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Dovator [93]
2 years ago
11

What are the various forms of business organization? What are the advantages and disadvantages of each?

Business
1 answer:
Hunter-Best [27]2 years ago
6 0

Answer and Explanation:

There are three principle sorts of business associations which are given bellow

sole ownership, organization and enterprise.  

An association is a business possessed by at least two individuals. The points of interest are: shared costs, information and costs. The detriments are: benefit sharing and individual obligation.

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Explain errors are not detected by a trial balance ​
Paha777 [63]

Answer:

Errors not detected by a trial balance ​ are:

1. Posting to Wrong Account

2. Error of Amounts in Original Book

3. Compensating Errors

4. Errors of Principle

5. Errors of Omission

Explanation:

The Trial Balance does not provide absolute assurance of ledger account accuracy. It is just an evidence of the postings' arithmetical accuracy. Even though the amount of debits equals the amount of credits, there may be inaccuracies.

A trial balance will not reveal such errors, and they are:

1. Posting to Wrong Account: IF accidentally posted something to the wrong account, but it was on the right side, the Trial Balance agreement will not be affected. For example, if a $200 purchase from John was credited to Joshua instead of John. As a result, Trial Balance will miss such an error.

2. Error of Amounts in Original Book: The Trial Balance will come out appropriately if an invoice for $632 is filed in Sales Book as $623, because the debit and credit have been recorded as $623. The arithmetical precision is there, yet there is a flaw.

3. Compensating Errors: This occurs one mistake is offset by a similar mistake on the other side. These errors are cancelled if one account in the ledger is debited $500 less and another account in the ledger is credited $500 less.

4. Errors of Principle:  An errors of Principle is one that breaches the foundations of bookkeeping. Purchases of furniture, for example, are debited to the Purchase Account rather than the Furniture Account; wages paid for the erection of plant are debited to the Wages Account rather than the Plant Account; and the amount spent on a building extension is debited to the Repairs Account rather than the Building Account, and so on. These kind of errors do not alter the total debits and credits, but they do impair the bookkeeping principle.

5. Errors of Omission: There will be no effect on the Trial Balance if a transaction is completely omitted. An error of omission occurs when a transaction is fully unreported in both aspects, or when a transaction is documented in the books of primary entry but never entered in the ledger. For example, if a credit purchase is not recorded in the Purchase Day Book, it will not be posted to both the Purchase Account and the Supplier's Account. This error, on the other hand, will not cause Trial Balance to disagree.

7 0
3 years ago
Q 7.40: Approximately 85% of the customers at Hanson’s Furniture Store purchase furniture using store credit. The store’s averag
ziro4ka [17]

Answer: Offer incentives to Customers to reduce Collection time.

Explanation:

Hanson’s Furniture Store should work to reduce the amount of time it takes to collect payments from customers. It takes them over 2 months to collect payments on average and compared to a payables payment in 30 days that's quite troublesome.

They should therefore work to reduce their Receivables Collection time.

One way they can do that is to offer incentives such as trade discounts. A popular one would be the 2/10, net 30 rule. This means that the customer would get a 2% discount if they pay in 10 days or else they will pay the full amount in 30 days. This incentive can go a long way in reducing Payables collection periods.

3 0
3 years ago
In 1931, President Herbert Hoover was paid a salary of $75,000. Government statistics show a consumer price index of 15.2 for 19
zaharov [31]

Answer: c) $1,169,408.

Explanation:

Given the following:

Consumer price index(CPI) :

Year 1 = 1931 = 15.2

Year 2 = 2015 = 237

Salary in 1931 = $75,000

Equivalent salary in 2015 Given the details above:

Salary in 1931 × (CPI for year 2(2015)/ CPI for year 1(1931))

$75,000 × ( 237 / 15.2)

= $75,000 × 15.592105

= $1,169,407.8

= $1,169,408

7 0
3 years ago
Croissant Company's standard fixed overhead cost is $6 per direct labor hour based on budgeted fixed costs of $600,000. The stan
slamgirl [31]

Answer:

Standard activity level= 100,000 units

Explanation:

Giving the following information:

Croissant Company's standard fixed overhead cost is $6 per direct labor hour based on budgeted fixed costs of $600,000. The standard allows 1 direct labor hour per unit.

Standard activity level= 600,000/6= 100,000 units

3 0
3 years ago
Which statement describes what happens to the carbon dioxide produced in cellular respiration?​
Rama09 [41]

Answer:

The right answer is B.

Explanation:

The equation is glucose + oxygen ==> carbon dioxide + water and energy is produced in the form of ATP.

Cellular respiration is a complete breakdown of glucose in the presence of oxygen, allowing a total release of its energy.

Glucose is "burned" in the presence of oxygen in the cells of animals and plants.

Breathing releases energy stored in glucose (during photosynthesis). The majority of this energy is transferred to ATP which can be used by all cells.

And the waste of respiration is carbon dioxide and water, which are precisely the raw materials of photosynthesis in chloroplasts (= closed circuit).

7 0
2 years ago
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