Because they are always converted to an income summary throughout the closing process, revenue and expense accounts are known as nominal accounts.
so the statement is false
Revenue Definition:
Revenue in financial accounting refers to an inflow of funds, typically from sales or services provided by commercial activity. It is also known as sales or business turnover. In other terms, revenue refers to the amount of money that a company or organization receives. For instance, certain businesses may receive income from royalties, interest, or copyright fees. While for some businesses, money may come from the services they provide to clients. Donations from groups, corporations, and people are referred to as revenue for non-profit organizations.
Operating Revenue Examples:
- Sales.
- Fees or Commission Earned.
- Service Revenues.
Expenses Definition:
A money outflow is known as an expense or expenditure in financial accounting. As an illustration, a tenant's expenses can include rent. Parents' expenses could include the cost of their children's tuition. Expenses for a business include things like electricity bills, bank fees, sales expenses, phone bills, repairs, and services.
List of expenses in accounts frequently observed when preparing financial statements:
- Cost of goods sold.
- Legal fees.
- Depreciation.
Learn more about Revenue and expense accounts here
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FAFSA stands for Free Application for Federal Student Aid. It is a form that can be prepared annually by current and prospective college students in the United States to determine their eligibility for student financial aid. Hope this helps.
,Answer:
-Marcus is owed something by Super Corp because he relied reasonably and to his detriment on Super Corp's offer.
Explanation:
Employment contracts can be written, oral, or implied and each of these are binding to some extent.
In the given instance it is required that employment should be written in the state where Super Corp operates.
So Marcus will not be able to compel them to give him a job as the offer was made and accepted orally.
However the offer resulted in him quitting his current job, which paid $75,000 a year, and heading to the state where Super Corp was headquartered.
He relied on the offer to his detriment of losing his current job, so Super Corp owes him for the damages incurred
Answer:
Total cost= $40.3
Explanation:
Giving the following information:
The activity rates associated with each activity pool are:
$8.30 per guest check-in
$20.00 per room cleaning
$4.00 per served meal (not including food).
Tara Washington visited the hotel for a 3-night stay. Washington had 6 meals in the hotel during her visit.
Total cost= 8.30*1 + 20*1 + 4*3= $40.3
Answer: See explanation
Explanation:
a. Prepare a CVP income statement that shows both total and per unit amounts.
CVP INCOME STATEMENT
Per unit. Total
Sales (500 units). 400. 200,000
Variable expense 280 140,000
Contribution margin. 120 60,000
Fixed expense. 48,000
Net operating Income. 12,000
b. Compute Norton's breakeven in units.
Breakeven point = 48000 / 120 = 400
c. Prepare a CVP income statement for the break-even point that shows both total and per unit amounts.
CVP income statement for the break-even point
Per unit. Total
Sales (400 units). 400. 160,000
Variable expense 280 112,000
Contribution margin. 120 48000
Fixed expense. 48,000
Net operating Income. 0
