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Naya [18.7K]
3 years ago
13

Jeremy operates his own small business, but he doesn't want to be bothered with accounting information. He tells his friends, "A

ll I need accounting for is to prepare my income tax return for my business. I'll hire someone to do that for me." Jeremy's attitude would be disastrous if he managed a large firm, but is a reasonable view for a small business owner. (Points : 2) True False
Business
1 answer:
frutty [35]3 years ago
8 0

Answer:

The correct answer is the option True, it would be reasonable.

Explanation:

To begin with, accounting is one of the most importants subjects to have in mind regarding the fact of openning and managing a business, no matter how small or large that firm will be. Moreover, accounting will facilitate the fact of keeping up with everything that goes in and goes out regarding money in the business and to also help the manager to see how well the incomes and outcomes are doing in the balance sheet. Therefore that accounting can help the manager to improve the performance of the business if the information is understood and used properly. Besides, accounting information is obligatorily important when regarding subjects of taxes and legal matters as well.

Secondly, although is important to keep up with the accounting of the business, a small company could not pay too much attention to it and instead focusing in other matters. However, it is very important to understand that to be a master in managing a business and to improve the performance of it, it is very important to give more attention to accounting information with the purpose of understanding the business better.

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The Peridot Company purchased machinery on January 2, 2019, for $800,000. A five-year life was estimated and no residual value w
Umnica [9.8K]

Answer:

1.- Without Retrospective effect

2.- No as it comes from a change in estimations not an accounting error.

3.- yes. It will give a full explanation about the reasons to extend the useful life.

4.- Depreciation expense for 2021: 60,000

Explanation:

1.- The change in the useful life does not represent an accounting error. It comes from the estimation process.

800,000 - 160,000 x 2 = 480,000 book value at beginning 2021

480,000 / 8 new useful life = 60,000 depreciation per year.

5 0
3 years ago
If the demand for a product decreases, what is likely to happen?
matrenka [14]
I m pretty sure the product supply would grow then the price would drop
5 0
3 years ago
Based on the constant demand assumption in the economic order quantity (EOQ) model, the average cycle inventory is: Question 20
irina [24]

Answer:

c. half of the order quantity

Explanation:

Based on the constant demand assumption in the economic order quantity (EOQ) model, the average cycle inventory is <u>half of the order quantity</u>

Economic order quantity is a quantity which minimizes the ordering cost and holding cost  

Q = EOQ = \sqrt{2*D*S/ H} where  D = Demand unit, S = Order cost and H = Holding cost

- Ordering cost and the Holding at EOQ will be same

- Average inventory = Q/2

- Average inventory is the half of the order quantity.

7 0
2 years ago
In the marketplace, there are different types of fundamental drivers of social media engagement. The Wheel of Social Media Engag
olganol [36]

Answer: True

Explanation:

Social media engagement refers to the measurement of likes, comments, and shares. It should be noted that the greatest measure of social media success is simply the engagement of the audience.

It is vital for marketers to recognise how important engaging customers is. It should be noted that social media engagement and s a important and profitable way to engage ones customers as their current behavior can be taken into account and this is then used for making future references and behavior.

8 0
3 years ago
During the introduction stage of the product life cycle, promotional expenditures are made to stimulate consumer desire for an e
TEA [102]
<span>During the introduction stage of the product life cycle, promotional expenditures are made to stimulate consumer desire for an entire product class rather than for a specific brand. The consumer desire that is stimulated is referred to as primary demand.
</span>Primary demand is the desire for a product class rather than for a specific brand.During the growth stage of the product life cycle, promotional expenditures are made to stimulate consumer desire for a specific brand due to increased competition. The consumer desire that is stimulated is referred to as selective demand.<span>Selective demand is the preference for a specific brand.</span>
6 0
2 years ago
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