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2 years ago

The closing process is necessary in order to

Business

1 answer:

goldfiish [28.3K]2 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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Your coworker Ginny is really concerned about a project that he has just been assigned. He is in charge of analyzing and determi

Anastaziya [24]

Answer:

The answers are:

a demand curve
a demand schedule

Explanation:

A demand curve is a graph showing the relationship between the price of a product, e.g. TV, on the y axis, and the quantity demanded for that product at a certain price (on the x axis). It models the price-quantity demanded for a particular market.

A demand schedule illustrates the same price-quantity demanded relationship for a product as a demand curve, only that it is presented as a table chart instead of a graphic curve.

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2 years ago

A boss who is a micromanager often works excessive hours, skips vacations, and needs to approve everything

satela [25.4K]

<span>This is a true or false question that often shows up on business related tests. The answer: true. Bosses who micromanage things often have employees who are frustrated and unhappy. In many cases, they feel undervalued and that they are not trusted to handle tasks without direct supervision from the boss. Companies that have a boss who is a micro-manager usually have a high turnover rate.</span>

8 0

2 years ago

KFC has added many offerings to its menus in China to appeal to local tastes, including the "Dragon Twister," which is a chicken

andrew-mc [135]

Answer:

D. Product Invention

Explanation:

KFC added many items in the menu list when they opened their restaurants at China. By doing this KFC tries to incorporate the local cuisine of Chinese foods into their menu.

In China, KFC invented a new dish and named it the "Dragon Twister". In this dish, it contains a chicken wrap with Peking duck sauce on it. It highly resembles the local food of China.

Thus KFC tries to promote and do marketing of its product in China by inventing new dishes which is similar to the local Chinese food and adding it to the menu list of KFC.

By this, Chinese people will be attracted towards KFC and will come to try their newly invented "Dragon Twister".

Thus, the answer is D. Product Invention.

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2 years ago

Given the following information, compute the property tax rate for the community in percentage terms. Total budget expenditures:

Llana [10]

Answer:

Explanation:

The property tax rate required in the given question shall be determined through the following mentioned formula:

Property tax rate=[(Budget expenditure-Non property tax income)/Assessed value of the all properties-Total exemption)]

Based on the above formula:

Property tax rate=[($108 million- $50 million)/($2,000 million-$550 million)]

Property tax rate=$58 million/$1,450 million

Property tax rate=4%

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2 years ago

Harbert, Inc. had a beginning balance of $12,000 in its Accounts Receivable account. The ending balance of Accounts Receivable w

irakobra [83]

Answer:

a. $70,500

b. $7,500

c. $9,000

Explanation:

a. The computation of the amount of revenue is shown below:-

Amount of revenue = Ending balance of accounts receivable + Cash collected - Beginning balance of accounts receivable

= $10,500 + $72,000 - $12,000

= $70,500

b. The computation of net income earned during the accounting period is shown below:-

Net income = Revenue generated - Expenses

= $70,500 - $63,000

= $7,500

c. The computation of amount of cash flow from operating activities is shown below:-

Net cash flow from operating activities = Cash collection - Amount paid for operating expenses

= $72,000 - $63,000

= $9,000

4 0

2 years ago