The answer & explanation for this question is given in the attachment below.
Answer:
A matter of timing
Explanation:
The problem with fiscal policy that is created because of the recognition, legislative, implementation, effectiveness, and the evaluation and adjustment lags is called <u>a matter of timing.</u> The reason being that it can be difficult to time fiscal policy to shift the AD curve at the right moments.
Answer:
1. a GENERAL partner
2. a LIMITED partner
Explanation:
A GENERAL partner has responsibility or liability for losses beyond their investment. They are bound up to the extent of their personal assets incase the partnership is insolvent. They are also responsible in the management and decision-making process in the operation of the partnership. A LIMITED partner on the other hand is only liable in the partnership’s losses up to the extent of his investment in case of partnership’s insolvency. But a limited partner should NOT participate in the management and decision-making process of the operation in the partnership for him to be not liable up to the extent of his personal asset. A limited partner should also be recorded in the articles of the partnership as “LIMITED PARTNER”, otherwise he is liable as general partner.
Describe business owner policy.
One business insurance coverage known as a Business Owner's Policy (BOP) combines business property and liability insurance. BOP insurance aids in protecting your company from claims brought about by fire, theft, and other covered events.
A unique sort of commercial insurance created specifically for small and medium-sized firms is known as a business owner's policy.
Liability, property, and business income insurance coverages are the three main categories of coverage included in the BOP. These specifically consist of: If your company is accused of harming another person or causing bodily harm while conducting business, general liability insurance will defend your company against legal action.
Learn more about Business Owner's Policy here
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Answer:
Murphy Company
The year in which Murphy recognizes the income is year 2.
Explanation:
As a cash basis taxpayer, Murphy Company reports income and deductions in the year that they are actually paid or received. Similarly, as a cash basis taxpayer, Murphy Company deducts expenses in the year the expenses are paid off, which is not necessarily the year they were incurred. The income for services of $9,000 rendered to a customer, for which payment was received on January 3, year 2, will be recognized in year 2 and not in year 1 when the services were performed.
