Answer:
Quality of life.
Explanation:
Financial skills can be defined as those skills that are used to tackle an unpredictable financial situation. It requires knowledge and understanding to manage such situations. Using these skills one is able to turn this tough situation in favor of ownself.
Such skills are used in the professional line by accountants, financial analysts, etc.
<u>Having personal financial skills helps in enhancing the quality of life. Having financial skills in personal life helps in many things such as savings, bargaining, able to distinguish between what they need and what they want, etc</u>.
So, the correct answer is quality of life.
If a company failed to make the end-of-period adjustment to remove from the unearned management fees account the amount of management fees that were earned, this omission would cause an overstatement of liabilities.
Liabilities are owing debts or legal responsibilities to another individual or business. Liabilities, then, are future forfeitures of economic gains that an entity must make to other entities as a result of previous occurrences or previous transactions.So,if a company failed to make the end-of-period adjustment to remove from the unearned management fees account the amount of management fees that were earned, this omission would cause an overstatement of liabilities.
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Answer:
$2 per unit per year
Explanation:
The calculation of the inventory carrying cost per unit per year is shown below:
Inventory Carrying cost per unit per year is
= Total Annual Inventory cost ÷ Economic order quantity
= $400 ÷ 200 units
= $2 per unit per year
It is computed By dividing the total annual inventory cost from the economic order quantity, in order to get the inventory carrying cost
Therefore, the first option is correct
Answer:
All results should have a well-defined and habitual interference plan.
Answer:
A. revenues earned and expenses incurred in generating those revenues should be reported in the same income statement.
Explanation:
A matching principle is an accounting concept which is typically used on accrual basis accounts and it states that expenses incurred by an individual or business entity should be recognized and matched in the same period with respect to the revenues they are related to.
The matching principle indicates when costs are recognized as expenses on the income statement.
For instance, company XYZ purchases a property worth $90,000 in June, it was then sold in July for $250,000. Based on the matching principle, the $90,000 cost shouldn't be recognized by company XYZ as an expense until July, when the related revenue would be recognized also. Else, if recognized, its expenses would be overstated by $90,000 in June, and consequently understated to the tune of $250,000 in July.
Hence, matching principle requires that revenues earned and expenses incurred in generating those revenues should be reported in the same income statement.
Additionally, the matching principle helps business owners to calculate their taxes and profits or losses properly.
