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2 years ago

Which best describes the role of financial planning?

1 answer:

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The role of financial planning can be described by allowing someone to have lesser obstacles in an economy of a country.

Option D is the correct answer.

<h3>What is a financial plan?</h3>

A financial plan is a statement defining the company's recent finances, the objectives and the strategies to attain those objectives.

Financial planning helps in the creation of budgets for future uses, formulate the ways for minimizing or saving the charges to be incurred in the future and execute the ways of accumulating and increasing the wealth of an organization.

Therefore, the explanation provided in part D would best describe the role of financial planning.

Learn more about the financial plan in the related link:

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Last year, Company X paid out a total of $1,050,000 in salaries to its 21 employees. If no employee earned a salary that is more

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Answer:

$42,000

Explanation:

Let L be the lowest possible salary;

the maximum salary would be (L x 20%) + L = 1.2L

If we want to determine the minimum value for L, we need to assume that everyone else earns the maximum salary: 20 employees earn 1.2L each

L + 20(1.2L) = 1050000

L + 24L = 1050000

25L = 1050000

L = 42000

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3 years ago

Which of the following statements is false? Multiple Choice The short run refers to a period of less than one year. In the long

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Answer:

The short run refers to a period of less than one year.

Explanation:

The statements is false that the short run refers to a period of less than one year.

The short run, long run and very long run are different time periods in economics.

Short run – where one factor of production (e.g. capital) is fixed.

long run – Where all factors of production are variable,

Unlike in accounting where operating period refer to a period of one year, there is no hard and fast definition as to what is classified as "long" or "short" and mostly relies on the economic perspective being taken.

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3 years ago

Prior to 2008, CBS Corp. owned approximately 18% of Westwood One, Inc., which managed the CBS Radio Network. CBS, in turn, manag

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Answer and explanation:

The influence a company may have over another when one of them has a number of shares that belongs to the other is determined by the percentage of ownership that the number of shares represent. If its lower than 20%, it is said the company has no influence over the other. From 20% to 50% one company has significant influence over the other. Finally, with more than 50% of the outstanding shares in possession, one company has control over the other.

In that case, CBS Corp. has no influence over Westwood One, Inc. since it owns only 18% of the outstanding shares.

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3 years ago

An analysis of comparative balance sheets, the current year's income statement, and the general ledger accounts of Wellman Corp.

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Answer:

Explanation:

There are three types of activities in the cash flow statement which are described below:

1. Operating activities: It includes those transactions which affect the working capital after net income. The increase in current assets and a decrease in current liabilities would be deducted whereas the decrease in current assets and an increase in current liabilities would be added.

These changes in working capital would be adjusted. Moreover, the depreciation expense is added to the net income and the dividend and interest is received is recorded in this activity.

The loss and gain on sale of the assets is also recorded and amortization on intangible asset is also recorded

2. Investing activities: It records those activities which include purchase and sale of the long term assets. The purchase is an outflow of cash whereas sale is an inflow of cash

3. Financing activities: It records those activities which affect the long term liability and shareholder equity balance. The issue of shares is an inflow of cash whereas redemption and dividend is an outflow of cash.

The categorization is shown below:

(1) Exchange of land for patent - Non-cash investing and financing activity as it does not involve any cash transaction

(2) Sale of building at book value - Investing activity

(3) Payment of dividends - Financing activity

(4) Depreciation - Operating activity

(5) Receipt of dividends on investment in stock - Operating activity

(6) Receipt of interest on notes receivable - Operating activity

(7) Issuance of capital stock - Financing activity

(8) Amortization of patent - Operating activity

(9) Issuance of bonds for land - Non-cash investing and financing activity as it does not involve any cash transaction

(10) Purchase of land - Investing activity

(11) Conversion of bonds into common stock - Non-cash investing and financing activity as it does not involve any cash transaction

(12) Loss on sale of land - Operating activity

(13) Retirement of bonds - Financing activity

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3 years ago

When Patrick was talking with his customer about the new accounting system, his customer mentioned that she thought the new syst

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Answer:

E. overcoming reservations

Explanation:

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