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3 years ago

What is accounting

Business

1 answer:

andre [41]3 years ago

4 0

Answer:

Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position, and cash flows. Accounting is the recording of financial transactions along with storing, sorting, retrieving, summarizing, and presenting the results in various reports and analyses. Accounting is also a field of study and profession dedicated to carrying out those tasks.

Explanation:

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For each of the following companies, specify whether each company would be more likely to use job costing or process costing. a

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Answer: For each of the following companies, each company would be more likely to use:

a. Janitorial services company - Job costing.

b. Soup manufacturer - Process costing.

c. Commercial plumbing contractor - Job costing.

d. Toothpaste manufacturer - Process costing.

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3 years ago

On April 1, 20X4, Kew Co. purchased new machinery for $300,000. The machinery has an estimated useful life of five years, and de

Afina-wow [57]

Answer:

The answer is B. $180,000

Explanation:

The sum of years' digits method is an accelerated depreciation that is based on the assumption that the productivity of the asset decreases with time.

Here, the sum of the digits are found. In this question, useful life is 5 years. So the sum of the digit is:

5+4+3+2+1 = 15.

April 1 20X4 through March 31 20X6 is 2 years.

First year depreciation is:

5/15 x $300,000

=$100,000

2nd year depreciation is:

4/15 x $300,000

=$80,000

Therefore, accumulated depreciation is

$100,000 + $80,000

$180,000

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3 years ago

Bob Jensen Inc. purchased a $650,000 machine to manufacture specialty taps for electrical equipment. Jensen expects to sell all

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3 years ago

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2 years ago

Correctly complete the following statement. We may be more likely to consider using qualitative forecasting techniques when Sele

Nostrana [21]

Answer:

Explanation:

There are two types of forecasting method

1. Qualitative forecasting

2. Quantitative forecasting

Qualitative forecasting can be described as when subjective judgement or non quantifiable information in forecasting.

When is qualitative forecasting suitable ?

It is used when historical data in unavailable.
this method is suitable when it is predicted that future result would depart from what historical data may suggest

Advantages of Qualitative forecasting

it is flexible
It can be used when data available is ambiguous or unclear

Disadvantage of Qualitative forecasting 

It is subjective.

Quantitative forecasting can be described as forecasting using historical data

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2 years ago

What is accounting ​

What is accounting