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.
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Answer:
The correct answer is letter "D": Companies can collect fuller and richer information about markets, customers, prospects, and competitors.
Explanation:
In the pursuit of obtaining more revenue, firms implement diverse approaches to study consumer behavior. <em>Preferences, frequency, </em>and <em>size</em> of purchases are core factors that companies take into consideration at the moment of planning their operations. To achieve their goal they collect data from internal sources and sometimes consider information that competitors might disclose on current and potential customers.
Answer:
Correct Answer:
C.the federal budget has many entitlements that people do not want cut.
Explanation:
In U.S, there are so many sectors with so many budget mapped out and controlled in-order to benefits the citizens. <em>For example, in this pandemic situation, there are budgets for those who lost their jobs, those unable to pay their house rent, those with medical challenges etc. all these entitlements are what people are not willing to lose. </em>Bringing the federal spending under control means cutting off some of these budgets which might trigger crises.
Answer:
Correct option is B.
A budget line shows the limits to what a consumer can buy
Explanation:
In economics, a budget line represents all the combinations of goods and services that a consumer may purchase given current prices within his or her given income. Consumer theory uses the concepts of a budget constraint and a preference map to analyse consumer choices.
