1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
VMariaS [17]
1 year ago
6

Exam hide or show questions question content area revenue and expense account are permanent accounts. true false

Business
1 answer:
klio [65]1 year ago
3 0

Because they are always converted to an income summary throughout the closing process, revenue and expense accounts are known as nominal accounts.

so the statement is false

Revenue Definition:

Revenue in financial accounting refers to an inflow of funds, typically from sales or services provided by commercial activity. It is also known as sales or business turnover. In other terms, revenue refers to the amount of money that a company or organization receives. For instance, certain businesses may receive income from royalties, interest, or copyright fees. While for some businesses, money may come from the services they provide to clients. Donations from groups, corporations, and people are referred to as revenue for non-profit organizations.

Operating Revenue Examples:

  • Sales.
  • Fees or Commission Earned.
  • Service Revenues.

Expenses Definition:

A money outflow is known as an expense or expenditure in financial accounting. As an illustration, a tenant's expenses can include rent. Parents' expenses could include the cost of their children's tuition. Expenses for a business include things like electricity bills, bank fees, sales expenses, phone bills, repairs, and services.

List of expenses in accounts frequently observed when preparing financial statements:

  • Cost of goods sold.
  • Legal fees.
  • Depreciation.

Learn more about Revenue and expense accounts here

brainly.com/question/16749768

#SPJ4

You might be interested in
Larkin Company accumulated the following standard cost data concerning product I-Tal.
Alex_Xolod [135]

Answer:

Standard cost per unit= $282.6

Explanation:

Giving the following information:

Direct materials per unit: 3.00 pounds at $4.20 per pound

Direct labor per unit: 9.00 hours at $12 per hour

Manufacturing overhead: Allocated based on direct labor hours at a predetermined rate of $18.00 per direct labor hour

The standard cost per unit is the sum of direct material. direct labor, and allocated overhead:

Standard cost per unit= 3*4.2 + 9*12 + 9*18

Standard cost per unit= $282.6

6 0
3 years ago
If you're parked curbside, a potential hazard that you must be especially watchful for as you approach your car is
Aleksandr [31]
You must be careful of any bikers who decide to take the sidewalks and of any cars that come close when you walk on the road
3 0
3 years ago
Read 2 more answers
If the company is using the payback period method and it requires a payback of three years or less, which project(s) should be s
algol [13]

Answer: Project X

Explanation:

The Payback period is the amount of time it would take for the cash inflows accruing from an investment to payoff the cost of the investment.

Project X has a constant cashflow of $24,000 for 3 years and a cost of $68,000 for the Payback period is;

= 68,000/24,000

= 2.83 years

Project Y has an uneven cash flow with a cost of $60,000. Payback is calculated as;

= Year before payback + Amount left to be paid/cashflow in year of payback

Year before payback = 4,000 + 26,000 + 26,000

= $56,000

This means that the third year is the year before payback.

60,000 - 56,000 = $4,000

Payback period = 3 + 4,000/20,000

= 3.2 years

Based on a Payback period of 3 years, only Project X should be chosen as it pays back in less than 3 years.

7 0
3 years ago
What is the term for something that is produced by the mind, such as new invention that was commercial value?
mr_godi [17]
I just got a great idea?
6 0
2 years ago
Which of the following is a contrary indicator?A) odd-lot tradingB) breadth of market and market volumeC) short-interest and the
garri49 [273]

Answer:

Short Interest and the Advance/Decline line

Explanation:

The Short Interest and the advance/descent line, also known as the AD line, is an indicator of market amplitude that gives the same weight to all the values ​​of an index or market. The advance/descent line, also known as the AD line, is an indicator of market breadth that gives the same weight to all the values ​​of an index or market.

The advance / descent line is an indicator of market breadth because it informs us of the general market movement. Similarly, when we say that it gives the same weight to all stock index values, we are saying that for the forward / down line all values ​​are equally important.

What really interests this indicator, being of market breadth, is to see if the price movement is accompanied by the movement of the indicator.

4 0
3 years ago
Other questions:
  • The dividend policy must be formulated considering two basic objectives, namely ________. delaying the tax liability of the stoc
    9·1 answer
  • What percent of the money that a typical modern bank invests comes from borrowing?
    10·1 answer
  • An agent has recently changed his email address. What must the agent do to comply with the regulation for change of address?
    6·1 answer
  • Music compact discs are normal goods. What will happen to the equilibrium price and quantity of music compact discs if musicians
    10·1 answer
  • g Swifty Corporation issued 3,100 5%, 5-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1
    10·1 answer
  • A tax meets the standard of efficiency if it generates enough revenue to pay for the public goods and services provided by the g
    13·1 answer
  • During the late 1990s, a lot of big animation companies started to move away from the traditional hand-drawn animation and towar
    12·1 answer
  • The demand curve for a monopolist differs from the demand curve faced by a competitive firm because the demand curve for: A. a m
    5·1 answer
  • one advantage of an unrelated diversification strategy in a developed economy is that competitors cannot easily imitate the fina
    14·1 answer
  • ruritania's economy has been enjoying positive but slowing growth. the ministry of economics is considering various policy measu
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!