In a tenancy contract, a family worked a small part of a large farm in exchange for part of the crop.
<h3>What is a tenancy contract?</h3>
Tenancy agreement or rental contract is a legally enforceable agreement that grants the renter use of a property for a specific usage and time period. The agreement outlines every aspect of the lease as well as the standards and expectations that were mutually agreed upon by the parties.
A lease, which is more common for a fixed time, is different from a rental agreement, which is a contract of the rental between the owner of a property and a renter who wants to have temporary possession of the property. Rental agreements are typically written.
An arrangement between you and a landlord is known as a tenancy agreement. As long as you pay rent and abide by the rules, you are permitted to occupy a property. It also outlines the tenancy's legal terms and restrictions.
A tenancy agreement is regarded as a periodic lease in the business world, with a one-month notice period for termination available to either the landlord or the tenant.
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Answer:
1. Small expenditures which primarily benefit the current period. REVENUE EXPENDITURES
2. Cost less accumulated depreciation. BOOK VALUE
3. An accelerated depreciation method used for financial statement purposes. DOUBLE DECLINING BALANCE METHOD
4. Tangible resources that are used in operations and are not intended for resale. PLANT ASSETS
5. Equal amount of depreciation each period. STRAIGHT LINE METHOD
6. Expected cash value of the asset at the end of its useful life. SALVAGE VALUE
7. Process of allocating the cost of equipment over its service life. DEPRECIATION
8. Material expenditures that increase an asset's operating efficiency, productive capacity, or useful life CAPITAL EXPENDITURES
9. An accelerated depreciation method used for tax purposes. MACRS
10. Useful life is expressed in terms of units of production or expected use. UNITS OF ACTIVITY METHOD
Explanation:
Good judgement is important in making decisions when budgeting because they can allow one to predict fairly accurately what the costs will be of a particular project based on one's own experience and of the current prices of supplies and say drilling charge rates and also with an adequate allowance for contingency.
Answer: Explanation:
We debit the contributed assets and credit the capital account
cash 11,290 debit
equipment 2,740 debit
capital account 14,030 credit ( 11290 + 2740)
we debit the asset and recognize the payable amount
supplies 450 debit
account payable 450 credit
we debit the assets and credit the revenue
cash 1,303 debit
account receivable 689 debit
service revenue 1,992 credit (1303 + 689)
we debit the expense and credit the asset we use to pay it
rent expense 634 debit
cash 634 credit
we debit the expense and credit the consumed asset
supplies expense 187 debit (450 purchase - 263 at hand)
supplies 187 credit
