Answer: The statement "d. The excess of the credits of an asset account over the debits is the balance of the account.". is <u>NOT TRUE.</u>
Explanation: The statement "d." is not true because according to the basic equity equation (ASSETS = LIABILITIES + EQUITY).
The excess of the debits of an asset account over the credits is the balance of the account and the excess of the credits of an owner's equity account or a liability account over the debits is the balance of the account.
Answer:
B. 1 and 2.
Explanation:
Life insurance policy can be defined as a contract between a policyholder and an insurer, in which the insurer agrees to pay an amount of money to a specific beneficiary either upon the death of the insured person (decedent) or after a set period of time.
A decedent refers to a deceased person who is no longer able to control his or her properties (wealth).
Generally, insurance companies across the globe charge millions of their customers (insured) premiums every year. This gives them the privilege of having a pool of cash which can be used to cover the cost of losses and destruction to the asset of a small fraction or percentage of its customers.
This simply means that, since insurance companies collect premium from all of their customers for losses which may or may not occur, so they can easily use this cash to compensate or indemnify for losses incurred by those having high risk.
Death benefit proceeds from a life insurance policy are included in a decedent's gross estate in the following circumstances:
I. The decedent gave the policy to his father four years ago, but retained the right to change the name of the beneficiary.
II. The policy beneficiary is a grantor trust of the decedent but the policy is owned by a closely-held corporation.
Answer:
d.a customer interacting with a franchise employee
Explanation:
Customer contact points are avenues through which a company interacts with its customers directly. The modes of interactions include phone calls, written communication, online interactions, or one-on-one customer support.
Many businesses recognize the importance of customer contact points. They invest heavily to ensure that the customer gets a wonderful experience at the contact points.
Answer:
A fruitworm infestation ruins a large number of apple orchards in Washington state.
Explanation:
The fruitworm infestation would reduce supply. The supply curve would shift to the left as a result.
I hope my answer helps you
Answer:
A. This is a change in accounting principles
B.
Dr Common stock 6
Dr Paid-in capital—excess of par 24
Dr Retained earnings 5
Cr Treasury stock 35
Explanation:
A. This is a change in accounting principle
B. Entry to reclassify treasury shares as retired shares.
General Journal
Dr Common stock 6
Dr Paid-in capital—excess of par 24
Dr Retained earnings 5
Cr Treasury stock 35
Common stock ($1 par × 6million shares retired) $6 million.
Paid-in capital—excess of par
$900 million ÷ 225 million shares = $4
$4 × 6million shares retired = $24 million.
