Answer:
B. Because cash equivalents are less liquid than cash, they must be reported separately from the Cash account
Explanation:
The <em><u>combined amount of cash and cash equivalents</u></em> will be reported on the balance sheet as the first line item in the section with the heading current assets.
These cash equivalents are short-term, highly liquid investments with a maturity date that was 3 months or less at the time of purchase.
In other words, there is very little risk of collecting the full amount being reported.
Answer:
4. Debit
5.Credit
6.Credit
Explanation:
The rule is simple. If the account is Asset, its normal balance is Debit. If the account is Liability or Owner Equity, their normal balance are Credit.
The things are you have to recognize which of them are Asset, Liability or Owner Equity.
The only way is to practice, to get yourself as much exposure to financial accounting ( e.g: their are plenty of Financial Reports of Big Firms available online for you to read) as possible so you may recognize what side of the Balance Sheet these items would be categorized into as soon as you heard its name.
<span>B. A customer’s credit card information is stolen and used by someone else. That's probably the best answer.</span>
Answer:
$3,000
Explanation:
Mark's basis at the beginning of the year = $3,000
Mark's share of Wick's income = $2,000 x 50% = $1,000
the distribution of the truck = $5,000
Mark's taxable income = basis - share of profits - truck's basis = $3,000 - $1,000 - $5,000 = -$3,000, so Mark has to report a $3,000 income from this distribution.
Answer:
A decision will be taken based on unanimous consensus which should be a fall out of constructive considerations of all the possible angles.
Explanation:
Under usual circumstances, the executive committee should comprise of the chairperson, vice-chairperson, secretary, and treasurer.
This, however, depends on the organization's corporate governance rules.
Decision making at the executive level in healthy organisations is not made based on one's ability to wield power or by the person or persons who wield the most authority.
The best decisions are those which uphold the highest logic. They should be taken regardless of who has suggested it for this is the attribute of superior minds - the ability to submit to a higher logic or solution regardless of its source.
Cheers
