Answer:
$4,800 each
Explanation:
The computation of the depreciation expense for the first two year under the straight-line method is shown below:
= (Original cost - residual value) ÷ (useful life)
= ($120,000 - $0) ÷ (25 years)
= ($120,000) ÷ (25 years)
= $4,800
In this method, the depreciation is same for all the remaining useful life
Hence, the depreciation of $4,800 is to be charged separately for each year
Answer:
Planning
Explanation:
Planning of a project is needed to provide a guide to sponsors, stakeholders, the team, and the project manager on project phases and schedule.
When planning is done it avoids delays, identifies desired goals, reduces risk, and effectively delivers expected result.
Lack of planning causes waste of resources and missed deadlines on the project.
Steps in a project plan can include the following:
- Meeting with stakeholders
- Set goals
- Define deliverables
- Create a schedule
- Perform risk assessment and identify issues
- Present the plan to stakeholders
Answer:
Grace is incorrect because of the veil and alter ego theory
Explanation:
In this scenario Grace formed a corporation along with her three friends. As a result of catering services offered guest became ill and sued Grace and the other owners for damages.
According to the alter egos theory personal liability can be invoked on the owners of a corporation or its limited liability members.
Alter ego theory is used to penetrate the corporate veil that protects shareholders. Personal liability can be assigned on the business owner as it is in this case against Grace and the other owners.
Answer:
Internal Control is designed to ensure all of the items described in the answer.
Explanation:
Internal control refers to the control measures adopted by an entity so as to ensure compliance with legal framework, check frauds and errors and for reliable financial reporting.
Compliance procedures are the processes designed to check whether internal controls exist in an organization and if they do, whether such controls are operating effectively.
For e.g biometric authentication with regard to attendance keeps a check on the number of employees actually working during a period and eliminates the possibility of dummy names in the attendance records. This is an example of internal control i.e control measures created by organization itself.
