Why are financial records important? How does keeping organized financial records contribute to successful money management?

1 answer:

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Supposing that financial records refer to source documents for accounting such as sales vouchers, invoices and such, it is important to the organisation of accounting data and helps accountants make detailed and correct accounts, which can then be translated into financial statements such as balance sheets and income statements which help managers and other stakeholders to make crucial financial and business decisions.

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The four most common examples of documentary evidence which are valuable but difficult to obtain are

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Answer:

A) Web-based e-mail accounts, private bank records, tax returns, and brokerage records.

Explanation:

Generally a third party needs a court order (subpoena) in order to obtain private information, but that information is extremely useful when you are investigating possible frauds or other illegal activity. For example, most people keep their money on a bank or they invest it some type of asset, so if you want to compare someone's earnings vs. the total assets he/she possesses, access to their bank account, tax and brokerage records is crucial.

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The journal entry used to record the issuance of an interest-bearing note for the purpose of borrowing funds for the business is

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Answer:

a. debit Cash; credit Notes Payable

Explanation:

The journal entry for issuance of an interest-bearing note is shown below:

Cash A/c Dr XXXXX

To Notes payable XXXXX

(Being the issuance of the interest-bearing note is recorded)

For recording this transaction we debited the cash account and credited the notes payable account so that the correct posting could be done.

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During a year which of the three latitudes experiences the greatest variation in average daily insolation at the top of the atmo

defon

Answer: 90°

Explanation:

Here is the complete question:

During a year, which of the three latitudes you graphed (0⁰, 45⁰ N, and 90⁰ N), which of the three latitudes experiences the GREATEST variation in average daily insolation at the top of the atmosphere?

Latitude is an angle that ranges from the Equator at 0° the poles at 90°. Latitude is a geographic coordinate which simply specifies a point's north–south position position on the surface of the Earth.

Based on the question, the latitudes that experiences the greatest variation in average daily insolation at the top of the atmosphere is 90°.

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1. Brenda is a purchasing agent for Commodities Exchange Corporation. Dennis, a Commodities corporate officer, gives Brenda writ

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Since Brenda is Commodities's agent, then Commodities is liable to E-Products for the products purchased by Brenda. Brenda is not liable to E-Products because she has expressed authority to purchase the equipment (written authorization). The principal (Commodities) is liable for the actions carried out by their agent (Brenda). Dennis's call limited Brenda's expressed authority, but it did not limit her implied authority with respect to this purchase because E-Products wasn't notified about the change.

This doesn't mean that Brenda did the right thing, she is still liable to Commodities because she exceeded her authority.

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Assume that you are the president of your own company and paid a year end bonus according to the amount of net income earned dur

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Answer:

I would choose weighted average because it's more better than FIFO when prices are rising.

Explanation:

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