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andrew-mc [135]
2 years ago
14

Closing entries are necessary for a. permanent accounts only.

Business
1 answer:
soldi70 [24.7K]2 years ago
7 0

Closing entries are necessary for temporary accounts only.

A closing entry involves shifting data from temporary accounts on the income statement to permanent accounts on the balance sheet. This closing entry is a journal entry which is made at the end of the accounting period.

The temporary accounts include expenses, revenue, dividends, and so these accounts are to be closed at the end of the accounting year. Thus, the purpose of closing entry is to reset the temporary account balances to zero on the general ledger.

Hence, temporary accounts are used to record accounting activity during a specific period of time.

To learn more about closing entries here:

brainly.com/question/28199222

#SPJ4

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In which step of the strategy formulation process would a swot analysis take place? developing tactical and operations plans set
Tanzania [10]

The answer is <u>"Analyzing the organization and the environment".</u>

<u></u>

SWOT analysis refers to an important tool that helps organizations or businesses in the assessment and revelation period of strategic planning. Since it gives an inside and out perspective on the present and forward-looking circumstance of a business, the term SWOT is frequently connected with strategic planning. Both assume a vital job in the high-level planning of businesses as they include imperative information, which once recognized and analyzed, can accomplish long term business development and achievement. However, they are connected, the two ideas are distinctive components during the process of business planning.

3 0
3 years ago
Schickel Inc. regularly uses material B39U and currently has in stock 460 liters of the material for which it paid $3,128 severa
stira [4]

Answer:

D. $4,902

Explanation:

Schickel Inc.

RELEVANT COST can be defined as the cost that are often said to be incurred only when making specific and important business decisions because this relevant cost is used to determine whether to sell or keep a business which is why relevant cost concept is useful for eliminating some information from a particular decision-making process.

Relevant cost=

New stocks of the material purchased for $6.45 per liter.

Relevant cost of 760 liters of the material to be used.

Hence;

= $6.45 per liter ×760 liters = $4,902

Therefore the relevant cost of the 760 liters of material B39U is $4,902

6 0
3 years ago
Ag-Coop is a large farm cooperative with a number of agriculture-related manufacturing and service divisions. As a cooperative,
Anon25 [30]

Answer:

See complete solution in the picture attachment.

Explanation:

8 0
3 years ago
Crane Sales Company uses the retail inventory method to value its merchandise inventory. The following information is available
Marysya12 [62]

Answer:

C. $222,500 ÷ $313,500

Explanation:

Calculation for cost to retail ratio

COST

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Add; Purchases $190,000

Add: Freight in $2,500

Cost $222,500

RETAIL

Beginning inventory $45,000

Add: Purchases $260,000

Add: Net mark ups $8,500

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Therefore, the cost to retail ratio will be

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5 0
3 years ago
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Kruka [31]

Answer:

A) accessory equipment.

Explanation:

Accessory equipment is equipment that is fixed on a place or fixed to other equipment. If the accessory equipment is removed, the original equipment will continue to function as it did before.They must be depreciated since they cannot be expensed.

In this case, the fax machines work along side the telephones of Sumitomo bank and if removed, the telephones would still work. The IRS classifies fax machines as part of office furniture, fixture and equipment, and establishes a 7 year depreciation period.

7 0
3 years ago
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