<span>Customer service is an important, but broad concept in the banking industry. In essence, banks are service-based businesses, so most of their activities involve elements of service. While they do sell banking and financial products, there is often little tangible product variation among their offerings. Customer service managers generally deal directly with service issues, but several other common banking jobs involve service.
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As per the going concern assumption, the entity will remain in operation for the foreseeable future. A key accounting theory known as the "going concern assumption" states that a company must be financially stable enough to continue operating through the years.
This suggests that a corporation has a lower likelihood of going out of business. In order to stay in business and avoid bankruptcy, it still uses its current assets to pay commitments. Additionally, the company can continue to make profits because it doesn't intend to or won't be required to liquidate them and is anticipated to remain in operation for at least a year.
A company's break-up value is less than its value as a continuing concern. One of the fundamental tenets of generally accepted accounting standards is this (GAAP). When potential lenders or investors look at a company's financial accounts, the going concern assumption might give them insight into the business. They may be less ready to invest in the company or lend money to it if they believe that it will fail financially or in another way during the next 12 months.
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Answer:
B) Income from subsidiary is recognized from date of acquisition to year-end.
Explanation:
When an individual or a company purchase another business, they are responsible for all the gains and losses generated by that business starting from the exact moment that the sales transaction has been completed. E.g. if I buy a business on January 20, at 10 AM, I am completely responsible for the things that happen in the company after 10 AM.
Answer:
Mind Phillosification
Explanation:
it studies your brain which you can see by their thoughts how to see their weaknesses and strong points ;)
Answer:
b. The chart of accounts is a list of accounts that includes numbers and descriptions.
c. The general ledger is a list of accounts that includes numbers, descriptions, and changes in those accounts.
d. The general ledger is known as the core of any accounting system.
Explanation:
The chart of account refers to the various types of accounts i.e revenue, expenditure, asset, liabilities and so on which depicts the number of accounts, the descriptions of account, nature of the account, and the categories in which they are lying.
Whereas the general ledger is the recording of the transactions held by the business which also includes account number, their descriptions, and the changes held in those accounts. Plus, it is also known as the core of any accounting system
