Answer:
$20
Explanation:
The amount of interest accrued = Note amount * Interest rate * Number of months expired till December 31/ 12 months
= $2,000 * 6% * 2/12
= $20.
Thus, the interest accrued = $20
Answer: Option B
Explanation: An incidental recipient is an individual or legal entity who's not a participant to an agreement and becomes an accidental recipient of a trust or agreement.
In comparison, some advantages in a contract are explicitly claimed to a planned recipient, although they are not yet party to the agreement themselves. Within certain situations, unintentional beneficiaries are not actually promised any such advantages but could gain from the deal.
Answer:
One of the biggest limitations of accounting is that it cannot measure things/events that do not have a monetary value. If a certain factor, no matter how important, cannot be expressed in money it finds no place in accounting.
Answer:
gross profit
Explanation:
Revenue is the income gained through the sales of goods and services to customers. It is the money received from customers when they buy from a business.
Costs of goods sold are the expenses incurred in producing goods meant for sales. It is composed of the direct cost of the manufacturing process. Costs of goods sold include direct materials, direct labor costs, and direct overhead costs.
Gross profit is equal to sales minus direct costs. Revenue is the same as sales, and direct costs are similar to the costs of goods sold. Therefore, revenue minus costs of goods sold is equal to gross profit.
