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Gemiola [76]
3 years ago
11

Which of the statements below is​ FALSE? A. The balance sheet reports the performance of the firm over the past period. It summa

ries and categorizes a​ company's revenues and expenses for that period. B. The income statement summaries and categorizes a​ company's revenues and expenses for that period. C. The income statement begins with revenue and subtracts various operating expenses until arriving at Earnings Before Interest and Taxes​ (EBIT). D. ​Typically, income statements are prepared quarterly and annually for distribution outside the​ company, but usually monthly for internal managers.
Business
1 answer:
Colt1911 [192]3 years ago
7 0

Answer:

A. The balance sheet reports the performance of the firm over the past period. It summaries and categorizes a​ company's revenues and expenses for that period.

Explanation:

The balance sheet is a financial document or statement that shows a company's total assets at a particular time. It indicates how the assets are financed. A balance sheet reports the net worth of a business. It shows the assets, the liabilities, and the shareholders' equity.  

The preparation of a balance sheet follows the principle of assets equals the sum of liabilities and equity.  It does not record incomes of expenses of a business for a financial year. The income statement is the financial report that shows the revenue and expenses of a company in a period.

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Answer: The correct answer is "B. Are necessary to adjust the Inventory account to the actual inventory available."

Explanation: Physical counts of inventory are necessary to adjust the Inventory account to the actual inventory available.

Physical inventory counts are generally performed at the end of an accounting period to adjust the accounting balance to the actual physical amount of inventory as it may differ due to missing, lost, stolen, decreased, etc.

5 0
2 years ago
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What are the five primary factors of production?
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Land, labor, capital, and entrepreneurship
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3 years ago
You have decided to save $500 a year for the next five years and then increase that amount to $700 a year for the following five
DaniilM [7]

Answer:

A. The time line will have a $500 cash flow for Years 1-5 and a $700 cash flow for Years 6 - 10.

Explanation:

A timeline orders events chronologically. Here, the timeline would list cash flows in the order in which they occur.

Please check the attached image for an image of the timeline.

I hope my answer helps you

3 0
3 years ago
Shane's buyers learned during the inspection that there was water damage around the fireplace and that the chimney needed new fl
MAVERICK [17]

Shane should just call the steeplejack.

  • Flashing serves as an additional layer of water protection; however, if you notice leaks, your flashing is damaged. You may experience water damage if you find rust, holes, or areas where the flashing has worn down. However, it would still be best to replace it.
  • Repointing your chimney brick mortar would be your first step. Repointing is the process of taking out the crumbly mortar, then replacing it with a new batch of mortar.
  • your chimney crown and flue serve as your extra protection against water. However, gaps may eventually appear after some time, allowing water to enter.
  • As a result of the water seeping in, it will damage not only the crown but also the flue. And caulking would be the answer to this chimney problem. Caulking is the process of sealing a gap using a sealant or a waterproof filler

learn more about water leaks here : brainly.com/question/681061

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8 0
1 year ago
Jeff purchased​ $550 of goods and received credit terms of​ 5/15, n/30. How much did he pay if payment was made during the disco
Stells [14]

Answer:

$522

Explanation:

Calculation to determine How much did he pay if payment was made during the discount​ period

Amount paid =$550-(5%*$550)

Amount paid=$550-$28

Amount paid=$522

Therefore the amount he will he pay if payment was made during the discount​ period is $522

7 0
2 years ago
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