<u>Explanation:
</u>
Accounting principles: It is the general instruction or guidelines and rules that a company has to follow for reporting the company's accounts and financial data. There a five accounting principles, in general, they are Revenue Recognition Principle,
Historical Cost Principle, Matching Principle,
Full Disclosure Principle, Objectivity Principle.
auditing techniques: There are 5 steps in auditing techniques to walk through and test each in a controlled place of the service organization. The steps include observation, inquiry, examination or inspection of the evidence,computer-assisted audit technique (CAAT) re-performance.
standard tax law: The law proposed by the government stating that the portion of income that is not subject to tax is used to reduce your tax bill. The deduction is based on age, filing status, and whether you are disabled or claimed as a dependent on someone else's tax return.
general investigative methods: General investigative methods involve physical evidence examining, gathering data or related information, collect the available evidence, protection of evidence, interviewing the witness, and suspect interviewing and interrogation.
Answer:
The formula to calculate the Budget Balance is
Government Income - Government Expenditure
in this case
$1.05 billion - $1.06 billion = -<u> 0.01 billion or - $100 million</u>
Explanation:
A budget balance is reached when a government expenditures are equal to it's income.
In this case, since the country's only source of income it is slightly less than than what is required to run the government, it has a budget deficient.
Since the country does not export or trade with outside countries, the government will need to take out a loan to make up for this deficient.
When the price of good a increases, the total revenue from good a is unchanged. From this we know that the demand for good a is unitary elastic
Whenever the change in the price of a good occurs there is a change in the demand of the good as well. This certainly affects the revenue generated from that good.
This change in demand can be mainly classified into different types i.e. elastic, inelastic and unitary.
However, unitary elastic demand is the one in which change in the price causes exact proportionate change in the demand as well. This means that the revenue generated from the good remains unchanged.
In other words, the good is being consumed in the same amount and price has not affected the consumption.
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Answer:
$370,000
Explanation:
The computation of the reproduction cost of the building is shown below:
= Market value of the subject property + accrued depreciation - the added value of the site
= $400,000 + $50,000 - $80,000
= $370,000
We simply added the accrued depreciation expense and deducted the added value of the site from the market value of the subjected property so that the accurate value can come.
The equity approach has a tendency to yield different financial statement outcomes for a particular investment in equity securities than the fair value technique would.
A financial investment in a firm known as an equity investment entails buying its stock on the stock market. On a stock exchange, these shares are commonly exchanged.
With the equity method of accounting, the investment is first recorded at cost and later modified to reflect changes in the investor's portion of the investee's net assets following the purchase. Investments in equity Investments with fixed returns, such as money market instruments, and debt securities such as bonds and notes (some fixed income investments, such as certificates of deposit, may not be securities at all)
Fair market value (FMV) is the cost of an asset when a buyer and a seller have reasonable knowledge of it and are ready to negotiate a price without being under any obligation. A corporation can report the earnings it makes from its investment in another business using the equity method of accounting.
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