The correct steps in accounting are:
1. Prepare the adjusting entries
2. Prepare an adjusted trial balance
3. Prepare the financial statements
4. Prepare the closing entries
All varieties of bookkeepers should be familiar with the eight-step accounting cycle. It divides the total process of a bookkeeper's duties into eight fundamental steps. Through accounting software and other technological tools, many of these tasks are frequently automated. However, for small business accountants working on the accounts with little technical support, being aware of and using the manual processes might be crucial.
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What item flows from the income statement to the statement of retained earnings?.
The statement of retained profits is updated with the net income from the income statement.
The sum that is left over after all expenses, including as salaries, the price of goods or raw materials, and taxes, have been covered is known as net income. The amount that a person keeps after paying taxes, health insurance premiums, and retirement expenses is known as net income.
What differences exist between gross and net income?
Looking for a faster, more accurate way to calculate pay? The sum of an employee's paycheck that is left over after payroll deductions such as taxes, benefits, and other expenses is referred to as their gross pay. Net pay, often known as take-home pay, is what is left over after all withholdings have been deducted.
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Owned by stockholders whose liability is limited to the amount they have invested in the business.
Owned by stockholders is the limited liability that is limited to the amount they have invested in the business. The limited liability company (LLC) is a corporate design that safeguards its proprietors from being by and by sought after for reimbursement of the company's obligations or liabilities.
What is a Limited liability?A limited liability company (LLC) is a business structure in the U.S. that safeguards its proprietors from moral obligation regarding its obligations or liabilities.
Limited liability organizations are cross breed substances that join the qualities of a company with those of an organization or sole ownership. While the limited liability include is like that of an organization, the accessibility of move through tax collection to the individuals from a LLC is an element of an organization instead of a LLC.
Therefore Limited liability organizations are allowed under state rules, and the guidelines overseeing them shift from one state to another.
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Under the modified accrual basis of accounting, the amount of property tax revenues that should be recognized by a government in the current year related to the current-year levy will be?
Amounts are recognized as revenue under the modified accrual method of accounting when they are both measurable and accessible.
For the Governmental Funds, the modified accrual basis of accounting is applied. According to this foundation, revenues are recorded as soon as they become measurably available and susceptible to accrual.
Regardless of when they are due or collected, property tax revenue should be recorded in the period for which it was assessed. If earlier, it should be recorded at the beginning of the period for which levied or on the date the government has an enforceable legal claim to the resources.
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All insurers issuing new or renewal insurance policies insuring against the peril of fire must provide written notice to the insured if the contract excludes the perils of:______
The answer is earthquake or flood.
All insurers issuing new or renewal insurance policies insuring against the peril of fire must provide written notice to the insured if the contract excludes the perils of earthquake or flood.
What is the meaning of the action of God in insurance?An accident or incident that results from natural forces alone, without human action, and that could not have been avoided by prudent planning or caution is referred to as an "Act of God". An act of God clause, also known as a force majeure clause, is typically included in contracts to permit non-performance in the event that an act of God renders the contract impossible to complete. A flood, earthquake, or hurricane, for instance, are sometimes seen by insurance companies as Acts of God.
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What specific information on the performance evaluation is used to compute a sailors mark average?
Trait Average is the specific information on the performance evaluation used to compute a sailor's mark average.
In order to calculate the Performance Evaluation Promotion Points or PMA which is called performance mark average used as one can simply use the average of the particular ratings received while it is in the current paygrade. Then add up the marks received in the current paygrade after that then divide by the total number of evaluations done.
Thousands of Sailors are involved in taking the advancement exams twice a year and are awaiting the results of those exams takes place twice a year. The results of these exams will be determining their own careers, and also thus their intentions.
Whenever many Sailors will advance, unfortunately, the actual thing happening as some will not. The most important thing for the case of Sailors is that they did not advance in this cycle which is to understand so as why they did not advance, and also in what areas they can strengthen themselves for the next cycle. Every Sailor who took an exam will be having a profile sheet so that they can also review it.
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A product’s value depends both on its utility and its scarcity.
True or false
Answer:
true
Explanation:
Holding other factors such as risk constant, the relationship between the maturity and the annualized yield of debt securities is called the:________
'Holding other factors such as risk constant, the relationship between the maturity and the annualized yield of debt securities is called the team structure of interest rates.
Feel comfortable. Being comfortable with someone helps keep your relationship happy and healthy. The perfect relationship is one of her two who come back together at the end of the day and feel happy to be with their partner whenever they are together.
Personal relationship means an ongoing romantic or intimate personal relationship. This includes but is not limited to dating, living together, having a partner or significant other. This definition applies regardless of the gender, gender identity, or sexual orientation of the people involved.
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A white house proposal to lower business taxes by increasing tax deductions is an example of:_________
The white house proposal to lower business taxes by increasing tax deductions is an example of a progressive tax system.
A progressive tax system is a tax system that lower business taxes by increasing deductions. In this way more people will be interested to pay the tax as the amount they have to pay is less. The deducted amounts will be increased and that can be used for the welfare of the poorer sections of society.
Lower business taxes can boost business demand by increasing firms' after-tax cash flow. This will allow the company to pay attractive dividends and expand activity, and by making hiring and investing more attractive. If the hiring is more by the companies the unemployment problem reduces. If this is reduced the economy will increase.
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Firms consider pursuing various ______ as part of their overall growth strategies. multiple choice question.
Firms consider pursuing various market segments as part of their overall growth strategies.
Market segmentation is a marketing strategy in which selected groups of consumers are identified so that special or different products or product lines could be presented to them in the way which appeals to their interests.
Types of market segmentation include homogeneity, that looks at a segment's common needs or distinction, which ultimately looks at how the particular group will stand apart from others, and the reaction, or how certain groups will respond to the market.
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Performance renewal and recontracting is a phase similar to the ______________ phase of the performance management process.
Performance renewal and recontacting is a phase similar to the performance planning phase of the performance management process.
Performance Management Process
Performance management is an interaction process in which managers and employees work together to develop, monitor, and assess job objectives and overall organizational contribution.. Performance management is more than simply a yearly performance review; it is the continual process of creating targets, measuring progress, and giving continuing coaching and feedback to ensure that employees are fulfilling their objectives and career aspirations.
There is considerably more to performance management than the annual performance review meeting. Performance management is a constant process of planning, mentoring, and reviewing employee performance.
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enhancing qualitative characteristics of accounting information include each of the following except:
Enhancing qualitative characteristics of accounting information include each of the following except neutrality.
Accounting information demonstrates the financial statements which are created by the procedures of bookkeeping and accounting. These include profit and loss accounts and balance sheets. This information traces and records all the accounting activity of the firm through the utilization of information technology systems and resources.
The main principle of accounting information is that the company has an infinite life. This information mostly contains business entities' transactions. It helps people make business and financial decisions. The four branches of accounting information are corporate, public, government, and forensic. These act as great guides for the decision-makers in the organization.
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Entrepreneurs report greater control over decisions, hours, and job security, thus suggesting that an important motivation for pursuing entrepreneurship is:_________
Self-determination appears to be a key driver for pursuing entrepreneurship as entrepreneurs report having more control over decisions, hours, and job stability.
Who Are Entrepreneurs?An entrepreneur is someone who pursues a business-driven chance to market a novel good or service with little capital and great risk. The act of founding a new company is referred to as entrepreneurship. It is also classified as the management of limited resources to seize an opportunity. An entrepreneur is, in essence, a person who recognizes a need for a novel good, procedure, or service and creates a company to meet that need.
An entrepreneur identifies a need that no business is currently addressing and chooses a strategy to address it. Entrepreneurial activity includes developing and implementing a business marketing strategy as well as starting and running a new company, typically with the goal of eventually selling it for a profit.
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Raising taxes to finance increases in government spending will be an effective means of increasing aggregate demand only if?
Raising taxes to finance expansions in government spending will be an adequate means of increasing aggregate demand only if:
C. the private sector is keeping a high percentage of its income.
What happens when government spending gains and taxes increase?In general, when the government gets in more taxes than it spends, it decreases disposable income and restricts the growth of the economy. So, the fiscal policy remedy to stabilize an overheated economy is higher taxes.
Increased government spending is likely to push a rise in aggregate demand (AD). This can lead to a higher gain in the short term. It can also potentially guide inflation.
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_____________ of economic activity has been evolving since the birth of economics in 1776.
Visualization of economic activity has been evolving since the birth of economics in 1776.
Visualization is effective because it harnesses the power of the subconscious mind. Visualizing your goals as complete creates a subconscious conflict between what you are visualizing and what you currently have.
Visualization enhances your ability to rest and relax by focusing your mind on more calm and quiet images. Before starting these visualization exercises, make sure your environment is set up comfortably. To relax, remove all distractions such as phones, pets, and TVs.
Creative visualization is a tangible way to use your imagination. It is a cognitive process that consists of forming vivid mental images. When you consciously change the picture, your feelings towards the motif of the picture will change.
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Suppose that a particular artillery piece has a range r = 4000 yards . find its range in miles. use the facts that 1mile=5280ft and 3ft=1yard.
Any single quantity in the world can be interpreted in better than one way. Unit conversion is a method by that we can go back and forth between various units.
Unit conversionGiven:
R=9,350 ydR=9,350 yd is the range in yards
Since we want the content in miles here, we will be utilizing the conversion factor:
1 mi=528 ft1 mi=528 ft
3 ft=1 yd3 ft=1 yd
So to do a unit conversion process, we say these conversion factors as a particle that equals 11. We describe this concept in this precise conversion:
R=9,350 yd(3 ft1 yd)(1 mi528 ft)R=9,350 yd(3 ft1 yd)(1 mi528 ft)
We set up our conversion factors here as particles that equal 11. We set the units up in such a way that they can balance each other out:
We will thus get:
R=53.125 mi
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Mission statements should be defined in terms of satisfying basic customer needs. in other words, they should be __________.
Mission statements should be defined in terms of satisfying basic customer needs. In other words, they should be market-oriented.
Mission statements are documents of a firm that states its basic values and objectives. These include the principles fundamental to the firm, the kind and quality of product it aims to provide, and a commitment to meet the various needs of customers and other stakeholders.
Because the basic objective of firms is to earn profits, and profits are attained only by attracting and retaining customers, the mission statements of firms have to be market oriented. To be market oriented is to be cognizant of the prevailing demands, customer sentiments, and even social attitudes.
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_____________ were granted by the british government to allow several people to create organizations by pooling financial resources, which enabled riskier business projects to be undertaken.
Charters were granted by the British government to allow several people to create organizations by pooling financial resources, which enabled riskier business projects to be undertaken.
These charters enabled bigger and riskier business projects to be undertaken. Owners of chartered organizations were exempt from debtor's prison if the business venture failed.
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In the context of changing existing attitudes, when giving attitude-improving feedback to an employee, one should?
when giving attitude-improving feedback to an employee, one should should deal with descriptions rather than judgements. This allows the person to have a detailed account of his/her attitude.
Judgements will raise critics and bias which will not help improve the attitudes of employees but rather cause stress and also affect their self esteem thereby affecting the work performance and decline in delivery.
On the other hand being descriptive is more optimistic and the employees can easily acknowledge their attitudes and take in account.
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When the opportunity cost associated with increasing the production of one good or service in terms of another is constant at every level of production, then the production possibility frontier is:_________
When the opportunity cost associated with increasing the production of one good or service in terms of another is constant at every level of production, then the production possibility frontier is Linear.
Opportunity costs address the potential advantages that an individual, financial backer, or business passes up while picking one option over another. Since opportunity costs are inconspicuous by definition, they can be barely noticeable.
Opportunity Costs= Absolute Income - Monetary Benefit.
The Production Possibility Frontier (PPF) is a bend on a chart that shows the potential amounts that can be delivered for two items if both rely on a similarly limited asset for their production. The PPF is additionally alluded to as the creation probability bend.
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Reporting revenues only when cash is received and expenses only when cash is paid is called the:______
Reporting revenues only when cash is received and expenses only when cash is paid is called cash accounting.
What is cash accounting?
Cash accounting is a bookkeeping method where revenue is recognised when cash is received and expenses are recorded when cash is paid. Cash accounting follows a single-entry system .
Cash accounting allows the business the latitude to time the recognition of transactions.
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In which situations are managers likely to rely on actual, rather than estimated, cost data?
To Evaluate performance and to Prepare financial reports, income statements, managers are likely to rely on actual, rather than estimated, cost data during the financial accounting.
Why do we need financial accounting?Financial accounting is a particular discipline of accounting that deals with the process of documenting, compiling, and presenting the numerous transactions resulting from corporate operations throughout time.
Financial statements, such as the balance sheet, financial reports income statement, and cash flow statement, which track the business’ operating performance over a given time period, are prepared using a summary of these activities. Both the public and private sectors offer job prospects for financial accountants.
The responsibilities of a financial accountant may be different from those of a general accountant, who works for himself or herself as opposed to directly for a business or organization.
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In the country beta it takes two hours of labor to produce a unit of tea and four hours of labor to produce a unit of bread. In the country zeta it takes three hours of labor to produce a unit of tea and nine hours of labor to produce a unit of bread. Which of the following is true? a. country zeta has an absolute advantage in producing both tea and bread. b. country zeta has an absolute advantage and a comparative advantage in producing tea. c. country beta has an absolute advantage and a comparative advantage in producing tea. d. country beta has the lower opportunity cost in producing bread and therefore a comparative advantage in producing bread. e. country beta, with trade, will export both tea and bread to country zeta.
The true statement is country beta has an absolute advantage and a comparative advantage in producing tea. (option c).
What is absolute and comparative advantage?A country has comparative advantage in production if it produces at a lower opportunity cost when compared to other countries.
The opportunity cost of producing one unit of tea for country beta = 4/2 = 2 hours
The opportunity cost of producing one unit of tea for country Zeta = 9/3 = 3 hours
The opportunity cost in the production of tea is lower for country Beta. Thus, it has a comparative advantage in the production of tea.
A company has absolute advantage in the production of a good or service if it produces more quantity of a good when compared to other countries.
Country Beta produces 1 unit of tea in 2 hours and it takes country Zeta 3 hours. Because it takes country beta less hours, it has an absolute advantage in the production of tea.
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Managers should constantly be on the lookout for ________ to avoid discontent in the workplace.
Managers should constantly be on the lookout for any kind of inequity, perceived or genuine to avoid discontent in the workplace.
A manager can be defined as the person whose roles and responsibility is to plan, lead , coordinate and control the day to day activities or operation of a company so as to achieve smooth operation.
It is of necessity or essentials that managers lookout for any kind of inequity or lack of fairness so as to avoid discontent or dissatisfaction in the workplace.
Therefore Managers should constantly be on the lookout for any kind of inequity, perceived or genuine to avoid discontent in the workplace.
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When managers are flexible, creative and willing to learn from mistakes, they are addressing which aspect of emerging public issues?
Managers are handling complexity when they are adaptable, imaginative, and prepared to learn from mistakes.
Describe complexity.
According to the scientific theory of complexity, certain systems exhibit behavioral traits that are utterly outside the scope of any traditional examination of the system's component pieces. These phenomena, also known as emergent behavior, appear to be present in a variety of complex living organism-based systems, such as the stock market and the human brain. For instance, according to complexity theorists, a stock market crash is an emergent result of the activities of several individual investors on a complex financial system, just as human awareness is an emergent characteristic of a complex network of neurons in the brain.
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Companies that observe religious holidays and allow workers to take breaks during the day to observe religious rites understand the ________ barriers that affect international trade.
Companies that commemorate religious holidays and permit workers to take breaks during the day to observe religious rites comprehend the social and cultural barriers that affect international trade.
What is International trade?
International trade is the term for cross-border economic activity. Consumer products like televisions and apparel, capital goods like machinery, raw materials, and food are some of the things that are frequently traded. A need or desire for commodities or services leads to the exchange of capital, goods, and services across international borders or territories. Such trade accounts for a sizable portion of the gross domestic product in most nations.
Social and cultural norms and values serve as the foundation for socio-cultural barriers that are man-made. By limiting access to information sources and provoking unpleasant emotions, they mostly have a detrimental impact on information seeking.
Social barriers, also known as social determinants of health, are factors that affect how people are born, grow, learn, work, and age and can affect how well persons with disabilities function in society. Examples of societal barriers are as follows: Disability significantly lowers the likelihood of employment.
Hence, Companies that commemorate religious holidays and permit workers to take breaks during the day to observe religious rites comprehend the social and cultural barriers that affect international trade.
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Ben and jerry would not be considered transformational leaders because they did not?
Ben and Jerry would not be considered transformational leaders because they did not change the direction of an existing organization. It is possible that in the process Ben and Jerry were not open to new ideas, did not focus on changing the existing mindset of the team, did not become active listeners and were considered intolerant of the existing risks.
Transformational leadership style is a way for leaders to motivate and empower the people who are their responsibility to work together to realize the company's vision. Transformational leadership is a form of values, beliefs, and needs that include change as a form of new breakthrough.
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What accounts for the small price elasticity of demand coefficient (ed) in the lower-right segment of the linear demand curve?
A small percentage change in quantity relative to a large percentage change in price accounts for the small price elasticity of demand coefficient (ed) in the lower-right segment
What is meant of elasticity of demand?
The price elasticity of demand is the stimuli of the quantity demanded to change in the price of a commodity. It is assumed that the consumer's income, tastes, and prices of all other goods are constant. It is measured as a percentage change in the quantity demanded divided by the percentage change in price.
What factors affect elasticity of demand?
Many factors predict the demand elasticity for a product, like price levels, the of product or service, income levels, and the availability of any potential substitutes. High-priced products often are highly elastic because, if prices fall, consumers are able to purchase at a lower price.
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True or false: it is generally the case that indifference curves have the same shape across all consumers.
The statement " it is generally the case that indifference curves have the same shape across all consumers." is False
This is further explained below.
What is the shape?Generally, In a contrast to other attributes such as color, texture, or kind of material, a shape or figure is a graphical depiction of an object's exterior border, outline, or external surface.
Shapes and figures may also be used interchangeably. In contrast to solid 3D objects, plane figures and plane shapes are required to flatten out on a plane in order to exist.
In conclusion, False: "it is typically the case that indifference curves have the same form across all customers." This statement is not true.
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Kellogg company (k) manufactures cold cereal products, such as frosted flakes. assume that the inventory in process on march 1 for the packing department included 1,200 pounds of cereal in the packing machine hopper (enough for 800 24-oz. boxes) and 800 empty 24-oz. boxes held in the package carousel of the packing machine. during march, 65,400 boxes of 24-oz. cereal were packaged. conversion costs are incurred when a box is filled with cereal. on march 31, the packing machine hopper held 900 pounds of cereal, and the package carousel held 600 empty 24-oz. (-pound) boxes. assume that once a box is filled with cereal, it is immediately transferred to the finished goods warehouse.
required:
determine the equivalent units of production for cereal, boxes, and conversion costs for march.
The equivalent units of production for cereal, Boxes and conversion costs for march are: 97,800, 65,200, 65,400.
Equivalent units of productionCereal (pounds)
Inventory in process 0
(1200x0% )
Started and completed in march 96,900
(65400×1.5-1200)
Transfer to finished goods 96,900
(0+96,900)
Inventory in process 900
(900×100%)
Total 97,800
(96,900+900)
Boxes (boxes)
Inventory in process 0
(800x0%)
Started and completed in march 64,600
[(65400-600)×100%]
Transfer to finished goods 64,600
(0+64,600)
Inventory in process 600
(600×100%)
Total 65,200
(64,600+600)
Conversion cost ( boxes)
Inventory in process 800
(800 x 100%)
Started and completed 64,600
[(65400–800) x100%]
Transfer to finished goods 65,400
(800+64,600)
Inventory in process 0
Total 65,400
(65,400+0)
Therefore the equivalent units of production for cereal, Boxes and conversion costs for march are: 97,800, 65,200, 65,400.
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Returns on exchange traded funds may come from:___.
i. capital gains.
ii. dividends.
iii. increases in the fund's premium.
iv. decreases in the fund's discount.
Option (i) capital gains and option (ii) dividends are the correct answer.
Returns on Exchange Traded Funds (ETFs) may come from capital gains and dividends.
What are Exchange Traded Funds (ETF)?A mutual fund's operation is quite similar to that of an Exchange Traded Funds (ETFs), a type of pooled investment security. ETFs frequently track a specific industry, index, commodity, or other asset, but unlike mutual funds, they can be purchased or sold on a stock exchange just like regular equities. An ETF can monitor anything, from the price of a single commodity to a big and diverse group of securities. ETFs might even be created to adhere to specific investment philosophies.
ETF share values vary throughout the day as the ETF is bought and sold, unlike mutual funds which only trade once per day after the market closes.
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