1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Anna [14]
3 years ago
10

The purpose of making closing entries is to: Select one: a. Reset the temporary accounts and update retained earnings. b. Enable

the accountant to prepare financial statements at the end of the accounting period. c. Establish new balances in the balance sheet accounts. d. Reduce the number of expense accounts.
Business
1 answer:
Irina18 [472]3 years ago
4 0

Answer:

A. Reset the temporary accounts and update retained earnings.

Explanation:

This is a performed by an organisation in form of transferring data of financial values from temporary accounts and its is been moved to the permanent account. Amidst these, the temporary account is said to balanced in such a way to be zero; because when not done so, the remaining data from the temporary account will be moved to the permanent account.

Process involved in this includes: Closing summaries that belong to income accounts and move to income summary. Also all expense accounts to income summary.

You might be interested in
Online and offline marketing content is meant to drive action, which requires a focus on buyers problems. Effective brand journa
Elena-2011 [213]

Answer:

Stories  

Explanation:

Stories are the stuffs that the people hear about and like to discuss about. Stories are part of the organization culture and are a good means for an organization to affect customer choices because the issues of the customers are highlighted which helps organization to rectify its operations.

7 0
3 years ago
Rachel's health insurance plan requires that all tests and specialist visits be approved by her doctor. Rachel, most likely, has
lukranit [14]
The answer is b hope this helps 


3 0
2 years ago
Read 2 more answers
When performing the managerial task of planning, managers organize people into departments according to the kinds of job-specifi
Shkiper50 [21]

Answer:

decide which goals the organization will pursue and what strategies will achieve those goals.

Explanation:

To perform the planning task, managers identify and select appropriate organizational goals and courses of action; they develop strategies for how to achieve high performance. The three steps involved in the planning area

(1) deciding which goals the organization will pursue,

(2) deciding what strategies to adopt to attain those goals, and

(3) deciding how to allocate organizational resources to pursue the strategies that attain those goals. How well managers plan and develop strategies determines how effective and efficient the organization is—its performance level.

5 0
3 years ago
You are a professional financial analyst that is employed to help evaluate possible merger and acquisition candidates. You have
kipiarov [429]

Answer:

Explanation:

Below are some of the financial ratios he should consider:

a) Financial leverage ratios: This is used to measure the company earnings to service debt payments.

b) Return on investment: This is the ratio that is used to evaluate the profitability of the firm and the profit that is available to the stakeholders after all payments have been made.

c) Price to Earnings Ratio: This is an indicator of the price of the company's stock concerning the earnings per share. It is used to analyze if the stock price is over-priced or under-priced.

4 0
3 years ago
Select the correct statement regarding the contribution margin ratio. Multiple Choice The contribution margin ratio equals contr
Art [367]

Answer:

The contribution margin ratio can be calculated using either total amounts or per unit amounts.

Explanation:

Contribution margin ratio = \frac{Contribution\:per\:unit}{Selling\:price\:per\:unit}

This can even be done by \frac{Total\:Contribution\:}{Total\:Sales}

This will calculate contribution as a percentage of Sales, with this margin ratio we get break even sales value, and not the units.

Whenever there is an increase in variable cost it decreases the contribution.

Therefore, correct statement is

The contribution margin ratio can be calculated using either total amounts or per unit amounts.

8 0
3 years ago
Other questions:
  • Explain how motor vehicle production is a bulk-gaining industry ap human geo
    14·1 answer
  • All​ organizations, including service firms such as banks and​ hospitals, have a production function.
    14·2 answers
  • Select the correct answer.
    7·1 answer
  • Cost-push inflation is a situation in which the:
    11·1 answer
  • (True) or (False)? The most common method companies use is double-declining balance, because it allows companies to recognize fo
    7·1 answer
  • Even though most corporate bonds in the united states make coupon payments semiannually, bonds issued elsewhere often have annua
    9·1 answer
  • What factors contribute to the comparative advantages of countries?
    15·2 answers
  • Which statement best describes the current price for the good shown in this graph of supply and demand schedules.
    12·2 answers
  • Why teams need negotiation skills?<br>​
    8·1 answer
  • When a company has its sales forecasts prepared by management consultants, economists, or college professors, it is using a(n):_
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!