For Each of the Following Economic Events Determine Whether the Event

question 61

Essay

For each of the following economic events determine whether the event is a business transaction on the date it occurs and whether it's recognized in the accounts on that date.Support your answer.
a On July 15,the controller of Kona Corporation orders a custom display case for the company's store.
b.On July 31,a new administrative assistant is hired at a monthly salary of $3,500.
c.On July 31,the controller of Kona Corporation receives a bill for electricity for the month of July.The bill is due on August 18 and will be paid on that date.

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Definitions:

Political Instability

The likelihood of significant change in the governing framework of a country, which can include shifts in government, policy upheavals, or civil unrest.

Demographic Transition

The shift from high to low birth and death rates as a nation moves from a pre-industrial to an industrial economic system during its development.

National Incomes

The total earnings from production and services by residents of a country, within a specific time period, including wages, profits, and taxes less subsidies.

Low-Income DVCs

Developing countries with low levels of income per capita, often characterized by economic vulnerabilities.