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Hitman42 [59]
2 years ago
5

Adjusting Entries are:

Business
2 answers:
LekaFEV [45]2 years ago
6 0

Answer:

The answer is B.

Explanation:

Some business transactions are so huge or large to the extent that there might be omission or error in recording transactions when they occur.

Adjusting entries are done to update entries for previously unrecorded expenses or revenues. They are usually done at the end of the months.

Since accrual methods are the most preferred, they are done to make Financial statement achieve the objective of 'completeness'

julia-pushkina [17]2 years ago
4 0

Answer: B. updating entries for previously unrecorded expenses or revenues.

Explanation: Adjusting entries are updating for previously unrecorded expenses or revenues. They are entries used in recording business transactions that have taken place but have not yet been appropriately recorded in accordance with the accrual method of accounting—that recognizes revenue in the period in which it was earned and not when cash is received. It is also given as an entry in the general ledger that occurs at the end of an accounting period to record any unrecognized income or expenses for the accounting period. The matching principle is used to match expenses to the related revenue within the same accounting period.

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In a process costing system, with the exception of the first department, each department receives output from the prior departme
Eduardwww [97]

Process Costing system involved several processes or departments under which the next department receives partially completed product from the previous department. The first department receives the raw material and it does not receive any output from other department.  

Hence except the first department, each department receives output from the prior department as a partially processed product.

Hence the answer is <u>True.</u>



8 0
3 years ago
How to establish a positive work environment
quester [9]
-no distractions
-clean working area
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8 0
3 years ago
Welch Corporation is planning an investment with the following characteristics (Ignore income taxes.): Useful life 12years Yearl
Vlada [557]

Answer:

$339,600

Explanation:

The internal rate of return is the relationship between the price of the equipment and their yearly cash flow. the IRR makes the net present value equal to zero thus, it makes the present value of the yearly cashflow equal to the cost:

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

C 60,000.00

time 12

rate 0.14

60000 \times \frac{1-(1+0.14)^{-12} }{0.14} = PV\\

PV $339,617.5275

<em><u>From the given option:</u></em>

$ 339,600 is the closest option.

7 0
3 years ago
Look at the scenario money creation. how much of the $1,000 deposit is the bank required to keep in reserves?
madam [21]

The quantity of the $1,000 deposit is the bank required to keep in reserves is 20%.

<h3>What is a reserve deposit?</h3>

A reservable deposit would be any bank deposit subject to bank reserves established by the Federal Reserve Bank of the United States.

Some key features of reserve deposit are-

  • Through the mechanism of fractional reserve banking, such a deposit could be used in part as a loan.
  • The remaining portion, as established by the Fed's bank reserves, must be kept by bank & made available for prompt withdrawal upon request.
  • A reservable bank is a banks deposit that is subject to the reserve requirement guidelines of the Federal Reserve.
  • Transaction (checking) savings account, savings accounts, as well as non-personal time deposits are all examples of reservable deposits.
  • Sweep accounts, often known as money market funds, is non-reservable deposit account that generate a greater rate of interest than reservable deposit accounts.

To know more about the reservable deposit, here

brainly.com/question/13758092

#SPJ4

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1 year ago
Shortly after recording street survivors, this group was involved in a fatal plane crash:
KengaRu [80]
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