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anzhelika [568]
3 years ago
8

Journal entries recorded at the end of each accounting period to prepare the revenue, expense, and withdrawals ac0ounts for the

upcoming period and to update the owner's capital account for the events of the period just finished are referred to as
a. Adjusting entries.
b. Closing entries.
c. Final entries.
d. Work sheet entries.
e. Updating entries
Business
1 answer:
makkiz [27]3 years ago
8 0

Answer: Option B

       

Explanation: In simple words, closing entries refers to the journal entries which are made at the end of an accounting period for transferring the temporary account balances into permanent accounts.

These entries are made to close the four accounts for clear depiction of capital at the end of they year, these accounts are income, expenses, income summary and dividend account.

The objective behind making such entries is to clear the temporary accounts balance to zero for the next accounting period.

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For 2014, Taxpayer (TP) wants to recognize a deduction. The deduction involves a statute that has not changed since enacted in 1
Vesna [10]

Answer:

Option c. is correct

Explanation:

Under the Golsen rule, the Tax Court must follows the Court of Appeals such that the court of appeals has direct jurisdiction over the taxpayer. The Court is said to reach a decision without calculating the tax when a Tax Court decision is said to be entered under Rule 155.

In this question, The Golsen rule applies here and weakens the legal justification for the deduction

4 0
2 years ago
Merits of itinerant traders<br>​
frutty [35]

Answer:

Explanation:

1. Less capital: itinerant retailers have to move from one place to another , so they don't have to invest huge capital.  For example: hawkers and paddlers have to buy just a hawker and some amount of goods which they can carry.

2. Services to doorsteps: these retailers provides their goods and services at the doors of the customers.  For example: a vegetable seller sells vegetables at the doors of the customers .

3. Elasticity: the goods they sells are usually perishable in nature and whose substitutes are available in abundance. Therefore, these goods are highly elastic .

4. Economy: the goods which itinerants sells are economically cheaper, which even a low class of society can buy. For example: non-branded goods.

6 0
3 years ago
Match each of the numbered descriptions with the term or phrase it best reflects. Indicate your answer by writing theletter for
Temka [501]

Please the remaining part of the question below :

1.Amount a business earns after paying all expenses and costs associated with its sales and revenues.

2.An examination of an organization’s accounting system and records that adds credibility to financial statements.

3.Principles that determine whether an action is right or wrong.

4.Accounting professionals who provide services to many clients.

5.An accounting area that includes planning future transactions to minimize taxes paid.

Answer:

1.Amount a business earns after paying all expenses and costs associated with its sales and revenues. - Net income (G)

2.An examination of an organization’s accounting system and records that adds credibility to financial statements. - Audit (A)

3.Principles that determine whether an action is right or wrong. - Ethics (C)

4.Accounting professionals who provide services to many clients.- Public accountants (F)

5.An accounting area that includes planning future transactions to minimize taxes paid- Tax accounting (D)

Explanation:

6 0
3 years ago
The Typhoon Resort, which has 100 rooms, has currently been experiencing an occupancy dip to a 60.00% level. The current rack ra
BlackZzzverrR [31]

Answer:

the current total contribution margin = 100 x 60% x ($80 - $20) = $3,600 per day

scenario 1: $10 discount

$3,600 = 100 x ?% x ($70 - $20)

$3,600 = $5,000 x ?%

$3,600 / $5,000 = ?%

occupancy rate = 72%

scenario 2: 10% discount

$3,600 = 100 x ?% x ($72 - $20)

$3,600 = $5,200 x ?%

$3,600 / $5,200 = ?%

occupancy rate = 69.23%

5 0
3 years ago
Starting the next task before the first task is complete is _____ Group of answer choices slack lead negative lead float lag
Charra [1.4K]

Starting the next task before the first task is complete is lead.

In the eyes of some businesses, a "lead" is a contact that has already been identified as a potential client, whereas for other businesses, a "lead" is any sales contact. However, a lead's potential to become a future client is the same regardless of how it is defined.

A lead is, to put it simply, a person or group who is interested in what you are selling. Contact details are shared, such as an email address, a phone number, or even a social network account, to demonstrate the interest.

Learn more about Lead here brainly.com/question/5687830

#SPJ4

6 0
1 year ago
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