In the context of business management, the purpose of budgeting includes the following three aspects:
•A forecast of income and expenditure (and thereby profitability)
•A tool for decision making
•A means to monitor business performance
Answer and Explanation:
The journal entries are shown below:
a. Note receivable Dr $3,800,000
To Cash $3,800,000
(Being the acceptance of the note is recorded)
For recording this we debited the note receivable as it increased the assets and credited the cash as it decreased the liabilities
b. Interest receivable Dr $38,000
To Interest revenue $38,000
(Being the interest revenue is recorded)
For recording this we debited the interest receivable as it increased the assets and credited the interest revenue as it increased the revenue
The computation is shown below:
= $3,800,000 × 6% × 2 months ÷ 12 months
= $38,000
,
The accident would likely be covered under the collision insurance, which covers the policyholder's car when it collides with another car or an object (in this case it would be an object since it was a single-vehicle accident.
If you only had liability coverage, the damage would likely not be covered because liability insurance only covers the damage caused to the other person and their car, not you or your car.
This will also be added to your insurance record even though you weren't the one driving because it was your vehicle and your policy.
The i in fair test stands for impact stakeholders.
The Silo Mentality in a business is something that lean-agile leaders are trying to break down. The silos in a business prevent the free-flowing exchange of information within groups. This results in a Silo Effect, which in turn, limits interactions between members, teams, and departments. Having this mindset in place within a company reduces productivity.
As Lean-Agile Leaders, they are enablers for the different teams within a company and they're lifelong learners aiming to further develop the people in an organization alongside the organization itself. By connecting the silos business, system engineering, hardware, software, test, and quality assurance they can increase productivity & increase their rate of success.
