Answer:
Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position, and cash flows. Accounting is the recording of financial transactions along with storing, sorting, retrieving, summarizing, and presenting the results in various reports and analyses. Accounting is also a field of study and profession dedicated to carrying out those tasks.
Explanation:
Answer:
The answer is letter C
Explanation:
The quantity of goods or services that can be produced by one hour of work
Answer:
December 21, 2016
DR Interest expense....................................................$10,889.33
CR Discount on notes payable.......................................................$10,889.33
Explanation:
The interest to be paid will be charged on the present value of the note in 2016.
Present value of $200,000 = 200,000 / ( 1 + 8%)^5
= 200,000/1.4693280768
= $136,116.64
Interest to be paid;
= 136,116.64 * 8%
= $10,889.33
