On January 1, 2016, Jacob Inc. purchased a commercial truck for $48,000 and uses the straight-line depreciation method. The truc
k has a useful life of eight years and an estimated residual value of $8,000. On December 31, 2018, Jacob Inc. sold the truck for $30,000. What amount of gain or loss should Jacob Inc. record on December 31, 2018? A.Loss, $3,000.
B.Loss, $18,000.
C.Gain, $22,000.
D.Gain, $5,000.
<span>This is called data warehousing. This is a core element of business intelligence. Data warehouses store both the current and historical data in one place. The data warehouses can be used to create analytical reports for knowledge workers throughout the enterprise.</span>
The recording of business transactions is a basic and fundamental component of financial reporting and is known as<u> bookkeeping.</u>
<h3>What is Bookkeeping?</h3>
Bookkeeping is the process of recording financial transactions. It entails preparing reference papers for all company transactions, activities, and other occurrences.
The primary goal of bookkeeping is to maintain a comprehensive and precise record of all operations and transactions in a methodical, ordered, and logical way. This guarantees that the financial consequences of these activities are accounted for in the accounting books.
