All categories

3 years ago

Differentiate between accounting and bookkeeping

Business

1 answer:

UkoKoshka [18]3 years ago

5 0

Accounting adds and subtracts numbers billing etc.
Bookkeeping just organizes and stores imformation.

You might be interested in

Problems with (or leakages from) the money creation process would include an increase in the reserve requirement. unwillingness

mart [117]

Answer:

The correct answer is unwillingness of borrowers to obtain loans from banks to invest in factories or expansion of the firm.

Explanation:

Solution

<em>Given that:</em>

Leakage problem occurs or happens within an economy when the money goes out of the economy, which leads to a loss in the economic value of goods and services, and also leads to loss in profits making.

This would lead to an unwillingness of borrower's to obtain loans from banks in the expansion of the firm or to invest in factories.

4 0

3 years ago

What explanation might an economist provide why some people overeat when such behavior can lead to health consequences? Some pe

LiRa [457]

Answer:

Utility overvalued

Explanation:

According to economists, such people over value the utility they are meant to get in the future. They only want to get the entire satisfaction at a go because of the fear of not getting that food again in the nearest future.

3 0

3 years ago

Lauren plans to deposit $5000 into a bank account at the beginning of next month and $175/month into the same account at the end

Serhud [2]

Answer:

$12,053.86

Explanation:

The easiest way to calculate this is using an excel spreadsheet and the future value function. Using the FV function =FV(rate,nper,pmt)

rate = 3%/12 = 0.25%
nper = 36
pmt = 175

This function will give us the future value of the annuity =FV(0.25%,36,175) = $6,583.60

Now we must add the future value of the original $5,000:

future value = $5,000 x (1 + 0.0025)³⁶ = $5,470.26

total future value = $6,583.60 + $5,470.26 = $12,053.86

if you do not want to use an excel spreadsheet, you can use the following formula:

F = P x ([1 + r]ⁿ - 1 )/r

F = 175 x [(1 + 0.0025)³⁶ - 1] / 0.0025 = $6,583.60

the answer will be the same

3 0

3 years ago

Healthy Living, a diet magazine, collected $240,000 in subscription revenue on May 31. Each subscriber will receive an issue of

stich3 [128]

Answer:

Revenue that has been earned by the end of December is $ 140,000

Explanation:

When entity uses the accrual method of accounting, the transaction is recorded as and when it occurs.

The subscription revenue received relates to services to be rendered over 12 months. Therefore the Revenue is recognised as magazines are issued over - time.

<em>From the first issue June to end of December , there exists 7 issues of magazines.</em>

Revenue to be recognised = $240,000 × 7/12

= $ 140,000

7 0

3 years ago

A non-governmental, not-for-profit organization held the following investments: Investment Cost Fair value (beginning of the yea

zysi [14]

Answer:

c. $24,850

Explanation:

A non-governmental, not-for-profit organization held the following investments: Investment Cost Fair value (beginning of the year) Fair value (end of the year) Stock A (100 shares) $50 per share $45 $51 Stock B (200 shares) $40 per share $41 $49 ; Bonds Cost $9,000 Fair value (beginning of the year) Fair value (end of the year)$10,000 $9,950

The amount that should be the total value of investments reported in the year-end statement of financial position? will be the fair value of the investments at the end of the year becaue investments by financial reporting standards are carried at fair values unlike physical assets carried at costs

Stock A = 100 Shares x fair value end of year of $51 = 5,100

Stock B = 200 Shares x fair value end of year of $49 = 9,800

Bond @ Fair value end of year...........................................= 9,950

Total............................................................................................$24,850

5 0

3 years ago