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3 years ago

The closing process is necessary in order to

Business

1 answer:

goldfiish [28.3K]3 years ago

5 0

Answer:

The closing process is necessary in order to confirm that net income or net loss and owner withdrawals for the period are closed into the owner's capital account.

Explanation:

Most economies around the world follow a specific accounting period which is commonly referred to as financial year or tax year. Before a new financial year begins, the accounts from the ongoing financial year have to be closed legitimately through a process called the 'closing process'. This process culminates in confirming that the net income secured or the net loss bore by the owner is included in no other account than the owner's capital account.

In order to carry out the closing process, the accountant has to commence with identifying the accounts that are required to be closed with or before the ending of the predefined financial period. He then has to record the last entries in these accounts as 'closing entries'. Once the accounts are closed, he has to calculate the trial balance and interpret the outcome. Closing of temporary accounts through a valid closing process dispenses the ease of calculating profit and loss in any given financial period coming to end.

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Stan, a salesperson for Trucks & Autos, promises Uri a certain car will give him a "smooth ride." Stan offers a test drive,

3241004551 [841]

Answer:

C, none of the choices

Explanation:

from the qeustion, it can be seen that Uri was offered a test ride of the car but he clearly refused. For him to have bought that car without a test drive and later realise the car has a faulty suspenion, he cannot rescind the contract on any of the bases because if he had agreed to the test drive, he would have found out about the faukty suspension and woudn't have bought that car.

It is clearly Uri's fault that he ended up with a car that has a faulty susppension. this isn't a case of fraud or mistake on the part of Stan, neither did Stan unduely influence him to buy the car according to the question.

Cheers.

4 0

3 years ago

The flat-screen plasma TVs are selling extremely well. The originators of this technology are earning higher profits. What theor

solniwko [45]

Answer:

<u>Innovation theory of profit.</u>

Explanation:

The theory of profit innovation was defined by <em>Schumpter</em>, and corresponds to the economic profit that a company can achieve through the innovation of products and services offered.

The role of the entrepreneur is to offer successful innovations that will influence his performance in the market and consequently increase his profit.

Therefore, according to<em> Shumpeter</em>, innovation corresponds to any set of policies that will help an organization to reduce costs related to the production process or increase demand for products and services.

8 0

3 years ago

When producers' costs increase, there will be ________ product (shift left) at each price brought to the market.

irakobra [83]

When producers' costs increase, there will be smaller products (shift left) at each price brought to the market.

Growth in value causes an upward (or a leftward) shift of the deliver curve so that at any price, the portions supplied may be smaller, supply Curve Shifts. whilst the fee of production will increase, the supply curve shifts upward to a new charge stage.

Factors that may shift the delivery curve for goods and services, causing a unique quantity to be supplied at any given fee, encompass entry costs, natural conditions, changes in generation, and authorities taxes, regulations, or subsidies.

The fee is dependent on the interplay among calls for and delivers additives of a market. call for and deliver represent the willingness of consumers and manufacturers to engage in buying and promoting. A change of a product takes vicinity whilst buyers and sellers can agree upon a price.

Learn more about the market and demand here:-brainly.com/question/3331860

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5 0

2 years ago

Dmitri lives in Detroit and runs a business that sells guitars. In an average year, he receives $701,000 from selling guitars. O

Black_prince [1.1K]

Answer:

EXPLICIT COST

The wholesale cost for the guitars that Dmitri pays the manufacturer

The wages and utility bills that Dmitri pays

IMPLICIT COST

The rental income Dmitri could receive if he chose to rent out his showroom

The salary Dmitri could earn if he worked as a financial advisor

Explanation:

Explicit cost: those which are actually incurred this means it represent accrued expenses or actual cash outlay.

Implicit cost: refers to the opportunity cost of a factor wasted opprtunity for weing deploy in the current project. These do not represent actual expenses but potential use of the factors

5 0

3 years ago

The first institution to contact if you know you have been an identity theft victim is

Alex73 [517]

The first institution that should be contacted in the case of identity theft is the Federal Trade Commission (FTC).

<h3 /><h3>Why should you contact the Federal Trade Commission (FTC)?</h3>

If you have fallen victim to identity fraud, you should call the Federal Trade Commission immediately.

They will then help you report to the relevant law enforcement agencies such as the FBI and local police.

Find out more on the Federal Trade Commission (FTC) at brainly.com/question/4716509

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5 0

2 years ago