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3 years ago

Which of the following statements are true?

Business

1 answer:

kirza4 [7]3 years ago

6 0

Answer:

TRUE: A. Different companies will use different charts of accounts based on individual company need.

C. The general ledger contains all of the accounts that a company uses, along with detail of the balances in those accounts.

Explanation:

A. Different companies will use different charts of accounts based on individual company need.

A chart of accounts is the combination of all the accounts of an organization in an organized and structured model whose objective is to establish a codification so that there is a standardization of the company's financial information to assist the work of the accounting sector.

Therefore, each company will have a model chart of accounts referring to its activities and processes.

C. The general ledger contains all of the accounts that a company uses, along with detail of the balances in those accounts.

 The general ledger can be defined as the set of all accounts held in the organization in detail.

Through the information in the accounts, the organization is able to correctly separate each one by type and carry out the organizational financial statement.

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Select all that apply.

ahrayia [7]

Answer:

The answer is A.

Explanation:

B doesnt make much sense and C is just plain stupid

8 0

3 years ago

Some recent financial statements for Smolira Golf Corp. follow:

nalin [4]

Answer:

1. The company's profit margin is 13.4% percent.

profit margin = net income / net sales = $45,064 / $336,329 = 13.4%

2. The total asset turnover is 0.82 times.

asset turnover ratio = net sales / average assets = $336,329 / [($387,891 + $432,000)/2] = $336,329 / $409,945.50 = 0.82

3. The equity multiplier is 1.7 times.

equity multiplier = average total assets / average total equity = $409,945.50 / [($205,936 + $275,000)/2] = $409,945.50 / $240,468 = 1.70

4. Using the Du Pont Identity, the company's ROE is 18.68% percent.

ROE = profit margin x asset turnover x equity multiplier (or financial leverage) = 0.134 x 0.82 x 1.7 = 0.1868 = 18.68%

4 0

3 years ago

An accountant agreed to perform a compilation of a company's financial statements under Statements of Standards for Accounting a

LekaFEV [45]

Answer: The following would the accountant do related to the compilation engagement: Issue a compilation report even though review procedures were performed on the engagement.

Under Statements of Standards for Accounting and Review Services (SSARS), the accountant decided to perform some analytical procedures.

Therefore, the correct option is (d)

5 0

3 years ago

The rental income generated by a lease can depend significantly on the proportion of property-level operating expenses paid by t

yanalaym [24]

Answer:

4) Triple net lease

Explanation:

In a triple net lease (NNN lease), the tenant is responsible for all the expenses related to the leased property including property taxes, maintenance fees, reparations and property insurance. NNN leases are usually commercial leases only.

The landlord's disadvantage with a NNN lease is that the monthly lease payment tends to be lower since the tenant assumes all the costs related to the leased property. On the other hand, a NNN lease generally provides a stable cash flow, so its associated risk is lower.

4 0

3 years ago

Comparative advantage is Question 13 options: the ability to produce all goods at lower costs than anyone else can. the ability

svet-max [94.6K]

Answer: the ability to produce a good at a lower opportunity cost than other producers

Explanation: In other to clearly understand or grasp the definition or meaning of comparative advantage, the term opportunity cost should be understood. Opportunity cost simply means the benefit which one forfeits or losses when one chooses a certain option over the other. Comparative advantage is possessed by a certain seller or economy who is capable of selling his goods at a lower opportunity cost than its competitors. Thus, the comparative advantages weighs the size or amount of benefit forfeited or lost by sellers as a result of selling at a lower price. Thus the lower the opportunity cost, the better the comparative advantage.

4 0

3 years ago