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uranmaximum [27]
4 years ago
7

When preparing a journal entry for a transaction that affects retained earnings, the "Retained Earnings" account should not be d

ebited or credited. Instead, the account which ultimately affects retained earnings should be debited or credited. True or false?
Business
1 answer:
Studentka2010 [4]4 years ago
8 0

Answer:

True

Explanation:

As we know that the ending balance of retained earnings is computed by considering the following equation

= Starting balance of retained earnings + net income - dividend paid

Since the net income which is come by subtracting the expenses from the revenue and the dividend paid is debited or credited at the time of passing the journal entries instead of retained earning account because these above accounts are got affected.

Like expenses account are always debited while the income account are always credited

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Melon Lawn Co. advertises its new XJ200 lawn mower. Salespersons describing the XJ200 on behalf of Melon Lawn describe it as a "
Hitman42 [59]

Answer:

Puffery

Explanation:

PUFFERY can be defined as the way of using exceptional words to describe things in which such things described are exaggerated or false praise for the purpose of attracting buyers to that particular product or service.

Although PUFFERY are commonly been used in advertising or to promote sales which is why PUFFERY is often not taken serious due to the fact that it is subjective.

In order word PUFFERY can said to means the way of using false praise to praise something in which such things or item are just be exaggerated just as in the case of

Melon Lawn who describe XJ200 as a "fabulous new mower" that will "take landscaping by storm in order to attract customers to the products.

8 0
3 years ago
In an organizational setting, a _____ is a small number of people with complementary skills who work together for a common purpo
n200080 [17]

Answer:

In an organizational setting, a Team is a small number of people with complementary skills who work together for a common purpose.

Explanation:

The sentence is the definition of "Work Team" in organizations

3 0
3 years ago
Concord Industries collected $105,000 from customers in 2019. Of the amount collected, $25,300 was for services performed in 201
Dmitrij [34]

Answer:

$31,200

Explanation:

Cash basis income recognition records transactions as per receipts and payments in cash and ignores the period they relate to. Cash basis of accounting is not in accordance with matching principle of accounting.

Cash basis of accounting is not recommended by either IFRS or US GAAPs since it overlooks the incomes earned and expenses incurred during a period.

In the given case, Net Income based upon cash basis would be computed as follows:

All cash receipts during the year 2019 - All expenses paid during the year 2019

= 105,000 - 73,800

= $31,200

8 0
3 years ago
What is the importance of computer applications in the business domain? How Computer applications support businesses to work ubi
attashe74 [19]

Answer:

Explanation:

The importance of computer applications in the business domain is that it allows for the automatization of daily tasks. This is also the reason why businesses that implement such applications are able to work ubiquitously. The software applications are designed to automate all of the tasks that the business needs and perform them quickly and efficiently, if a certain task is not able to be automated then the software still makes completing the task by only requiring user input for the absolutely necessary parts of the task. One example of this would be a logistics application for businesses where inventory is automatically calculated as sales go through and automatically replenished by sending inventory requests to suppliers.

5 0
3 years ago
If a department that uses process costing starts the reporting period with 100,000 physical units that were 20% complete with re
iogann1982 [59]

Answer:

true

Explanation:

The equivalent units of production in respect of direct labor for the given scenario shall be determined through the following mentioned equation:

Equivalent units of direct labor=Number of physical units at start of the reporting period*Completion percentage with respect to direct labor

Equivalent units of direct labor=100,000*20%

                                                     =20,000 units

So based on the above calculation, the statement is true

6 0
3 years ago
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