Answer: Accountants play major role in firms in handling financial records and auditing. Managers know financial information based on either background knowledge or learning on the job
Explanation:
The accountants are valuable to the organization because they monitor the monetary information that concerns the firm, they handle how cash come in and keep track of how they are spent, all these makes them valuable even to the extent of auditing information as regarding the firm. Managers might understand financial information either based on how they monitor what occurs in the organization or what they learnt in from college. But it's unsafe for the managers to handle financial situation without the aid of a professional accountant.
Answer:
1. Stockholders invested $24,500 cash in the business in exchange for common stock.
Dr Cash 24,500
Cr Common stock 24,500
2. Purchased equipment for $4,500 cash.
Dr Equipment 4,500
Cr Cash 4,500
3. Paid $200 cash for May office rent.
Dr Rent expense 200
Cr Cash 200
4. Paid $600 cash for supplies.
Dr Supplies 600
Cr Cash 600
5. Incurred $350 of advertising costs in the Beacon News on account.
Dr Advertising expense 350
Cr Accounts payable 350
6. Received $4,900 in cash from customers for repair service.
Dr Cash 4,900
Cr Service revenue 4,900
7. Declared and paid a $1,000 cash dividend.
Dr Dividends 1,000
Cr Cash 1,000
Answer:
c. He was a member of the French Parliament using satire to illustrate the foolishness of the arguments used by the proponents of trade restrictions.
Explanation:
Frédéric Bastiat was an economist, journalist and member of the French parliament in the wing of economic liberalism. Regarding his economic thinking, Bastiat had a strong inclination or liberalism and consumer protection against any kind of corporate authority. For him, the government was responsible for guaranteeing the lives of citizens, individual and commercial freedom and protection of property. Regarding commercial freedom, he presented himself against commercial restrictions, he thought this was a step backwards and satirized those who defended it, as you can see in the question above.
