The common errors that leads to unbalanced account and are the easiest to resolve includes the <em>error of </em><em>Omission, Commission</em>. <em>Original Entry and Duplication</em><em>.</em>
In accounting, there are different type of error that could result to the unbalanced account, that is, leaving the Trial balance or Balance sheet unbalanced.
Generally, the recognized type of errors in accounting includes:
- <em>Error of Original Entry</em>
- <em>Error of Duplication</em>
- <em>Error of Omission</em>
- <em>Error of Entry Reversal</em>
- <em>Error of Principle </em>
- <em>Error of Commission</em>
- <em>Transposition Errors</em>
- <em>Rounding Errors </em><em>etc</em>
In conclusion, the common errors that leads to unbalanced account and are the easiest to resolve includes the <em>error of </em><em>Omission, Commission</em>. <em>Original Entry and Duplication</em><em> </em>because they are easy to correct.
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Controlling the money supply is the Fed's most significant duty.
<h3>
What is the Fed and how does it work?</h3>
The Fed oversees financial institutions, controls the country's finances, and has an impact on the economy. The Fed has the power to either speed up or slow down the economy by changing interest rates up and down, printing money, and employing a few other strategies.
<h3>
Why the Fed is important?</h3>
A secure, adaptable, and stable monetary and financial system is provided by the Fed for the nation. Conducting national monetary policy, overseeing and regulating banks, preserving financial stability, and offering banking services are among the Fed's primary responsibilities.
<h3>
Why is the Federal Reserve so powerful?</h3>
The Fed has an impact on the economy and Americans' financial lives by regulating the nation's banks and setting interest rates. Although it doesn't deal with people directly, it makes sure that they may deposit checks, use debit cards, and transfer money reliably and safely.
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The answer is B, Bill of Lading.
Answer:
a. GDP in this economy is $135.
b. Producer Value Added
(Dollars)
Farmer 70
Miller 50
Baker 15
Total $135
c. The total value added for the three producers in this economy does not equal the economy’s GDP.
b. False
Explanation:
Ordinarily, Gross Domestic Product (GDP) is the economic measure of the total value of all the finished goods and services produced within a country's borders in a specific time period, usually a year. Broadly, it comprises the totality of private consumption, fixed investment, change in inventories, government consumption, and net exports. On the other hand, value added can be defined as the economic profit made from a business activity.