Answer:
assets on the balance sheet.
Explanation:
Reserves are percentages of deposits that are required for depository institutions to keep to meet unforeseen contingency. they are usually kept in bank vaults
they are assets and they cannot be lent out
Answer:
b. The median pay of economics majors increased more in dollar terms than any other majors in 2015.
Explanation:
As it can be seen from the various sources that tha major in economics represents the largest per dollar rise for all major in the year 2015
Due to which it brings down the requirement for more economists also the word economics is not certain. Also, for the entry level jobs in the economics field, the minimum qualification should be masters
Therefore according to the given case, the option B is correct
Answer:
The use of budgets in controlling operations
Explanation:
Budgetary control
The efficiency with which the manger utilizes the budget to control and monitor the costs and operations in a given period of time .
uses the budget as the controlling operations .
Steps of Budgetary Control:
a. Establish a plan or a target of the performance , which coordinates all the activities of the business .
b. Record the actual performance .
c. Compare the actual performance with the planned .
d. Calculate the differences , variances and the reasons .
e. Act immediately , if necessary, to remedy the situation.
Answer:
Outstanding checks
Explanation:
One of the reasons why a cash book and a bank statement might <em>not show identical entries arise</em> from outstanding checks.
Outstanding checks are payments that have not yet been cleared and debited to the account at the bank.
Answer:
Revenues to be understated.
Explanation:
The accrual basis says that revenues are recognized when earned and expenses are recognized when incurred.
In this case, if the legal services have been rendered at the end of the accounting period and no adjusting entry is made there is a situation of understated revenue.
When an accountant says that an amount is understated, it means two things: The amount is not the correct amount, and the amount is less than the true amount.
The adjusting entry that should be done is:
Debit to the liability account Unearned Service Revenue, and a credit to the revenue account Service Revenue.