<span>The statement that is not a disadvantage to cash advances on a credit card is that (A) </span>Cash advances are similar to loans in that they need to be paid back with interest. When you ask for a cash advance, it <span>is a service provided by most </span>credit card<span> and charge </span>card<span> issuers. This will become a credit limit.</span>
Answer:
Followings are the example of new reality of American life during the Depression or war year is given below in the explanation part
Explanation:
The example is given below:
- Millions of American people made slum areas over the America in free land and fields because they lost their homes
- country people tried to find jobs in other countries, they did not find the job there.
- Faintness inverted people from farms to cities
Depression completely changed the way of Americans live
In measuring an impairment loss for a financial asset under U.S. GAAP and under IFRS, the carrying value of the financial asset would be compared to:
under U.S. GAAP Fair value and under IFRS recoverable amount.
Explanation:
In US GAAP, the cost of financial asset depreciation is calculated as the difference between carried value and fair value; in compliance with IFRS, a loss of financial asset impairment is defined as the difference between carrying value and the percentage of the asset that can be recouped.
In compliance with US-based ASC 360-10-35-20. The recovery of a historically identified impairment loss (or "restoration") is forbidden because an item is deemed to have a new cost base after an impairment loss has been registered.
Answer:
d. makes an adjusting journal entry by debiting Cost of Goods Sold for $1,200 and crediting Manufacturing Overhead for $1,200.
Explanation:
The debit balance of $1,200 in the Manufacturing Overhead account represents under-applied overhead. To ensure that the Cost of Goods Sold is accurate, the debit balance is debited to the Cost of Goods Sold while the corresponding credit goes to the Manufacturing Overhead account.
