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Elanso [62]
2 years ago
10

The three common types of checking accounts are basic, interest-bearing, and lifeline?

Business
1 answer:
otez555 [7]2 years ago
3 0

Answer:

True

Explanation:

Quizlet: Name three common types of checking account? basic checking account, interest-banking checking account, and Lifeline checking accounts.

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Benny asked his marketing team to research and collect data regarding the demographics of people residing in the state of Califo
anzhelika [568]

Answer:

C, Management Information System

Explanation:

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3 years ago
"Problems and Applications Q2
Marysya12 [62]

Answer:

When the Feds sells bond in open market, it INCREASE the money supply.

If the Feds want to decrease the money supply in THE ECONOMY, it can INCREASE the reserve requirements.

When the Feds increases the interest rate it pays on reserve, the money supply will DECREASE.

When Fomc decrease it target for the federal funds rate, the money supply will INCREASE.

When Citibank repays a loan it had previously taken from the Feds, it DECREASES the money supply.

6 0
2 years ago
Each of the following situations occurred during 2011 for one of your audit clients:1. The write-off of inventory due to obsoles
In-s [12.5K]

Answer:

Situations during 2011 at an Audit Client

A. Appropriate Reporting Treatments:

1. Write-off of inventory due to obsolescence.

a. As an extraordinary item.

2. Discovery that depreciation expenses were omitted by accident from 2010's income statement.

c. As a prior period adjustment.

3. The useful lives of all machinery were changed from eight to five years.

f. As a change in accounting estimate.

4. The depreciation method used for all equipment was changed from the declining-balance to the straight-line method.

g. As a change in accounting estimate achieved by a change in accounting principle.

5. Ten million dollars face value of bonds payable were repurchased (paid off) prior to maturity resulting in a material loss of $500,000. The company considers the event unusual and infrequent.

b. As an unusual or infrequent gain or loss.

6. Restructuring costs were incurred.

b. As an unusual or infrequent gain or loss.

7. The Stridewell Company, a manufacturer of shoes, sold all of its retail outlets. It will continue to manufacture and sell its shoes to other retailers. A loss was incurred in the disposition of the retail stores. The retail stores are considered components of the entity.

e. As a discontinued operation.

8. The inventory costing method was changed from FIFO to average cost.

d. As a change in accounting principle.

B. Inclusion in the Income Statement:

1. CO

2. RE

3. CO

4. RE

5. BC

6. BC

7. BC

8. CO

Explanation:

1. Investopedia.com defined "Unusual or infrequent items" as "gains or losses from a lawsuit; losses or slowdown of operations due to natural disasters; restructuring costs; gains or losses from the sale of assets; costs associated with acquiring another business; losses from the early retirement of debt; and plant shutdown costs."

2. Extraordinary gains or losses are economic events which originate from continuing infrequent and unusual operations.  These gains and losses stem from the normal business activities of the company, but, they do not happen regularly, and are abnormal in nature.

3. A prior period adjustment is the correction of a past accounting error that occurred in the past financial statements.

4. According to investopedia.com, "A change in accounting principle is a change in how financial information is calculated, while a change in accounting estimate is a change in the actual financial information.  Changes in accounting principles are done retroactively, where financial statements have to be re-stated.  But, changes in estimates are not applied retroactively.

6 0
3 years ago
Explain why a city council meeting to discuss hiring more city employees must be open to the public, while a meeting to discuss
ad-work [718]

Answer:

The answer is because people should know who is coming into office, but they do not have the right to know why someone is being fired for private reasons.

Explanation:

It’s important for the hiring discussion to be made public by the city council since it relates to the use of public funds to compensate these additional workforces. In contrast, firing processes do not relate to incurring funds and thus the public does not need to know about the reasons of the firing.

7 0
3 years ago
Presented below are certain account balances of Swifty Products Co. Rent revenue $6,980 Sales discounts $8,170 Interest expense
svetlana [45]

Answer and Explanation:

The computation is shown below:

a

Sales revenue $405,100

Add: Rent revenue $6,980

Add: Dividend revenue $71,430

Less: Sales returns and allowances $(12730)

Less: Sales discounts $(8170)

a  

Sales revenue 405100

Add: Rent revenue 6980

Add: Dividend revenue 71430

Less: Sales returns and allowances (12730)

Less: Sales discounts (8170)

Total net revenue $462,610

b  

Total net revenue $462,610

Less: Expenses  

Interest expense $13,320

Selling expenses $99,730

Income tax expense $27,776

Cost of goods sold $166,455

Administrative expenses $88,620

Total Expenses $395,901

Net income $66,709

c  

Net income $66,709

Less: Allocation to noncontrolling interest $17,320

Income attributable to controlling stockholders $49,389

5 0
2 years ago
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