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3 years ago

On which accounting principle is the first step of the accounting cycle based

Business

1 answer:

AfilCa [17]3 years ago

8 0

There are 9 teps in the account cycle:

1. Record journal entries

2. Post entries to ledger

3. Prepare unadjusted trial balance

4. Adjust journal entries

5. Prepare adjusted trial balance

6. Record reversing entries

7. Prepare post-closing trial balance

8. Record closing entries

9. Prepare financial statements

The accounting cycle that allows a business to record all business transactions that eventually lead to preparation of their financial statements. This information is used for record keeping purposes of expenses and revenues.

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Which of the following statements about the inclusion of boot in a nontaxable exchange is false? Multiple Choice The purpose of

ankoles [38]

Answer:

The purpose of including boot in a nontaxable exchange is to equalize the adjusted tax bases of the properties exchanged.

Explanation:

A nontaxable exchange is a trade wherein you are not exhausted on any addition, and you cannot deduct any loss. On the off chance that you get property in a "nontaxable business", its premise usually is equivalent to the assumption of the property you moved. A nontaxable increase or misfortune is otherwise called an unrecognized addition or misfortune.

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3 years ago

Which of the following statements is not accurate descriptions of the business market? Mrs. Phillip, a retail buyer for Blooming

Natali [406]

Answer:

Mrs. Phillip, a retail buyer for Bloomingdale's, does all the shopping for her family at the same store.

Explanation:

The business market is the market where you can sell your product and services to the other businesses so it can be used as a raw material for the other business in order to manufacture the products. And, the other reason is to purchased the products and resell them.

So based on the given statements, the first option is considered as in the remaining statements there are business transactions but in this only one person i.e. retail buyer is considered

8 0

3 years ago

T. Hillcrest Co. sold $500 of merchandise on a bank credit card with a 5% fee. The entry to record this sales transaction would

Rufina [12.5K]

Answer:

Cash for $475 and Credit Card Expense for $25

Explanation:

Cash for $475 and Credit Card Expense for $25

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2 years ago

What are examples of explicit cost?A. the amount of money the owner could have made by investing in an alternative activity B. t

STatiana [176]

Answer:

B. the cost of the business owner’s time and labor paying for gas for a company vehicle

Explanation:

Explicit cost are known as actual costs. They are costs incurred in the running of a business or in the production process . They are usually reported in the financial statements.

Implicit costs are opportunity costs.

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3 years ago

A welder who quits his job and moves from Pittsburgh to Madison to try to get a better welding job is said to be:Group of answer

RideAnS [48]

Frictional unemployment is the result of voluntary employment transitions within an economy.

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2 years ago