Drag each label to the correct location on the table.
Match the transaction to the basis of accounting used by the business.
Purchased an auto part worth
$1,000 and paid $300. Business
records only $300 as the expense.
Purchased an auto part worth
$1,000 and paid $300. Business
records $1,000 as the expense.
Paid $250 for prepaid telephone
expenses over the next month.
Business records it in the current
month.
Paid $250 for prepaid telephone
expenses over the next month.
Business records it in the next
month.
Answers
Answer:
Purchased an auto part worth $1,000 and paid $300. Business records only $300 as the expense. - Cash Basis
Purchased an auto part worth $1,000 and paid $300. Business records $1,000 as the expense. - Accrual Basis
Paid $250 for prepaid telephone expenses over the next month. Business records it in the current month. - Cash Basis
Paid $250 for prepaid telephone expenses over the next month. Business records it in the next month. - Accrual Basis
Please note that the cash basis accounting records the transactions when cash is received or paid while accrual basis records the transaction when it occurs regardless of whether cash is received or paid.
Related Questions
the term used to describe business-critical information on customers, products and services, vendors, locations, employees, and other things needed for operations and business transactions.
Answers
the phrase used to describe essential information for business, including details on employees, customers, vendors, and other parties.
What does "critical situation" mean?
VERY SERIOUS BUSINESS PROBLEMS AND CONCERNS THAT ARE URGENTE, THREATENING, OR ANNOYING ARE DEFINED AS CRITICAL SITUATIONS. They are time-consuming, frequently annoying, and, if passed, likely to have an effect on the future. Critical Situations, in other words, have the power to completely alter the course of events. In either case.
Important, negative, widespread effects on people and their way of life, living things, and/or Earth's resources and ecosystems must be immediately addressed in order to reduce critical challenges, which are Earth processes influenced by human activity and nature.
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Recall performance is _____when the recall is prompted with some retrieval cues.a) damagedb) improvedc) fasterd)slower
Answers
Recall performance is b) improved when the recall is prompted with some retrieval cues.
Recall performance is typically improved when the recall is prompted with some retrieval cues, such as specific keywords or phrases related to the information being remembered. This is because the retrieval cues provide a framework for organizing and accessing the information, making it easier to recall.Recall performance refers to the ability of an individual to retrieve information from memory. It is often measured in experiments using memory tests, where individuals are asked to recall information they have previously learned. In these tests, recall performance is typically measured by the number of items or the percentage of items that an individual is able to recall correctly.
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In most cases the supply curve for a perfectly competitive industry can be described as which of the following? O More elastic in the short run than in the long run O More elastic in the long run than in the short run O Downward sloping in the short run O Perfectly inelastic in the long run O Perfectly elastic in the short run
Answers
The individual supply curve depicts the amount of production a company will produce at any given price in a market with perfect competition.
What is the supply curve in a perfectly competitive market?The section of the marginal cost curve of a perfectly competitive firm that is above the minimum of the average variable cost curve is known as the supply curve. By creating the amount of output that equalises price and marginal cost, a perfectly competitive firm maximises profit.For all businesses, the supply curve is the MC above the AVC. Profit-maximizing businesses produce where MR=MC in an environment of perfect competition. Examining a company's entire cost and total income is an alternate method for determining the profit-maximizing amount.In a completely competitive market, all goods are perfect substitutes, and each of the small, independent enterprises that compete in the market experiences perfect elastic demand.To learn more about market refer to:
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Which of the following appear(s) on the balance sheet? Multiple select question. O Accounts receivable O Utilities payable O Common stock O Salaries expense O Net income
Answers
Salaries payable/net income is a different account (liability) that exhibits on the balance sheet. Utilities payable; accounts receivable; common stock; salaries expense appears on the income statement as expense.
A balance sheet is a financial statement that accounts for a company's assets, liabilities, and shareholder equity. The balance sheet is one of the three essential financial statements that are employed to consider a business. It furnishes a snapshot of a company's finances (what it owns and owes) as of the date of publication. The balance sheet adheres to an equation that correlates assets with the aggregate of liabilities and shareholder equity. Fundamental analysts operate balance sheets to calculate financial percentages.
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Nothing about the account changes, even if you switch jobs
Traditional & Roth IRA
Eligibility may be affected by how long you work with a given company
Pension, Traditional 401(k), & 403(b)
All employers offer this type of account
None
Answers
Traditional & Roth IRA, Traditional & Roth IRAs remain unchanged, even if you move employment. If you contribute to a Roth IRA after taxes, your money will grow tax-free.
After turning 5912, you may often remove funds from a Roth IRA without incurring taxes or penalties. With a Traditional IRA, you can make contributions with either pre- or post-tax money. Your money grows tax-deferred, and after age 5912, withdrawals are subject to current income tax. An Individual Retirement Account (IRA) that accepts after-tax contributions is known as a Roth IRA. However, your contributions and profits can grow tax-free, and you can withdraw them tax and penalty-free after reaching the age of 5912 and after the account has been open for five years, even though there are no benefits for the current tax year. A typical IRA is a tax-advantaged option to save for retirement. Traditional IRA funds are often not taxed until you withdraw money from the account.
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Imagine that you are turf consultant and are being asked to recommend the best turfgrass type for a new high school football field in Phoenix. Which of the following Southwest turfgrass types would be your best recommendation?
Answers
Tifway 419 would be my best recommendation regarding the best turfgrass type for a new high school football field in Phoenix.
Combining Durability with beauty, Tifway 419 has been the most popular sports turfgrass for the last 40 times. Its thick, fleetly spreading growth habit means quick recovery from injury, making it one of the most durable mongrel Bermudas. Tifway 419 tolerates close mowing and is largely complaint resistant. For use on fairways, roughs, sports fields, and marketable and domestic meadows. Tifway is a mongrel bermudagrass cross of Cynodon dactylon xC. transvaalensis germplasma. It's characterized as having a dark green color with medium fine textured leaves. Tifway mongrel bermudagrass is thick with a medium to low growth habit. This variety is a vigorous farmer and therefore establishes snappily at planting. Tifway will survive famines with minimum water vacuity. Tifway's thick growth, when duly maintained, efficiently competes with the presence of numerous turf weeds. Tifway fluently tolerates broadcast operation of picky dressings.
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The estimated Life Cycle Cost of the PIGEON system is $650 million....
The estimated Life Cycle Cost of the PIGEON system is $650 million. If the total cost for operating and supporting this system is $490 million, and there are no disposal costs, which one of the following statements is true?
A) Development Cost is $60 million
B) Total Ownership Cost is $620 million
C) Program Acquisition Cost is $160 million
D) Procurement Cost is $160 million
Answers
If there are no disposal costs in $650 million PIGEON system, then the program acquisition cost will be $160 million, which means option C is the right answer.
The life cycle cost is given as $650 million and the total operating and supporting cost is $490 million, which means the difference of both would be equal to acquisition cost (650-490 = 160). Acquisition cost refers to the amount paid for acquiring a new customer or business asset. The operating and supporting cost refers to the expenses made on the previous system for sustaining daily operation with efficacy. It includes inventory cost and and equipment insurance. The life cycle cost contains all the costs related to the system functioning, repairs and acquisition - disposal of assets.
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Sally and Fred are two single people buying a home together. The lender is threatening to deny them a loan because he does not like their lifestyle. If the lender does that, it will be a violation of the:
Answers
The lender is threatening to deny them a loan because he does not like their lifestyle. If the lender does that, it will be a violation of the ECOA.
What is ECOA?The Equal Credit Opportunity Act (ECOA), enacted on October 28, 1974, is a federal law (codified at 15 U.S.C. 1691 et seq.) that prohibits creditors from treating applicants unfairly with regard to any aspect of a credit transaction based on their race, colour, religion, national origin, sex, marital status, or age (as long as they are of legal age); their use of a public assistance programme to receive all or part of the Anyone who routinely participates in a credit decision in the course of their business, including banks, retailers, bankcard providers, financial institutions, and credit unions, is subject to the law.
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a recently issued fasb standard requires that companies recognize revenue when goods or services are to customers for the amount the company expects to be entitled to receive in exchange for those goods or services. (enter only one word.)
Answers
The FASB introduced the new revenue recognition rule in 2014 as phase of an effort to standardize accounting remedies and continue to converge U.S. Generally Accepted Accounting Principles (GAAP) with International Financial Reporting Standards (IFRS).
Why did the FASB trouble a new popular on revenue recognition?The objective of the new practise is to establish principles to document useful facts to users of monetary statements about the nature, amount, timing, and uncertainty of income from contracts with customers. The new guidance: Removes inconsistencies and weaknesses in present revenue requirements.
The new instruction establishes the concepts to document useful information to users of economic statements about the nature, timing, and uncertainty of revenue from contracts with customers. To that end, the new guidance: Removes inconsistencies and weaknesses in current income requirements.
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https://brainly.com/question/25686382#SPJ4a. the difference between what a person is willing to pay for a good and what the person actually pays
Answers
Consumer surplus is the gap between what customers are prepared to pay and what they actually pay for a good. The marginal benefit of each unit of consumption for a consumer is also represented by each price along a demand curve.
What is the difference between a person's willingness to pay and his actual payment for a certain item?The difference between what a consumer is willing to pay and what they actually pay for a commodity or service is known as the consumer surplus. Consumer surplus and producer surplus are two related concepts that are referred to as economic surplus.
The price gap between what customers are prepared to pay and what they actually pay for a commodity is known as the consumer surplus. The marginal advantage that the customer receives from each unit of consumption is also represented by each price along a demand curve.
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four corners is an ibc company that sells delicious navajo tacos in the crossroads food court. part of their success can be attributed to the freshly fried indian bread that is used not only for the tacos, but also for dessert items. as demand grows the fry-bread process is becoming a bottleneck. operations management for the company is looking at two different process options to replace the highly manual process currently being used. option 1 (medium automation) would cost $200 to implement whereas option 2 (high automation) would cost $385. with option 1 the variable cost per fry bread produced would be $0.19. the variable cost for option 2 would be $0.11 per fry bread.
Answers
Option 2 is correct answer where the lower variable costs more than offset its higher initial cost.
What does "variable cost" mean?
A particular type of business expense called a variable cost depends on how much a company makes or sells. For manufacturing companies, variable costs include raw material and packaging costs, while credit card processing fees and shipping expenses for retail businesses change based on sales. Depending on a company's output or sales volume, variable costs rise or fall; they rise with increasing output and fall with decreasing output.
Fixed costs, in contrast to variable costs, are constant regardless of production or sales volume.
Variable costs must be taken into account when calculating a product's contribution margin because they have a significant impact.
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as a project manager impacting an organization, you want to effectively manage the project. which of the following would a project manager do to effectively manage the project? select all that apply. Change the project end goal to meet the needs of project tasks. Frequently communicate the large project goal to the team. Understand the impact of each process within the project.
Answers
The following would a project manager do to effectively manage the project Change the project end goal to meet the needs of project tasks.
What actions must a project manager take to effectively manage a project?Encourage effective and clear communication.
Set specific objectives for your project.
To track progress, pick the appropriate tools and apply them.
Work with a versatile team whose talents complement one another.
As much as you can, keep the members of your project team inspired.
What essential components must a project manager oversee continuously during a project?Resources.
Time.\money.
Scope.
What elements must be in place for the project to be properly managed?Identify project specifics.
Get your group ready.
Create reasonable expectations.
Adopt the responsibilities of a project leader.
Use time management techniques.
Keep the channels of communication open.
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because of their relatively small national economies, which of the following is most likely considered to be the most important factor for belgium, korea, and canada to take full advantage of specialization? group of answer choices division of labour economies of scale international trade command economy
Answers
The following is most likely considered to be the most important factor is B. international trade
Belgium, Korea, and Canada three are tiny economies. To exploit specialization, these economies need to zero in on the global exchange.
As global exchange accommodates overall reach as well as, likewise requests for better quality. Worldwide guidelines are to be met. At the point when the economy arrives at the standard where it satisfies the worldwide norms then it arrives at the most extreme degree of specialization.
As the item is acknowledged worldwide and in the global market. After that, any remaining nations remember it as a particular country for that particular item.
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according to the united states department of transportation (dot), there were 1.05 billion systemwide (domestic and international) scheduled service passengers in 2019. since the 9/11 hijackings, security screening has become more intensive, and consequently, the procedure takes longer than in the past. say that, on average, each air passenger spends an extra thirty minutes in the airport per trip. economists commonly place a value on time to convert an opportunity cost in time into a monetary figure. because many air travelers are relatively high-paid businesspeople, conservative estimates set the average price of time for air travelers at $20 per hour. the opportunity cost of delays in airports per year for the united states is [a] billion (please put your answer in numerical values without any dollar sign, comma. round up your answer to 1 decimal place)
Answers
The correct answer the opportunity cost of delays in airports per year for the United Sates is 10.5 billion.
10.5 Billion (passengers) × 0.5 hours × $20/hour = 10.5 billion.
The opportunity cost of a particular activity is the value or benefit lost as a result of engaging in that activity as opposed to engaging in a substitute activity. More precisely, it means that if you pick for one activity, you forfeit the chance to choose a different one. The best activity is the one that offers the highest return among all other activities once opportunity costs are subtracted from the return. Opportunity cost is a well-known concept: postponing investment in an optimization may have indirect costs as a result of failing to seize an opportunity as soon as it arises.
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For tax year 2019 you can contribute to a Roth IRA if you have taxable compensation, your filing status is HOH and your modified AGI is less than: Choose one answer. a. $137,000 b. None of the above c. $193,000 d. $203,000
Answers
For the tax year 2019, you can contribute to a Roth IRA if you have taxable compensation, your filing status is HOH and your modified AGI is less than d. $203,000.
The Roth IRA contribution limits for 2019 are determined based on the filing status and modified adjusted gross income (MAGI) of the taxpayer. For single filers and those filing as head of household with a MAGI of less than $137,000, the contribution limit is $6,000.
For those with a MAGI of between $137,000 and $203,000, the contribution limit is reduced. For those with a MAGI of greater than $203,000, the contribution limit is not allowed. Therefore, for a single filer or someone filing as head of household with a MAGI of less than $203,000, the contribution limit for 2019 is $6,000.
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Because information is now so readily accessible to everyone, companies are starting to focus more on the profit margin of each product, and less on the purchasing behavior of individual customers, regardless of how much a person might spend on other products.Select one:TrueFalse
Answers
False, Due to the ease of access to information, businesses are beginning to place greater emphasis on the profit margin of each product rather than how much a customer may spend on other items.
Any good or service you offer to satisfy a customer's need or desire is a product. There are both real and virtual ones. Durable things (such as automobiles, furniture, and computers) and nondurable items are examples of physical products (like food and beverages). A circumstance or process has a major impact on someone or something's development when it is said that they are a product of that situation or process. A product is anything that may be supplied to a market in order to satiate a customer's need or desire. In marketing, a product is an item, system, or service that is made accessible for consumer usage in response to consumer demand.
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Refer to Exhibit 23-2. A profit-maximizing single-price monopolist will set the price of its product at
a. $23.50.
b. $12.00.
c. $29.00.
d. $18.50.
Answers
The profit-maximizing single-price monopolist will set the price at the point where marginal revenue equals marginal cost, which in this case is $29.00.
What is monopolist?A monopolist is an entity that has exclusive control over the supply of a certain product or service, meaning that it is the sole provider of that product or service within a market. A monopolist is able to set the price of a product or service and is not subject to competitive pressures from other providers. This allows monopolists to generate higher profits than would be possible in a competitive market. Monopolies are generally considered to be anti-competitive and are illegal in many countries.
At this price, the monopolist will be able to maximize its profits by producing the quantity where the demand curve intersects the marginal cost curve.
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The failure to record a purchase of merchandise on account even though the goods are properly included in the physical inventory results in what?
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dan and virginia were refinancing their home. their loan amount was $235,000, the appraised value was $290,000, their interest rate was 4.125%, and their lender charged them a flat commitment fee of $1,200. when their refinance fell through, they still owed the lender .
Answers
Refinancing a loan is the process of taking out a new loan to settle one or more outstanding loans.
What refinance means?In order to pay off one or more outstanding loans, a new loan is obtained through a procedure known as loan refinancing. Refinancing is typically done by borrowers in order to get better terms or to lessen their monthly payments altogether.
A reduced annual percentage rate (APR) and cheaper monthly payments are advantages of refinancing your mortgage. a quicker payback period. cashing out your equity for other purposes. Anyone who makes money accessible to a person or company with the intention that they would pay them back is referred to as a lender. This can be an individual, a public or private organization, or a financial institution. Any interest or fees are also included in the repayment.
As creditors, lenders are included. Peer-to-peer (P2P) lending, credit unions, and banks are typical examples.
Therefore, the answer is $1,200.
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match the following terms from the equation to find the order size in a fixed-interval model with their meaning.
Answers
Economic order quantity is a measure that depicts the appropriate order amount to keep expenses down for the company.
What is Standard Deviation?Your dataset's average level of variability is represented by the standard deviation. It reveals, on average, how far away from the mean each value is. A low standard deviation denotes that values are grouped close to the mean, whereas a large standard deviation shows that values are often far from the mean. The standard deviation calculates how much the data vary from the mean value. It is helpful for contrasting data sets that might have the same mean but a different range. The mean of the following two numbers, for instance, is the same: 15, 15, 15, 14, 16 and 2, 7, 14, 22, 30. But the second is obviously more dispersed.Economic order quantity is a measure that depicts the appropriate order amount to keep expenses down for the company. Businesses of all sizes and types that order and retain inventory can benefit from using the economic order quantity formula.Q: Order quantity
Dbar: average demand
OI: Order Interval
LT: Lead time
(OI+LT): expected demand during protection interval
Od: Standard Deviation
A: Amount on hand at reorder time
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Joint sustainers should include both CSA inputs and commercial industry considerations into planning efforts early to identify any gaps, seams, or shortfalls.T/F?
Answers
The given statement " Joint sustainers should include both CSA inputs and commercial industry considerations into planning efforts early to identify any gaps, seams, or shortfalls." The followinfollowing given statement is True.
Joint sustainers should include both CSA (Civil-Military Cooperation and Support Activities) inputs and commercial industry considerations into planning efforts early to identify any gaps, seams, or shortfalls. This is because CSA inputs provide the military perspective on the situation and industry considerations provide the commercial perspective. By considering both perspectives, joint sustainers can ensure that their planning efforts are comprehensive and take into account all potential challenges and opportunities.
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All of the following are listed as a farm and ranch improvement in Paragraph 2 the TREC Farm and Ranch Contract EXCEPT
a. barns
b. pens
c. fences
d. irrigation equipment
Answers
All of the following are listed as a farm and ranch improvement in the TREC Farm and Ranch Contract except irrigation equipment.
Option D is correct.
What characteristics does a ranch possess?A ranch house typically has an open floor plan and a single story. These homes typically have a lower-pitched roof, an L or U shape, and are typically wider than they are deep.
What advantages does owning a ranch bring?Owning a ranch requires a lot of hard work, but it can also provide some financial advantages. Farmlands have significantly lower tax liabilities than residential or commercial properties. You can not only enjoy a stunning property, but you can also turn it into a source of financial and tax advantages for many years to come.
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When a company receives cash in advance from customers for services to be performed in the future, the transaction affects the blank ______ account.
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When a company receives cash in advance from customers for services to be performed in the future, the transaction affects the blank deferred revenue account.
When a business is paid in advance for a service that will be rendered later on, it?Terms in this group (34) refer to assets or rights that benefit a business after the current month has ended. A corporation should debit (make a left entry) more money from the cash account if it gets payment in advance for future services to be rendered.
What occurs when a customer gives a business cash in advance?The business receives cash from consumers who pay in advance, increasing its assets and liabilities at the same time (the liability account is called unearned revenues). As a result, both assets and liabilities grow by the same amount.
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When looking at these types of projects, one must consider any cash flows that arise from
surrendering old equipment before the end of its useful life.
A.incremental
B.replacement
C.cost cutting
D.new
Answers
When looking at these types of projects one must consider replacement cash flows that arise from surrendering old equipment before the end of its useful life
A capital budgeting decision version called the replacement chain technique evaluates two or more capital plans with different lives which are mutually incompatible. The replacement chain method considers the anticipated cash flows of alternative plans as well as their various life lengths. This makes comparing the proposals simpler. The process entails counting the years of cash flow for each project and developing alternative chains, or iterations, to make up for the shorter-lived project's shortfalls.
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A department within a firm works two 10-hour shifts, 345 days a year. The following are figures for the usage of a machine that is currently being considered. How many machines will the department need to purchase?Product Annual Demand Standard Processing Time per Unit (hr) Processing Time Needed (hr)1 300 8 2,5002 650 6 3,0003 500 4 1,500
Answers
The total number of machines required to be purchased by the department to resume their manufacturing process is 2 machines.
Machines are necessary for quick production of work which helps in reducing the dependency on handwork/ manual labor. It is already given that the manufacturing takes place in two shifts which work for 10 hours each for 345 days. Now, we calculate the units of machines needed by the following relation.
Units of capacity needed = (processing time needed/ processing time capacity per unit)
Units of capacity needed = (2,500 + 3,000 + 1,500) ÷ (2 × 10 × 345)
Units of capacity needed = 7,000 ÷ 6,900 = 1.01 machines
Since the work is to be done completely, but the answer is a fractional value, so after rounding off to higher value, we get that 2 machines will be required to complete the manufacturing process.
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5. Which of the following statements best describes the break-even point?
O The break even point occurs when the profits from the sale of a product are equal to the cost of making the product.
O The break-even point occurs when the profits from the sale of a product are more than the cost of making the product
O The break-even point occurs when the profits from the sale of a product are less than the cost of making the product
O The break even point occurs when the profits are donated
Answers
When a product's profits from sales equal its manufacturing costs, this is known as the break-even point.
What is break-even point?The break-even point is the point at which total costs and total revenues are equal, or "even," in economics, business, and specifically cost accounting. Even if opportunity costs were paid and capital received the expected return after adjusting for risk, there is no net loss or gain, and one has "broken even." The break-even point, for instance, is the point at which total cost and total revenue are equal in the realm of banking and economics. The amount of units or income required to cover all costs is determined using the BEP analysis. Fixed and variable costs make up the overall cost in this case.To learn more about break-even point refer to:
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paragraph 7h of the contract indicates that who should review and decide on the company to use as the residential service company?
Answers
The buyer should make a company review and decision to use it as a residential service company.
In that case, paragraph 7h of the contract is indicating that the buyer is responsible for reviewing and deciding on the company to use as the residential service company.
This means that the buyer will have to research and evaluate different companies that provide residential services and choose one that meets their specific needs and preferences.
It's important to note that the buyer should do the company review and decision based on their own research and evaluation, and not rely on the suggestions or recommendations of the seller or real estate agent. The buyer should also be sure to fully understand the terms of the contract and any legal obligations or responsibilities before making a decision on a residential service company.
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Which of the following factors impact a business executive's credibility? A. Competence B. Being caring. C. Character D. Salary.
Answers
A business executive's credibility can be impacted by a variety of factors, including A. Competence, C. Character, and D. Salary. Being caring is not a common factor that is considered to impact an executive's credibility.
A business executive's credibility is determined by a variety of factors, including their level of competence and expertise in their field, their ability to make sound decisions and lead effectively, their integrity and honesty, and their ability to communicate effectively and build trust with stakeholders. Other factors that can impact an executive's credibility include their tenure and track record within the organization, their ability to adapt to changing circumstances and stay current with industry trends, and their reputation and standing within the broader business community.
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which of the following communication methods is used to communicate an approved change request to team members? one-to-one discussion presentation project team meeting status report
Answers
An email to team members regarding description of change is used to communicate an approved change.
The importance of communicationBy enabling us to connect with people and share our needs and experiences, communication supports relationship building in daily life. The ability to communicate our thoughts, share information, and express our emotions is at the core of existence.
What do communication abilities entail?Speaking, listening, observing, and empathizing are all essential communication skills. Understanding the variations in communication styles for in-person contacts, phone calls, and digital communications like email and social media is also useful.
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Answer:
Project team meeting.
Explanation:
Got it right on the test.
The purpose of financial accounting is to provide information primarily for which of the following groups?
a. investors and owner
b. creditors And owner
c. investors and creditors
d. Manager and creditors
Answers
The purpose of financial accounting is to provide information primarily for investors and creditors.
What is mean by financial accounting?Financial accounting is a subset of accounting that involves the process of recording, summarising, and reporting a plethora of transactions resulting from business operations over time.
Financial statements present the five major classifications of financial data: revenues, expenses, assets, liabilities, & equity. The income statement accounts for and reports revenues and expenses. They can include everything from research and development to payroll.
These transactions are summarised in the preparation of financial statements, which include the balance sheet, income statement, and cash flow statement, and which record the company's operating performance over a given period.
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