A food retailer purchased a computer and debited the cost to the purchases account. What was the effect on the profit for the year and the non-current assets? Profit for the year Non-Current Assets Overstated Understated Overstated Understated А B С D OA OB OD

Explanation:

A food retailer buying a computer means that it is a Non-current asset. Non-current assets should not be described as Purchases.

In debiting the asset to Purchases, purchases will be overstated which means that Cost of Goods sold is overstated as well and this will reduce the profit more than it should as COGs are deducted from profit. Profits will therefore be understated.

As the computer was supposed to go to Non-Current assets but did not, the non-current assets will be understated because they are less than they ought to be.

the correct answer is:

it required the president to inform congress within forty-eight hours of any new troop commitment.

the war powers resolution (1973) is a federal law designed to limit the u.s. president’s ability to initiate or intensify military actions abroad without the approval of the congress.

it establishes that the president can send armed forces into action abroad only by declaration of war by congress, statutory authorization, or in case of a national emergency created by attack upon the united states, its territories or possessions, or its armed forces.

it requires the president to notify congress within 48 hours of sending armed forces to military action.

i'ts proportional. if the inflation rate is 12% for example, the cpi will be 12% less.

hope it ,

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