The primary focus of financial accounting information is to provide useful information for users to make appropriate decisions.
How do you define financial accounting?The process of recording, compiling, and reporting the numerous transactions occurring from corporate operations throughout time is known as financial accounting. It is a particular branch of accounting.
Financial accounting is the process of documenting, compiling, and disclosing a company's financial activities. The income statement, balance sheet, cash flow statement, and statement of retained earnings are these statements.
The preparation of financial reports for external audiences like investors, creditors, and tax authorities to learn more about a company's performance is the primary goal of financial accounting.
Financial accounting gives specialists the opportunity to play a significant part in keeping businesses complying with the law, luring investors, and assisting leaders in making objective judgments about future plans.
Therefore, focus of financial accounting information is to provide useful information for users who are external to the business enterprise to make decisions.
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Before posting a payment of $5,000, the accounts payable of senator company has a normal balance of $16,000. the balance after posting this transaction was:______.
Before posting a payment of $5,000, the accounts payable of senator company has a normal balance of $16,000. The balance after posting this transaction was $11,000.
A company's debt to its suppliers for delivered products and services for which the provider has given an invoice is referred to as accounts payable. It may also be the title of the group in charge of collecting any unpaid debts owed by a company to its suppliers.What kind of accounts payable are there?Accounts payable are the expenses that a business must cover. Office supplies, cleaning services, and staff uniforms are a few instances of accounts payable. Purchasing the order, receiving the order, and mailing the vendor invoice are the three phases in accounts payable.to learn more about Accounts payable, Click the links
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Tom's drug store buys toothpaste for $1.00 and decides to mark it up to $1.50. this strategy decision falls into the?
Tom's Drug Store chooses to increase the price of the toothpaste it purchases from $1 to $1.50. The marketing mix is where this strategic choice belongs.
Product, pricing, place, and promotion have historically been the four main components of the "marketing mix," which is a foundational business strategy (also known as the "4 Ps").
The early twenty-first century saw the emergence of marketing theory. First published in 1984, the modern marketing mix has now evolved into the preeminent framework for marketing management decisions. An extended marketing mix is employed in the services industry, often consisting of 7 Ps (product, pricing, promotion, place, packaging, positioning, and people), which are the basic 4 Ps plus process, people, and tangible evidence.
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If nominal gdp in 2006 for the united states was $13,377.2 billion and real gdp in 2006 (using 2005 as the base year) was $12,958.5 billion, how much inflation was there between 2005 and 2006?
$13,377.2 billion ÷ $12,958.5 billion) × 100 = 103.2 the importance of the GDP deflator between 2005 and 2006.
How do you find real GDP from nominal GDP and inflation?In general, calculating real GDP is accomplished by separating nominal GDP from the GDP deflator (R). For example, if an economy's prices have risen by 1% since the base year, the deflating digit is 1.01. If nominal GDP was $1 million, then actual GDP is estimated as $1,000,000 / 1.01, or $990,099.
Nominal GDP is derived by bearing the current year's quantity output by the current market cost.
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suppose the advancement of computers has decreased the productivity of a paper mill. this will likely cause the supply curve for paper.
The supply curve for paper will experience a leftward shift because of the decreased productivity of a paper mill due to the advancement of computers. That means the supply of paper will decrease.
The supply curve is a curve that provides a graphical representation of the law of supply. It presents the relationship between the price of the commodity and the quantity of the same a seller is willing and able to supply. The quantity supplied is measured on the horizontal axis and the price on the vertical axis respectively. This demonstrates that as the price increases, the quantity supplied increases and vice versa given the ceteris paribus conditions.
The supply curve shifts with the minute change in the factors that are assumed to remain constant. These factors include labor productivity, input costs, technology, producer expectations, government actions, and so on. The leftward shift in the supply curve indicates a decrease in the quantity supplied and a rightward shift indicates an increase in the same and so on.
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Which type of writing would you most likely observe in an email between an employee and his or her supervisor?
A formal writing is the type of writing you would most likely observe in an email between an employee and his or her supervisor.
What is a formal writing?It refers to the type of writing that is is written for an audience you do not know on a personal level, that is, it is often the main style in academic writing and is more complex than informal writing.
The characteristics of a formal writing includes a more complex structure, an objective approach, use of full words rather than contractions and writing in the third person. Hence, as the relationship between an employee and supervisor is formal, then, the formal writing is the type of writing you would most likely observe in an email between an employee and his or her supervisor.
Therefore, the Option C is correct.
Missing option "Colloquial,Casual,Formal, Informal"
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The purpose behind a secondary sources of law is to increase the level of _______ and _______ across courts in all 50 states.
The purpose behind a secondary sources of law is to increase the level of uniformity across courts in all 50 states.
What are Secondary Sources of Law?In general, anything that discusses and analyzes primary sources is probably a secondary source if authorities like statutes and case law that establish the law are considered primary sources.
Given the broad scope of the concept, it is not surprising that secondary sources can have a wide range of characteristics and purposes, similar to the various approaches to analyzing laws and case law.
For instance, many secondary sources take the form of authoritative thematic treatises, while others take the form of live or recorded seminars. Other such authority may compile case law or statutes from various jurisdictions. And even that barely scratches the surface of all the secondary legal sources that are readily available.
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The correct question is “The purpose behind a secondary sources of law is to increase the level of ______ across courts in all 50 states.”
Franchisers are permitted to recognize the revenue from the sale of a franchise whenever they wish under accrual-basis accounting. true /false
The statement is false. Revenues are typically recorded when earnings and expenses are compared to the periods in which they contribute to revenue under accrual-basis accounting method. Not when franchisers are permitted to recognize the revenue from the sale of the franchise.
Additionally, in accrual-basis accounting, activities that impact a company's financial statements are recorded in the periods in which they take place, and revenue is recognized in the period in which the performance obligation is met.
A brand can reach many more consumers by or through franchising since the brand already has a loyal following of consumers. In accounting of a franchise, according to the revenue recognition principle, revenue must be reported in the time frame that funds are received.
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A company records a loss of $70,000 on the sale of its outdated inventory.
a. operating activity
b. investing activity
c. financing activity
A company documents a loss of $70,000 on the sale of its outdated inventory.
a) Operating Activity
What are operating activities?Operating activities are all the things a business does to bring its products and services to market on an ongoing base. Non-operating activities are past events that may affect revenues, expenses, or cash flow but fall outside of the company's routine, core business. Operating activities include: Setting a strategy.
Operating activities contain cash activities related to net income. Investing actions contain cash activities similar to noncurrent assets. Financing actions contain cash activities related to noncurrent liabilities and owners' equity.
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Place the appropriate label to classify each scenario as either microeconomic or macroeconomic.
The following scenarios are microeconomic:
A team of three partners starts a new ad agency
A laid-off worker enrols in job re-training
The following scenarios are macroeconomic:
the inflation rate rises, Nationwide,
new housing construction declines for the third month in a row.
What is macroeconomics and microeconomics?Macroeconomics is a branch of economics that studies the economy as a whole. Macroeconomics studies economic variables that affect the whole economy. These economic variables include as inflation, unemployment, GDP and growth rate.
Microeconomics is a branch of economics that studies the decisions individuals and firms make in response to changes in economic factors. These factors include price, resources etc. it studies how firms and individuals allocate and make decisions about resources
Here is the complete question:
Place the appropriate label to classify each scenario as either microeconomic or macroeconomic.
A team of three partners starts a new ad agency,
A laid-off worker enrolls in job re-training
the inflation rate rises, Nationwide,
new housing construction declines for the third month in a row.
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It is cheaper to produce corn in kansas than in death valley, california because corn needs a lot of water and moderate temperatures. this statement best represents this economic concept:______.
Answer:
Resources should be used as efficiently as possible to achieve society's goals.
Explanation:
Resources should be used as efficiently as possible to achieve society's goals.
The amount a firm earns from selling products to customers is its _______. multiple choice question.
The amount a firm earns from selling products to customers is its revenue
What is distinction between revenue and profit?
The difference between revenue and profit is that the latter is the total earnings from customers by selling products to them, whereas refers to the net earnings from selling products to customers after having considered the cost of those products, in other words, profit is the excess of sales revenue over the cost of goods sold.
In this instance, there was no mention of cost of those goods sold customers, in effect, we are not expected to consider cost of sales, which means that only revenue is received from customers when we sell to them, the profit can only be ascertained if we factor in cost of products sold, the amount required here is the revenue.
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Employment is an example of which type of need?
a. self-esteem
b. physiological
c. love and belonging
d. safety and security
Employment is an example of safety and security type of need.
Employment is a partnership between two people that governs the delivery of compensated labor services. One party, the employer, who may be a company, a not-for-profit organization, a co-operative, or any other entity, pays the other, the employee, in accordance with the terms of a contract in exchange for doing the job that has been allocated to them. Employees perform work in exchange for pay, which may be made up of an hourly rate, piecework payments, or an annual salary, depending on the nature of the work performed, the industry conditions in effect, and the bargaining power of the parties. In some industries, employees could get stock options, bonuses, or gratuities. Employees may also receive benefits in some jobs in addition to compensation.
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Workers formed unions and eventually these were recognized as a legal entity having the right of _________________ .
Workers formed unions and eventually these were recognized as a legal entity having the right of collective bargaining.
Why is it called collective bargaining?
Beatrice Webb, a pioneer in the field of industrial relations in Britain, coined the term "collective bargaining" in 1891. It alludes to the kinds of collective bargaining and agreements that have been in place since since the development of trade unions in the 18th century.What is an example of collective bargaining?
Employees can bargain collectively with their unions for more favorable terms. An illustration would be when factory workers use their union to bargain for higher wages.
What are the 4 types of collective bargaining?
Collective bargaining comes in a variety of forms, such as composite concessionary, distributive, integrative, and productivity bargaining.
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____ is the functional area of business that is responsible for finding the best sources of funds and the best ways to use them.
a. marketing
b. operation
c. production
d. finance
Finance is the functional area of business that is responsible for finding the best sources of funds and the best ways to use them. So the correct option is (d).
What is a Functional area?
Functional area describes a way of segmenting an organization into distinct parts, each of which will act as a fully functional unit carrying out the specified functions. This means that a segmented unit like this accomplishes a specific organizational goal that can be distinguished from the role of other segments. The human resource department, a division within the organization that is divided from other functional areas by the particular obligations that are distinctive to just the human resource department, is an example of such a division within an organization.
Therefore correct answer is (d).
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If a company incorrectly records cash received for services to be provided in the future with a debit to cash and a credit to sales revenue, how will this error affect net income for the current period?.
There will be inadequate liabilities.
the required details about sales revenue is mentioned below
What Does Sales Revenue Mean?
Sales revenue is the money a business makes from selling products or offering services. Sales and revenue can, and frequently are, used interchangeably to refer to the same thing in accounting. It is significant to remember that revenue does not always equate to money received. One part of sales revenue may be paid in cash, and the other part may be paid on credit using methods like accounts receivable.
Either the gross revenue total or the net revenue amount can be used to represent sales revenue on the income statement. All deductions for product returns, the potential for undelivered items, and the cost of bad debt are all included in net revenue.
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The carter corporation purchased $2,000 of direct materials on account from its largest vendor. carter also paid $230 in shipping costs. how would carter record this transaction?
raw materials inventory $2230
To credit carter corporation $2230
raw materials inventory will shown as debit and carter corporation as credit.
The $2,230 transaction is recorded by carter as a debit to raw materials inventory.
A vendor, usually referred to as a supplier, is a person or a company who sells goods. A vendor often finds a place to sell their products and services. The seller markets and sells their goods using whichever strategy suits them best after procuring the appropriate items. For instance, if it's a food truck, the vendor makes sure there are enough ingredients to prepare the menu items and serve the anticipated amount of people before driving to a specific location and starting to sell meals. To prepare for, obtain, and deliver the items and services they are contracted to offer, a vendor that supplies one of these major businesses would require a significantly larger operation.
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In order for managers to determine the resources needed to achieve their objectives, a(n)?
A manager and employee agree on precise performance goals, and then a strategy is created to help them be achieved. This approach is known as management by objectives (MBO).
Having an effective control system aids in achieving goals. Planning, organizing, leading, and controlling are the four primary management activities that have replaced and replaced Fayol's functions over time.
In contrast, managers work to apply procedures like organizational structuring and budgeting in order to attain organizational goals. Managers must make judgments to employ resources economically and effectively in order to meet market goals and objectives.
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Structures on the premises separated by clear space from the dwelling are covered under which part of the homeowners policy?
Structures on the premises separated by clear space from the dwelling are covered under coverage D of the homeowners policy?
What is coverage?The amount of risk or responsibility that an individual or entity has covered by using insurance services is known as insurance coverage. In the event of unforeseeable events, an insurer will issue insurance coverage, such as vehicle insurance, life insurance, or more unusual kinds, such as hole-in-one insurance.
When unforeseen occurrences like vehicle accidents or the death of an adult family supporter occur, insurance coverage aids customers in recovering financially. The insured person pays a premium to the same insurance company in exchange for this coverage. Numerous factors frequently affect both insurance coverage and price.
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What item flows from the income statement to the statement of retained earnings?.
Net Income flows from the income statement to the statement of retained earnings.
The balance sheet is balanced when net income from the income statement, less any dividends paid, is transferred to the retained earnings column. Additional connections- Long-term debt on the balance sheet is used to determine interest expenditure on the income statement.
Net income: In commerce, Net Income is the amount of cash left over on balance costs, like salaries and wages, the value of commodities or raw materials, and taxes, are paid. Net Profit is the amount that an individual keeps after paying taxes, insurance premiums, and retirement contributions.
Net Income flows from the income statement to the statement of retained earnings.
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A firm has sales of $1,420, net income of $236, net fixed assets of $544, and current assets of $500. the firm has $96 in inventory. what is the common-size statement value of inventory?
The answer is 09.19%.
To find the common-size statement value of inventory.
Firstly, we need to calculate the Total Assets.
Total Assets = Current Assets + Net Fixed Assets
= $(500+544)
= $1044.
Now,
Find the Common size Value of Inventory.
Common-size value of inventory = Inventory/Total Stocks.
= $96/$1044
= 0.0919
= 09.19%
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Revenue is recognized when the seller ______. (check all that apply.) multiple choice question.
Revenue is recognized when the seller :
collects cash from customers , if using cash basis accounting.
Services are provided even if cash has not yet been collected, if using accrual basis accounting
What is cash and accrual accounting?Accrual accounting is an accounting method in which an expense or income is recorded at the time when the transaction occurs. The purpose of accrual accounting is to match income and expenses with the period in which they occur.
If the accrual accounting method is used, the expense would be recorded when the order is made.
The cash basis of accounting is an accounting method that records revenue only when cash is received and records expenses only when cash is paid.
Cash accounting does not include account receivable or account payable. An advantage of the cash basis of accounting is it easy to use. A disadvantage of cash accounting is it is a less accurate representation of financial position of a company.
IFRS or US GAAP does not allow cash accounting but allows accrual accounting.
Here are the options:
Cash is collected from customers, if using cash basis accounting
2) Borrowing money from a bank, if using cash basis accounting
3) Borrowing money from a bank, if using accrual basis accounting
4) Services are provided even if cash has not yet been collected, if using accrual basis accounting
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One reason for employers being biased against older workers is that older workers generally _____ than younger workers, and companies are always looking to reduce costs.
Earn Higher Salaries.
One reason for employers being biased against older workers is that older workers generally earn higher salaries than younger workers, and companies are always looking to reduce costs.
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If actual production totals 8,200 units, the flexible budget would show net income of?
A flexible budget is one that adapts to a company's activity or volume levels. A flexible budget continuously "flexes" with a business's variations in costs, as opposed to a static budget, which remains fixed at the numbers decided upon when the budget was produced.
Budget flexibility = Fixed Cost plus (actual unit of activity x variable cost per unit of activity)
A flexible budget is simple to adjust in response to changes in the volume of production and sales. Performance measurement and evaluation are made easier with a flexible budget. It takes into consideration changes in activity volume. For control, a flexible budget is preferable to a static one.
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A _____ is used by a business to determine where the potential customers are located.
Psychographics are data that help businesses determine how often potential customers use a particular product or service.
Why Conduct Market Research?Market research, commonly referred to as "marketing research," is the procedure used to assess the viability of a new service or product by conducting research with prospective customers. Market research enables a business to identify the target market and gather input from customers regarding their interest in the good or service as well as opinions.
This kind of research might be carried out internally, by the business itself, or by a different business that specializes in market research. Surveys, product testing, and focus groups are among methods that can be used. A small stipend or product samples are typically given as payment to test subjects in exchange for their time. A new product or service's research and development (R&D) process must include market research as a key step.
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The portion of net income that the company has kept over a period of years and not used for dividends is called?
Retained profits is the term used to describe the portion of net income that a corporation keeps over time without paying dividends.
Retained profit is the portion of a company's net income that is held internally rather than distributed to shareholders. A company's long-term financial stability can be strongly predicted by its retained earnings.
As a measure of a company's financial soundness, retained profit is crucial for investors to comprehend. Numerous purposes can be served by operational gains. Although paying corporation taxes is required, there are some choices to be taken regarding what to do with the remaining profit.
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Burger king's satisfries are most likely marketed to which type of customer market?
Burger king's satisfies are most likely marketed to consumer type of customer market.
What are consumer markets?A consumer market is known to be defined as a kind of market when people purchase products or services for their own specific use, as seen to buying it to sell to others.
Note that Consumer markets is made up primarily of products that individuals use as part of their daily lives
Therefore, Burger king's satisfies are most likely marketed to consumer type of customer market.
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________ is an organizational practice that allows employees to make decisions that result in the employee having a sense of control and greater opportunities for learning.
Providing decision-making discretion is an organizational practice that allows employees to make decisions that result in the employee having a sense of control and greater opportunities for learning. (Option D). See further explanation below.
What is decision making?The process of choosing choices by recognizing a decision, acquiring information, and evaluating possible alternatives is known as decision-making.
By collecting important information and identifying options, a step-by-step decision-making process may help you make more careful, meaningful judgments.
The four decision-making types are given as follows:
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Full Question:
________ is an organizational practice that allows employees to make decisions that result in the employee having a sense of control and greater opportunities for learning.
Positive deviance
Sharing information
Minimizing incivility
Providing decision-making discretion
Providing feedback
Business analytics translates data into decisions to improve business performance through?
Answer: Quantitative tools, and Qualitative reasoning
Explanation:
Business analytics translates data into decisions to improve business performance through QUANTITATIVE TOOLS or techniques and QUALITATIVE REASONING and analysis.
Quantitative Tools (and Techniques):
The fundamental ideas that underlie quantitative analysis and business statistics can be thoroughly understood with the help of quantitative tools such as data mining and business formulas.Data pertaining to issues with business performance and process improvement are interpreted and evaluated by business analysts utilizing quantitative methodologies using percentages, numbers, or figures.Qualitative Reasoning (and Analysis):
Business data evaluation, commonly referred to as "soft-metrics," incorporates qualitative reasoning and qualitative analysis that is focused on the subjective region.According to this logic, a business analytics can possess characteristics that can NOT be measured or simply stated in terms of percentages, numbers, or figures. Instead, it can actually use the descriptive analysis.Learn how to explain the use of business analytics to improve the company’s goods or services: https://brainly.com/question/27674740
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Suppose+you+deposit+$2,555.00+into+an+account+today.+in+15.00+years+the+account+is+worth+$3,954.00.+the+account+earned+____%+per+year.
The account earned+ 6.6 % per year.
What does one mean by deposit?You make a deposit when you add money to your bank account. to create savings and generate interest, you ought to put money in a bank. For money you'll withdraw at any time, a requirement deposit is made.
A certificate of deposit is an investment for the long term. once you take out a loan, you'll also pay a deposit as collateral.When you deposit money, you place it during a checking or savings account.
The minimum monthly deposit required from the customer is $100. an individual or item is put or left somewhere when they are deposited there.
What is deposit and withdrawal?
If you're wondering what's the difference between a deposit and a withdrawal, the reality is that they are exact opposites: A deposit is money put into a bank account for safekeeping until you need it. A withdrawal is money that's taken out of your account.
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Zweig company's adjusting entries include a debit to accounts receivable and a credit to service revenue. this means that zweig:_______
This means that Zweig provided services for which it did not yet receive payment. If Zweig recorded service revenue as a debit, it meant that Zweig had been paid for the already-performed service.
Adjusting entries are modifications to previously written entries in your journal. Journal entries record the inflow and outflow of funds into and out of the various accounts in your business. Making an adjustment entry ensures that the operations of your company are accurately and timely recorded. Your records will show you paying for expenses before they are actually incurred or collecting unearned earnings before you can use the money if you don't make adjustment entries.
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