Because they are always converted to an income summary throughout the closing process, revenue and expense accounts are known as nominal accounts.
so the statement is false
Revenue Definition:
Revenue in financial accounting refers to an inflow of funds, typically from sales or services provided by commercial activity. It is also known as sales or business turnover. In other terms, revenue refers to the amount of money that a company or organization receives. For instance, certain businesses may receive income from royalties, interest, or copyright fees. While for some businesses, money may come from the services they provide to clients. Donations from groups, corporations, and people are referred to as revenue for non-profit organizations.
Operating Revenue Examples:
- Sales.
- Fees or Commission Earned.
- Service Revenues.
Expenses Definition:
A money outflow is known as an expense or expenditure in financial accounting. As an illustration, a tenant's expenses can include rent. Parents' expenses could include the cost of their children's tuition. Expenses for a business include things like electricity bills, bank fees, sales expenses, phone bills, repairs, and services.
List of expenses in accounts frequently observed when preparing financial statements:
- Cost of goods sold.
- Legal fees.
- Depreciation.
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The question is incomplete, in order to complete the
sentence, it follows with the description, “Jana noticed that it seemed easy to
convince people to work together for the good of the group. How would you
characterize this trait?”
Based on the question above, Jana can be characterized as a
collectivist by which is defined as a practice or principle of where an
individual prioritizes other group than any or over any individuals.
Answer:
Barter; for trying to coordinate trades
Explanation:
The barter is the system where the goods or services are exchanged with another goods or services. Here no money involvement is there
Only goods or services are exchanged with the different good or services
So it is a complete non-adequate mechanism and it should be tried for coordinating the trades
Therefore the above option should be considered
Answer:
Quantitative
Explanation:
The reason is that a good research report includes qualitative and quantitative research. Qualitative research is non numerical data and it give information which helps in meaning making whereas the quantitative research is a research in which the researcher tries to find the numerical relation using quantifiable data, which is investigated through number of means which includes use of mathematics, principles, etc techniques to extract data. So the qualitative research is done here and the only thing the company requires is quantitative data.
The assumptions that are made in CVP analysis includes the following:
- costs can be classified as variable or fixed.
- costs are linear within the relevant range.
- constant fixed cost per unit.
<h3>What is CVP analysis?</h3>
Cost Volume Profit analysis is the type of analysis that has to do with the cost accounting. This type of analysis is one that takes the impact of the various costs and volume on profit.
It helps to check how the changes that occur in the variable and the fixed cost affect profit.
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