Answer:
D. Any of the above, depending on the transactions
Explanation:
The double entry principle simply means that any accounting transaction has two records: one credit, and one debit, and it depends on the nature of the transaction, and of the accounts involved which specific value is credited and which one is debited.
For example, if a firm purchases 100$ of office supplies with cash, the credited account is cash, because cash is reduced by $100, while the office supplies account is debited by the same value.
If a firm sells 100$ of office supplies instead, the office supplies inventory is credited for this value, while the same amount of cash is debited for this same amount.
180 days of the most recent paycheck reflecting the discrepancy.
Answer:
A. To keep banks with falling asset values solvent.
Explanation:
When a bank is failing it will result in loss of funds not only for the bank but also for customers that have accounts in these banks.
If a bank eventually closes operations as a result of insolvency, they will not be able to pay off the customers. That is where the deposit insurance comes in to settle customers.
The government will have to spend a lot of money reimbursing customers their money.
To avoid this the federal government ensures the capital of banks is maintained to keep banks with falling asset values solvent.
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Cost is a <span>term describes what a manufacturer spends for goods or services.
</span>In production, research, retail, and accounting, a cost<span> is the value of money that has been used up to produce something, and hence is not available for use anymore. In business, the </span>cost<span> may be one of acquisition, in which case the amount of money expended to acquire it is counted as </span>cost<span>.</span>
How will the general ledger accounts in the trial balance most likely differ if the company were a retail store rather than a wholesale company?
A general ledger account is used to record transactions that a company has. A trial balance has all of the general ledger accounts listed shows all of the debits and credits that a company has faced. A retail store will have smaller product transactions over a wholesale store due to the wholesale store selling in bulk. There will likely be more credits and debits for a retail store whereas a wholesale store may have more debits as they are less likely to have returns.
How will they differ for a hospital or a government unit?
A hospital or government unit will have vastly different general ledger reports due to the type of agency they are. These transactions will deal more with insurance or big dollar companies rather than individuals on a smaller scale. A trial balance is not a financial statement but it used to show balances that an organization has.
