1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
madam [21]
3 years ago
12

A system used to record, classify, summarize and report the financial position of a business is known as which of the following?

Business
1 answer:
Lorico [155]3 years ago
8 0

Answer:

Accounting.

Explanation:

A system used to record, classify, summarize and report the financial position of a business is known as accounting.

In Business management, there are primarily three (3) types of accounting and these are;

1. Cost accounting.

2. Managerial accounting.

3. Financial accounting.

The importance of accounting is to help individuals or businesses to keep track of their income, revenues and expenses and to provide financial information for investors and governmental agencies, as well as to help in decision making.

An individual who is saddled with the responsibility of performing these accounting processes, procedures or tasks is known as an accountant or bookkeeper.

You might be interested in
Research was conducted by professor jobs to check which one program out of three given programs is the optimal choice for a stud
maw [93]
We have that the student gains the same reward completing any one of the three programs; thus the program with the least cost is optimal. We have that the first program costs 38.600$. Nevertheless, we need to also account for the lost opportunity, which is 2000$ per month. Thus, instead of going to the program, the student could have saved 38.600$+6*2000$=50.600$. Now for the 12month program, we have similarly 35.000$+12*2000$=59.000$. Finally, for the 15month program, the calculation yields: 28.600$+15*2000$=58.600$. We see that the best program to attend is the 6-month one (lowest total opportunity cost); despite it being the most expensive one, after completing it the student can make up for it by grabbing the other opportunity and making 2000$ per month (in the other programs, the student cannot work for 6 or 9 months more than this program).
7 0
3 years ago
The balance sheet of Hidden Valley Farms reports total assets of $450,000 and $550,000 at the beginning and end of the year, res
Vadim26 [7]

Answer:

$50,000

Explanation:

Total Assets  at beginning                          $450,000

Total Assets at end                                    $550,000

Total Assets                                                $1,000,000

Average Total Assets=Total Assets/2=$1,000,000/2=$500,000

Return on assets=Net Income/Average Total Assets

10%=Net Income/$500,000

Net Income=$500,000*10%

Net Income=$50,000

7 0
3 years ago
XYZ Development, Inc. leases commercial space to businesses. Most of the leases are long-term, from five to fifteen years in len
xeze [42]

If the previous year did not see more than a five percent increase in these costs, there is no change in the rent, the clause will be the Escalator clause.

<h3>What is a clause?</h3>

It's a particularly precise clause in a legal agreement that refers to a key point of agreement between the contracting parties. A clause establishes the terms wherein the parties will conduct during the terms of the contract.

Terminology in a sales contract that raises your purchase price by a specific amount above competing offers till the offer reaches its maximum price you're ready to pay is called an escalation clause.

This will help to enhance the appeal of an offer, it also informs the seller of the exact amount you're willing to spend. This will also help to negotiate on price to make the deal close.

Therefore, the correct answer will be the Escalator clause.

Learn more about the clause, here:

brainly.com/question/14545158

#SPJ1

8 0
2 years ago
During the current month, a company that uses job order costing purchases $50,000 in raw materials for cash. It then uses $12,00
Maksim231197 [3]

Answer:

Please see details below:

Explanation:

Raw materials inventory    $ 50.000

                 Cash      $50.000

*this entry register the stock of the raw materials in the accounting system.

Factory Supplies      $12.000

                 Raw materials inventory    $12.000

*Some raw materials can be used as intermediate goods..

Finished Goods      $12.000

                 Raw materials inventory    $12.000

*Some raw materials can be used as Finished goods..

5 0
3 years ago
Henry recently set up a retail store in his hometown. He studied the pattern that other store-owners followed in obtaining new c
dangina [55]

Henry should concentrate on<u> Promotion </u>to distinguish his retail store.

<u>Explanation:</u>

In the Marketing mix, there are seven P's which are very important. For business to be successful, the retailer should concentrate and evaluate the formula of these seven P's. There are price, promotion, product, people, positioning, packaging and place.

Since the place, product, price of Henry is also the same like that of the other retailers who are in the same market, he should concentrate and focus on the promotion of the product so that he distinguishes from the other retailers in the market. He should let maximum people know about his shop and should try some other ways also to promote his shop.

7 0
3 years ago
Other questions:
  • The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery cha
    13·1 answer
  • Lydia is a senior in high school. She works 20 hours a week at a popular clothing store. She is trying to save as much
    6·2 answers
  • If you have a year long or month long gaps in your employment history why do you think it’s important to explain those gaps to y
    11·1 answer
  • Which organizational pattern argues that there is a direct relationship between two things?
    11·1 answer
  • When Rebopy, a network service provider, started providing 4G data services, it attracted a large number of customers because of
    10·1 answer
  • "Malika wants to study the effect of rising textbook prices on the number of books students purchase. In planning her study, she
    15·1 answer
  • Hutton Industries wants to hire an intermediary to help with the distribution of its products. Management needs an intermediary
    15·1 answer
  • Spotter Corporation reported the following for June in its periodic inventory records. Date Description Units Unit Cost Total Co
    14·1 answer
  • The objective of the company that manufactures liqueur is to grow its international business. To determine its success, it compa
    11·1 answer
  • How do businesses use the competency "Engaging Communication" to solve problems?
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!