Answer:
Bookkeeping is related to the recording measuring, and finding the financial data of a company and Accounting is the process where in the company's financial data is summarized, and a report is prepared for the same.
Explanation:
hope this will help you
A major difference between IFRS and GAAP relates to the A Revaluation Surplus Account.
A revaluation reserve is an equity account that stores changes in the value of fixed assets. If the revalued assets are subsequently disposed of by the company, the remaining revaluation reserve is credited to the company's retained earnings account.
This reserve is only used when the organization prepares its financial statements in accordance with International Financial Reporting Standards. No revaluation reserve is allowed for companies using generally accepted accounting principles.
A revaluation reserve is an equity account that stores changes in the value of fixed assets. If the revalued assets are subsequently disposed of by the company, the remaining revaluation reserve is credited to the company's retained earnings account.
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Answer:
$35,300 (Credit)
Explanation:
Given that;
Allowance = 10% × $242,000 = $24,200
Amount written off of $34,200 would have made the balance in the allowance for doubtful debts
= $34,200 - $23,100
= $11,100 (Debit)
However, the balance in the account at the end of the year should amount to $24,200 hence the adjustment required
= $24,200 + $11,100
=$35,300 (Credit)
Answer:
The Actuarially Fair Premium that Tom have to pay for hid Health Insurance is $4,160
Explanation:
To compute the amount that Tom have to pay for Health Insurance is;
Actuarially Fair Premium = (Probability of actuality ill × Payments incurred) + (Probability of not actuality ill × Payments incurred)
Actuarially Fair Premium = (20% x $20,000) + (80% x $200)
Actuarially Fair Premium = $4,000 + $160
Actuarially Fair Premium = $4,160
Answer:
B.
standard test markets
Explanation:
Standard test markets is when a set of representative cities are selected and the full marketing mix is tested in these areas before a new product launch. The new products are sold through their normal channels to simulate reality.
Yummy peanuts is testing its new coconut flavored peanut butter in a group of representative cities. Aimed at forecasting national sales and profit. This is use of standard test markets.
