1. Virendra decides to open a Sub Way outlet in his locality for which he will need certain assets and liabilities. But he want to know what asset and liabilities exactly means? You being a Commerce graduate, discuss and define assets and liabilities, their composition with five examples for assets and five examples for liabilities.

1. Virendra decides to open a Sub Way outlet in his locality for which he will need certain assets and liabilities. But he want to know what asset and liabilities exactly means? You being a Commerce graduate, discuss and define assets and liabilities, their composition with five examples for assets and five examples for liabilities.

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter5: Managing Checking And Savings Accounts

Section: Chapter Questions

Problem 8FPC

See similar textbooks

Similar questions

Many of us apply the time value of money in our personal lives – for example when we invest dollars in a young child’s bank account earmarked for his or her eventual college education. Share an explanation of the time value of money in your own words. What criteria do accountants use to decide whether to use present or future values in accounting statements?
H2. Amina, a potential client, approached the Islamic bank to obtain financing so that she could buy a certain machine from a manufacturer as she lacked the necessary funds. a. Determining the appropriate Islamic financial Instruments and b. Evaluate one of the risks and the risks mitigate
is a high level of human security by investment, recycling, core value, quality education and economic growth helpful considering the current economic climate? Note: You are expected to provide references to at least five (5) pieces of documented material that support your views. b) Translate: What does all of this mean to you as a Accountant ? NB: Please use question A answer to answer question b
Which of the following professional services would be considered an attestationengagement?(1) Advocating on behalf of a client about trust tax matters under review by theInternal Revenue Service.(2) Providing financial analysis, planning, and capital acquisition services as apart-time, in-house controller.(3) Advising management in the selection of a computer system to meet business needs.(4) Preparing the income statement and balance sheet for one year in the future basedon client expectations and predictions.
Assume: You are a financial adviser and are approached by a married couple, Tom, and Rita Brown. Both are 71 years old and Australian citizens by birth. While they live in Melbourne, their only son who is financially independent lives in Canberra. The following information is an extract of data you gathered as part of the fact-finding exercise during an initial client consultation with them: The couple has approached you to find out if they are eligible for age pension. list of assets for the current financial year Assets Amounts Income Home (Principal Residence) $700,000.00 Home Contents and Cars $57,000.00 Investment Property- net rental income of $7,000 $255,000.00 17,000.00 Bank account- interest Rate of 2% 50,000.00 1,000.00 Shares Portfolio 341,000.00 11,935.00 You are required to provide calculations for the means test (asset and the Income test) and use this to suggest old age pension…
Read each case and specify which standard was violated Ademi is a partner in the firm of FF, a small firm offering investment advisory services. She assures a prospective client who has just inherited US$1 million that “we can perform all the financial and investment services you need.” FF is well equipped to provide investment advice but, in fact, cannot provide asset allocation assistance or a full array of financial and investment services.
01. An accountant prepares a statement of financial position for a business. In this statement,the equity of the owner was shown next to the liabilities. This confused the owner, who argued: ‘My equity is my major asset and so should be shown as an asset on the statement of financial position.’ How would you explain this misunderstanding to the owner? 02. ‘The statement of financial position shows how much a business is worth.’ Do you agree with this statement? Explain the reasons for your response. 03.“When evaluating projects, we’re concerned with only the relevant incremental after-tax cash flows. Therefore, because depreciation is a non-cash expense, we should ignore its effects when evaluating projects.” Critically evaluate this statement.
Who is most likely to perform due diligence? A. Investment bankers B. Loan officers C. Angel investors D. All of these may perform due
Chris, an ambitious person, wanted to expand his business and arrange his administration more efficiently. The following are a couple of the questions he asked. Provide brief but clear explanations that satisfy International Financial Reporting Standards and other applicable regulations: 1. What are source documents and how important is it to keep them? 2. What is the purpose of preparing financial statements and who, besidesthe owner, is going to use them? Your explanation must include twousers, other than owners, and briefly describe their needs.
Which of the following is a type of intangible business property that is legally protected? Select one: a. Land and equipment. b. Stock and Inventory. c. Acres. d. Jane’s registered symbol and design for her hair gel. What factors should businesses consider when determining financing needs to determine whether they can repay the debt? Select one: a. Inventory b. Equity c. Depreciation d. Liquidity The most successful businesses do not have well-defined portraits of the customers they are seeking to attract. Select one: True False Which of the following is an example of how an entrepreneur might use marketing information? Select one: a. To create surveys. b. To carry out research. c. To forecast change. d. To examine and analyze data.
What is the purpose of preparing financial statements and who, besidesthe owner, is going to use them? Your explanation must include twousers, other than owners, and briefly describe their needs.
You own a small business with 25 employees. Which internal controls would you use to protect your assets and ensure that your financial statements are accurate?