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3 years ago

The most important reason for studying accounting is that

Business

1 answer:

Vilka [71]3 years ago

3 0

Answer:

<h3>One of the most important reasons is so that a company can know how much money they're making, where it's coming from, and where it's being spent. ... The last reason that accounting is a business necessity is because the government requires reporting financial data to the IRS for tax purposes.</h3>

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For a manufacturer, the budgeted income statement________. A. does not include depreciation expense B. is accrual-based C. in

marissa [1.9K]

Answer:

For a manufacturer the budgeted income statement includes amounts from the sales, cost of goods sold, cash, and capital expenditures budgets (c)

Explanation:

Like a typical income statement, the Budgeted income statement would show its Sales Forecast, and the resultant costs of producing these volume projected. It will usually follow a trend consistent with the Previous years Business seasonality, peak and lows, and duration of consumer improved disposable income (e.g periods of tax credit, black friday etc).

In addition a Business will want to forecast its Cashflow and Capital expenditure (Balance Sheet) so as to have a general view of what to expect if circumstances turn out as planned and to have a picture of how much growth or decline it is projecting into the future.

8 0

3 years ago

Mideast Airlines purchased a 777 aircraft on January 1, 2020 at a cost of

iren [92.7K]

Answer:

3,400,000 accumulated depreciation, 36,600,000 book value

Explanation:

Cost - salvage = amount to be depreciated

40,000,000-6,000,000=34,000,000 amount to be deprecated

34,000,000/20 years =1,700,000 depreciation per year

1,700,000x2-3,400,000 accumulated depreciation after 2 years

40,000,000-3,400,000=36,600,000 book value

8 0

3 years ago

Identify a type of market failure. Provide an example of that type of market failure and briefly explain one way that the govern

Rufina [12.5K]

Monopoly power, inefficiency, absent markets, and other factors can all result in market failure. Government is help to reduce the negative effect of that market failure such as implemented taxes and laws. An example of a market failure is music application.

What is market failure?

When we talk about "market failure," we're talking about an economy where there is an inefficient flow of commodities and services on the open market.

Inefficiency, absent markets, insufficient markets, and negative externalities are the main forms of monopoly power. audio player: All listeners hear the song, yet it cannot affect them directly. It is unable to determine whether or not a user has paid.

The government must address market failure issues brought on by additional regulations, taxes, tariffs, subsidies, and trade restrictions.

As a result, monopoly power, inefficiency and missing markets types of market failure. Government implemented taxes and laws. Ex of music app.

Learn more about on market failure, here:

brainly.com/question/13123538

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2 years ago

The following expenditures relating to plant assets were made by Prather Company during the first 2 months of 2020.

Nina [5.8K]

Answer:

1) Tax Payable

2) Property Plant and Equipment Asset

3) Motor Vehicle Asset

4) Property Plant and Equipment Asset

5) Advertising and Promotion Expense

6) Property Plant and Equipment Asset

7) Insurance Prepaid Asset

8) Motor Vehicle Asset

The Historical Cost of Plant Asset consists of Actual Purchase price and all Incidental Cost required to bring the asset to the point of use .

Explanation:

1) Already Accrued

2) The insurance is required to bring in the machinery

3) Sales taxes on Fixed assets are capitalised

4) The improvement is necessary in material

5) Advertising Expense not necessary for the functioning of the delivery truck

6) Fixed Asset Purchase

7) Insurance Prepayment not necessary for the functioning of the delivery truck

8) The expense is necessary for the functioning of the delivery truck

8 0

3 years ago

To adjust for rent used up during the year that was recorded to the prepaid rent account when paid for, Multiple choice question

EleoNora [17]

To adjust for rent used up during the year that was recorded to the prepaid rent account when paid for;

Rent expense is debited, prepaid rent is credited

<h3>Prepaid rent account</h3>

A prepaid rent account simply a current asset account that's responsible for reporting the amount of future rent expense that was paid in advance of the rental period.

On this note, the amount reported on the balance sheet is the amount that has not yet been used or expired as of the balance sheet date.