Answer:
True
Explanation:
Financial statement of an organisation consist of the Income statement, Balance sheet and the statement of cash flow.
The income statement shows the total revenue and expenditure of firm during a period (i.e, during a trading year). Income statement usually is prepared to show the gross profit and net profit of the business during a trading period.
On the other hand, The balance sheet of a firm shows the financial position of the firm as at a particular period of time. It show the owner's equity, the asset and the liabilities of the business as at a particular date.
However, the cash flow statement shows the inflow and outflow of cash in and out of the business. it shows the net change in cash resulting from the operation, investment and other financial activities of the firm during a period of time.
Hence, we can conclude that the main quality of a financial statement is that it must be timely (i.e should be available immediately at the end of the financial year for it to be useful because when delayed, it become useless.
Answer:
The land should be recorded in the purchaser's books at $159,000.
Explanation:
Book keeping is the important term in the accounting and it records all the information of purchasing and selling amount from for a specific person to a large company.
As the buyer purchased the land in $159000, thus in his book it should be recorded as land purchased for $159000, and all the persons involved init from seller to intermediate organizations. All other tax processes and assessed values does not relate with the buyer. He just payed for the land and recorded it. Other values will be recorded in the book of seller and the book of intermediary organizations involved who assessed the land value as for the recording purposes.
Answer:
8.66%
Explanation:
The computation of the real rate of return is shown below:
Real rate of return = {( 1 + nominal rate of return) ÷ ( 1+ inflation rate)} - 1
= {( 1 + 11.65%) ÷ ( 1 + 2.75%)} - 1
= {(1.1165) ÷ (1.0275)} - 1
= 1.086 - 1
= 0.0866 or 8.66%
We simply apply the formula in which the numerator is nominal rate of return and denominator is inflation rate of return
<u>National Computers, Inc., was incorporated in Nebraska, has its main office in Kansas, and does business in Missouri. National is subject to the jurisdiction of </u>( a)Nebraska, Kansas, and Missouri
Explanation:
<u>There are certain Jurisdiction Based on Real Property Ownership which are limited and are termed as "in rem" jurisdiction</u>
A state( Kansas ,Missouri) has limited jurisdiction (which lawyers term as "in rem" jurisdiction) over a non-resident person or business that owns real property in the state. The Jurisdiction is limited in two ways:
- Jurisdiction is applicable only to the fair market value of the real property. This means that if you sue a non-citizen who owns an business worth $800,000, then in this case ,your judgment can be worth is $800,000.
- Also if , the claim is related to the property. For example, if you met an accident on the property of a non-resident owner of an business house, you could get jurisdiction over the owner. But you could probably not get jurisdiction over the non-resident owner if the lawsuit grows out of an entirely separate problem that has nothing to do with the apartment house.