Answer:
The Matching Principle
Explanation:
The Matching Principle of accounting holds that revenues should be matched with expenses. Hence the name.
This is to say, that revenues should only be recognized when the associated expenses with those revenues have been spent.
For example, in numeral a), we can see that Norfolk Southern Corporation recieved cash in advance, but it only recognized revenue once it had performed the services associated with that cash collection.
<span>They range from $30 to $750 a year. Investor services assist people with transactions, safekeeping for assets, manage collateral, and help with financial investment activities. These services can help a person or business reduce the costs that they are paying out and assess their financial risks.</span>
Answer:
1) The government prohibits gas stations from selling gasoline for more than $3.40 per gallon.
This statement is an example of price ceiling as the gas stations cannot raise their price above $3.40 but can sell it at any price lower than the ceiling price of $3.40. This is binding
2) Due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from doing so. This is neither a price ceiling or floor as government isn't directly affecting the price with their policy
3) The government has instituted a legal minimum price of $3.40 per gallon for gasoline. This is an example of price floor and is binding. The reason it is a price floor is because the petrol stations cannot charge a price below $3.40 but can charge any price above the floor price of $3.40
Explanation:
Answer:
The ending total asset is $3,800
Explanation:
Lisa Inc raises $3,000 of shareholders’ equity. This movement increase the assets, because the $3,000 increase in the shareholders’ equity will affect the asset
Lisa Inc purchases a building worth $300 for cash. Won´t modifies the assets , decrease cash but increase buildings
Lisa Inc takes out a loan for $500 and receives cash. Increase assets (cash) , increase Liabilities (Accounts Payable)
Lisa Inc purchases $300 of inventories, the supplier gives her credit. Increase assets (inventory) , increase Liabilities (Notes Payable)
Asset= $3,000+$500+$300=$3,800
