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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

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Suppose you deposit $1,091.00 into an account 6.00 years from today that earns 12.00%. It will be worth $1,728.00 _____ years fr
Taya2010 [7]

Answer:

It will take 10.058 years from today.

Explanation:

Giving the following information:

Present value= $1,091

Future value= $1,728

Interest rate= 12%

<u>First, we need to calculate the number of years it will take to transform the PV into the FV:</u>

<u></u>

n= ln(FV/PV) / ln(1+i)  

n= ln(1,728/1,091) / ln(1.12)

n= 4.058 years

It will take 10.058 years from today.

4 0
3 years ago
In what ways might monetary policy be superior to fiscal policy?
a_sh-v [17]

Monetary policy does not require congressional approval, it is more flexible than fiscal policy. Conversely, monetary policy has a propensity to increase inflation more than fiscal policy.

A country's central bank uses a set of instruments called monetary policy to regulate the total amount of money in circulation, foster economic expansion, and implement measures like adjusting interest rates and altering bank reserve requirements.

The Federal Reserve Bank of the United States carries out a monetary policy under a twin mandate to maximise employment while containing inflation.

A nation's overall money supply is managed by monetary policy, which also aims to promote economic growth.

Interest rate changes and adjustments to bank reserve requirements are examples of monetary policy strategies.

Learn more about monetary policy here:

brainly.com/question/28038989

#SPJ4

6 0
2 years ago
You work for an airline that is expanding its service overseas and hiring several thousand new employees from the countries that
arsen [322]
Depending on where overseas is managers should get to know a little about the cultures, being bilingual would help both managers and employees. Hiring someone who can translate a number of languages would also be a benefit. I'd consider writing out the questions and getting them translated. Managers should come up with no more than 5 questions, it's going to be cumbersome already.

Cultural differences are bound to surface. Some of the ones I would learn about would be; eye contact, hand gestures, physical space, also practice matching there expressions.
8 0
3 years ago
UP Forklifts sells two​ products, large forklifts and small forklifts. A large forklift sells for $ 80 comma 000 per unit with v
svlad2 [7]

Answer:

Break-even point (units)= 90 units

Explanation:

Giving the following information:

Large forklift:

Selling price= $80,000 per unit

Unitary variable cost= $26,000 per unit.

Small forklifts:

Selling price= $60,000 per unit

Unitary variable cost= $12,000 per unit.

Total fixed costs for the company are $4,455,000.

Sales proportion:

Large forklift= 0.25

Small forklift= 0.75

To calculate the break-even point in units, we need to use the following formula:

Break-even point (units)= Total fixed costs / Weighted average contribution margin

Weighted average contribution margin= (weighted average selling price - weighted average unitary variable cost)

Weighted average contribution margin= (0.25*80,000 + 0.75*60,000) - (0.25*26,000 + 0.75*12,000)

Weighted average contribution margin= 65,000 - 15,500= 49,500

Break-even point (units)= 4,455,000/ 49,500

Break-even point (units)= 90 units

5 0
3 years ago
Match the appropriate costing method to the description
sp2606 [1]

Answer:

  • a. Absorption costing only  --  8. Includes gross profit on the income statement
  • 2. Required by generally accepted accounting principles.
  • b. Variable costing only  --  6. Generally provides the most useful report for setting long-term prices.
  • 3. Treats fixed manufacturing cost as a period cost.
  • 5. Generally provides the most useful report for controlling costs.
  • 4. Operating income is impacted by changes in inventory level.
  • c. Both absorption and variable costing  --  7.May be used in a manufacturing company
  • 1.Treats fixed selling cost as a period cost.

Explanation:

  • The absorption costing includes that all the manufacturing costs which are given to the units produced and the cost of a finished product will be the cost of the direct material and labor.
  • Variable cost is a method that assigned the variables costs to the inventories and means that overall cost changes to expenses in a time of occurrence.
  • Both of these costs are related to the method of the production and costs that are incurred in the production and in which method the company uses to make.
8 0
3 years ago
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