The principal<span> might be the party who gives legal authority for another party to act on the </span>principal's<span> behalf. </span>
Answer:
Explanation:
The reverse mortgage is the mortgage which is give to the people who age is 62 years or below . The main aim of providing reverse mortgage loan is to take the loan in exchange of collateral security. The collateral security here means the home which is belongs to the borrower. The loan amount is depend upon the value of the home. The time period to repay the amount is of 6 months . If an borrower is unable to pay the amount, than bank or financial institution has the right to recover the loan amount by selling the house property of the borrower, and also it does not entertain with the monthly payments.
Answer:
The answer is (A) Expenses for the year exceeded revenues.
Explanation:
If retained earnings decreased during the year, and no dividends were paid this would mean the company would have made a loss in the financial period. A loss occurs when expenses for the year exceed revenues.
Rick has received a rebate. A rebate is a sum paid by a method for diminishment, return, or discount on what has just been paid or contributed. It is a sort of offers advancement that advertisers utilize basically as motivating forces or supplements to item deals. There is confusion on discount and rebate, the rebate is a backend discount while the discount is the upfront meaning you the customer is discounted by the time he/she bought the item.
Answer:
C. Credit to Cost Of Goods Sold
Explanation:
Over allocation refers to the scenario of assigning more than actual manufacturing overhead costs. This means profits would be understated in such a scenario and costs overstated.
The journal entry for adjustment of overallocated manufacturing overheads is:
Manufacturing Overheads A/C Dr.
To Cost Of Goods Sold A/C
(Being rectification entry for over allocated manufacturing overheads recorded)
Cost of Goods Sold is an expense and expenses are debited. A credit to such an account reduces it's balance as in the case above.
