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3 years ago

Different budgeting periods and explain each one

1 answer:

5 0

Budgeting period is an allocation of time to plan for your money and how or where it's gonna be used. There are two types of budgeting period: Short term and Long term.

Short-term Budgeting period

This budgeting period covers from 6 months to a year, depending on the nature of the business. For seasonal businesses, it should cover at least one seasonal cycle. For wholesale and retail businesses, 6 month is enough.

Long-term Budgeting Period

This covers more than a year of operating. It focuses on the futuristic performance of a business or company. Factors used are market trends, economic growth, inflation rates and industrial production. These factors help foresee profit or problems that may arise. Consequently, this will also help you in your present decisions.

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At the beginning of the year, TRK started with $15,000 in beginning inventory. Throughout the period, TRK purchased $40,000 wort

serious [3.7K]

Answer:

$47,100

Explanation:

The cost of goods available for sale is the sum of the opening balance and the net purchases during the period.

The net purchases is the difference between the total purchases and the allowances and discounts and returns.

Hence,

Cost of goods available for sale

= $15,000 + $40,000 - $2,000 - $500 - $5,700 + $300

= $47,100

8 0

3 years ago

Audrey works in the accounting department of Colorado Manufacturing. Today she will use the firm's ledger to summarize informati

Doss [256]

Answer:

trial balance

Explanation:

Based on the information provided within the question it can be said that in this scenario Audrey will prepare a trial balance. This refers to an extensive list detailing all the general ledger accounts that can be found within the ledger of a business, each of which will reveal the name and balance of that account. This is what Audrey is preparing and is one of the main tasks completed by accounting departments.

3 0

4 years ago

A necessary condition to use the equity method of reporting for an equity investment is that the investor company must

Vilka [71]

The answer would be a. Have the ability to exercise significant influence over the operating and financial policies of the investee

4 0

3 years ago

Rick eats only french fries and burgers at his office cafeteria. His weekly lunch budget is $48. Each burger costs $6 and each o

Zigmanuir [339]

Answer:

The correct answer is 16 utils.

Explanation:

Amount spent by Rick to get utility of 8 = $6*2 + $3 * 4 = $24

$48/ $24 = 2

$48 will give Rick 2 sets of products combination that give him utility of 8.

At his utility-maximizing point, Rick's utility is 2* 8 = 16 utils.

7 0

3 years ago

Consider some determinants of the price elasticity of demand: • The availability of close substitutes• Whether the good is a nec

kondor19780726 [428]

Answer:

Inelastic demand, Amputation procedure

Explanation:

The good with no close substitute is likely to experience inelastic demand because the consumer does not any close substitute to change to, this means that even when price is increased, the consumer is not likely to stop buying if the good is a necessary good.

The Amputation procedure will have least elastic demand because the diabetes sufferer does not have close substitute to change to when price increase while Diamond necklace is a luxury good, when the price is increased the consumer stop buying or switch to other luxury goods such as gold, silver that are equally used for decoration purposes.

8 0

3 years ago