Answer:
a) Fees earned (or revenues) will be understated. Net income will be understated.
b) Accounts (fees) receivable (or assets) will be understated. Owner’s equity will
be understated.
Explanation:
Adjusting entries refers to the entries that are made at the end of an accounting period in accordance with revenue recognition, principle and expense recognition principle.
All adjusting entries affect at least one income statement account (revenue or expense), and one statement of position account (asset or liability).
One reason some argue that campaign financing should be restricted it is because such a step can protect our democracy from being corrupted by big money. Allowing campaign financiers to spend as much money as they can will result in people with certain interests having control over government
The correct answer is letter B
Utility theory is widely used in economic science to explain how consumers or decision makers make their choices in the best way.
Even if it is not possible to measure the utility that a consumer attributes to a specific good, the theory seeks to compare and classify the alternatives of choice to the good.
question (2) Marginal Cost = Change in cost / Change in quantity
= 400 / 100 = $ 4
Q(3) Marginal Benefit = $500-$100 = $ 400
Q(4) Marginal benefit of 2 bags of seeds = $ 1000-$200 = $ 800
Q(5) Marginal Benefit of 3 bags of seeds = $ 1500-$300 =$ 1200
If he is being rational,maximum number of bags = depends on land available
