Answer:
a) Fees earned (or revenues) will be understated. Net income will be understated.
b) Accounts (fees) receivable (or assets) will be understated. Owner’s equity will
be understated.
Explanation:
Adjusting entries refers to the entries that are made at the end of an accounting period in accordance with revenue recognition, principle and expense recognition principle.
All adjusting entries affect at least one income statement account (revenue or expense), and one statement of position account (asset or liability).
Answer: See explanation
Explanation:
Inclusiveness simply has to do with treating of everyone equally and fairly. Democracy simply means the government by the people when the people choose who will represent them.
Inclusiveness is an important aspect of democracy as everyone should be given equal opportunity and treatment. Democracy preaches equity for all and thus should be ensured.
Inclusiveness gives everyone an equal opportunity and this is essential for the people to reach their full potential. Inclusiveness also helps in building friendships and relationships and to also understand diversity and respect the culture of others.
