The amount of insurance expense that should go through current year net income is the portion of the insurance expense that relates to the current period.
The portion of the insurance expense is determined by the accrual accounting principle, which states that expenses should be recognized in the period in which they are incurred, regardless of when payment is made.
The exact amount of insurance expense that should go through current period net income depends on the specific terms and conditions of the insurance policy, as well as the company's accounting policies and practices. It is very important to take care of your insurance expense.
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borrower cade signs the note and mortgage for a refinance on his principal residence on thursday, december 31. what is the earliest day the funds for his loan can be disbursed (assuming no bona fide financial hardship)?
The earliest day the funds for Cade's loan can be disbursed is Monday, January 4th.
The Truth in Lending Act (TILA) requires a 3-business-day waiting period, known as the "right of rescission," for certain refinancing transactions on a borrower's primary residence. This means that after the borrower signs the note and mortgage, the lender cannot disburse the funds until at least 3 business days have passed.
Since December 31st is a Thursday and New Year's Day (January 1st) is a federal holiday, the earliest day the funds can be disbursed would be Monday, January 4th, which would be the third business day after the loan was signed. However, if there are other factors involved, such as a bona fide financial hardship, the disbursement date could be sooner.
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How has Walmart staked out a unique strategic position? Multiple Choice ed by paying high wages to attract the most talented employees by providing excelent customer service in a kuxury setting by cutting costs to offer lower prices than competitors by investing 100% of profits in community development programs,
Walmart established a distinctive strategic position by reducing expenses to provide lower prices than rivals. Therefore the correct option would be C.
With its headquarters in Bentonville, Arkansas, Walmart Inc. is a multinational corporations and American retail company that runs a chain of hypermarkets (also known as supercenters), discount department stores, and grocery stores in the United States.
Sam Walton and James "Bud" Walton established the business in the nearby Arkansas town of Rogers in 1962, and on October 31, 1969, it was officially incorporated under the laws of Delaware. Additionally, it owns and runs the retail warehouses for Sam's Club.
According to the Fortune Global 500 list released in October 2022, Walmart is the largest company in the world by revenue, with approximately US$570 billion in annual sales.
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---------------- Correct question format is given below -------------
(Q). How has Walmart staked out a unique strategic position?
a. by paying high wages to attract the most talented employees
b. by providing excellent customer service in a luxury setting
c. by cutting costs to offer lower prices than competitors
d. by investing 100% of profits in community development programs
the quantity demanded x for a certain brand of mp3 players is 300 units when the unit price p is set at $100. the quantity demanded is 1300 units when the unit price is $50. find the demand equation.
According to the given data, the quantity demanded x for a certain brand of mp3 players. So, the demand equation is x = -20p + 2300.
What do you mean by demand equation?The relationship between the quantity of a good wanted and the variables influencing a consumer's willingness and ability to purchase the commodity is mathematically expressed by the demand equation.
The demand curve is another name for the relationship between price and quantity demand.
Here,
Calculation of Demand equation: x = a p + b.
Given data of two points, (100, 300) and (50,1300),
So,
100 a + b = 300
50 a + b = 1300
So, the value of a = -20 and b = 2300.
Thus, the demand equation x = -20 p + 2300.
Therefore, according to the given data, the quantity demanded x for a certain brand of mp3 players. So, the demand equation is x = -20p + 2300.
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explain the concept of market and market identification
A market is a collection of customers who share an enthusiasm for, a requirement for, or a desire for a particular commodity or service. By categorizing consumer demographic, regional, and psychographic data, marketers are able to pinpoint markets' shared interests.
What is the concept of market?A market is the total number of buyers and sellers in the area or region under consideration. The region might be the entire planet, or it could be made up of several nations, states, or cities. A market's supply and demand factors determine the worth, cost, and price of the goods sold.Age, gender, income, education, and geography are typical characteristics of the target market. A neighborhood coffee shop might choose to target well-educated persons in the 25–55 age range who live or work three blocks away, have high-paying white-collar employment, and fit this description.Any location where buyers and sellers gather to exchange goods is referred to as a market. This could be a physical storefront or an online marketplace.To Learn more About market Refer TO:
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womble inc. has beginning inventory of $340 and an ending inventory of $640 for a given period in which it purchased $14,200 worth of materials. what is the dollar amount of materials used in this period?
For a specific time period in which it made material purchases totaling $14,200, womble Inc. had beginning inventory of $340 and ending inventory of $640. The total cost of the materials utilized during this time was $13,900.
What does accounting employ direct materials for?Direct materials are one type of raw material. Although not all raw materials are used in the same way, direct materials are those that you use directly in your end product. Even today, safety equipment worn by industry workers and cleaning agents used on machines are considered to be raw commodities required for production.
In accounting, the materials used to make a product are referred to as direct materials. These sources need to be closely related to the end result you're producing. Direct material costs are one of the expenses associated with producing a good.
The following formula must be used to determine the amount of direct material used:
Direct material used= beginning inventory + purchases - ending inventory
Direct material used= $340 + $14,200 - $640
= $13,900
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Microeconomics and macroeconomics
Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics
- The effect of federal government spending on the national unemployment rate (Microeconomics/Macroeconomics)
- The optimal interest rate for the federal reserve to target
(Microeconomics/Macroeconomics)
- A firm's decision about the size of its new factory
(Microeconomics/Macroeconomics)
Macroeconomics examines economy-wide phenomena such as gross domestic product (GDP) and how it is affected by using changes in unemployment, countrywide income, rates of growth, and charge levels.
Which would be studied in microeconomics *?Definition: Microeconomics is the find out about of individuals, households and firms' behavior in choice making and allocation of resources. It typically applies to markets of goods and services and deals with character and economic issues.
Answer and Explanation: a. Microeconomic Issue: The effect of an extend in the fee of Coca-Cola on the volume of Pepsi-Cola bought will be regarded a microeconomic issue.
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https://brainly.com/question/3829584#SPJ4Problem A. Ann spends Php30,000 per year on painting supplies and storage space. She recently received two (2) job offers from a famous marketing firm – one offer was Php110,000 per year and the other was Php80,000 per year. However, she turned both jobs down to continue a painting career. if she sells 25 paintings per year at a price of $10,000 each. what are her accounting profits?
if she sells 25 paintings per year at a price of $10,000 each then her accounting profits will be 170,000.
Given:
Implicit Cost = 190,000
Total Revenue = 200,000
Explicit Cost = 30,000
AP = TR - Explicit Cost
AP = 200,000 - 30,000
⇒ = 170,000
Accounting profit, also known as financial profit or accounting profit, is a company's net income, which is defined as total revenue less explicit costs. Accounting profit is utilized to evaluate a company's performance and compare it to competitors' financial positions. Profit is an important indicator for assessing a company's health and success. If your business is lucrative, it has a better chance of surviving in the long run.
Understanding your company's accounting profit can help you prepare for its financial future. For example, if one of your items has a low product margin, which means that selling price for one unit isn't much greater than the cost of production, you may think about cutting expenses or raising the price.
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Employers must provide a stairway or a ladder at points of access where the elevation between two steps is _____ inches or more.
As per the OSHA regulations, Where there is a break in elevation of 19 inches (48 cm) or more and no ramp, runway, sloped embankment, or personnel hoist is present, a stairway or ladder must be provided.
The American national standards known as the Occupational Health and Safety Administration (OSHA) regulations were created to guarantee workplace health and safety for all employees. The main regulation of OSHA is that businesses must ensure a safe working environment. All regulations that come after this one are governed by it, and new regulations are frequently made to strengthen it. Employers are required by law to adhere to all OSHA guidelines. OSHA has put into effect hundreds of safety laws that include the maritime, agricultural, and construction industries. There are broad industry regulations for all other types of employment, ensuring that all workers have access to the law in the event that they feel unsafe at work. One such legislation requires companies to ensure that employees receive the necessary training before starting any job and that they have the right to decline doing a task if doing so will endanger their health or safety.
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can you think of strategic reasons for disney to ensure a consistently positive customer experience through employee engagement?
Disney is one of the largest and most well-known entertainment companies in the world, and providing a consistently positive customer experience is crucial to its success.
Disney can create a more enjoyable and memorable experience for its customers.
Here are a few strategic reasons why employee engagement is so important for Disney.
First, engaged employees are more likely to provide excellent customer service. When employees are invested in their jobs and feel a sense of pride and purpose in what they do, they are more likely to go the extra mile to make customers happy.Second, engaged employees are more productive and efficient. When employees are motivated and engaged, they are less likely to waste time or make mistakes, which can lead to better use of resources and increased productivity.Third, engaged employees are more likely to stay with the company for longer periods of time, reducing turnover and saving on the cost of recruitment and training.To Read more about Disney, Visit-
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82) the inventory of properties held primarily for sale to customers is called:
Machines, cars, offices, rental properties (both residential and commercial), and other equipment, such as computers and other technologies, are all examples of depreciable property.
The main source of income for many banks is the interest they charge borrowers for borrowing money in the form of consumer-issued personal loans, vehicle loans, or house loans. Both small and large enterprises can borrow money from many institutions. The properties listed below do not qualify for tax-deferred exchange treatment under IRC 1031, according to: A developer, "flipper," or another trader might own stock in trade or another type of property that is primarily held for selling.
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When it comes to resource markets, in what form do households receive income from entrepreneurship?.
Households receive income from entrepreneurship in the form of profit. Entrepreneurship refers to the process of starting and running a business, which involves taking on financial risks to create and sell goods or services.
If the business is successful, the entrepreneur earns a profit, which is the income received from the sale of the goods or services after all expenses have been paid. This profit can be used to support the household, reinvest in the business, or save for the future.
In a market economy, households that engage in entrepreneurship can also receive income from the sale of assets, such as stocks or real estate, if the value of these assets increases over time. The income received from these assets can also be used to support the household or to make additional investments.
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What does it mean for a research study to involve no more than minimal risk?
According to the definition of minimal risk for subjects, the likelihood and severity of harm or discomfort anticipated during the research are not greater than those typically experienced during daily activities.
What is a research study?"Creative and methodical action done to improve the body of knowledge" is how research is defined.
In order to better comprehend a topic, it involves acquiring, arranging, and evaluating data.
It is distinguished by an emphasis on eliminating bias and mistake sources.
By accounting for and compensating for biases, these jobs can be distinguished from one another.
A research effort could build on prior contributions to the field.
Research may duplicate portions of earlier projects or the project as a complete to verify the accuracy of instruments, processes, or experiments.
Therefore, according to the definition of minimal risk for subjects, the likelihood and severity of harm or discomfort anticipated during the research are not greater than those typically experienced during daily activities.
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For an unregulated monopolist, the profit-maximizing quantity will always be:
in the elastic region of the demand curve where marginal revenue equals price where price equals average total cost where the marginal cost curve intersects the demand curve
Option (A), The profit-maximizing quantity for an unrestrained monopolist will always be in the elastic portion of the demand curve.
What happens if a monopoly is not regulated?Unchecked monopolies have the capacity to determine prices and control the market. Examples include the relationship between Microsoft and Windows, DeBeers and diamonds, and your local gas company. Specific restaurants and other products with "brand loyalty" will choose their prices and output exactly like monopolists do in marketplaces that are otherwise competitive.
What quantity will the monopolist use to maximize profits?The choice that will increase profits for the monopoly is the quantity of commodities produced at the point at which marginal revenue equals marginal cost, or when MR = MC. At certain output levels, MR > MC if the monopoly produces less, and the business can raise profits by doing so.
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explain at least two ways chesapeake sabotaged its own tax position in 1999 on its tax return and/or financial statements (from the court case). what could they have done differently to strengthen its arguments that this entire transaction was not merely tax avoidance with no business purpose?
We are the leading provider of new and used watercraft loans in the industry as a national watercraft lending company. Chesapeake Financial specialize in boat loans that meet your income and protects your credit report.
Why choose Chesapeake payment methods?For businesses, Chesapeake Payment Systems (CPS) provides cloud-connected uAccept point-of-sale platforms and secure payment processing at low prices. Rather than functioning as freelance sales agents, our skilled local representatives for customer service are actual employees.
Which services is Chesapeake Bank able to provide?Bank of Chesapeake Chesapeake Bank is a neighborhood bank that provides unique account management, rewards, and other services in both individuals and businesses, providing saving and checking accounts.
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the agent has the right to be compensated, to be reimbursed and indemnified, and to have a safe working environment. what other right does the agent also have in performing his agency duties?
The agent seems to have the right to be compensated, reimbursed, and indemnified, as well as to work in a safe environment. An agent may also perform agency duties without interference from the principal.
What are the duties of an agent?As a general rule, an agent is only entitled to indemnity from the principal if they act within the scope of their actual authority; otherwise, they may be in breach of contract and liable to a third party for breach of the implied warranty of authority.In the event of a breach of duty by the agent, the principal has the right to sue for damages. Agents are responsible for the following tasks: Section 211 states that an agent must act within the scope of authority delegated to him by his principal. He must also strictly adhere to his principal's instructions.An agent has several rights and responsibilities. Rights include the right to remuneration, the right to indemnity, the right of retainer, the right to lien, and the right to compensation.To learn more about agent refer to :
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A new accountant, Tia Count, put together a preliminary version of Medina Co.'s financial statements. Medina's Net Income was $500, its Depreciation Expense was $100, and its Cash Flow from Operations was $70. The CEO found an error that Tia made in computing straight-line Depreciation Expense, which should have been $150.What is Medina's Cash Flow from Operations after fixing this mistake? (you can ignore taxes)a) $220b) $120c) $50d) $70e) $350
The correct answer is option e. A new accountant, Tia Count, put together a preliminary version of Medina Co.'s financial statements. Medina's Net Income was $500, its Depreciation Expense was $100, and its Cash Flow from Operations was $70. The CEO found an error that Tia made in computing straight-line Depreciation Expense, which should have been $150. Medina's Cash Flow from Operations after fixing this mistake is $350.
The term "operations" refers to the day-to-day activities of a business, including the buying and selling of goods and services, which generate cash inflows and outflows. "Cash flow from operations" is a metric used to assess a company's ability to generate cash from its operations, and it is an important measure of financial performance.
In the case of Medina Co., the company's preliminary Net Income was $500, its Depreciation Expense was $100, and its Cash Flow from Operations was $70. However, the CEO found that Tia Count, the new accountant, made a mistake in computing the straight-line Depreciation Expense, which should have been $150 instead of $100.
To calculate Medina's Cash Flow from Operations after fixing the mistake, we need to subtract the corrected Depreciation Expense from the Net Income. The corrected Depreciation Expense is $150, and the Net Income is $500, so the Cash Flow from Operations is $500 - $150 = $350.
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economics is defined as (1pts) question 1 - economics is defined as study of human activity. science of scarcity. study of markets. study of human activity.
Economics is a branch of study that examines how human behavior relates to scarce resources with multiple applications.
Economics is the study of scarcity and how it affects how resources are used, how commodities and services are produced, how production and welfare increase over time, and a wide range of other complicated concerns that are extremely important to society.
Economics is a social science that examines how products and services are produced, distributed, and consumed as well as the decisions that people, corporations, governments, and nations make when allocating resources.
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from 2000 to 2020, india’s gdp grows from $470 billion to $2.62 trillion. the average annual growth rate of india’s gdp is about
India's GDP increases from $470 billion to $2.62 trillion between 2000 and 2020. India's GDP is growing at an average yearly pace of roughly 8.1%.
As indicated by its GDP growth from $470 billion in 2000 to $2.62 trillion in 2020, India has witnessed significant economic growth over the last 20 years. The average annual growth rate, which is 8.1%, reflects this expansion. One of the world's main economies with the quickest growth rates is India, whose rapid development and decline in poverty have been aided by the country's rapid expansion. India's economy is still growing, and its people are benefiting from better economic conditions despite continuous economic difficulties and significant economic inequities. This suggests that India's future is promising.
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What does it mean to have a negative savings rate?
The term “negative savings rate” is pretty intuitive. It's when savings are negative because people are spending more money than they earn.
The term “bad savings fee” is pretty intuitive. it's whilst savings are terrible because people are spending extra cash than they earn. A poor financial savings rate on a character degree most effectively affects one man or woman and his or her economic dependents.
A bad financial savings fee approach is that even as consumers may be pumping plenty of cash into the economic system, they’re placing themselves susceptible to going through an economic disaster that might slow components down for absolutely everyone inside the destiny. now and again this can be transient, like when you have an activity with seasonal high and occasional times. but if this is a persistent nation, it may be time to do so in my view or as a society. here are some situations where having a terrible financial savings price ought to spell problems.
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the dulac box plant produces 500 cypress packing boxes in two 10-hour shifts. what is the productivity of the plant?
If the dulac box plant produces 500 cypress packing boxes in two 10-hour shifts. The productivity of the plant is: 25 boxes/hour.
How to find the productivity of the plant?The productivity of the Dulac box plant = number of boxes produced / number of labor hours required to produce them.
With two 10-hour shifts, the total number of labor hours is:
2 shifts * 10 hours/shift = 20 hours.
So, the productivity of the Dulac box plant can be expressed as:
500 boxes / 20 hours = 25 boxes/hour
Therefore, the productivity of the Dulac box plant is 25 boxes per hour.
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donner 1) during september 1987, what was the capacity utilization (capacity actually used divided by the total capacity available) of operations such as metallize and drill?
Capacity utilization is a measure of the efficiency of an organization's production process. It is calculated by dividing the actual output produced by the maximum potential output that could have been produced with the same resources and equipment. This helps companies to determine the level of efficiency and utilization of their existing capacity.
For example, if a company has a total capacity of 100 units of production, and during September 1987, it actually produced 90 units of production, then the capacity utilization would be 90% (90/100). A high capacity utilization indicates that a company is using its resources effectively, while a low capacity utilization suggests that the company has unused capacity.
In the case of operations such as metallize and drill, the capacity utilization would depend on various factors such as the availability of raw materials, the efficiency of the production process, the maintenance of equipment, and the level of demand for the products.
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what type of information does a registry-generated exception report contain?
A registry-generated exception report is a type of report that is generated by a computer registry, which is a central database that stores information about the configuration and settings of a computer system.
This report contains important information about the exceptions, or unexpected events, that have occurred within the registry.
Error codes: A registry-generated exception report contains error codes, which are numerical codes that indicate the specific error that has occurred. These codes can help technicians and IT professionals diagnose and resolve the problem.
Date and time stamps: The report also contains date and time stamps, which indicate when the exception occurred. This information is important for understanding the timeline of events and can help technicians identify any patterns or trends.
Event description: The report also provides a description of the event, which can help technicians understand what specifically caused the exception.
This information is often accompanied by additional details such as the location of the error within the registry and the software or hardware component that was involved.
System information: The report may also contain information about the computer system, including its operating system, hardware configuration, and other relevant details. This information can be useful for troubleshooting and resolving problems with the registry.
Recommendations: In some cases, the registry-generated exception report may include recommendations for resolving the problem. These recommendations can be helpful for technicians and IT professionals who are working to fix the issue.
In conclusion, a registry-generated exception report contains important information about exceptions that have occurred within the registry, including error codes, date and time stamps, event descriptions, system information, and recommendations for resolving the problem.
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list four likely external users of the accounts of a large plc such as microsoft and explain what they would use these accounts for.
Four likely external users of the accounts of a large PLC like Microsoft are Investors, Analysts, Regulators,Suppliers.
Investors: They use the accounts to evaluate the financial health and performance of the company, and to make informed investment decisions.Analysts: They use the accounts to perform financial analysis and make recommendations to investors.Regulators: They use the accounts to ensure that the company is in compliance with financial reporting regulations.Suppliers: They use the accounts to assess the creditworthiness and stability of the company and make decisions about providing goods and services on credit.Each of these users would use the accounts in a slightly different way, but all would rely on the financial information provided by the company to make informed decisions.
The accounts would provide insight into the company's revenue, expenses, assets, liabilities, and cash flow, as well as other key financial metrics. By analyzing this information, external users would be able to gain a better understanding of the company's financial performance and make decisions about its future.
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hrm should be left to line managers because they know their people best. b. hrm should be a part of the strategic planning process. c. hrm oversees the firm's strategic investment in attracting, retaining, and motivating an effective workforce. d. hrm should have an important place because of the complex legal environment. e. hrm should be viewed as a means of significantly increasing productivity.
Human resource management should be left to line managers because they know their people best.
What is human resource management?Human resource management is a strategic and coherent strategy to the efficient and effective supervision of individuals within a corporation or organization so that they can help the company gain a competitive advantage. It is intended to maximize employee performance in support of an employer's strategic goals.Human Resources is in charge of five major responsibilities: talent management, compensation and employee benefits, training and development, compliance, and workplace safety. By effectively managing the employee lifecycle, an HR department can help provide organizational structure and the ability to meet business needs.Human resource management (HRM) is the effective management of people in an organization. HR management bridges the gap between employee performance and the strategic goals of the organization. Furthermore, an effective HR management team can provide businesses with a competitive advantage.To learn more about human resource management refer to :
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TRUE/FALSE. observation is a powerful tool for gathering information about the as-is system and may be necessary because managers often do not remember how they work and how they allocate their time.
True; observation is an effective method for learning about the As-Is system and may be required because managers frequently forget how they spend their time and how they work.
A process management method called as-is process analysis or current state analysis identifies and assesses a company's present processes.
An complete company organisation, or one or more particular processes within a department or team, might be the subject of a current state analysis.
The following are some of the main motives or purposes for using present state analysis:
saving cashenhancing current procedures or developing new proceduresIncreasing consumer contentmentenhancing organisational responsiveness and cooperation within the businessadhering to new regulatory requirementsProcess modification after a merger or purchaseTo know more about observation, click here https://brainly.com/question/28041973
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as of december 31, 2020, did most of the financing for assets come from creditors or stockholders?a. creditorsb. shareholders
As of december 31, 2020, did most of the financing for assets come from creditors. In this option A is correct.
A party (such as a person, group, business, or government) that has a claim on the products or services of a third party is referred to as a creditor or lender. It is a person or organization who owes money. [1] Generally speaking, the first party has given the second party some goods or services with the understanding (usually enforceable by contract) that the second party will give back goods and services of equal value. Frequently, the second party is referred to as a debtor or borrower. The first party is referred to as the creditor, who is the one who has lent money, goods, or services.
Secured and unsecured creditors can be broadly divided into two groups.
In order to provide assurance, a secured creditor has a security or charge over some or all of the debtor's assets.
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which procedure to test journal entries and other adjustments is typically performed last?
1. test completeness of journal entries
2. examine support for Journal entries that meet high-risk criteria
3. obtain an understanding of the entity journal entry process
4. identify high-risk journal criteria
The procedure to test journal entries and other adjustments is typically performed last is option 1. test completeness of journal entries.
A journal is a booklet where all of a business's dealings are initially documented. Journalising is the procedure of entering deals into a journal. Each transaction deal has two effects on the accounts: one debit and one credit.
When there is completeness of journal entries, transactions that ought to have been disclosed and recorded have not been missed. Tests that are pertinent include choosing a representative of client orders, examining the dispatch notes, sales invoices, and publishing to the sales account in the general ledger.
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the market for orchids is in equilibrium. if a freeze in the southeast causes the rose growers to begin growing orchids, then we would expect to see a/an
Orchids thrive on windowsills with an eastern exposure. Unscreened south-facing windows may be a bit too bright and warm, but a sheer curtain can add the ideal amount of filtering. To avoid being exposed to persistent bright indirect light, you can also move the orchid a few feet away from the window.
How do you care for an orchid indoors?Many people believe that growing orchids indoors is difficult. This vast, varied collection of plants contains many species that are simple to grow inside, even though they may need specialist potting soil and a certain quantity of water to survive. They will thank you for your meticulous work with their beautiful flowers for many years to come. We've included some of our most helpful orchid care advice to help you feel more confident, including how to water orchids, how to fertilize them, and what potting mix produces the greatest results.Orchids are tropical plants, thus they prefer warm weather between 60 and 80 degrees Fahrenheit. Keep away from hot air vents, chilly spots, rooms with rapid temperature drops, and drafts. Humidity levels of 50% or above are ideal for orchid growth. In wet areas, as beside a kitchen window, they can thrive.To Learn more About Orchids Refer TO:
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What is gdp per capita by country ?
The precise GDP per capita varies widely per nation, with some of the helpful for assessing found in places like Luxembourg, Macao SAR, and Qatar.
What is GDP?The entire value of all products and services produced inside a nation's boundaries in a specific time period, usually a year, is calculated as the gross domestic product (GDP), which is a measure of a nation's overall economic output. It is regarded as one of the most significant measures of the economic health and living standards of a nation. GDP includes all aspects of production, including consumer and government expenditures, investments, exports and imports, as well as all other types of output (referred to as net exports). A growing GDP denotes a growing economy, whereas a dropping GDP denotes a contracting economy. Although it does not take into account things like economic disparity, environmental deterioration, or quality of life, GDP is not a perfect indicator.
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 Complete the following statements regarding the residence, age and support tests for a qualifying child as a dependent Residence Test: A qualifying child must live with the taxpayer for --- year. For this purpose, temporary absences are ___. Age Test: A qualifying child must be under age ___ or under age___ in the case of a full-time student. An individual ____ be older than the taxpayer claiming him or her as a qualifying child Support Test: To be a qualifying child, the individual must not provide more than ___ who is a full-time student, scholarships ⼠of his or her own support. In the case of a child considered to be support
Following the dissolution of a marriage or other comparable partnership, child support (sometimes known as child maintenance) is a continuous, periodic payment given by a parent for the financial benefit of a child (or parent, carer, or guardian).
Children of a relationship that has ended, or in certain situations never existed, are supported and cared for through direct or indirect payments as child support from an obligee to an obligee. The debtor is frequently a non-custodial parent. The obligee is often a guardian, carer, or parent with primary custody.
1. Residence Test: A eligible child must spend more than half of the year living with the taxpayer. Temporary absences are ignored for this reason.
2. Age Requirement: To be eligible, a child must be younger than 19 or, in the case of a full-time student, younger than 24. Any person claiming to be a qualifying kid cannot be older than the taxpayer making the claim.
3. Support Test: To be considered a qualified child, the person must not offer more than one-half of his or her own support if they are full-time students. Scholarships are not regarded as help in the event of a child who is a full-time student.
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