The balance in liabilities at the end of year 2 is $117,000. Accounting helps businesses to comply with legal and regulatory requirements, track their financial performance, and make informed decisions about the allocation of resources.
Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. It involves the systematic collection, analysis, and reporting of financial data to provide financial statements that help stakeholders understand the financial performance and position of a business.
The balance in liabilities at the end of year 2 can be calculated using the accounting equation, which states that assets = liabilities + stockholders' equity.
At the end of year 1, the equation is:
$345,000 = Liabilities + $210,000
Solving for liabilities:
Liabilities = $345,000 - $210,000
Liabilities = $135,000
In year 2, assets decrease by $8,000 and stockholders' equity increases by $10,000, so the equation becomes:
$337,000 = Liabilities + $220,000
Solving for liabilities:
Liabilities = $337,000 - $220,000
Liabilities = $117,000
Therefore, the balance is $117,000.
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debbie owns a clothing store. she is concerned that a customer who is injured in the store will sue. which type of insurance should debbie purchase?
Debbie should purchase liability insurance to protect her clothing store against lawsuits resulting from customers who are injured in the store.
Liability insurance is designed to cover the costs of legal defense and any resulting damages in the event that a customer files a lawsuit against the business. This type of insurance provides protection for claims of bodily injury or property damage caused by the business' operations, products, or employees. In Debbie's case, having liability insurance in place will help to minimize the financial impact of any legal proceedings, allowing her to focus on running her business rather than worrying about the costs of a lawsuit. Liability insurance is a type of insurance that provides coverage for claims of bodily injury or property damage caused by the policyholder's operations, products, or employees. It helps to protect the policyholder against financial losses resulting from lawsuits or other legal proceedings.
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for a defined benefit pension plan, the discount rate used to calculate the projected benefit obligation is determined by the expected return on plan asset actual return on plan assets a. yes yes b. no no c. yes no d. no yes
For a defined benefit pension plan, the discount rate used to determine the projected benefit obligation is calculated by the expected return on plan asset, but not by the actual return on plan assets. So the correct answer is C: "yes; no".
For a defined benefit pension plan, the discount rate used to calculate the projected benefit obligation is determined by the expected return on plan assets, not the actual return on plan assets. The expected return is a prediction of the future returns of the plan assets, and it is used to estimate the present value of the future pension obligations. This present value is then compared to the current value of the plan assets to determine the pension plan's funding status.
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management can best be defined as . a. people working together to achieve a set of goals b. the set of processes used to get members of the organization to work together c. achieving organizational goals in an efficient and effective manner d. making the right decisions and successfully implementing them e. the ability to be reliable and complete all tasks in a timely manner
Our definition of management is a method for achieving organisational objectives. A process is a collection of ongoing, connected operations.
Who provided the most accurate management definition?
"Management is a multifunctional organ that oversees work, business, managers, and employees." Peter F. Drucker provided this definition of management in The Practice of Management. The process of achieving organisational goals while utilising both human and non-human resources to continuously increase the value delivered to society is referred to as management. Management as a practise or talent: the act of directing or controlling something (such as a business) New owners managed the company better, using sensible ways to achieve their goals.
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since new technologies have made it possible to build larger ships, caribbean cruise lines have offered more passenger tickets than before. does the situation represent:
The quantity of cabins supplied is higher at any given price. This is an increase in supply, which shifts the supply curve to the right.
What is cabins?
They assigned us seats in the first-class cabin of the plane, which is a distinct area in an aircraft for passengers or the crew, or a room on a ship with beds for sleeping. A personal space on a vessel or boat. A space below deck aboard a yacht that is utilized as living quarters. A vehicle's passenger or cargo area (such as that of an automobile or airplane) an exploration vehicle's crew compartment (such as a spacecraft). The most typical types of cabins are fully scribe, stick constructed, timber frame, or homemade. The size and form of modern cabins, which frequently house families, vary greatly depending on their location and intended usage.
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president jackson ordered that all money be moved out of the national bank and placed in. true or false
Jackson's mistrust of the National Bank was political as well because he thought a federal organisation like the Bank violated the rights of the states.
What did Andrew Jackson say regarding the Federal Reserve?The Bank was "unauthorised by the Constitution, subversive to the powers of States, and hazardous to the people's liberty," according to Jackson, who vetoed the bill when it passed Congress.
What alternative to a national bank did Andrew Jackson favour?Jackson repeated his opposition to the Bank in his annual messages from 1830 and 1831. He suggested a completely government-run entity in its place—in name a bank, but in reality a division of the Treasury with no authority over lending, purchasing property, or issuing notes.
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The following table contains a demand schedule for a good.Price Quantity Demanded$10 100$20 Q1If the law of demand applies to this good, then Q1 could be:A) 0.B) 100.C) 200.D) 400.
If the rule of supply and demand applies to this good, Q1 might be 0.
A demand schedule in economics is a table that displays the quantity demanded of an item or service at various price points.
On a graph where the X-axis is quantity and the Y-axis is price, a demand schedule can be represented as a continuous demand curve.
Anywhere along the demand calendar, analysts can estimate the demand for a good.
Demand schedules, when combined with supply schedules, offer a visual representation of the dynamics of supply and demand in a market.
If management chooses to offer products at one price over another, demand schedules are used to predict the amount of labour and raw materials needed during manufacturing.
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on january 20, complete computer service purchases $200 of office supplies on account. the journal entry to record this transaction would be:
By posing this question, it is expected that the following journal entry would be used to record this transaction:
Office supply (Asset) debit: $200
Accounts Payable (Liability) Credit: $200
According to this journal entry, Complete Computer Service grew its inventory of office supplies (an asset) by $200 while accruing a debt to the supplier for the same sum (Accounts Payable).
When a business purchases office supplies on account, it means that it will pay for the supplies at a later date. So, this transaction increases the company's office supplies, which is an asset, and also increases its accounts payable, which is a liability.
In this journal entry, the debit is made to the office supplies account to increase its value, reflecting the acquisition of new office supplies. The credit is made to the accounts payable account to increase its value, reflecting the increase in the company's obligation to pay for the supplies.
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. what is the relation between marginal benefit and marginal cost at this level of the variable? multiple choice marginal cost is much larger than marginal benefit. marginal cost is slightly larger than marginal benefit. marginal cost is much smaller than marginal benefit. marginal cost is slightly smaller than marginal benefit.
Marginal gains and marginal costs are essentially incremental advantages and incremental costs when you're trying to evaluate an investment project. The correct answer is A. marginal cost is much larger than marginal benefit.
Incremental benefits are the advantages a business gains from a certain action or choice, always in comparison to not taking that same action or decision.The same holds true for increasing expenses.Therefore, a smart manager should decide whether or not to participate.
A particular investment project if the revenues it would produce are larger than its expenditures and greater than the advantages that may be obtained from other investments of a similar nature (opportunity cost). The technique of setting a product's starting price as high as its target market would tolerate before gradually lowering it is known as price skimming. As the initial customers' need is satisfied and competition enters the market, the company lowers the price to appeal.
Complete question:
what is the relation between marginal benefit and marginal cost at this level of the variable? multiple choice answers
A. marginal cost is much larger than marginal benefit. B. marginal cost is slightly larger than marginal benefit. C. marginal cost is much smaller than marginal benefit. D. marginal cost is slightly smaller than marginal benefit.
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cost of goods sold is a major expense of service companies. question content area bottom part 1 true false
Cost of goods sold (COGS) is a term used to describe the direct costs associated with producing and selling a product.
It includes the cost of raw materials, direct labor, and any other direct expenses that go into creating the product. This information is important for product-based companies, as it helps them determine the cost of each unit sold and can impact the company's gross profit margins.
On the other hand, service companies do not have a COGS because they do not produce or sell physical products. Instead, they typically provide services to customers and may incur expenses such as labor costs, overhead costs, and other indirect expenses. These expenses are not considered COGS and are typically accounted for as operating expenses in a service company's financial statements.
In summary, COGS is a concept that is relevant to product-based companies, but not applicable to service companies.
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Cost of goods sold is a major expense of service companies. TRUE/FALSE?
recognizing marketing’s greater purpose is one of the overriding principles of
Recognizing marketing’s greater purpose is one of the overriding principles of conscious marketing.
What is conscious marketing ?In order to ensure that everything supports diversity, inclusiveness, and ethical practice, from the partners you engage with to internal processes and culture, conscious marketing takes a comprehensive approach. through more pertinent, considerate, and therefore successful - efforts, there will be an increase in trust, engagement, and loyalty.
Conscious marketing entails considering factors other than the product. Conscious marketing entails engagement and intention. One of the guiding principles of conscious marketing is seeing the bigger picture of marketing.
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what are some disadvantages of centrally planned economies?
In a centrally planned economy, inefficiency levels are very high. In every aspect of society, consumers have zero options. Individual rights are usually limited in economies with central planning.
What three traits do centrally planned economies share?The following are some noteworthy traits that were demonstrated: Support public ownership and oppose private ownership. The government has control over the production elements. Distribution, production, and pricing are all regulated by the government.
What is the name of a centrally planned economy?A centrally planned economy, commonly referred to as a command economy, is a form of capitalism where decisions about the production and distribution of goods are made by the government.
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the first pepsi yields craig 14 units of utility and the second yields him an additional 10 units of utility. his total utility from three cans of pepsi is 30 units of utility. the marginal utility of the third pepsi is
The first Pepsi yields Craig 14 units of utility and the second yield him an additional 10 units of utility. his total utility from three cans of Pepsi is 30 units of utility. the marginal utility of the third Pepsi is 6 units of utility.
The total utility from three cans of Pepsi can be calculated by adding up the utility from each can. The first can yields Craig 14 units of utility, the second 10 units of utility, and the third 6 units of utility. Therefore, the total utility from three cans of Pepsi is 14 + 10 + 6 = 30 units of utility.
The marginal utility of the third can is the utility gained from consuming the third can, which is 6 units of utility. This can be calculated by subtracting the utility of the first two cans (14 + 10) from the total utility of all three cans (30). Therefore, the marginal utility of the third can is 30 - 24 = 6 units of utility.
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that countries should simultaneously encourage exports and discourage imports?(a)free trade(b)capitalism(c)new trade(d)mercantilism(e)socialism
Mercantilism is an economic theory that advocates increasing exports while decreasing imports in order to acquire wealth and establish a strong economy.
What is mercantilism?Mercantilism is an economic philosophy that was prevalent from the 16th through the 18th centuries. It argues that a country's wealth is defined by its stock of gold and silver, and that the greatest method to create wealth is to maximise exports and limit imports. Mercantilist policies included government interference in the economy, such as tariffs on imports, export subsidies, and laws that favoured domestic producers over foreign companies. The goal was to maintain a favourable trade balance and accumulate a significant store of precious metals. Mercantilism was widely adopted by European nations, but it has since been discredited and replaced by more modern economic ideas such as classical economics and free trade.
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what percentage of the ads produced no clicks? (cell should be formula and use percentage format) g
Formula to calculate the percentage:
=(no. of ads with no clicks / total no. of ads) × 100
To calculate the percentage of ads that produced no clicks, you would need to divide the number of ads with no clicks by the total number of ads, and then multiply the result by 100 to get a percentage.
Assuming you have the data for the number of ads with clicks and without clicks, you can use the following formula to calculate the percentage:
=(no. of ads with no clicks / total no. of ads) × 100
Make sure to format the cell as a percentage using the percentage format.
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effective mission statements incorporate the concept of stakeholder management. this suggests that organizations must respond to multiple primary internal constituencies such as all the following except group of answer choices customers. suppliers. competitors. employees.
"Competitors" would be the option that would not be included as a primary internal constituency in an effective mission statement.
Primary internal constituencies refer to individuals or groups within an organization who have a direct relationship with the organization and are affected by its decisions and actions. These typically include employees, managers, owners/shareholders, and the board of directors.
External constituencies refer to individuals or groups outside of the organization who also have a relationship with the organization and are affected by its decisions and actions. These typically include customers, suppliers, partners, creditors, regulators, and the broader community or society.
Effective mission statements do incorporate the concept of stakeholder management, which suggests that organizations must respond to the needs and interests of multiple primary internal and external constituencies, including customers, suppliers, and employees. Therefore, the answer to this question is that "competitors" would be the option that would not be included as a primary internal constituency in effective mission statements.
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consumer surplus and producer surplus measure the total benefit consumers and producers receive from participating in a market. True or False
True. Consumer surplus is the gain earned by consumers from participating in a market, measured by the difference between the maximum price they are prepared to pay for a good and the actual market price.
What is consumer surplus?Consumer surplus is an economic measure of the benefit that consumers derive through market participation. It is the discrepancy between the highest price a consumer will pay for a good or service and the actual market price. For example, if a consumer is willing to spend $10 for a good that is in the market for $5, the consumer surplus is $5. Consumer surplus is essential because it indicates consumer welfare and contentment with market outcomes. It is represented by the region above the market price and below the demand curve. A bigger consumer surplus, in general, signifies a more competitive market with lower prices and higher consumer satisfaction.
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all individuals and firms in a country must gain from trade in order for it to be beneficial to the nation. group of answer choices true false
All individuals and firms in a country must gain from trade in order for it to be beneficial to the nation. This statement is false.
Do Individuals and Firms Must Gain From Trade?The given statement “all individuals and firms in a country must gain from trade in order for it to be beneficial to the nation” is false because trade is not the only economic sector that can be used by individuals or a company to be beneficial for his country. Trade is indeed the most common economic sector to run because of differences in resources between countries. However, individuals or companies working in other fields, such as arts, and energy, to organizers can also be very useful for a country.
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If more and more countries__
If more and more countries are similar. Because consumers may purchase the same goods everywhere in the globe, nations are becoming more and more alike.
Why are nations getting more and more alike?Because consumers may purchase the same goods everywhere in the globe, nations are becoming more and more alike.The ability to purchase the same thing for any product everywhere in the globe has caused societies to become more and more similar. It is true that the incredible advancement of technology has created a world community. Anywhere in the world, people may easily and swiftly obtain the content they want.The two nations with the highest country similarity scores worldwide are Qatar and the United Arab Emirates. They are quite similar in terms of geography, governance, infrastructure, and demography.To learn more about nations refer to:
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g suppose that both groups of students are on the right track, and each of the events described above are partially responsible for the increase in the price of chicken wings. based on your analysis of the explanations offered by the two groups of students, how would you determine which of the possible causes was the dominant cause of the increase in the price of chicken wings?
The market shift in supply for chicken wings must have been greater than the market movement in demand if the price increase was significant. The price adjustment for chicken wings must have been primarily caused by whichever alteration took place first.
What is market movement?Market movement information, a word used in stock market investing, is information that would prompt any sane investor to choose between buying and selling. Market forces affect stock prices every day. By this, we imply that changes in share prices are a result of supply and demand. When there is a greater demand (buyers) than supply (sellers) for a stock, the price rises. Trendlines, which link a succession of highs (downtrend) or lows (uptrend), are a popular method of spotting trends (uptrend). A support level for upcoming price movements is created by uptrends, which link a string of higher lows. Downtrends link a string of lower highs, forming a barrier to further price movement.
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true or false: audit data analytics can be used to perform both a risk assessment procedures and a substantive procedure at the same time.
To gather proof about specific assertions like account balances or categories of transactions, analytical processes are utilized as a substantive test.
Analytical techniques may occasionally be more successful or efficient than tests of specifics in accomplishing certain substantive testing goals.The audit process includes analytical techniques, which involve evaluating financial data by looking at plausible links between financial and nonfinancial variables. Simple comparisons to the employment of intricate models with numerous linkages and data pieces are just a few examples of analytical techniques. The implementation of analytical processes is predicated on the fundamental idea that credible correlations between data can be reasonably expected to exist and persist in the absence of known contraindications.
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g for the fiscal year ended september 28, 2019, what amount is credited to income summary to summarize its revenues earned?
On the company's On the company's balance sheet's liability side, it is represented as a portion of owner equity.
What is a formula for a revenue summary?Revenues - Expenses = Net Income is the basic formula for an income statement. This easy equation demonstrates whether the business is profitable. Profitability of a business is determined by revenues vs expenses.Determine the total amount of cash and cash equivalents for the fiscal years that ended on September 28, 2019, or September 29, 2018, respectively. For the fiscal years ending September 28, 2019, and September 29, 2018, respectively, cash and cash equivalents totaled $269.5 billion and $269.1 billion.On the company's balance sheet's liability side, it is represented as a portion of owner equity.To learn more about balance sheet's refer to:
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a small manufacturer discovers that her product will satisfy a specific group within a larger market. this is a group that the major corporations in the industry have, for the most part, overlooked. which strategy for competitive advantage is the entrepreneur demonstrating? a. integrity and responsibility b. customer focus c. quality performance d. innovation e. niche market
A niche market strategy for the competitive advantage the entrepreneur is demonstrating.
What is a niche market?A niche market is the segment of the market that a particular product is designed to appeal to. The market niche determines the product characteristics that are intended to meet specific market needs, as well as the price range, production requirements, and target market. A number of super businesses compete in the highly specialised niche market, which is fighting for its life. In practise, the phrases "mainstream suppliers" or "narrow demography specialised market providers" are typically used to refer to product vendors and trade companies. Instead of being influenced by price elasticity of demand, the ultimate product quality—whether it be low or high—is determined by the specific needs that the product is meant to fill and, in certain cases, by factors of brand recognition.
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presenting fixed costs on an average per unit basis makes them look like they are variable costs.
a. true
b. false
Option a is Correct. It is true that when fixed expenses are presented on an average per unit basis, they appear to be variable costs.
Fixed costs are not affected by the volume of output. Within the appropriate range, the total fixed costs stay constant. However, as output rises, the fixed cost per unit falls since the same fixed costs are shared over more units. Variable costs are constant per unit, but fixed costs are constant overall.
A fixed cost is one that is constant overall but fluctuates inversely with changes in volume if presented on a per-unit basis. Variable and fixed costs are both included in a mixed cost.
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aust company uses the perpetual inventory method. faust sold goods that cost $5,400 for $8,800. if the sale was made on account, the net effect of the sale will:
If the sale was made on account, the net effect of the sale will be an increase in total assets by $3,400.
Refunds, allowances, and discounts are subtracted from gross sales to arrive at net sales.
The direct costs section of the income statement will include a notation if net sales are reported externally.
Gross profit and gross profit margin will change as a result of changes in net sales, however net sales do not take into account costs of products sold.
It is the sum of the sales made during a certain period of time less any sales allowances, discounts, and refunds.
A perpetual inventory system is one that automatically and instantly logs each purchase and sale of merchandise. It is used to maintain and record stock levels. In this approach, whenever a transaction occurs, the programme instantly registers a change in inventory levels.
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a firm decides to pay for a small investment project through a $1 million increase in short-term bank loans. this is best described as an example of a(n):
a firm decides to pay for a small investment project through a $1 million increase in short-term bank loans. this is best described as an example of a(n): financing decision.
The study of money, money systems, and capital assets is a part of the discipline of finance. It is related to economics, but they are not the same. Economics is the study of the creation, transfer, and consumption of money, assets, goods, and services (the discipline of financial economics bridges the two). Since financial systems enable a wide range of financial activities, the field of finance may be broadly divided into three categories: private, public, and corporate.
Assets like cash, loans, bonds, shares, stocks, options, futures, etc. are bought, sold, or exchanged as financial instruments in a financial system. To improve value and reduce loss, assets can also be banked, insured, and invested in.
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as a result of our incomes and wants, it is in our self-interest to economize or pick and choose goods and services that maximize our satisfaction. multiple choice question. scarce; satiable limited; finite limited; insatiable unlimited; insatiable
The answer is insatiable unlimited, because our limited incomes conflicting with our insatiable wants for goods and services.
What is an easy way to define economy?A system of interconnected production and consuming activities makes up an economy, and these activities ultimately decide how resources are distributed within a society. The whole production and consumption of products and services meets the demands of persons residing in and conducting business inside it.
What are some good cases of economy?A well-known illustration of an economy is the traditional economy, which uses a country's traditions and history to direct the production and distribution of goods. Agriculture, fishing, and hunting are the main economic sectors of traditional economies.
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What did Alexander Hamilton want for the economy?
Hamilton advocated for a federal charter for a national financial institution as part of his plan to restructure the American economy. A Bank of the United States was his suggestion.
What was the economic objective of Alexander Hamilton?In Hamilton's proposal, the federal and state debts would be paid off by the government. He demanded that the government acquire all of the bonds issued before 1789 by the federal and state governments. Then, he intended to issue fresh bonds to settle the previous debts.
What three points made up Hamilton's economic strategy?The elements of Hamilton's particular financial strategy were: government obligations incurred during the war. financing for the government's operations. Concentrate on business and industry
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on april 1, a company paid the $4,200 premium on a three-year insurance policy with benefits beginning on that date. what amount of insurance expense will be reported on the annual income statement for the year ended december 31? multiple choice $4,200.00. $1,400.00. $3,150.00. $1,050.00. $116.67.
The annual income statement for the year ended 31 december of insurance expense will be reported on $1,050.00.
What is the income ?Income is the amount of money or other benefits a person, a business, or an organization receives in exchange for providing goods or services. It is usually measured in monetary terms and is usually based on the exchange of goods or services for money. Income can also come from investments, such as capital gains, dividends, or interest. Different types of income include wages, salaries, tips, bonuses, commissions, self-employment income, rent, alimony, royalties, and pension or Social Security payments.
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if a business has current assets of $50 million, noncurrent assets of $700 million and liabilities of $430 million, what is the value of the equity?
The value of equity can be calculated by subtracting liabilities from the total assets.
To find the total assets, we add up current assets and noncurrent assets:
Total assets = Current assets + Noncurrent assets
= $50 million + $700 million
= $750 million
Now, we subtract the liabilities from the total assets:
Equity = Total assets - Liabilities
= $750 million - $430 million
= $320 million
So, the value of equity is $320 million.
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The entry to record the acquisition of raw materials on account is a. Work in Process Inventory Accounts Payable b. Manufacturing Overhead Raw Materials Inventory Accounts Payable c. Accounts Payable Raw Materials Inventory d. Raw Materials Inventory Accounts Payable
The entry to record the acquisition of raw materials on the account is the Raw Materials Inventory Accounts Payable. option [d] is the correct answer for the above statement.
What examples exist for raw materials inventory?
Input commodities or inventory are known as raw materials, and they are what a business needs to make its products. Steel, oil, corn, grain, fuels, wood, forestry materials, plastics, coal and gas, uranium, and minerals are a few examples of raw materials.
The Raw Materials Inventory Accounts Payable entry is used to document the purchase of raw materials on the account. The appropriate response to the preceding assertion is an option [d].
Therefore, The input data material for the production of the work-in-progress inventory and finished products are referred to as the raw material inventory.
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