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PIT_PIT [208]
2 years ago
15

The recording of business transactions is a basic part of financial reporting and is referred to as:.

Business
1 answer:
Karo-lina-s [1.5K]2 years ago
4 0

The recording of business transactions is a basic and fundamental component of financial reporting and is known as<u> bookkeeping.</u>

<h3>What is Bookkeeping?</h3>

Bookkeeping is the process of recording financial transactions.  It entails preparing reference papers for all company transactions, activities, and other occurrences.

The primary goal of bookkeeping is to maintain a comprehensive and precise record of all operations and transactions in a methodical, ordered, and logical way. This guarantees that the financial consequences of these activities are accounted for in the accounting books.

Learn more about Bookkeeping here:

brainly.com/question/25572872

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"Vested benefits
juin [17]

Answer: are defined by all of these(D)

Explanation:

Vested benefit is a financial package that is given to an employee who has fulfilled the term of service that is necessary to receive a full benefit. As a way of making employees stay with a company, the employers may offer the employees benefits in which, the full amount is gradually acquired, as they spend more time with the company.

When the worker has earned the full rights to the benefits after a required number of years of service, the benefits are called vested benefits.

4 0
3 years ago
Family and consumer sciences cooperative extension agent is an example of a job in which career pathway?
MrRa [10]

Family and consumer sciences cooperative extension agent is an example of a job in which career pathway in Family and Community Services.

<h3>Who is consumer cooperative extension agent?</h3>

These are individuals who reach out to people about the cooperative.

They go about to tell people about the various operations and benefits that are attached to being a member.

Therefore, family and consumer sciences cooperative extension agent is an example of a job in which career pathway in Family and community Services

Learn more on cooperative below

brainly.com/question/24131725

#SPJ1

7 0
2 years ago
Acquisition costs; journal entries
Aleks [24]

Answer:

Journal entries for the transactions are given below

Explanation:

1. Development of new product

                                                               DEBIT     CREDIT

Research and development                 $24,000

Cash                                                                         $24,000

2. Paid the plaintiff for losing patent

                                                                DEBIT     CREDIT

Legal fee (expense)                             $8,000

Cash                                                                         $8,000

3. Bought Equipment and signed non-interest bearing note

                                                                DEBIT     CREDIT

Equipment Cash price                          $37,000

Discount on note payable                    $5,000

Cash paid                                                                  $18,000

Note payable                                                            $24,000

4. Installed sprinkler system

                                                                DEBIT     CREDIT

Sprinkler system                                     $40,000

Cash                                                                         $40,000

5. Plaintiff paid for successful infringement  suit on its patent

                                                                DEBIT     CREDIT

Patent                                                     $24,000

Cash                                                                         $24,000

6. Bought New equipment and traded old one

                                                                DEBIT     CREDIT

New Equipment                                    $13,600

Accumulated depreciation                   $6,800

Loss on sale                                           $3,400

Old Equipment                                                        $13,400

Cash                                                                         $10,400

Working:

Accumulated depreciation = Original Cost - book value

Accumulated depreciation = $13,400 - $6,600

Accumulated depreciation = $6,800                                                      

7 0
3 years ago
Alexander has been accepted as a freshman at a college two hundred miles from his home for the fall semester. Alexander's wealth
irga5000 [103]

Answer:

Yes.  

Alexander is an intended third party beneficiary of the contract between Michael and Jackson Auto Sales.

Explanation:

In the law of contracts, Alexander becomes a third-party beneficiary of the contract between Michael and Jackson Auto Sales, and he has the right to sue in the contract notwithstanding that he was not an active party to the contract.  Some of the factors that may be present to show that a Alexander is an intended beneficiary are: (1) the contract's performance is rendered directly to Alexander; (2) Alexander has rights to control the details of the performance; or (3) there is an express designation in the contract, e.g. the title to the car is in Alexander's name.

3 0
3 years ago
Whispering Winds Corp. just began business and made the following four inventory purchases in June: June 1 147 units $882 June 1
MariettaO [177]

Answer:

the ending inventory using the LIFO method is $1,225

Explanation:

The computation of the value of the inventory using the LIFO method is shown below;

Since there are 196 closing units

So,

= 146 units × $6 + 49 units × $7

= $882 +  $343

= $1,225

The $6 come from

= $882 ÷ 147 units

And, $7 comes from

= $1,372 ÷ 196 units

Hence, the ending inventory using the LIFO method is $1,225

5 0
3 years ago
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