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rusak2 [61]
3 years ago
13

A company's chart of accounts is: a detailed list of the accounts that make up the five financial statement elements. the set of

journal entries that makes up the components of owners' equity. used for entries that offset other accounts.
Business
1 answer:
polet [3.4K]3 years ago
8 0

Answer:

A detailed list of the accounts that make up the five financial statement elements.

Explanation:

The company's chart of accounts is the listing of all the accounts that the company has included as part of the five financial statement elements during a specific period of time.

The five financial statement elements are: assets, liabilities, equity (part of the balance sheet), expenses and revenues (part of the income statement).

Examples of accounts that can be part of a firm's chart of accounts are: land (asset), cash (asset), notes payable (liabilities), outstanding stock (equity), operating expenses (expenses), and sales revenue (revenues).

The chart of accounts can differ greatly from company to company simply because companies engage in vastly different economic activities.

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Which of the following is not true regarding Depreciation? Group of answer choices Depreciation allocates the cost of a fixed as
Mariulka [41]

Answer: Depreciation expense reflects the decrease in market value each year.

Explanation:

Depreciation is the decrease in the value of an asset due to the passage of time. Overtime, the value of machineries reduce as a result of usage. Depreciation is therefore the reduction in the value of assets. Depreciation is also the method used tin reallocating the cost of a tangible assets over its useful life span. Firms depreciate assets for accounting and tax purposes. The reduction in the value of an asset has am effect on the balance sheet of an entity.

The answer to the question is the second option. Depreciation does not have anything to do with the market value. Other options are correct except for the second option which states that depreciation expense reflects the decrease in market value each year.

8 0
3 years ago
Read 2 more answers
On June 25, Ritts Roofing extended an offer of $250,000 for land that had been priced for sale at $300,000. On July 9, Ritts acc
Kisachek [45]

Answer:

$275,000

Explanation:

The computation of the value that should the land be recorded is shown below:

= Value at which rits accepted the counteroffer of the seller

= $275,000

Hence, the alue that should the land be recorded is $275,000

Basically it records the cost value as per the cost concept

The same should be considered

3 0
3 years ago
Coates Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine- hours.
ICE Princess25 [194]

Answer:

D

Explanation:

8 0
3 years ago
Maya owes $20,000 on her credit cards, her adjustable mortgage rate has just gone up, and she has been out of work for 3 months.
grigory [225]

Answer: exhaustion

Explanation:

Given the information provided in the question, we are told that Maya collapsed and had to be taken to the emergency room. According to Hans Selye, Maya is in the exhaustion phase of the general adaptation syndrome.

At this stage, Maya's energy resources has been depleted after failing to recover from shock.

7 0
3 years ago
Exhibit 5-2 price and quantity demanded data price quantity demanded 5 20 4 25 3 30 2 35 1 40 using exhibit 5-2, what is the pri
Yuki888 [10]

Answer:

The price elasticity of demand is -5

Explanation:

Elasticity of demand measure the responsiveness of demand against the change in price of the product. It shows how much demand changes if there is the change in price.

Using mid point method

Change in Demand = $20 - $25

Change in Demand = -$5

Change in price  = $5 - $4

Change in price  = $1

As we know

Elasticity of Demand = Change in demand / Change in price

Elasticity of Demand = -$5 / $1

Elasticity of Demand = -5

4 0
3 years ago
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