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egoroff_w [7]
3 years ago
12

What is the historical development of accounting​

Business
1 answer:
Vaselesa [24]3 years ago
4 0

Answer:

Accounting history dates back to ancient civilizations in Mesopotamia, Egypt, and Babylon. For example, during the Roman Empire the government had detailed records of their finances. However, modern accounting as a profession has only been around since the early 19th century. The earliest accounting records were found over 7,000 years ago among the ruins of Ancient Mesopotamia. At the time, people relied on accounting to keep a record of crop and herd growth.

Explanation:

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During the​ year, credit sales amounted to​ $820,000. Cash collected on credit sales amounted to​ $780,000, and​ $15,000 has bee
Katena32 [7]

Answer:

The ending balance in the Allowance for Bad Debts is​ 20,500 CREDIT

Explanation:

The ending balance of Allowance for bad debts would be the 2.5% of sales

The adjustment is made to get the allowance for Bad Debt match the estimate uncollectible ammounts.

Notice it state <em>"company adjusted for bad debt expense"</em>

This means<u> it debit this account as much as it needed to be</u> to make allowance match the estimate allowance.

The write-off are transaction durign the period. They are irrelevant

So the ending balance is:

<em>2.5% of credit sales of 820,000 = $20,500</em>

It is important to remember that <u>Allowance is a counter-asset account</u>. His <em>normal balance is credit</em>, so the<u> final balance is credit.</u>

3 0
3 years ago
The company is now using only 70% of its normal capacity; it could fully use its normal capacity by processing the assembly furt
WINSTONCH [101]

Answer and Explanation:

The preparation of the analysis shows whether the assemblies should process further or not is presented below:

Differential revenue  (38,000 units × ($51 - $44)) $266,000

Differential costs:  

Direct material (38,000units × $2 per unit) ($76,000)

Direct labor (38,000units × $2 per unit) ($76,000)

Variable overhead (38,000units × $1 per unit) ($38,000)

Fixed costs ($160,000  - $225,000) ($65,000)

Additional income (loss) from processing further $11,000

Since the amount comes in positive so it should be processed further

7 0
2 years ago
This document shows that you are allowed to work in the United States:
Stolb23 [73]

Answer:

d. work permit

Explanation:

The work permit is also referred to as the Employment Authorization Document or EAD. A work permit has the same design as a driver's license. It is issued by US Citizenship and Immigration Services (USCIS).

Foreigners coming into the US need to obtain a work permit to enable them to seek employment. The work permit card is presented to potential employers as proof that a person is duly authorized to work in the USA.

7 0
3 years ago
Read 2 more answers
Which of the following is not a characteristic of money?
Llana [10]

Answer:

This question is incomplete, here are the missing answers:

<em>a. medium of exchange</em>

<em>b. unit of account</em>

<em>c. backed by a precious metal</em>

<em>d. store of value</em>

<u>The answer is </u><u>c.</u>

Explanation:

Money has three general functions (characteristics):

- <em>medium of exchange</em> - Mainly created as the substitute of barter, money has the elementary use as an intermediary when exchanging goods or services.

- <em>unit of account</em> -  In order to compare the value of certain goods and services, it is essential to measure them. This is where money applies as unit of account.

- <em>store of value </em>- Given that the money is stable (purchasing power and limited inflation), it is a general option for storing value. That means it can always be easily exchanged into goods or services, no matter the time.

According to basic elimination, <u>c. is the correct answer</u>. Also, it is also known that <em>backing money with gold</em> or silver reserves is an old practice which is irrelevant for most currencies nowadays. Today, the government is backing up the value of its currency. Such money is called <em>fiat money</em>.

7 0
2 years ago
Which of the following statements is correct concerning product​ costs? A. Product costs are shown with current liabilities on t
Brut [27]

Answer: D. Product costs are expensed in the period the related product is sold

Explanation:

The statement that is true with regards to product cost is that product costs are expensed in the period the related product is sold.

It should be noted that the account for the cost of goods sold consist of product cost. In a situation whereby goods are not sold, the goods will be carried to the next period.

5 0
3 years ago
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