Answer:
Yes, it is very much true that management is one of the important human activity and it takes getting work done through other people. We can define management as working with and though other people to get the work done in an effective and efficient way. Working with other people is not that much easy as it looks because every person has its own goals and objective so an effective manager has to keep people motivated for the organizational vision, goals and objectives. Management involves planing, organizing, leading and controlling, where in the first step we have to actually draft a plan where we need to go and where we have to reach. In the next step, manager assigns work to different people that who will be doing what and then manager leads them and keep them motivated all the times. Last step involves keeping track of the progress that whether we are moving in the right direction or not. Therefore, management is very important human activity because we have deal with different people in it.
Answer:
Statement of retained earnings.
Explanation:
The prior period adjustment refers to the adjustment in which there is an accounting error in the previous period and i.e to be reported in past year period but now it would be corrected in the financial statement. This adjustment we called prior period adjustment
Moreover, it should be reported in the statement of retained earnings
Hence, the second last option is correct
Answer:
$46,000
Explanation:
We can find out the the revaluation gain that need to be reported at the year end by just deducting the the cost of the investment by its current fair value .
DATA
Fair value = 588,000
Cost = 542,000
Revaluation gain = Current fair value - Cost
Revaluation gain = 588,000 - 542,000
Revaluation gain = $46,000
The revaluation gain of $46,000 will be reported in other compreensive income of smith's financial statements.
A: The four types of economic utility are form, time, place and possession. "Utility" in this context refers to the value, or usefulness, that a purchaser receives in return for exchanging his money for a company's goods or services.
