Because sometimes the check written after the statement closing dates.
Lets say a company do a closing statement on December 26.
A check written between that date until the end of period ( December 26 - December 31), that transaction simply won't appear on the book because the company already closed the statement on December 26
Answer:
A. Unaffected
B. Unaffected
C. Understated
D. Overstated
Explanation:
C. Understated.
Understated balance is one that is reported as having a lesser balance than it actually does. example of what could cause the situation in which cash is understated is that when check is written on the disbursing bank on the last day of December with a credit to cash, and an associated debit to some expense account so as to decrease reported profits and taxes be it (direct or indirect tjaxes) for the year.
Another example is when a utility bill that is suppose to be paid by the last day of the month but failed to record the expenses, under the accrual basis of accounting, the company should recognize the expenses now even though the bill is not yet due. Until the bill is recorded, the utilities payable is understated
d. Overstated.
An overstated balance is an account balance that is reported as having a greater balance than it actually does, example of such situation is that in which an employee has misappropriated funds during the year, and draw a check transferring funds to the account with the shortage so as to cover the shortage. As of December 31, the shortage is replaced, with no reduction as yet recorded in the account on which it is drawn.
In second example of understated, expense account is understated and because of this net income is overstated.
Answer:
B.Her actions are inconsistent with the advice being given to her clients and this must be disclosed
Explanation:
A registered investment adviser often recommends real estate limited partnership investments to her wealthy clients. The RIA's personal financial statement and income are consistent with those of her wealthy clients, yet she never buys limited partnership units for her personal account. Which statement is TRUE
A real estate limited partnership (RELP) is a group of investors who pool their financial resources to invest in property purchasing, development, or leasing. Under its limited partnership status, This form of partnership has a general partner who bears full liability and limited partners who are predispose only up to the amount they contribute
The registered investment adviser does not practice what she teaches. She might just be in the profession for the money. She might also understand the risk associated with the real estate limited partnership investments and hence would want to be risk averse herself. she should let her clients know the nitty gritty of the partnership and put a disclaimer across to them
Answer:
an improvement in the education level of the work force of a nation
Explanation:
The production possibility curve is a curve that shows the various quantities of two goods an economy can produce at a given level of technology and amount of labour force.
Factors that leads to an outward shift of the production possibility curve;
1. Increase in labour force
2. Increase in education level of the Labour force
3. Technological advancement
Shifting resources from the production of one good to the production of another leads to a movement along the production possibility curve.
I hope my answer helps you
The cost of ending inventory and the cost of goods sold under each of the following methods: Under the LIFO method, Sales Less: Cost of Goods sold Gross Profit less: Selling, admin, depreciation Income before.
Final in, first out (LIFO) is a technique used to account for inventory. beneath LIFO, the expenses of the maximum recent products bought (or produced) are the primary ones to be expensed. LIFO is used most effectively inside the USA and governed via the commonly ordinary accounting standards (GAAP).
The LIFO method is used within the COGS (value of products sold) calculation while the fees of manufacturing a product or obtaining inventory have been growing. this will be because of inflation.
The ultimate-In, First-Out (LIFO) method assumes that the last unit to arrive in stock or greater latest is offered first. the first-In, First-Out (FIFO) approach assumes that the oldest unit of inventory is sold first.LIFO effects decrease internet earnings because the price of products offered is better, so there may be a decrease in taxable profits.” decreased tax legal responsibility is a key reason some organizations decide on LIFO.
Learn more about LIFO here: brainly.com/question/24938626
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