All categories

3 years ago

Closing entries:

Business

2 answers:

Elden [556K]3 years ago

7 0

Answer:

The correct option is D

Explanation:

Closing entries must be jouralized and posted because if they are not posted the company's balance sheet will not balance since the retained earnings account will not be updated.

These are usually the last entries posted on the accounting system prior to a financial statement

Nikolay [14]3 years ago

3 0

Answer:

Must be journalized and posted.

Explanation:

Closing entries are journal entries that is made at the end of an accounting period. It involves the transfer of balances of a temporary account to a permanent account.

Organisations employ the use of closing entries to reset the balances of temporary accounts to zero.

Closing entries are carried out to bring back the revenue, expense, and drawing temporary account balances to zero in preparation for a fresh accounting period.

You might be interested in

Being able to refer to trained techniques as opposed to "street-fighting" techniques in reporting a use of force makes it easier

enot [183]

It was under Graham v Connor case. Someone explained that the defense attorney made the jury think the officer tried to hide his use of force behind a smoke screen of clinical language and that he did so to minimize brutality. Also, law enforcement trainers use such jargon to make communication within the profession more concise and efficient. To make use of clinical-sounding terms, there are two reasons behind it 1. Is to make a precise description and 2. Different between trained and street fighting techniques.

3 0

3 years ago

A. Finance, or financial management, requires the knowledge and precise use of the language of the field.

Sergio [31]

Answer:

1. Amortization Schedule.

2. Amortized loan.

3. Annual Percentage rate.

4. Discounting.

5. Future Value.

6. Opportunity cost of funds.

7. Time value of money.

8. Annuity due.

9. Perpetuity.

10. Ordinary annuity.

11. PMT/r.

Explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP).

Some of the financial terminologies used in financial accounting are;

1. Amortization Schedule: A schedule or table that reports the amount of principal and the amount of interest that make up each payment made to repay a loan by the end of its regular term.

2. Amortized loan: A loan in which the payments include interest as well as loan principal.

3. Annual Percentage rate: A value that represents the interest paid by borrowers or earned by lenders, expressed as a percentage of the amount borrowed or invested over a 12-month period.

4. Discounting: A process that involves calculating the current value of a future cash flow or series of cash flows based on a certain interest rate.

5. Future Value: The name given to the amount to which a cash flow, or a series of cash flows, will grow over a given period of time when compounded at a given rate of interest.

6. Opportunity cost of funds: A 6% return that you could have earned if you had made a particular investment.

7. Time value of money: A concept that maintains that the owner of a cash flow will value it differently, depending on when it occurs.

8. Annuity due: A series of equal cash flows that occur at the beginning of each of the equally spaced intervals (such as daily, monthly, quarterly, and so on).

9. Perpetuity: A cash flow stream that is generated by a share of preferred stock that is expected to pay dividends every quarter indefinitely.

10. Ordinary annuity: A series of equal cash flows that occur at the end of each of the equally spaced intervals (such as daily, monthly, quarterly, and so on).

11. Time value of money calculations can be solved using a mathematical equation, a financial calculator, or a spreadsheet. The equation which can be used to solve for the present value of a perpetuity is given below;

Present value of a perpetuity (PV) = PMT/r

Where;

PMT represents the payment amount.
r represents the annual interest rate.

3 0

3 years ago

This week you’re learning some of the characteristics that will help you practice your relationship building skill (trust, mutua

Romashka [77]

This is a personal question that should be based on your own experience. To create a discussion prompt about how some characteristics help to build relationships, you can structure the paragraphs with situations where you felt part of a group, like building friendships at school for example.

Mutual respect is a characteristic that must be applied in the social life of individuals to increase security, order, ethics and maintenance of a positive society, and must be shared in all social institutions.

<h3>How important is ethics to building relationships?</h3>

Ethics corresponds to the practice of moral values in a society, that is, it is the set of actions that individuals practice in accordance with respect, empathy, the individual values of others, making society a more just and egalitarian place.

Some ideas to increase the practice of mutual respect and ethics is to be cordial and empathetic to individuals, promoting good social and environmental actions for social well-being.

Therefore, ethics must be promoted in all social spheres to generate greater security, compliance and protection of the natural rights of each individual.

Find out more about ethics here:

brainly.com/question/13969108

#SPJ1

5 0

1 year ago

The unequal distribution of wealth, income, power, and poverty is called

OverLord2011 [107]

The answer to this question is social inequality. Social inequality is the unequal amount of opportunity and reward that is given to a person depending on their race, gender, age, or class. Social inequality can be categorized into 5 types such as political inequality, income inequality, life inequality, inequality of membership, and inequality of treatment.

5 0

3 years ago

Legally a corporation is a thing that can endure beyond the natural lives of its members and that has incorporators who may sue

Fed [463]

Answer:

A) True

Explanation:

A corporation is a distinct and separate legal entity from its owners. It enjoys commercials' rights and has obligations, just like a person does. Corporations transact business, can enter a contract, borrow money, sue, or be sued.

The most salient feature of a corporation is that its owners have limited liability. It means that the owners of a corporation are liable for its obligation up to the extent of their capital contribution. If a corporation is unable to meet its debts, the personal properties of its owners can not be attached to the liabilities.

Many corporations outlive their founders. The most famous companies were incorporated decades ago. A corporation is often described as a legal person. Its lifespan is not dependent on the lives of its owners.

7 0

3 years ago