Explanation:
Fiscal accountability is based on the short-term cash distribution or on the short-term use of government resources; organizational obligations concentrate on effective and productive use of government resources.
Different accounting principles are used to capture these various types of accountability. Fiscal responsibility is achieved by means of the adjusted accrual accounting system where the revenue is recognised in the period measured and available for revenues and expenditures (not expenses) are accepted as needing to be charged out of existing financial capital.
Operational accountability in accounting rules is captured. The emphasis of accrual accounting is on the transfer of economic resources, which allows the identification of revenues and expenses when there is an exchange in economic resources.
Explanation:
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Answer:
Correct option is (D)
Explanation:
Given:
Purchase price of copyright = $50,000
Expected useful life = 5 years
Annual depreciation expense as per straight line method:
= Purchase price ÷ useful life
= 50,000 ÷ 5
= $10,000
Only useful life is considered and not legal life.
Carrying value of asset at the end of year = Book value of asset - annual depreciation
Carrying value of copyright at then end of first year = 50,000 - 10,000 = $40,000
Carrying value of copyright at then end of second year = 40,000 - 10,000 = $30,000
There are four types of money included in the M2.
