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2 years ago

An annual reporting period consisting of any twelve consecutive months is known as:___.

Business

1 answer:

Kaylis [27]2 years ago

4 0

An annual reporting period consisting of any twelve consecutive months is known as Fiscal year.

The government and enterprises utilize a fiscal year (FY), usually referred to as a budget year, as the time frame for accounting to create annual financial accounts and reports. A fiscal year may not end on December 31 and is made up of 12 months or 52 weeks.

Government accounting, which differs between nations, and budgeting employ a fiscal year. Additionally, it is employed by companies and other organizations for financial reporting.

Companies and workplace groups use a fiscal year, which is a 12-month period, to submit, review, and communicate their financial accounts, budgets, and objectives. This period of time need not follow the conventional January to December calendar year pattern. Every company has a unique nature when it comes to generating revenue and succeeding.

Learn more about fiscal year here

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ABC Co. uses a perpetual inventory system and uses the FIFO cost flow assumption. During the month, it had two sales. Calculate

Free_Kalibri [48]

The cost of goods sold in dollars for the first sale made on Jan. 10, using FIFO, is <u>$141</u>.

<h3>What is the FIFO method?</h3>

FIFO means First-in, First-out.

The FIFO inventory method assumes that the Jan. 10 sales of 11 units were made from goods in stock on January 1 and the purchase on Jan. 5.

Using FIFO under the perpetual inventory system, the cost of goods sold on Jan. 10 is calculated as follows:

<h3>Question Completion Data and Calculations:</h3>

Jan 1 Beginning Inventory 8 at $12= $96

Jan 5 Purchase 12 at $15= $180

Jan 25 Purchase 10 at $18= $180

Jan 10 Sale 11 units x $50 each

Jan 30 Sale 3 units x $55 each

Cost of goods sold on Jan. 10 using FIFO = 141 (8 x $12 + 3 x $15)

Thus, the cost of goods sold in dollars for the first sale made on Jan. 10, using FIFO, is <u>$141</u>.

Learn more about the FIFO method at brainly.com/question/11493725

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8 0

2 years ago

Uber’s strategy has been to break these regulations, establishing its service first, and then fighting attempts by regulators to

aleksley [76]

Answer: No it is not.

Explanation:

Uber by first establishing itself and then fighting regulators leaves itself open to attack around the world. This is because the Regulators have the power to keep adjusting the laws that govern Uber if they feel that Uber has an unfair advantage or if it's existence is detrimental to the society. Uber has been accused many times of various infractions such as Tax Evasions and being a conduit through which crime can be committed because it did not conduct proper background checks.

Going back to the issue of taxes, if the regulators feel that Uber may be avoiding taxes, they could impose laws that either cause an increase in Uber prices or remove them from a location which can have a native influence on Uber's bottomline.

This approach is not good because regulators do not like being fought and will try to ascert dominance. It is simply not viable and this has been proven with Uber's many suspensions around the world.

8 0

3 years ago

While implementing an affirmative action plan, an employer is expected to do all of the following except:establish objectives th

Zigmanuir [339]

Answer:

set quotas for the underrepresented groups, and ensure they are met even if it is necessary to hire a less qualified candidate.

Explanation:

Business strategy sets the overall direction for the business because it focuses on defining how a business would achieve its goals, objectives, and mission; as well as the funds and material resources required to implement or execute the business plan.

Planning is a term used to describe the process of developing the organization's objectives and translating those into courses of action.

This ultimately implies that, planning is a strategic technique used by organizations to make an aggregate plan for its manufacturing (production) process typically ahead of time, in order to have an idea of the level of goods that are to be produced and what resources are required so as to reduce the total cost of production to its barest minimum.

While implementing an affirmative action plan, an employer is expected to do all of the following;

I. Establish objectives that can be met by applying good faith efforts.

II. Make all employment decisions in a nondiscriminatory manner.

III. Ensure that hiring objectives do not establish a floor or a ceiling for employment of certain groups.

8 0

3 years ago

In each of the following independent cases, indicate the amount (1) deductible for AGI, (2) deductible from AGI, and (3) deducti

OLEGan [10]

Answer: kindly check your questions, I don't think it's complete.

For the first independent case as you have given in the question. Here is the answer below:

1) Ted paid $90 rent on a safety deposit box at the bank. In this box he kept the few shares of stock that he owned-------

Answer

Deductible for AGI $0

Deductible from AGI $90

Not deductible $0

Deduction from AGI (investment expense )

------For the remaining independent cases as you omitted in the question will be seen below with answers

2.Tyler paid $177 for minor repairs to the fence at a rental house he owned

Answer: Deductible for AGI $177

Deductible from AGI $0

Not deductible $0

-Deduction for AGI

And Rental expense.

3)Timmy paid $585 for health insurance premiums this year (not through an exchange). Timmy is employed full-time and his employer paid the remaining premiums as a qualified fringe benefit.

. Answer---

Deductible for AGI $0

Deductible from AGI $585

Not deductible $0

The health insurance premium is from AGI,

Health itemized deduction which is also subjected to an AGI floor limitation.

4)Tess paid $2,090 of state income taxes on her consulting income. (W-2)

Answer---Deductible for AGI $0

Deductible from AGI $2,090

Not deductible $0

--The state income taxes are deductible from AGI which is an itemized deduction.

4 0

3 years ago

What is the process of earning your income sometimes called?

Maurinko [17]

<span>The process of earning your income is called earning a living. It may be because we need different things to live a comfortable life. For these, we need a income first. So by earning income, we are indirectly earning a (comfortable) living.</span>

3 0

3 years ago

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