Accompanying the bank statement was a debit memo for bank service charges. On the bank reconciliation, the item is a deduction from the balance per the company's records.
<h3>What is
a bank statement?</h3>
Generally, Bank service charge refers to the fees that the bank levies against the company for the company's transactions involving its bank account.
This is shown as a deduction on the company's bank statement as reported by the bank, but it has not yet been recorded in the company's records.
Along with the bank statement, there was a debit memo for the bank service charges that were included. According to the records of the company, the item will be deducted from the total balance on the bank reconciliation.
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Answer:
ACME Drilling should record impairment loss of $6.9 million
Explanation:
According to GAAP, when the fair value of an asset is below the net carrying amount of that asset ( Asset's historical cost - Asset's accumulated depreciation or the net book value of the asset), the Company should record it as asset impairment loss.
In ACME's case, the net book value is $18.6 million while the estimated fair value is only $11.7 million meaning that the platform is actually worth less than it is recorded on ACME's book. Thus, an impairment loss of $6.9 million should be recorded ( $18.6 million - $11.7 million) to realize the fair value of the oil-drilling platform.
The sum of projected sum of future cash flows in this case is not suitable to be used to determine the oil-drilling platform because it has not been discounted to the present value amount, and also, it is not appropriate under GAAP.
Answer:
c) External benchmarking
Explanation:
This is a commonly known and spread out form of competition analysis, where a company examines the good practices of other companies. Benchmarking is a great way to see the actual industry trends and determine the next action plan. Although it may be deemed as "copying" sometimes, benchmarking is the only method to properly assess competition.
Answer:
B
Explanation:
circular flow diagram shows the relationship between the firm and households.
True. A firm's information policy lays out who is responsible for updating and maintaining the information in a database system. This is just one of the responsibilities of the information policy as many firms have several. These policies help regulate communication, how it is being communicated and what is being communicated.
