The Correct option is C. Demand deposit accounts are offered to bank customers who desire to use debit cards and write checks against their accounts.
An account is a record in an accounting machine that tracks the financial activities of a particular asset, legal responsibility, equity, sales, or fee. those records boom and decrease as the enterprise occasions arise in the course of the accounting length. A bank account serves capabilities like, It makes cash deposition and withdrawal smooth, for some debts additionally provides interest on the total amount of cash inside the reserve like in a financial savings account, affords unique transactions summary, and further acts as a locker in which our money is secure.
This golden accounting rule is relevant to nominal debts. It considers an organization's capital as a liability and hence has a credit score stability. As an end result, the capital will grow whilst profits and earnings get credited. Inversely, this capital gets decreased when losses and fees are debited from it.
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if corporations continue to pollute, then the environment will be damaged beyond repair. the environment will be damaged beyond repair. therefore, corporations will continue to pollute. question 22 options: deductive, valid. deductive, invalid. inductive, weak. inductive, strong.
If corporations continue to pollute, then the environment will be damaged beyond repair. Therefore, corporations will continue to pollute. Inductive; Strong, deductive invalid.
An organization called a corporation is one whose shareholders choose a board members to manage its operations. The corporation, not really the shareholders, is responsible for the operations and economic condition of the organization. Corporations can be either for-profit, like most corporations, or just not, like most nonprofit organizations are.
Since it's not required, corporations are increasingly up in the state where their operations are located. Although it contributes to the bureaucracy, some corporations are established in states like Wilmington or Nevada that are regarded as pro-business. The corporation must then be registered inside the state where you have been conducting business as a foreign entity, and taxes should be payable to that state.
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which of the following would be considered fixed costs? multiple select question. facility insurance equipment monthly installment direct labor packaging materials
The options that would be considered to be fixed costs are :
A. facility insuranceB. equipment monthly installmentWhat are fixed costs ?A cost that doesn't rise or fall in response to any actions is said to be fixed. Even if there isn't any business activity, a company must make recurrent payments.
Fixed costs are outlays that don't fluctuate based on revenue (or lack thereof). In other words, they are predetermined costs that the company has agreed to pay and which are unrelated to output levels.
Because fixed costs are not based on volume or operations, they are harder to manage than variable expenses.
The fixed cost given are therefore the insurance paid on the facility as this is a constant amount that does not depend on the business, but the insurance provider. The monthly installment paid on the equipment used will also be fixed.
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apple inc. is the number one online music retailer through its itunes music store. apple sells itunes gift cards in $15, $25, and $50 increments. assume apple sells $19.8 million in itunes gift cards in november, and customers redeem $12.8 million of the gift cards in december.
Assume apple sells $19.8 million in itunes gift cards in november, and customers redeem $12.8 million of the gift cards in december. The ending balance in the unearned revenue account is $7million.
The entry in the cash receipt journal will be
Dr : cash sales $19.7 million
Cr: Account receivable $12.7million
The unearned revenue account will be
Dr : cash sales 19.7million
Cr : Account receivable 12.7million
Therefore the ending balance in the unearned revenue account is $7million.
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according to the keynesian framework, which of the following will not help a country to get out of a recession, but may help that country reduce inflation?
According to the Keynesian framework, the statement that will not help a country to get out of a recession, but may help that country reduce inflation is: B. a decrease in military spending.
What is recession?Recession occur when a nation experience decline or decrease in their economy and this can tend to occur as a result of decline in the gross domestic product of that nation.
A decline in military spending can tend to help reduce inflation which is a rise in the price of goods and service but on the other hand it cannot help a nation to get out of recession.
Therefore the correct option is B.
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The complete question is :
According to the Keynesian framework, which of the following will not help a country to get out of a recession, but may help that country reduce inflation?
A. an increase in military spending
B. a decrease in military spending
C. increase in spending by the government on health care
D. decrease in spending by government on health care
complete the following passage explaining how the average american is affected by monetary policy changes. if the fed raises the interest rate on excess reserves, the marginal cost to banks of loaning money rises . the supply of loanable funds therefore falls , pushing interest rates upward , and banks, correspondingly, raise the interest rates they charge on car loans, mortgages, student loans, credit cards, etc.
The Federal Reserve uses its policy instruments to affect the availability and cost of credit in the economy in order to conduct monetary policy, which in turn affects employment and inflation.
In 1913, the Federal Reserve Act established the Federal Reserve System as the nation's central bank. Its main responsibility is to carry out monetary policy in the country in order to support maximum employment, stable prices, and moderate long-term interest rates in the American economy.
Monetary policy may affect economic activity by changing the incentives for saving and investing. This channel frequently affects consumption, housing investment, and business investment. Reduced interest rates on bank deposits reduce customer incentives to save money.
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the elasticity of demand for labor measures the percentage change in quantity demanded of labor that occurs as a result of a percentage change in the wage rate.
For which the consumer pays a low percentage of his or her income. for which the consumer spends a large percentage of his or her income. The elasticity of demand for labor measures the percentage change in quantity required of labor that happens as a result of a percentage change in the wage rate.
How are the percentages for price elasticity of demand calculated?The percentage change in the amount required divided by the percentage change in the price is used to compute the price elasticity of demand. We determine the % change in price and the percentage change in amount demanded as a function of the average price and quantity, respectively.
Cross-elasticity of demand, also known as cross-price elasticity of demand, is a term used in economics to describe how responsively one good's demand is to changes in the prices of other goods. It is determined by the percentage change in the first good's demand that happens in reaction to a percentage change in the second good's price.
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Which one of the following is a major disadvantage of a corporation?
A. Limited liability of stockholders
B. Additional taxes
C. Transferable ownership rights
D. Limited life
Additional taxes is one of the major disadvantage of a corporation.
Double taxation is the practice of imposing taxes on the same income, assets, or financial transaction. Economically speaking, double taxation—the taxation of shareholder dividends after the taxation of corporate earnings—can be favorable.
According to the US tax system, corporate income is subject to two taxes: one at the corporate level through the corporation income tax and a second at the individual level through the individual income tax on dividends and capital gains.
Double taxing corporate profits, according to those who oppose the practice, is unfair and inefficient because it treats corporate income differently from other types of income and encourages businesses to finance themselves with debt that can be deducted from taxes and to keep profits rather than distribute them to shareholders.
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g which one of the following is not a way to improve the s/q rating of branded pairs produced at a particular production facility?
Avoiding using ecologically friendly or green goods that are inferior to more expensive ones.
What is S/Q Rating?Consumer Group analyses the quality and styling of each competitor's footwear, giving each brand's goods a styling-quality or S/Q rating from 0 to 10 stars. Invest early in plant renovations, particularly the increase in the S/Q rating. The business will benefit from an early investment in these areas for a number of years. The biggest factor affecting a company's credit rating is the total quantity of debts it has outstanding.
Start with the principles you can be certain of: I propose starting with a S/Q grade of 7 stars and 50 models are available for the high quality, low model strategy.
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Kailyn obtains an insurance policy that protects her against liability for property damage resulting from the operation of her vehicle. This is
a. disability insurance.
b. automobile insurance.
c. malpractice insurance.
d. liability insurance
What happened to Kailyn was a traffic accident. Kailyn can use her automobile insurance.
Insurance is an agreement between two or more people in which the insured party pays contributions/contributions/premiums to receive compensation for the risk of loss, damage or loss, which may occur as a result of unexpected events.
Insurance cannot eliminate the risk of unexpected events occurring, but insurance can reduce the impact of losses arising from these events, whether on a small or large scale. Now insurance has become part of financial planning for some people for the long term. everyone is expected to have insurance, because by having insurance, any unwanted events can occur, and the impact of these events can be reduced.
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chedule of cash collections of accounts receivable pet supplies inc., a pet wholesale supplier, was organized on january 1. projected sales for each of the first three months of operations are as follows: january $300,000 february 500,000 march 750,000
The pet wholesaler Pet Supplies Inc. set a schedule of receipts of accounts receivable in January. $582,400 was collected in cash overall.
What is the name of a collection of groups?assortment, medley, bits and bobs, miscellany, great bunch, mixture, motley, perfume, salmagundi, festival, and variety are some examples of these words. a collection of various goods of different kinds. clutch, batch. a group of items or people that should be managed together.
Briefing
All sales are on account.
56% of sales are expected to be collected in the month of the sale
40% in the month following the sale
4% in the second month following the sale.
Cash Collection January:
Sales on account January= 370,000*0.56= $207,200
Total cash collection= $207,200
Cash Collection February:
Sales on account January= 370,000*0.44= $162,800
Sales on account February= 450,000*0.56= $252,000
Total cash collection= $414,800
Cash Collection March:
Sales on account January= 370,000*0.04= $14,800
Sales on account February= 450,000*0.44= $198,000
Sales on account March= 660,000*0.56= $369,600
Total cash collection= $582,400
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a business issued a 60-day note for $60,000 to a bank. the note was discounted at 8%. assume a 360-day year. a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank. | b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
A business issued a 60-day note for $60,000 to a bank. The note was discounted at 8%. Assume a 360-day year.
a. Journalize the entry to record the issuance of the note. For a compound transaction,
To record issuing of 60 day, 8% note payable
Discount on notes payable = Amount × Discount Rate × Time / 360 days
= 60,000 × 8% × 60/360
= 800
b. Journalize the entry to record the payment of the note at maturity.
V = P * (1+R)^T
V – Maturity Value
P – Principal Invested
R – Rate of Interest
T – Time of Investment
V = 60,000 (1+ 8%) ^ 360 (day)
=64800.
How much an investment will earn when it reaches "maturity" is determined by its maturity to value. Maturity could occur at any point in time or within a predetermined window set by the investment.
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when a country's demand conditions include high-density urban living and high energy costs, consumers can be expected to prefer air conditioners that are which of the following? (check all that apply.)
When a country's demand conditions include high-density urban living and high energy costs, consumers can be expected to prefer air conditioners which are energy-efficient, small, quiet.
How do I make my air conditioner selection?
The square footage of the area you need to cool will be one of the keys determining variables. However, it's not as easy as it seems. Your home's square footage, heat gain/loss, and climatic factors will all help determine the size of the air conditioner you need.
Which AC system is most effective?
Although ducted air conditioning is frequently the most cost-effective alternative on the domestic market, it also frequently has the biggest initial outlay.
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by offering 16 paid hours per month for volunteer work, weber is providing a way for his hospital to
By offering 16 paid hours per month for volunteer work, Weber is providing a way for his hospital to: reduce and lower taxes for its employees.
What are the types of tax?In Economics, there are different types of tax which are levied on individuals (employees) or business firms (employers of labor) by the government, and these include the following:
Property tax.Sales taxFederal income tax.What is a W-2 Tax form?A W-2 Tax form can be defined as an internal revenue service (IRS) tax form which is used to indicate the amount of money that is earned by an employee at the end of a period, including the correct federal income tax that should be withheld from an employee's paycheck in the United States of America.
Generally speaking, volunteer works are not taxed by the internal revenue service (IRS) in the United States of America and as such, it can help to reduce an employee's tax.
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If Farmer Brown plants no seeds on his farm, he gets no harvest. If he plants 1 bag of seeds, he gets 5 bushels of wheat. If he plants 2 bags, he gets 9 bushels. If he plants 3 bags, he gets 12 bushels. A bag of seeds costs $120, and seeds are his only cost.
Refer to Scenario. Farmer Brown's total-cost curve is
A. increasing at a constant rate.
B. increasing at an increasing rate.
C. increasing at a decreasing rate.
D. decreasing.
Farmer Brown's total cost curve, given the scenario of the number of plants that he buys and the bushels of wheat, is B. increasing at an increasing rate.
What is the total cost curve ?The cost of creating each level of output is represented by the total cost curve, so if we can discover the inputs that have the lowest cost per unit of output, we can calculate the cost of producing each level of output.
This total cost curve would be considered to be increasing at an increasing rate, if the marginal costs of production are increasing for every additional unit of cost incurred.
For Farmer Brown, the marginal cost at 2 bags of plants is :
= 9 - 5
= 4 bushels
At 1 bag it is :
= 5 - 0
= 5 bushels
At 3 bags it is :
= 12 - 9
= 3 bushels
Because the marginal product is decreasing, the marginal cost is increasing which means that the total cost curve is increasing at an increasing rate.
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In the video, the president of Honest Tea uses the term ___________ to describe his idea for what the chapter defines as __________.
In the video, the president of Honest Tea uses the term mission driven business to describe his idea for what the chapter defines as corporate social responsibility.
More businesses are embracing sustainable strategies and adopting more socially responsible practices as consumers and the restrictions of ever-dwindling natural resources compel companies to make more responsible decisions. The practice of businesses pursuing environmental and social benefits in addition to financial benefits is known as corporate social responsibility (CSR). Businesses of all sizes are seeking for ways to integrate sustainable practices into their daily operations as the demand for firms that do good grows.
Increased openness, investments in green technologies, employee and local community engagement, and diversity and inclusion programs are some of the most well-liked CSR trends today.
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an example of an m-form organization is one in which: group of answer choices o each division performs a single task for the firm o each division performs all the tasks necessary to serve a particular type of customer o each division performs all the tasks necessary to serve all the customers of a particular geographical area o all of the above o both b & c
M-form corporations are multi-divisional organisations where each division is a geographic or product unit in charge of its own operations and profits while the corporate head office sets overarching strategy and oversees the divisions.
What are M-form organisations?A multi-divisional model of organisation divides a company into a number of partially independent groups that are directed and governed by central goals. M-form corporations are multi-divisional organisations where each division is a geographic or product unit in charge of its own operations and profits while the corporate head office sets overarching strategy and oversees the divisions. Functional, multi-divisional, flat, and matrix structures are the four different forms of organisational structures. Although the majority or all of the M-form organization's operations are in the same or closely comparable industries to those of the H-form organisation, it is also known as the divisional design. A related diversification corporate strategy is implemented using the M-form design. In this instance, a mechanical contracting company.
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which of the following terms identifies the process of reviewing log files for suspicious activity and threshold compliance?
Auditing is the process of reviewing log files for suspicious activity and threshold Compliance.
An audit is an "impartial exam of monetary statistics of any entity, whether income orientated or not, no matter its length or prison shape while such an exam is performed to be able to specific an opinion thereon.” Auditing also tries to make certain that the books of bills are well maintained via the concern as required by using the regulation. Auditors don't forget the propositions earlier than them, gain proof, and evaluate the propositions of their auditing record.
Audits offer a third-celebration warranty to numerous stakeholders that the difficulty remembering is free from cloth misstatement. The term is maximum frequently applied to audits of the economic information relating to a criminal man or woman. different usually audited regions consist of secretarial and compliance, inner controls, first-class management, challenge control, water control, and strength conservation. because of an audit, stakeholders may additionally compare and improve the effectiveness of threat management, management, and governance over the difficulty be counted.
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A(n) _____corporation is considered closely held with few owners, whereas a(n) ... any investor who wants to purchase shares of stock on the stock exchange.
A(n) Private corporation is considered closely held with few owners, whereas a(n) public corporation is available to any investor who wants to purchase shares of stock on the stock exchange .
A smaller corporation is referred to as ao private crporation if it only has a few shareholders and doesn't make its stock available to the general public. A public corporation, on the other hand, is permitted to sell its stock to the general public.
What distinguishes a private firm from a public corporation?
A private company is typically owned by its founders, management, or a collection of individual investors. A company that has sold all or a portion of itself to the general public through an initial public offering is referred to as a public company.
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three of the most common business and professional presentations are sales proposals, staff reports, and progress reports. True or False ?
Three of the most common business and professional presentations are sales proposals, staff reports, and progress reports. its True .
The most common scenario for a presentation is when a speaker stands in front of a group of people and makes an effort to visually and verbally educate them about a particular subject. 13 Things to Include in Your Next Powerpoint Presentation A presentation of that type may be made to persuade the audience of anything, persuade them of something, or in some other way teach them. A powerful presentation could be a very effective way to get your point across. An agenda slide, a call-to-action slide, an objection slide, key takeaways, compelling photos, your logo, and backup slides should all be included. Getting better at presentations will raise your profile and strengthen your personal brand. Presentation abilities are essential for both personal and professional success in the workplace.
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g if a company's actual results for revenues, net profits, eps, and roe turn out to be worse than projected, then the reason is usually because the company cleared out too much of its inventory of branded pairs that were unsold from the prior year
If a company's actual results for revenues, net profits, eps, and roe turn out to be worse than projected, then the reason is usually because the company cleared out too much of its inventory of branded pairs that were unsold from the prior year.
Inventory refers to the goods and materials that a business maintains on hand with the goal to produce, sell, or use them. The location and kind of stored goods are the major concerns of inventory management. It is essential to go ahead of the regularly scheduled process of manufacturing and stocking commodities at various locations inside a plant or at various sites of a supply network.
The concept of inventory, stock, or work in progress has been broadened beyond manufacturing systems to service firms and projects by include "all work inside the process of production - all work that is or has occurred prior to the completion of production."
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Which of the following is not deductible from income from business and profession?
The expense of lobbying is not deducted from commercial and professional revenue.
What are the expenses of lobbying?spending on lobbying Any sum paid or expended by the institution in putting on propaganda or otherwise trying to influence legislation is referred to as a "lobbying expenditure." In a letter to a congress person, a Duke official requests that they abstain from voting on an adjustment that will be presented during the bill's discussion.
Can you write off lobbying costs?Research for, preparation for, planning for, or coordination of any of the aforementioned activities, as well as any other costs paid or spent in accordance with lobbying of political activities, are not deductible. No one person could possible hope to gain access to the government legislatures without the help of lobbying.
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Regarding real estate investments, risk that is associated with the type of property and its location, design, lease structure, and so on can be thought of as:Multiple ChoiceMarketability riskLiquidity riskBusiness riskInterest rate risk
The risk, when it comes to real estate investments, of the type of property, the lease structure, and the lease design, is called the C. Business risk
What is Business risk ?Business risk is the potential for a firm or organization to have lower earnings or failure. A business risk is anything that compromises a company's capacity to meet its financial objectives.
Business risk is the possibility that internal and external factors could combine to produce a situation where a corporation would no longer be viable.
The corporate environment beyond of management's control, including macroeconomic forces (like inflation, foreign exchange rates, or prevailing interest rates). Dangers unique to a given industry, such as regulatory risk, entry barriers, the potential for disruption, and other elements.
When it comes to real estate investment therefore, business risk would refer to things like property design, location, and lease structure.
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pop culture clothiers, inc., sells t-shirts to trendwell stores, inc., under an existing contract. when textile costs increase, trendwell agrees to a price increase, but later wants to cancel the contract. trendwell may cancel the contract immediately. cancel the contract only after accepting a final shipment. cancel the contract only on reasonable notice. not cancel the contract.
The brand may revoke the written revision to raise the price if there are any missing considerations.
This can happen if, despite the fact that the price was predetermined by their previous contract, the brand accepts in the written agreement to a price increase requested by trend. If a brand violates one or more of the contract's specified requirements, you may be entitled to terminate the agreement. Contract termination is referred to as a "breach" in the legal community, but in order to do so, you must establish that there was a significant breach. Delicioso is not permitted to cancel the contract because a new contract supersedes the previous one and bears the new price rise. Deliciso will suffer a loss if it decides to cancel the contract since it would be required to pay damages and other penalties for breaking the agreement with Coffee Roasters Inc. Delicioso must complete the contract before renegotiating another one in light of this.
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sole proprietors engaged in a business deduct depletion on schedule c that accompanies form 1040
False. sole proprietors do not engaged in a business deduct depletion on schedule c that accompanies form 1040.
Who are sole proprietors ?
A person who runs an unincorporated business alone is known as a sole proprietor. If you choose to treat a domestic limited liability company (LLC) as a corporation, however, and you are the only member, you are not considered to be a sole owner.
Small companies like a neighborhood grocery store, a neighborhood clothing store, an artist, a freelance writer, an IT consultant, and a freelance graphic designer are examples of sole owners.
A sole proprietorship has many advantages, including little paperwork and inexpensive setup. There is also how simple it is to maintain. It's actually the simplest and least expensive form of business you may start, according to the SBA.
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Schedule C, Profit or Loss from Business, is filed with Form 1040 by sole owners who are operating a business.
Can I deduct business expenses on Schedule C?
To report income and expenses for a business, a taxpayer must file IRS Schedule C, Profit or Loss from Business, along with their primary tax return, Form 1040.
Anyone who is self-employed, a business owner operating alone, or a Limited Liability Company (LLC) with only one member must use Schedule C to disclose any action carried out to generate income or profit. The estimations of profit or loss that ensue are sometimes regarded as self-employment revenue.
Anyone who files an annual tax return and runs a business as a sole proprietor must complete Schedule C. A Limited Liability Company (LLC) with one member is regulated similarly to a sole proprietorship.
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all of the following are counted in a nation's current account except group of answer choices a car that was imported from japan. wheat that was exported to somalia. a factory site purchased in germany. a $20,000 donation to food aid for use in sudan. $500 in interest earned on swedish bonds.
The correct option is C. All of the following are counted in a nation's current account except for a factory site purchased in Germany.
Enterprise debts are used to music the coins stability, debts to the enterprise, money owed to lenders and payroll paid to personnel. The variety of debts a business needs will range, however business money owed is standard for all organizations.
a commercial enterprise checking account is typically used for an agency's daily transactions, which include purchases or bill paying. agencies can make deposits and withdrawals on those bills and are issued exams and a debit card to make their purchases.
A business bank account is a financial institution account that's used handiest for commercial enterprise transactions instead of a personal budget. it could be opened inside the name of the business, allowing payments to be made and acquired using the commercial enterprise's call.
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Complete Question:
All of the following are counted in a nation's current account except
a. a car that was imported from Japan.
b. wheat that was exported to Somalia.
c. a factory site purchased in Germany.
d. a $20,000 donation to food aid for use in Sudan.
e. $500 in interest earned on Swedish bonds.
Answer:
a factory site purchased in Germany bc it should be counted in the capital & financial account.
Explanation:
Which of the following legal entities will likely be ended once the objectives of the effort have been met? Multiple Choice Limited partnership S corp Limited liability corporation Joint venture
Once the intended goals of the effort have been achieved, joint venture legal organizations will probably be terminated.
A joint venture is a partnership between two or more individuals with the goal of growing one company or project for profit while dividing the risks involved. There must be at least two distinct natural persons or entities among the joint venture's partners.
The ability of joint ventures to speed up growth, increase production, and increase the profitability of your business is one of their most important advantages. Access to new markets and distribution networks is another benefit of joint ventures. increased capacity
A joint venture is created to accomplish a number of objectives, such as R&D, business expansion, synergy, upscaling, market penetration, superior technology, and increased earnings.
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T/F a purchased intangible is valued at its original cost. original cost for acquiring a patent would include (select all that apply.)
A purchased intangible is valued at its original cost. The original cost for acquiring a patent would include legal costs to acquire the required filing fees and purchase price.
What expenses are covered by the price of an intangible asset?
An identifiable cost that is difficult to measure or estimate precisely is known as an intangible cost. Impairment of benevolence, a decline in employee morale, or brand damage are examples of common intangible costs.
Non-physical property is referred to as intangible assets. An intangible asset's acquisition cost is not recovered in a single accounting period but rather through amortization over the course of its economic life.
Therefore, A patent's initial cost would include the purchase price and legal fees needed to obtain the necessary filing fees.
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Which of the following is necessary in a well-functioning market or capitalist economy, but is not necessary for a command economy?
A. Centralized decision making
B. Scarcity of resources
C. Monopolies
D. Protection of property rights and price signals
E. Positive externalities
Protection of property rights and price signals is necessary in a well-functioning market or capitalist economy, but is not necessary for a command economy. So, the correct answer is option D.
The economic system known as capitalism, or the capitalist economy, is one in which private firms control and govern the factors of production such as capital goods, labour, natural resources, and entrepreneurship.
In a capitalist economy, usually referred to as a market economy, the creation of all products and services is based on supply and demand in the market. It differs from the centrally planned economy, commonly referred to as a command economy or a planned economy.
Profit-making is the primary driving force behind a capitalist economy. The existence of open markets and the absence of government involvement in company regulation are other traits of the capitalist economy.
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which of the following is true of convenience products? question 9 options: consumers tend to buy convenience products after a long-term evaluation of competing products in the market.
Consumers generally tend to purchase convenience products immediately and with minimal effort.is true of convenience products.
Convenience goods are frequently inexpensive, undifferentiated from competing goods, and situated in areas where customers can readily buy them. The products are extensively dispersed, necessitate widespread advertising, and are positioned in practical areas .A consumer good that is frequently purchased and easily accessible is categorized as a convenience good. Due to its accessibility, a convenience good frequently does not necessitate a drawn-out decision-making process. Products that the client may easily, quickly, and regularly purchase are known as convenience goods. Newspapers and soaps are examples of convenience goods, as are everyday foods like pasta or ketchup. Convenience Products: Types, Examples, and Definitions. Staple Items, Impulse Items, Emergency Supplies.
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the goal of this activity is to demonstrate the ability to list the steps of the accounting cyckle in order
Either the question is incomplete or it is a spam question.
But still, the following answer is given considering the question as: the steps involved in the accounting cycle.
There are the following steps involved in the accounting cycle:
Identify the transactions in the day to day business, as such which transaction is of a financial nature which is to be recorded in the financial statements.The next step involves the preparation of journal entries for the recorded transactions. Next steps involves the posting of the recorded transactions in the ledger accounts in order to get a detailed view of the transactions.Now, prepare the trial balance which is unadjusted right now. The trial balance should be matched.With the help of the trial balance and the ledger accounts, prepare the financial statements of the entity. The financial statements include the preparation of trading account, profit or loss account and balance sheet of the entity in order to know the financial position of the concern.6. Now post the closing journal entries at the end of the accounting period.
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