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katen-ka-za [31]
2 years ago
8

Detailed information about the financial statement elements is maintained in records commonly called?

Business
1 answer:
sergij07 [2.7K]2 years ago
4 0

Detailed information about the financial statement elements is maintained in records commonly called "Accounts'

An account in accounting is a general ledger entry that is used to categorize and record transactions. For example, businesses will have a Cash account where they may record each transaction that raises or reduces the amount of cash they have on hand.

Three different accounts exist.

  1. Real account: It links assets and obligations; it excludes accounts for specific individuals. They continue every year.
  2. Personal accounts link the accounts of people,
  3. Businesses, and organizations. All accounts for income, spending, losses and profits are related by a nominal account.

To learn more about financial statements

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IrinaVladis [17]
Don’t take my word for it but I think is the D
5 0
3 years ago
Cusic Music Company is considering the sale of a new sound board used in recording studios. The new board would sell for $24,200
inn [45]

Answer:

$31,312,440  

Explanation:

Working for Net Income Calculation is attached in MS Excel File Format with this answer, Please Fins it.

Net Income =  $29,977,440

As we know that the depreciation is a non cash expense, so it will be added back to the net income to calculate the Operating cash flow.

Operating Cash Flow = Net Income + Depreciation

Operating Cash Flow = $29,977,440  + 1,335,000

Operating Cash Flow = $31,312,440  

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3 0
3 years ago
Inventory and safety stock planning ________. leads to the development of the overall demand forecast leads to the development o
NARA [144]

<u>Answer: </u>leads to the development of a sourcing plan

<u>Explanation:</u>

Inventory planning includes the safety stock planning. Safety stock planning means the additional maintenance of the stock to avoid the situation of being completely out of stock when needed. Safety stock acts as the buffer stock during the times of unexpected sudden increase in demand.

Through inventory and safety planning the goods can be accumulated based on the sale or the production of the firm. These things lead to the development of the source planning.

8 0
3 years ago
When should supplies be recorded as an expense?
Crazy boy [7]

Answer:

Supplies should be recorded as an expense when it is used up during an accounting period.

Explanation:

Supplies which is also refers to as office supplies can be described as consumables and equipment which are used from time to time by company. Examples of office supplies include printer paper, pencils, notebooks, binders, pens and among others.

When supplies are bought before they are used, they are recorded as office supplies by adding them to office supplies on hand at the beginning of to obtain total supplies for an accounting period under the current asset in the balance sheet. Any part of the office supplies used up during an accounting period is recorded an expense during that accounting period in the income statement. The part used is deducted from the total supplies obtained supplies on hand at the an accounting period to be recorded under the current asset in the balance sheet.

Therefore, supplies should be recorded as an expense when it is used up during an accounting period.

7 0
3 years ago
A stores new environmental policy (PLS HELP ASAP)
Marat540 [252]

The policy is not practical because it is not enforceable. Lots of shops or businesses will not practice this as it will scare customers away.

<h3>Why is the policy not fair?</h3>

The policy is not fair because throw away paper is recyclable while plastic bags are not. Hence people who use paper should not be charged as much as those who use plastic bags, if at all.

<h3>What is the saving due if a person brings their own container to bag their groceries?</h3>

They most likely wills save 5% on every purchase made.

<h3>Why are environmental policies important?</h3>

The goal of environmental law is to safeguard the

  • land,
  • air,
  • water, and
  • soil.

Infractions of these rules result in a variety of penalties, including fines, community service, and, in severe circumstances, jail time.

Without environmental regulations, the government would be unable to penalize people who harm the environment.

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3 0
2 years ago
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