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The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold.
South Africa adopted the gold standard because it let them be on the same level with the rest of the world. Gold had a set price that was the same all over the world and if everybody used it then everybody's currency was the same.
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What is fiscal balance?
The balance of a government's tax revenues, plus any proceeds from asset sales, minus government spending. If the balance is positive the government has a fiscal surplus, if negative a fiscal deficit.
Describe the roles of government bodies the determine national fiscal policies?
Describe the roles of government bodies that determine national fiscal policies
When does the fiscal year in Texas begin and end?
The state's fiscal year is September 1 - August 31. However, many cities, counties, school district, and other entities in the state have their own fiscal years.
Can you file a 1041 for a fiscal year?
You can't file a 1041 form in place of your personal return which must be filed on one of the versions of the 1040 form. A 1041 form is for Trusts and Estates only and is required to be filed for these types of entities. It is not made for the filing of personal income taxes. Individuals must also file on a calendar year basis and not on a fiscal year. Only certain types of entities can elect fiscal year terms.
What type of account is Unearned revenue and what its normal balance?
Unearned revenue is a liability account. It is revenue that is received in one fiscal period despite the fact that revenue is not earned until another fiscal period. Its normal balance is credit.
What is the definition of the word fiscal?
The term "fiscal" relates to government revenue, expenditures, and financial matters, particularly in the context of budgeting and economic policy. It often pertains to the management of public funds and the financial activities of government entities. Fiscal policies are used to influence a country's economic health, including taxation and spending decisions.
Where is inventory on a balance sheet?
Inventory is normally used within one fiscal year that is why it is current asset of business and shown in asset side of balance sheet.
Is the cash on the year end financial statement calculated by the bank statement balance or on actual cash in the bank on the last day of the fiscal year?
Balance Statement
Why is balance sheet for 2 years?
Balance sheet is used normally for 2 years for comparison to find out the performance of company between 2 fiscal years.
Does inventory go on a balance sheet?
Yes inventory is part of current assets portion of balance sheet as it is usable in current fiscal year for revenue generation.
What is the fiscal budget for this year?
The fiscal budget for the US in 2013 is an expected $2.9 trillion in revenue, with $3.8 trillion in expenditures. This will add $901 billion to the national debt.
Inventory on a classified balance sheet?
Inventory is par to current asset at asset side in classified balance sheet as inventory is used within one fiscal year.
