Manage Financial Resources 1. (a) The revenue principle – The principle of revenue is the important in the accrual accounting along with the matching principle. As per the stated principle, revenues have to be recognized when they are actually realized and when they are earned not when the cash is received. For example, a snow plowing service completes a company's parking lot of the plowing at its standard fee of $100. (b) The exp…
Question 1 To establish the capacity of the financial system it is very important to first acknowledge the meaning of the financial system and what is it meant to be. The answer to the first question is simple that a financial system is a framework of institutions including banks, stock exchanges, and insurance companies that allows and avails the exchange of funds. But the second question is a little tough to answer which asks that what is a …
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