items of value (car, house)
Liabilities- debts you owe (loans)
Answer:
HIGH
Explanation:
Whenever it has to do with cash, the risk is always high. The potential for employee fraud and accounting error cannot be underestimated. Controls must be in place to protect losses for small businesses and income leakages for big businesses.
Revenue is the biggest asset of a company and the first line in its income statement and cannot be assessed to be of 'low risk'
Internal controls should be in place for cash receipts in order to limit the access to cash to trusted staff, to verify all receipts, and that such transactions are captured correctly and timely. Cash receipts should never be used as petty cash as it creates tracking complexities.
The Profit and Loss Statement.
This shows profits and losses over a set period of time.
Answer: b. reduce taxes and cut back on some social programs
Explanation:
When the Economy is not doing well, Social programs are usually targeted as they usually take a lot of money from the Government's coffers.
It is also a generally held view that reducing taxes as a Fiscal policy can help stimulate the Economy by leaving the public with more funds to invest in and spend on the Economy.
The Government of Ruritania is therefore most likely to combine reducing Social programs as well as reducing taxes. This will have the effect of leaving the Government with some money as it loses revenue from taxes whilst also enabling the public to have more money to invest and to spend which will then lead to Economic growth.
Answer:
$4,690
Note: The correct answer is $4,690 as calculated below based on the information provided but it is not included in the option. Kindly confirm this from your teacher.
Explanation:
This can be calculated using as follows:
Expected value of finishing = Base fee * Additional percentage * Probability of finishing
Therefore, we have:
Expected value of finishing 2 weeks early = $4,000 * 25% * 25% = $250
Expected value of finishing a week early = $4,000 * 20% * 55% = $440
As a result, we have:
Expected transaction price = Base fee + Expected value of finishing 2 weeks early + Expected value of finishing a week early = $4,000 + 250 + 440 = $4,690.
Therefore, the expected transaction price with variable consideration estimated as the expected value is $4,690.
