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MAXImum [283]
3 years ago
10

Identify the importance of accounting by select statement(s) that is (are) correct below

Business
1 answer:
anygoal [31]3 years ago
8 0

Answer:

A,B,C are correct

Explanation:

Accounting involves collection and reporting of financial information of a firm. This includes information on financial position, profitability, , and cash flows of the business. This helps to make decisions on how to invest in the business, manage the business, or lend money to it and tracks business income and expenses. Among the choices, these three are correct;

  • accounting information helps users make business and financial decisions .
  • Accounting is a system that identifies, records, and communicates financial informationRevenues – Expenses = Net Income
  • Accounting information is used throughout the year (NOT only at the end of a year when tax returns and financial statements are prepared) by businesses and individuals to help make financial decisions
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Which of the following statements is CORRECT?
Lera25 [3.4K]

Answer:

c. The "apparent," but not necessarily the "true," financial position of a company whose sales are seasonal can change dramatically during a given year, depending on the time of year when the financial statements are constructed.

Explanation:

Financial statements are used to show the financial activity of a business within a given period.

One of the principles of a accounting is periodicity. This requires businesses to report their financial position at regular intervals consistently, and not in an inconsistent manner. So if a business reports their finances twice a year. At year end and at mid year, it is possible that at mid year due to seasonal sales performance will be high and business is perceived to be highly profitable.

But financial report at end of year in the off-season will show low performance.

So for seasonal businesses there can be apparent view of a business during the year that can change dramatically because of time at which reports are made.

3 0
3 years ago
Factors affecting communication in a an organization
iVinArrow [24]

FACTORS AFFECTING COMMUNICATION

Status / Role.

Cultural differences .

Choice of communication channel .

Length of communication .

Use of language .

Individual Perceptions / Attitudes / Personal

3 0
3 years ago
22. At the end of each year for the next 18 years, you receive cash flows of $3700. The initial investment is $25,200 today. Wha
IrinaK [193]

Answer:

29.37%

Explanation:

Rate of return = Average annual income/Average initial investment

Average annual income = $3,700

Average initial investment = (I+s)/2

Average initial investment = (25,200+0)/2

Average initial investment = $12,600

Rate of return = $3,700/$12,600

Rate of return = 0.2936508

Rate of return = 29.37%

6 0
3 years ago
Sandra, the operations manager of the Zara clothing chain, is informed that the summer line requires certain materials that are
Alecsey [184]

Answer:

<em>MRP (Material Requirement Planning)</em>

Explanation:

Material Requirements Planning (MRP) is a calculation system for the components and materials necessary to produce goods.

All of this consists of <u>three principal steps</u>:

  • stock of on-hand components and materials,
  • recognize which added bits are required and,
  • afterwards schedule their manufacturing or purchase.
3 0
3 years ago
In the AD partnership, Allen's capital is $140,000 and Daniel's is $40,000 and they share income in a 3:1 ratio, respectively. T
Mamont248 [21]

Answer:

D) 137000 39000

Explanation:

Allen  140,000

Daniel 40,000

Capital before admission 180,000

share ratio 3:1

Capital after admission:

180,000 + 40,000 = 220,000

David participation: 20%

220,000 x 20% = 44,000

David investment  40,000

goodwill: 4,000

There is a difference in goodwill which will be supported for the old partner as their current share ratio

Allen 4,000 x 3/4 = 3,000

Daniel 4,000 x 1/4 = 1,000

Capital after David admission:

140,000 - 3,000 = 137,000

40,000 - 1,000 = 39,000

6 0
3 years ago
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