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
Perteet Corporation's relevant range of activity is 3,600 units to 8,000 units. When it produces and sells 5,800 units, its aver
creativ13 [48]

Answer:

Total MFG Overhead  $ 20680

Explanation:

Perteet Corporation

Manufacturing overhead consists of Variable manufacturing overhead and Fixed manufacturing overhead.

Variable manufacturing overhead $ 1.40

Fixed manufacturing overhead $ 3.30

Manufacturing overhead per unit    $ 4.7

No of units =  4,400

Total MFG Overhead = 4.7 * 4400 =  $ 20,680

The manufacturing overhead costs do no not consists of Fixed selling expense, Fixed administrative expense ,Sales commissions and Variable administrative expense. Another way of finding the manufacturing overhead costs is subtracting the cost of direct materials and direct labor from the cost of goods sold.

Cost of Goods Sold $ 14.2

Direct materials $ 6.30

Direct labor $ 3.20

Variable manufacturing overhead $ 1.40

Fixed manufacturing overhead $ 3.30

Total Manufacturing Costs= $ 14.2

Less Direct Materials Cost= $ 6.3

Less Direct Labor Costs = $ 3.2

Mfg Overhead= $ 4.7

No Of Units = 4400

Total MFG Overhead = 4.7 * 4400= $ 20680

     

6 0
2 years ago
Leasing a car may be a better option than buying a car
AfilCa [17]
If you do t plan on having it for a long time, then you don’t have to worry about the maintenance issues and upkeep.
5 0
2 years ago
Read 2 more answers
Pete offered Liz a job at his new law firm. In anticipation, Liz quit her job at Mega Firm, bought a new computer and invested i
MissTica

Alcohol hand sanitizer

6 0
3 years ago
Which of the following statements is true of break-even point?
Misha Larkins [42]

Answer:

D) It helps managers exercise control after the product has been created and is ready for marketing.

Explanation:

Break-even point is the point where the total cost matches the total revenue,it is helpful to managers in order to control the business,it helps them to know when to implement certain changes or favorable incentives for improved sales and overall revenue.

It is calculated by dividing the total fixed cost/total revenue for one unit minus the variable cost for one unit.

It helps managers to control the profit margins in a given product,and also know the impact of changes to total revenue or profit when a process is Automated.

6 0
3 years ago
Longview Manufacturing Company manufactures two products (I and II). The overhead costs ($60,500) have been divided into three c
Mila [183]

Answer:

a. $8,000.

Explanation:

The computation of the amount of overhead cost assigned to the product I is shown below:

= $40,000 ÷ 2,500 × $500

= $8,000

Hence, the amount of overhead cost assigned to the product I is $8,000

Therefore the correct option is a.

7 0
3 years ago
Other questions:
  • Gni ppp, or gross national income divided by purchasing power parity, helps measure:
    8·1 answer
  • According to Barry Oshry, system blindness: occurs in a limited amount of organizations. causes low-level employees to feel over
    13·1 answer
  • The manager of the Petroco Service Station wants to forecast the demand for unleaded gasoline next month so that the proper numb
    6·1 answer
  • 1. Think about the four cores of credibility. Choose one of them and describe why it is important to you for your workplace.
    15·1 answer
  • Gomez Company collected $19,200 on September 1, Year 1 from a customer for services to be provided over a one-year period beginn
    11·1 answer
  • Assume that a currency's spot and future prices are the same, and the currency's interest rate is higher than the U.S. rate. The
    12·1 answer
  • Janet is shopping for bottles and formula for her four-month old baby. Last month, the price of her favorite brand of formula wa
    12·1 answer
  • What is a dishonoured cheque​
    11·1 answer
  • A person who holds him- or herself out as a specialist or knowledgeable in a certain type of business is one type of
    13·1 answer
  • the graph to the right depicts the per unit cost curves and demand curve facing a shirt manufacturer in a competitive industry 2
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!