You receive a tax refund from the IRS if your tax liability is less than the tax you paid for a fiscal year. This means that the tax you owe is less than what you paid for your taxes. Another circumstance is when you are entitled to tax credits
Answer:
TRUE
Explanation:
Current Access Control rosters should be authenticated, authorized and accounted for by the manager or their designated representative.
Bio-metrics, Electronic locks, and Smart cards are sensitive data-derivation technologies and since they are applied in a number of sectors - e.g. Telecommunications, Retail, Defense, Healthcare, Hospitality, and Information Technology - current access to devices and software applications should be authenticated by the manager or a designated representative of the manager.
Answer:
The accumulated depreciation at 31 December 2019 is $144000
Explanation:
When recording the purchase of a fixed asset, the asset should be recognized at cost at which the asset is purchased plus all the necessary costs that are incurred to bring the asset to the location and in the condition necessary to use as required and intended by the management.
The equipment purchased by Mather should be recorded as,
Cost of equipment = 336000 + 6000 + 30000 = $372000
The freight and installation are non recurring and necessary expenses to bring the asset to the location and in the condition for use as intended by management. So, these expenses are capitalized.
The straight line depreciation charges a constant depreciation expense every year through out the useful life of the asset.
Straight line depreciation = (Cost - Salvage Value) / estimated useful life
Straight line depreciation per year = (372000 - 12000) / 5
Straight line depreciation per year = $72000
So, the accumulated depreciation at 31 December 2019 is,
Accumulated depreciation = 72000 + 72000 = $144000
False, An adjusted trial balance does not list the revenues and expenses of a business.
- No entry is made under the accrual system of accounting until the money has been paid.
- Additionally,<u> an </u><u>adjusted trial balance</u><u> does not include a </u><u>business's revenues and costs.</u> The net income will be inflated if a corporation doesn't make an adjustment entry for accrued revenues.
What is an adjusted trial balance ?
- At the end of an accounting period, the balances of all accounts, including those that have been amended, are displayed in an adjusted trial balance.
- Its goal is to demonstrate that, after all adjustments, the total debit and total credit balances in the ledger are equal.
Which of the following is true of a trial balance?
A trial balance with equal debit and credit balances proves that the accounts are in balance.
Learn more about adjusted trial balance
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Answer:
Maximizing Interest Rates. The interest rate on the account offered by the bank is typically what will help you decide the savings account option that is best for you. ...
Fixed Term. ...
Convenience. ...
Minimum Deposits and Avoiding Monthly Fees. ...
Consider Placing Your Savings in More than One Bank.