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seropon [69]
3 years ago
9

For both unearned revenues and prepaid expenses, the cash payment occurs __________ the adjusting entry to record the earning of

the revenue or the incurring of the expense.
a.after
b.at the same time
c.concurrently with
d.before
Business
1 answer:
alex41 [277]3 years ago
5 0

Answer:

The correct answer that fills the gap is <em>d. before.</em>

Explanation:

Everything that happens in the business must be registered in the accounting system, so that the newspaper and the major contain a complete history of all the commercial operations of the period. If an operation or transaction has not been registered, account balances will not show the correct figure at the end of the accounting period.

The seats with which the accounts are adjusted or updated are called adjustment seats. If the adjustment does not affect an income or expense account, it is not an adjustment entry.

The income can be earned (accrued) before the cash is received from the client, or from accounting for the transaction in the accounting records. These are revenues that have been earned but the corresponding cash has not yet been collected.

The adjustments made to the income accounts are necessary to ensure that all income earned in the period has been recorded in the accounting. In order for the net profit to be expressed correctly in the income statement. There are two types of income adjustment:

  • Cumulative income not collected.
  • Customer advances.
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Oliga [24]

Answer:

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7 0
3 years ago
Read 2 more answers
Mondo Corporation is a U.S. firm that invoices some of its exports in Japanese yen. If it expects the yen to weaken, it could __
Allisa [31]

Answer:

The answer is 'sell future contracts on yen

Explanation:

Futures contract is a form of derivative that is standardized. It occurs through the exchange rather than over the counter. It is safe from default or counterparty risk because the clearing house guarantees any loss.

Futures contract obligates the parties involved to either buy or sell the underlying security.

Because Mondo corporation is expecting some of its exports in yen and it is afraid of fall in exchange of yen relative to US dollar, to hedge the risk, it must sell future contracts on yen.

5 0
3 years ago
In her research paper, Kirstein copied a few paragraphs from a renowned author's work verbatim without placing them within quota
Effectus [21]

Answer:

Word-for-word.

Explanation:

Word for word plagiarism is seen to be an unethical form of writing where the said student or researcher is seen to copy a fellow researchers works verbatim and particularly word for word with also quotation marks too. In as much as this is a bad form for writers, people are always seen to commit themselves in still doing it. This can cause a lawsuit in some places depending on the researcher whose work is been stolen/copied.

In all, it is been tagged an act of intellectual dishonesty which comes with uneasy consequences when it is done to a wrong person; a plagiarized assignment may lead to a failing grade, a suspension, or an expulsion.

4 0
4 years ago
When he finishes entering his transactions, Malcolm realizes that his balance is incorrect. Assuming that Malcolm had no beginni
yulyashka [42]

Incomplete question. The full question read;

Malcolm has several receipts from recent transactions that he entered into his records. The receipts include an ATM receipt for an $80.00 deposit, a grocery store receipt for $25.50, and a paycheck deposit slip for $650.00.

When he finishes entering his transactions, Malcolm realizes that his balance is incorrect. Assuming that Malcolm had no beginning balance, what should his correct balance be?

Answer:

<u>$704.50</u>

Explanation:

First, we need to note which transactions are credit transactions, and which is a debit transaction. <em>Remember</em>, a<u> credit transaction</u> basically means a transaction that brings money into your account, while the latter is a transaction that takes money out of your account.

Malcolm's credit transactions:

  • ATM receipt for an $80.00 deposit
  • paycheck deposit slip for $650.00

Total: <u>$730.</u>

Malcolm's debit transactions:

  • grocery store receipt for $25.50

Total: $25.50

Substracting total debit transactions from credit transactions, Malcolm's correct balance would be = $704.50 ($730-$25.50).

8 0
3 years ago
American Airlines has established a goal of increasing its profits by 12 percent next year. To ensure that the goal is reached,
Nimfa-mama [501]

Answer:

Controlling  function

Explanation:

Management is an authority that is hiring in the company or business for gaining profit and provide stability to the business. In business, management authorities have the power to control and decide the necessary step that provides gain to the business.

In the case of American Airlines, management has all Controlling  functions that help them to get back business on track.

8 0
4 years ago
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