Complete/Correct Question:
The account that is brought up to date after the closing entries have been journalized and posted is the ____.
A. Sales account
B. Purchases account
C. Capital Stock account
D. Retained Earnings account
Answer:
D, retained earnings account
Explanation:
Retained earnings can be defined as the accumulated income of a firm, that is retained by firm, after a certain period of time. After a certain time could be after the reporting period.
Simply put, retained earnings can be said to be the amount of income that a firm keeps after a period such as declaring financial reports.
The retained earnings is always reported and recorded in the stakeholder's equity and the company's balance sheets respectively. Retained earnings signify or represent how much of its profits a firm has reinvested itself.
Cheers.
Answer:
The answer is B. Increasing
Explanation:
An increasing-cost industry is an industry whose costs for production increase as more companies compete.
Why is this so? - This is because each new company in the industry increases its demand for supplies and factors needed for production.
A decreasing‐cost industry is one where costs of production reduces as the industry expands.
Answer:
Jackie owns the property until Maria dies
Explanation:
In this specific scenario, Jackie owns the property until Maria dies. That is because, in common law and statutory law, a life estate also known as life tenancy is defined as the ownership of land for the duration of a person's life. Therefore since Mike granted life estate to Maria and not Jackie, the land is legally Maria's to do as she wishes up until the moment of her death. Once this comes to pass the land ownership is returned to Mike.
Answer: b. The company did not define its business in terms of the benefits customers seek.
Explanation:
In order for a business to make money, it needs to provide its customers with what they want not what the company wants the customers to want.
In this scenario, people switched to shampoos that could be used by people of all ages instead of just small children because this is what they wanted but not what the company provided. If the company had defined its business in terms of what their customers wanted, they would have made an all age shampoo which would have been bought.
Answer:
C. A discipline that enhances the degree of confidence that users can place in financial statements.
Explanation:
Independent auditing includes the process of auditing by an independent auditor. It involves the process of analyzing and examining the financial transactions and records. The company's accounts, the business records, the transactions are all monitored and audited so as to avoid any unprecedented act. It do not indulge any means of profit in the whole process. Independent auditing is adopted by the shareholders in order to protect from any sort of frauds or unacceptable claims made in terms of financial records.
