Amounts withheld from employee's earnings for the employee income tax is considered a liability by the employer until the government is paid
What is liability?
Liability means the obligation that one party owes another, whose settlement requires the indebted party to transfer cash or equivalent value of other benefits commensurate to the liability to the other party.
In this case, the employees owe the government income taxes, whereby the employees have discharged the obligation by having the employers deduct them from their earnings.
The onus is now on the employers to make payments in respect of the income taxes withheld to the tax authority, prior to which the taxes are treated as the employer's liability.
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Missing options:
(A) assets. (B) liabilities. (C) salary expense. (D) revenue.
Answer:
D. The dollar appreciates against the Hungarian forint.
Explanation:
If after investing, it happens during the next two months that the dollar invested by the American company appreciates against the Hungarian forint.
It would imply that the company will earn less than 8 percent on its investment.
Can i see the answer choices
Answer:
C. strategic planning
Explanation:
Strategic planning involves the way or process an organization adopts in determining its strategy, direction and making decisions on how to allocate resources better and implement strategy. It is also the technique which guides and controls the implementation of strategy.
Tools used for strategic planning includes.
1. Growth share matrix.
2.PEST analysis.
3.SWOT analysis.
4.Scenerio planing. etc.
Answer:
C. increase if beef is a normal good; decrease if rice is an inferior good.
Explanation:
As the average income in China continues to increase, we would expect the demand for beef to increase if beef is a normal good and the demand for rice to decrease if rice is an inferior good.
Normal goods are goods whose demand increase with the increase in income of consumer, however, demand decreases with the decrease in the income of consumer as we know Income is a key factor, which affect the demand of goods and services. Examples of Normal goods are Beef, Pizza, etc.
Inferior goods are goods whoes demand decreases with the increase in income of consumer, however, demand increases with the decrease in the income of consumer. Examples of Inferior goods are Cereal, Rice, non branded noodles etc.