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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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Performance reports with more than one cost driver typically have more accurate variances than those based on one cost driver.

Elena L [17]

Answer:

true

Explanation:

I got it right lol

6 0

2 years ago

Transactions Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equ

IrinaK [193]

Answer:

Transactions Innovative Consulting Co.

Journal Entries:

Date Account Titles and Explanation Debit Credit

Oct. 1: 51 Rent Expense $2,500

11 Cash $2,500

Oct. 4: 52 Advertising Expense $1,000

11 Cash $1,000

Oct. 5: 13 Supplies $1,800

11 Cash $1,800

Oct. 6: 14 Office Equipment $11,500

21 Accounts payable $11,500

Oct. 12: 11 Cash $7,500

12 Accounts Receivable $7,500

Oct. 20: 21 Accounts payable $2,700

11 Cash $2,700

Oct. 27: 54 Miscellaneous Expense $700

11 Cash $700

Oct. 30: 53 Utilities Expense $475

11 Cash $475

Oct. 31: 12 Accounts Receivable $42,400

41 Fees Earned $42,400

Oct. 31: 53 Utilities Expense $900

11 Cash $900

Oct. 31: 33 Dividends $1,500

11 Cash $1,500

Explanation:

a) Data and Calculations:

Oct. 1: 51 Rent Expense $2,500 11 Cash $2,500

Oct. 4: 52 Advertising Expense $1,000 11 Cash $1,000

Oct. 5: 13 Supplies $1,800 11 Cash $1,800

Oct. 6: 14 Office Equipment $11,500 21 Accounts payable $11,500

Oct. 12: 11 Cash $7,500 12 Accounts Receivable $7,500

Oct. 20: 21 Accounts payable $2,700 11 Cash $2,700

Oct. 27: 54 Miscellaneous Expense $700 11 Cash $700

Oct. 30: 53 Utilities Expense $475 11 Cash $475

Oct. 31: 12 Accounts Receivable $42,400 41 Fees Earned $42,400

Oct. 31: 53 Utilities Expense $900 11 Cash $900

Oct. 31: 33 Dividends $1,500 11 Cash $1,500

5 0

3 years ago

You left work on Thursday evening and forgot to turn in a report that was due that day to your manager. You decide you need to c

VashaNatasha [74]

Answer:

Explanation:

In this specific scenario, the message that you are composing to your manager should be sincere, professional, and have a valid reason for why the report was not turned in. Aside from the note, it should also have the finished report attached to it, otherwise the manager will think that the note is an empty excuse which will be meaningless if the report is still overdue.

4 0

3 years ago

Invested Capital Corporation provides other firms with funds to expand operations. If Invested Capital strictly complies with ex

soldi70 [24.7K]

Answer:

c. be partially met

Explanation:

Business ethics obligations is what a firm ought to do, course of action is defined and draws a line between right and wrong.

A business has an ethical obligation to make profit for its owners and also to give back to society by supporting other busines growth.

Invested Capital Corporation is fulfilling its obligations to society by providing other firms with funds to expand their operations. Their business ethics obligation is partially met because they are not also focusing on their own productivity.

5 0

3 years ago

Assuming that the company has retained earnings of "$86,000", all of which is to be paid out in dividends, and that preferred di

Sladkaya [172]

Answer:

a. preferred stock=$32000 , ordinary stock=$54000

b. preferred stock=$16000 , ordinary stock=$70000

Explanation:

Lets assume the company has two class of preferred stock, cumulative and non-cumulative. Cumulative preferred stock are shares whose fixed return (i.e fixed dividend) if not paid in one accounting period accumulates with forthcoming years' return and is paid in accumulation whereas non-cumulative preferred stock holders won't be paid for dividends not paid in a year.

Lets assume, Company has 2000 $100 par value 8% preferred stock and 5100 $50 par value ordinary shares.

1st case: CPS (Cumulative preferred stock) and OS (Ordinary stock.)

$86000 of retained earnings will be distributed as follows:

Preferred Stock dividend each year: 2000×$100×0.08

PS dividend=$16000 per year

Now accumulate for 2 years,

CPS dividend = $16000×2

CPS dividend = $32000

After preferred stock holders are paid, the remaining retained earnings are wholly distributed to ordinary stock holders.

Ordinary stock dividend = $86000 - $32000

Ordinary stock dividend = $54000.

2nd case: NCPS (Non-cumulative preferred stock) and OS (Ordinary stock).

$86000 of retained earnings will be distributed as follows:

NCPS dividend for the current year only = 2000×$100×0.08

NCPS dividend for the current year only = $16000

Now, the remaining is distributed to ordinary stock holders as follows:

Ordinary stock dividend = $86000 - $16000

Ordinary stock dividend = $70000

3 0

3 years ago