Answer:
Materiality of the assets
Explanation: Materiality is known to as misstatements, including omissions, and these are considered to be material if they, individually or in the aggregate, could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
Answer:
A new policy introduced.
Explanation:
Since you are working for the forestry service the one best way to enhance supply would be to introduce a new policy to enforce planting of trees, at the same time reducing the amount of trees to be cut down by local logging companies, by making it illegal to do so.
Next, as the new policy is implemented, the demand for trees would reduce with an increasing demand for forestry services to provide helpful guide on growing new trees.
A steady, sustainable profit lasting is guaranteed since more trees planted means more trainings, which means more services rendered and more service fees charged.
Answer:
Explanation:
The journal entries are shown below:
1. Petty cash A/c Dr $264.2
To Cash A/c $264.2
(Being petty cash fund established)
2. Freight - in expense A/c Dr $75
Supplies expense A/c Dr $40
Postage expense A/c Dr $48
Loan to employees A/c Dr $32
Miscellaneous expense A/c Dr $51
Cash over and short A/c Dr $2.9
To Cash A/c Dr $248.9 ($264.2 - $15.3)
(Being disbursement of cash recorded)
3. Petty Cash A/c Dr $115
To Cash A/c $115
(Being increase in petty cash recorded)
Answer: The overall price level increased.
Explanation: The rise in the overall price level is termed as inflation. From the information we can see that the average price of the three goods in 2015 was $7.50. A year later, the average price changed to $7.58.
Therefore, the overall price level rose as the average price level increased from $7.50 to $7.58.
