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1 year ago

The two functions of financial accounting are to measure business activities and prepare tax returns. True or false

Business

1 answer:

Schach [20]1 year ago

6 0

The two functions of financial accounting are to measure business activities and prepare tax returns. FALSE

<h3>What is a Tax return?</h3>

A tax return is a document submitted to a taxing body that lists earnings, outlays, and other pertinent financial data.
Taxpayers compute their tax liabilities, set up tax payments, and request refunds for overpaid taxes on their tax returns.
Tax returns must typically be filed yearly.
In the United States, tax returns including data necessary to compute taxes are filed with the Internal Revenue Service (IRS) or with the state or local tax collecting agency (Massachusetts Department of Revenue, for instance).
The IRS or another applicable authority's forms are often used to complete tax returns.

To learn more about Tax return, refer to the following link:

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A company anticipates monthly sales of $300,000 for the months of April, May, June, and July. Materials represent 50% of sales,

Vlada [557]

The company's total cash payments in May is $195,500 and this can be determined by preparing a cash budget.

<h3>What is a cash budget?</h3>

A cash budget is a company's estimation of its cash inflows and outflows over a specified period of time. A cash budget provides a company with financial insight into its cash requirements, including shortages and surpluses. The preparation of a cash budget helps the company to determine an efficient use of its available cash.

Data and Calculations:

April May June July

Anticipated sales $300,000 $300,000 $300,000 $300,000

Purchases 150,000 $150,000 150,000 150,000

Labor costs 16,000 19,000 16,000 21,000

Fixed overhead 12,000 12,000 12,000 12,000

General and admin. exp. 2,000 2,000 2,000 2,000

Interest expense 2,500

Equipment purchase 10,000

Total cash payments in May $195,500

Thus, the company's total cash payments in May is $195,500.

Learn more about cash budgets at brainly.com/question/8707644

3 0

2 years ago

Which of the following statements is FALSE? There is no need to evaluate mutual fund investments because investment companies hi

Anna35 [415]

Answer: Statement that “There is no need to evaluate mutual fund investments because investment companies hire the best professional managers they can to manage their funds “ is FALSE

A mutual fund is a pool of stocks, bonds or other funds where an investor purchase his shares. He gets one to meet his investment goals so evaluating a mutual fund's performance is needed and must involve thorough research to lessen risk.

Professional fund managers do make mistakes, so it is a must that investors continually evaluate their mutual fund investments.

8 0

3 years ago

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Which of the following statements is NOT true concerning the Other Dependent Credit

omeli [17]

Answer:

The incorrect statement is letter "B": Residents of Canada meet the definition as a qualifying person.

Explanation:

Credit for Other Dependent is a tax credit taxpayers can claim for every qualifying dependent that is not considered as a Child Tax Credit (17 years or older and elderly parents). The taxpayer can get up to $500 nonrefundable credit for each of those qualifying dependents. Residents of Canada and Mexico do not meet the definition of qualifying dependent.

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3 years ago

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The next model of a sports car will cost 12.6% less than the current model. the current model costs $31,000 . how much will the

Kaylis [27]

Thirty thousand six hundred and nine

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3 years ago

To pay for college, Henry received the following: $1,000 scholarship from the Thespian Club to pay for books $4,000 scholarship

Alika [10]

Answer:

$5,000

Explanation:

Money received as scholarship and used to pay for tuition or related expenses is not included in the gross income. So the $1,000 scholarship from the Thespian Club and the $4,000 scholarship from the Elks Lodge are not taxable. The only taxable income that Henry earned is the $5,000 that he was paid for being a dorm supervisor.

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3 years ago