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tatyana61 [14]
3 years ago
10

A company is about to be closed down as it does not possess enough funds to pay for its debts. The business, therefore, places a

low value on its inventory. Which concept is the business complying with?
Business
1 answer:
evablogger [386]3 years ago
7 0

Answer:

The business is complying with the Liquidation concept.

Explanation:

Liquidation in most cases is a concept in business that happens when a company sells off its inventory lower than their cost price because the company is about to be closed down.

It is usually to generate cash within a short period of time to pay off debts or creditors.

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Federally chartered banks and credit unions are run like businesses that make a profit.
Licemer1 [7]

Answer:

False.

Explanation:

A bank is said to be federally chartered when it is appropriately authorized and regulated by the federal government of a country with recourse to statutory laws but not the state government. Some examples of federally chartered banks are Wells Fargo Bank, Bank of England, Swiss National Bank, Citizen National Bank, Bank of Japan, PNC Bank, First National Bank, U.S. Bank, Reserve Bank of Australia, etc.

A credit union can be defined as a non-profit making financial cooperative that is typically controlled by its members (employees, church groups, labour unions etc) and it is saddled with the responsibility of providing financial services like the traditional banks.

Generally, the profit made from the amount of money that is being deposited by the members of a credit union are usually returned to the members as a form of better interest rates. Some examples of credit unions are SchoolsFirst Credit Union, New York University Federal Credit Union, Consumers Credit Union, etc.

Hence, federally chartered banks and credit unions are not run like businesses that are a profit i.e they are a non-profit business.

4 0
3 years ago
Please help me I have less then 40mins please
satela [25.4K]

#1.
When calculating declining-balance depreciation, the straight-line rate was used instead of double the straight-line rate. In the first year of ownership, this error would cause C. the period end assets to be overstated.

#2. 
A depreciation method that allocates depreciation of a plant asset based on the Tax Act of 1989 is the C. modified accelerated cost recovery.

#3.
Salvage value was ignored when originally calculating the units-of-production depreciation. This error would cause B. the period’s net income to be understated.

#4.
The allocation of the cost of a natural resource is B. depletion.

#5.
The credit portion of the adjustment for the depletion of a coal mine was credited to the Coal Mine account. This error would cause A. the period’s net income to be overstated.

#6.
<span>Intellectual property assets are C. amortized. </span>

4 0
3 years ago
Read 2 more answers
The ______ doctrine refers to the hesitancy of the judiciary to interfere with the management and administration of prisons.
Umnica [9.8K]

Hands off Doctrine is an early American court-articulated belief that the judiciary should not interfere with the management and administration of prisons. Prisonisation is a Socialization into inmate culture at the adopting of the inmate sub-culture by inmates. This is the norms, values, beliefs, and even language of the prison is called Prison Subculture. 

7 0
3 years ago
An experienced employee who supervises, coaches, and guides lower-level employees by introducing them to the right people and ge
torisob [31]

Answer:

Mentor

Explanation:

The mentor is the person who has knowledge, experience, skills and he or she is able to guide, motivate, gives the training, supervise the lower skill employees so that they can perfect in their work.

But for motivating, guiding the employees we need to appoint the right people who belong from organizational sponsor so that the lower level employees could able to accomplish their tasks so that the overall objective of the company could be accomplished.

3 0
4 years ago
If the United States Supreme Court decided a similar case, would that decision be binding on the Nebraska court? Explain. at lea
Stolb23 [73]

Answer:

A lot of information is missing, but the answer is the same whether we are told about a specific case or not. If the US Supreme Court decided on a similar case that is under trial in Nebraska, the Nebraska court must follow the decision and guidelines of the US Supreme Court.

The Supreme Court is the highest court in the US, and its decisions must be followed by all lower courts. If a lower court doesn't follow a Supreme Court decision on a similar case, then an appellate court would reverse the decision.

The Supreme Court does not create laws, but it decides on how they should be enforced.

8 0
3 years ago
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