Depreciating means to become less valuable over time, so I believe the correct answer is <span>b. become less valuable over time.</span>
Answer:
TRUE: A. Different companies will use different charts of accounts based on individual company need.
C. The general ledger contains all of the accounts that a company uses, along with detail of the balances in those accounts.
Explanation:
A. <u>Different companies will use different charts of accounts based on individual company need.</u>
A chart of accounts is the combination of all the accounts of an organization in an organized and structured model whose objective is to establish a codification so that there is a standardization of the company's financial information to assist the work of the accounting sector.
Therefore, each company will have a model chart of accounts referring to its activities and processes.
<u>C.</u><u> </u><u>The general ledger contains all of the accounts that a company uses, along with detail of the balances in those accounts.</u>
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</u>The general ledger can be defined as the set of all accounts held in the organization in detail.
Through the information in the accounts, the organization is able to correctly separate each one by type and carry out the organizational financial statement.
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When a 1 percent decrease in price produces more than a 1 percent increase in quantity sold, the product or service is an Elastic Demand.
<h3>
What is an Elastic Demand?</h3>
- Elastic demand is measured by its percent of change in demand divided by its percent of change in price, provided all other factors remain the same.
- If the change in price and change in demand is proportionate, the item is neither elastic nor inelastic.
- An item has elastic demand if its demand changes more than its price changes.
- For example, if two stores sell identical products of the same amount for different prices, incase of a perfectly elastic demand nobody would buy from the seller with higher priced product.
Learn more about Elastic Demand here:
brainly.com/question/14897348
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Answer:
the income tax liability for the year 2020 is $9,680
Explanation:
The computation of the income tax liability for the year 2020 is as follows:
= (Adjusted gross income) - (itemized deductions) × tax rate
= ($54,000 - $10,000) × 0.22
= $44,000 × 0.22
= $9,680
We assume the tax rate be 22%
hence, the income tax liability for the year 2020 is $9,680
