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4 years ago

What are the limitation of accounting ?

Business

1 answer:

docker41 [41]4 years ago

5 0

Answer:

One of the biggest limitations of accounting is that it cannot measure things/events that do not have a monetary value. If a certain factor, no matter how important, cannot be expressed in money it finds no place in accounting.

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A copy machine acquired with a cost of $1,410 has an estimated useful life of 4 years. It is also expected to have a useful oper

mafiozo [28]

Answer:

a. Straight-line method

Depreciation Expense for the first year: $333.75

b. Double-declining-balance method

Depreciation Expense for the first year: $667.5

c. Units-of-output method

Depreciation Expense for the first year: $450

Explanation:

a. Straight-line method

Depreciation Expense each year is calculated by following formula

Annual Depreciation Expense = (Cost of machine − Residual Value)/Useful Life = ($1,410 - $75)/4 = $333.75

Depreciation Expense for the first year: $333.75

b. Double-declining-balance method

Under the straight-line method, useful life is 4 years, so the asset's annual depreciation will be 25% of the Depreciable cost.

Depreciable cost = Total cost of machine - Residual value = $1,410-$75 = $1.335

Under the double-declining-balance method the 25% straight line rate is doubled to 50% - multiplied times

Depreciation Expense for the first year = $1.335 x 50% = $667.5

c. Units-of-output method

Depreciation Expense per copy = (Cost of machine − Residual Value)/Life in Number of Units = ($1,410 - $75)/13,350 = $0.1

Depreciation Expense for the first year = Depreciation Expense per copy x number of copies were made the first year = $0.1 x 4,500 = $450

3 0

3 years ago

A _____ cost occurs when the amount used varies based on the volume of service provided.

andre [41]

In Accounting there are four types of costs: direct, indirect, fixed, variable and operating costs.
Direct cost is the material, labor, expense, or distribution cost required to produce the product.
Fixed costs are cost of building a factory, insurance and legal bills.
opposite to fixed costs, a variable cost occurs when the amount used varies based on the volume of service provided.

6 0

4 years ago

Who collects Federal Taxes? a. IRS b. INS c. Treasury d. Federal Reserve

OleMash [197]

Hey friend!

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The answer is A. I hope this helps, also, please give brainiest to whoever answers first. I didn't answer first, so you should give brainiest to the other person. (not forcing you to!)

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Have a great Tuesday! (o3o)

- HannaTheGurls

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5 0

4 years ago

Suppose you own 500,000 shares of common stock in a firm with 40 million total shares outstanding. The firm announces a plan to

Roman55 [17]

Answer:

62,500 shares

Explanation:

common stock = 500,000 shares

Total shares outstanding = 40 million

Percentage of existing holding:

= (Shares of common stock ÷ Total shares outstanding) × 100

= (500,000 ÷ 40,000,000) × 100

= 1.25%

New shares that can be purchased:

= Number of new shares sold × Percentage of existing holding

= 5 million × 1.25%

= 62,500 shares

6 0

3 years ago

Explain the shift from artisan to factory worker, and discuss the factory system. What were the advantages and disadvantages

dalvyx [7]

Answer:

The Shift from Artisan to Factory Worker and the Factory System

a) The Shift from Artisan to Factory Worker: Earlier, people produced everything they needed by their own hands. Food production was limited to subsistence level as every household owned farms on which they cultivated the food the family required. The artisan worked alone to handcraft tools and other ornamental works.

But, all this changed with the invention of the steam engine. Following the improved systems of transportation with steamboats, travelling was enhanced. Gradually, production processes were mechanized. Factories started springing up in concentrated areas near water channels. People left their rural areas to live near the factories in towns and cities. With the birth of the factory system, goods were mass-produced and could be sold in markets farther from the factory towns.

It was the age of industrialization, trade unionization, assembly line production, scientific management, and now complete automation of processes with robots replacing manual labor. It has been a long way.

b) Advantages of the Factory System:

Hunger was reduced as more food items were produced and processed into finer products on a large scale.
Exports of goods were encouraged and more markets outside the domestic markets were explored.
The world became a global village with the pursuit of the common good of man, thereby levelling human beings to a common humanity and experience.
More sophisticated goods and equipment can now be produced as a result of the factory system. Manual labor has been eased greatly.
The factory system introduced scientific management, which has ensured production innovations and encouraged skills development.

c) Disadvantages of the Factory System:

The artisan was rendered jobless by the factory system as some of the tools and goods which only the artisan could produced was commonalized to the extent that unskilled laborers could produce them, just by each concentrating on a part through the principle of division of labor.
The factory system created urbanization with its attendant problems, especially sanitation problems and pollution of the environment. People's health has been jeopardized as a result.
The factory system also created the consumerism culture.
It widened wealth-inequality as wealth creation became concentrated in the hands of a few people.

Explanation:

The factory system encourages a method of manufacturing through the use of machines, automation, and division of labour. It gave rise to urbanization, transportation efficiency, and globalization.

8 0

3 years ago