All categories

1 year ago

What does reconciling an account mean?

1 answer:

8 0

Reconciliation is the accounting process of comparing two data sets to ensure that the numbers are correct and consistent.

Reconciling bank statements simply means comparing your internal financial records with those provided by your bank. This process is critical to being able to identify anomalous transactions caused by fraud or accounting errors.

All businesses are required to reconcile their banks at least once a month. It is convenient to reconcile the books immediately after the end of the month, as at the end of the month your bank will send you a monthly statement that you can use as the basis for your reconciliation. Balance sheet reconciliation is the process of closing the balances of all individual companies.

Learn more about Reconciliation here:- brainly.com/question/15525383

#SPJ4

You might be interested in

In 2019, Whispering Winds Corp. had net sales of $973,000 and cost of goods sold of $570,900. Operating expenses were $220,300,

tester [92]

Answer:

Whispering Winds Gross profit is $402,100

Explanation:

Multi step income statement differentiate the the operating revenue and expenses from non operating revenue and expenses. It shows the gross profit, operating profit and net profit separately.

Whispering Winds Corp.

Income statement for the year 2019

Net sales $973,000

Less: Cost of goods sold $570,900

Gross Profit $402,100

Less:Operating expenses $220,300

Operating Profit $181,800

Less: Interest expense $14,600

Profit before Tax $167,200

7 0

3 years ago

What are the six stages of the product adoption process

IrinaK [193]

Answer:

the six stages of the product adoption process are :

1. Awareness.

2. Interest.

3. Evaluation.

4. Adoption

5. Confirmation

6. trial

6 0

3 years ago

Variable costs as a percentage of sales for Lemon Inc. are 80%, current sales are $600,000, and fixed costs are $130,000. How mu

Stels [109]

Answer:

$8000 (increased)

Explanation:

Given:

Current sales = $600,000

Variable cost = 80% of Sales = $600,000 x 80% = $480,000

Fixed cost = $130,000

Computation of current Operating Income :

= Current sales - Variable cost - Fixed cost

= $600,000 - $480,000 - $130,000

Net Income = -$10,000

Computation of Operating Income(After new sales) :

= New sales - New Variable cost - Fixed cost

= ($600,000 + $40,000) - 80% of ($600,000 + $40,000) - $130,000

= $640,000 - $512,000 - $130,000

Net income after new sales = - $2,000

Change in income = Net income after new sales - Net Income before new sales

= -$2,000 - (-$10,000)

= $8000 (increase)

5 0

3 years ago

Which sentence identifies the concept of perishability? Tourism is a service-oriented field in the goods-service continuum. Four

allochka39001 [22]

Thirdly, storage of services is not possible, as services are consumed when offered to a customer.

Answer: Option 3.

Explanation:

Perishable is a feature where a good or service can not be stored for long. They might get hampered and do not remain like their original self if they are stored.

Services have a perishable nature in the sense that they can not be stored like some of the goods which can be stored. The services are to be consumed then and there at the moment when they are offered to the customers. They can not be kept reserved.

3 0

3 years ago

The ________, published by the Department of Labor, lists more than 20,000 job titles and descriptions and serves as a useful to

matrenka [14]

Answer:

Dictionary of Occupational Titles

Explanation:

The answer is the Dictionary of Occupational Titles because this is a document created by the United States Department of Labor in which it establishes a big amount of different jobs in many areas and what they involve to help employers and the government to be able to define them in their organizations.

6 0

3 years ago