In the closing procedure, expenses and dividends are zeroed out by crediting each account, and incomes are zeroed out by debiting each account.
<h3>What is the objective of the closing process?</h3>
One purpose of closing admissions is to communicate net income or net loss for the period to Retained Earnings. A second objective is to "zero out" all temporary accounts (revenue accounts, expense accounts, and Dividends) so that they begin each new period with a zero balance.
The statement of cash flows must be prepared last because it takes data from all three previously prepared financial statements.
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Answer:
income elasticity of demand for mangoes = 3.53
Explanation:
given data
income is $500 per week
mango price = $1
buys = 4 mangoes
income increases = $560 per week
mangoes increases = 6
solution
we get here income elasticity of demand for mangoes that is express as
income elasticity of demand for mangoes = 
income elasticity of demand for mangoes = 3.53
Answer:
B. will be guilty of taking a secret profit if he does not disclose to the landlord
Explanation:
Acceptance of any gifts or payments in return for fixing up a contract and or acting as a middleman in negotiating a deal constitutes a bribe or a kickback.
In the given case, the carpet seller is willing to give project manager, super bowl tickets in return for facilitating the large order from the landlord.
Here, the landlord is not aware of this scheme and if the property manager accepts such gifts without informing the first party i.e the landlord, would amount to making secret profits.
Thus, in compliance with right ethical practices, it is the duty of the project manager to inform the landlord of the gift and it's nature before accepting any of those.
Answer:
Do this by producing detailed images using a series with polarized glasses, that first focuses a laser light on or via an object, then conveys the image of the object to expand the created image.
Explanation:
Developing economies are those countries that transition from economies and invest in capacity-building. Developing economies mean rapid industrialization and foster care of market economics and the personality traits of social democracy.
The man characteristics of an emerging market are-
-
Low incomes
- Rapid growth
- Volatile markets
- Maturing/developing markets
- Higher than the average return on investments
Answer:
d. posting
Explanation:
There are various steps to prepare the financial statements. These are as follows:
1. Journalizing: It is a recording of business transaction with a narration in which the one account is debited and the other account is credited. It can be more transactions debited and credit that is depending upon the nature of the transaction.
2. Ledger posting: After recording the journal entries, the next step is to make the number of ledger i.e posting of the amount and the accounts to their respective ledger i.e sales ledger, purchase ledger, etc
3. Trial balance
4. Income statement
5. Statement of owners equity
6. Balance sheet
7. Cash flow statement
