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Aneli [31]
2 years ago
6

Consider the following accounting terms and definitions and match each term to the definition: Accounting a. an economic resourc

e that is expected to be of benefit in the future
Asset b. debts that are owed to creditors

Balance sheet c. excess of total expense over total revenues

Expense d. excess of total revenues over total expense

Income statement e. the basic tool of accounting, stated as asset=liabilities+equity

Liability f. decreases in equity that occur in the course of selling goods/services

Net income g. increase in equity that occur in the course of selling goods/services

Net loss h. reports on a business’s cash receipts and cash payments during a period

Revenue i. reports on an entity’s assets, liabilities, and stockholders’ equity as of a specific date

Statement of cash flows j. reports on an entity’s revenues, expenses, and net income or loss for the period

Statement of retained earnings k. reports how the company’s retained earnings balance changes from the beginning to the end of the period
Business
2 answers:
spayn [35]2 years ago
8 0
<h2><u>Answer:  </u></h2>

<u>Accounting</u>:

The basic tool of accounting, stated as asset=liabilities + equity (e)  

<u>Asset:</u>

An economic resource that is expected to be of benefit in the future (a)

<u>Balance sheet:</u>

Reports on an entity’s assets, liabilities, and stockholders’ equity as of a specific date (I)

<u>Expense:</u>

Decreases in equity that occur in the course of selling goods/services (f)

<u>Income statement:</u>

Reports on an entity’s revenues, expenses, and net income or loss for the period (j)

<u>Liability:</u>

Debts that are owed to creditors (b)

<u>Net income:</u>

Excess of total revenues over total expense (d)

<u>Net loss:</u>

Excess of total expense over total revenues (c)  

<u>Revenue:</u>

Increase in equity that occur in the course of selling goods/services (g)

<u>Statement of cash flow:</u>

Reports on a business’s cash receipts and cash payments during a period (h)

<u>Statement of retrained earning:</u>

Reports how the company’s retained earnings balance changes from the beginning to the end of the period (k)


DIA [1.3K]2 years ago
4 0

Answer:

ACCOUNTING - e

ASSET - a

BALANCE SHEET - i

EXPENSE - f

INCOME STATEMENT - j

LIABILITY - b

NET INCOME - d

NET LOSS - c

STATEMENT OF CASH FLOWS - h

STATEMENT OF RETAINED EARNINGS - k

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The  amount of cash received by the magazine company as advance payments from customers during the year 2013 must have been $14,400.

Explanation:

Let cash received from customers be x :

$12,700 + x - $14,800 = $12,300

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Therefore, The  amount of cash received by the magazine company as advance payments from customers during the year 2013 must have been $14,400.

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Auto Parts, Inc. is medium-sized company that manufactures auto parts in Buffalo, New York. The company currently loses $40,000
Firlakuza [10]

Answer:

I agree with the owner of the company

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The overall losses are $40,000 per month and the fixed costs are $30,000 per month.

The company should stop production because the losses are over fixed cost and this tells us that the company is not even able to recover the variable costs and because the variable costs are not at least recovered, there would be no point for the company to continue in the business as it would keep on making a loss and the logic might be wrong regarding sunk costs but the decision must be taken in favour where production should be stopped.

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Judy works at the headquarters of an online shoe store. She is a member of the advertising team, which is a team within the mark
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Answer:

a.A staff department

Explanation:

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An investment should be undertaken A) if the present value of the expected income stream associated with the investment is great
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Answer:

A) if the present value of the expected income stream associated with the investment is greater than the full cost of the investment project.

Explanation:

It is when the present value of the expected income stream associated with the investment is greater than the full cost of the investment project that the project is profitable. Most investments are undertaken with the aim of making profits.

The net present value can be used to determine if the present value of the expected income stream associated with the investment would be greater than the full cost of the investment project.

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Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The jou
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Explanation: Direct labor refers to the manpower used in production. They are the factory workers involved in using the raw materials to produce finished goods.

Expense on direct labor is provided for during the production by a debit to factory payroll expense and a credit to factory payroll payable.

As such, the journal entry will be a debit to factory payroll payable $160,000 and a credit to cash $160,000. This means cash will reduce by $160,000 as the factory workers are paid while payables which is a provision account will reduce as well on the cash book by the same amount.

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