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3 years ago

“accounting is ingrained in our society and it is vital to our economic system.” do you agree? explain.

1 answer:

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Accounting whether it is good or bad, it is what makes or breaks a business. A good accounting system will offer the management with the tools to make money-making business decisions. Management, large or small, can see what's profitable and what's causing the business to be unable to find money. A poor accounting system, whether it is disordered or simply illegal can collapse a business. Management will make poor decisions based on poor or non-existent accounting systems. Management sometimes chooses to use accounting for unethical motives. In either case, accounting is ingrained in society and affects the economic system for better or worse. Accounting is important because it is a device that gives an indication of how well the economy is growing, the areas that need improvement and the areas that need to be improved.

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Which of these conditions signals that it is likely time to update or eliminate a

Nadya [2.5K]

Answer:

Explanation:

when the record is updated,

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3 years ago

Detailed information about the financial statement elements is maintained in records commonly called?

sergij07 [2.7K]

Detailed information about the financial statement elements is maintained in records commonly called "Accounts'

An account in accounting is a general ledger entry that is used to categorize and record transactions. For example, businesses will have a Cash account where they may record each transaction that raises or reduces the amount of cash they have on hand.

Three different accounts exist.

Real account: It links assets and obligations; it excludes accounts for specific individuals. They continue every year.
Personal accounts link the accounts of people,
Businesses, and organizations. All accounts for income, spending, losses and profits are related by a nominal account.

To learn more about financial statements

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1 year ago

How important is structure/culture compared to the other primary internal considerations for a strategic plan?

ZanzabumX [31]

Explanation:

The organizational structure and culture are essential for the design of a strategic plan aligned with the organization's purpose.

What happens is that the structure and culture of an organization constitute its identity, its way of organizing itself and creating an environment designed to obtain the objectives and goals stipulated by strategic planning. So it can be said that there is no way to develop a strategic plan without considering the structure or culture, because it is through these two variables that action plans are developed and modeled according to what the company is, and what it plans to be in the future. All organizational systems must be foreseen in the planning and be developed with the same degree of importance, because together they form the organizational whole that will lead a company to be well positioned in the market, achieve continuous improvement in its processes, achieve competitive advantage in the market, etc.

7 0

2 years ago

Assume oil prices rise in the United States, generating concerns that inflation may increase. If the Fed wishes to ensure that i

miskamm [114]

If the Fed wishes to ensure that inflation does not get out of hand, the Fed could lower the target money supply growth rate.

Inflation is when the general price levels in an economy increases persistently overtime. The policy tools that the Fed can use to control general price levels in the economy is known as monetary policy.

There are two types of monetary policy :

Expansionary monetary policy : these are steps taken by the Fed to increase the supply of money in the economy. These steps include reducing the target Funds rate, decreasing the reserve requirements and carrying out open market purchase.
Contractionary monetary policy : these are steps taken to reduce the money supply in the economy. These steps include reducing the target money supply growth rate and carrying out an open market sales.

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2 years ago

Marriott International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totali

eimsori [14]

Answer:

Marriott International

Journal Entries:

a. $300,000 cash

Debit Sale of Assets $8,000,000

Credit Furniture $8,000,000

To transfer the account to sale of assets account.

Debit Accumulated Depreciation $7,700,000

Credit Sale of Assets $7,700,000

To transfer the account to sale of assets account.

Cash $300,000

Sale of Assets $300,000

To record the cash receipts from the sale of assets.

No gain or loss on disposal.

b. $900,000 cash

Debit Sale of Assets $8,000,000

Credit Furniture $8,000,000

To transfer the account to sale of assets account.

Debit Accumulated Depreciation $7,700,000

Credit Sale of Assets $7,700,000

To transfer the account to sale of assets account.

Debit Cash $900,000

Credit Sale of Assets $900,000

To record the cash receipts from the sale of assets.

Sale of Assets $600,000

Gain on Disposal $600,000

To record the gain on the disposal of the furniture.

c. $100,000 cash

Debit Sale of Assets $8,000,000

Credit Furniture $8,000,000

To transfer the account to sale of assets account.

Debit Accumulated Depreciation $7,700,000

Credit Sale of Assets $7,700,000

To transfer the account to sale of assets account.

Debit Cash $100,000

Credit Sale of Assets $100,000

To record the cash receipts from the sale of assets.

Loss on Disposal $200,000

Sale of Assets $200,000

To record the loss on disposal of the furniture.

2. The disposal of an asset creates either a loss on disposal or a gain on disposal, which is normally regarded as a capital loss or a capital gain, as the case may be.

Explanation:

a) Data and Calculations:

Furniture (cost) ............................... $8,000,000

Accumulated depreciation .............. ...7,700,000

Net book value = $300,000

a. $300,000 cash

Sale of Assets $8,000,000

Furniture $8,000,000

Accumulated Depreciation $7,700,000

Sale of Assets $7,700,000

Cash $300,000

Sale of Assets $300,000

b. $900,000 cash

Sale of Assets $8,000,000

Furniture $8,000,000

Accumulated Depreciation $7,700,000

Sale of Assets $7,700,000

Cash $900,000

Sale of Assets $900,000

c. $100,000 cash

Sale of Assets $8,000,000

Furniture $8,000,000

Accumulated Depreciation $7,700,000

Sale of Assets $7,700,000

Cash $100,000

Sale of Assets $100,000

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2 years ago