Current assets, or possessions used up within a year, are generally used to settle current liabilities.
<h3>Why do you use the term "current liabilities"?</h3>
- Current liabilities are debts or commitments that fall due within a year or during the regular business cycle. Additionally, current obligations are paid off by using a current asset, either by generating a fresh current liability or by using cash.
- In accounting, current liabilities are frequently interpreted as all debts owed by a company that must be paid in cash within the fiscal year or the operational cycle of that particular company, whichever is longer.
- Current assets, or possessions used up within a year, are generally used to settle current liabilities. Accounts payable, short-term loans, dividends, and notes payable are a few examples of current liabilities, along with any outstanding income taxes.
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Answer:
a. Account receivable and sales are understated.
Adjusting entry :
Accounts Receivable (Dr.) $21,000
Sales Revenue (Cr.) $21,000
b. Interest receivable is understated.
Adjusting Entry :
Interest Receivable (Dr.) $470
Interest Earned (Cr.) $470
c. Account receivable and sales are understated.
Adjusting entry :
Accounts Receivable (Dr.) $1,460
Sales Revenue (Cr.) $1,460
Explanation:
Adjusting entries will be created for the transactions that are not properly recorded or either completely not recorded. In the given case the customer is not billed for the services rendered. This has an impact on the asset account of the company because account receivable are understated.
Answer:
Outside vendors specializing in all aspects of benefits administration would provide improved support to the firm's employees.
Explanation:
Shared services HR teams provide specialized support of day-to-day transactional HR activities to the company's employees by focusing on using centralized call centers and outsourcing arrangements with vendors (like benefits providers). By utilizing HR shared services, Whitman and the other managers can now devote more time to other HR matters while improving benefits enrollment and coverage by deferring those questions to benefits specialists.
Answer:
The options in the question are not well aligned,find below question with properly aligned options:
A subsistence economy is one that ________.
a. meets its needs without working for wages and purchasing necessities
b. meets its needs by overfishing lakes and rivers
c. purchases resources for immediate use
d. meets is needs while causing ecosystem destruction
e. purchases goods and services from others
Hence the correct option is A,meets its needs without working for wages and purchasing necessities
Explanation:
In a subsistence economy,every household provides for its own basic needs,without any need for specialization that leads to exchange.
Specialization is act of engaging in what one knows how to do best, that way efficiency and effectiveness are guaranteed, as every output would have been given a professional touch.
Exchange is the process by which individuals buys their needs from others using money earned from their own specialty as a medium of exchange
The ability to perform more than one complex encoding tasks simultaneously demonstrates the importance of automatic processing. Automatic processing does not require attention to be paid and deliberately to be put in effort. Something that is done <span>without giving it any thought is automatic processing. </span>
