Answer:
<em>Adjustments help to ensure that </em><em><u>asset </u></em><em> balances are reported at amounts representing the economic benefits used during the period.</em>
Answer
The answer and procedures of the exercise are attached in the following archives.
Step-by-step explanation:
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
Answer:
Controls for documenting and approving programs and changes to programs.
Explanation:
General controls are the controls established in order to function the entire information systems. i.e. All the applications and programmes.
General controls usually cover all the areas of information system, as follows:
i) Control on the operation of the company in order to ensure the efficient and effective operational activities in the information system.
ii) All the procedures required to acquire, develop, test, document and finally approve the systems, and programmes and further any changes thereto.
iii) Controls over access of any equipment or any data, for ensuring security.
iv) All other remaining basic controls for affecting the computer operations as a whole.
Answer: $ -45,000
Explanation: Economic profit is the difference between accounting profit and opportunity cost.
Economic profit = Accounting profit - Opportunity cost
Sarah left her job as a real estate agent to become a yoga instructor. Therefore ,her opportunity cost is the income she forgoed to become a yoga instructor which is $100,000.
Her accounting profit is $55,000.
Economic profit = 55,000 - 100,000 = $-45000.
I hope my answer helps.
Goodluck
