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Fudgin [204]
2 years ago
9

Which journal entry reflects the following transaction?:

Business
1 answer:
Grace [21]2 years ago
7 0

Answer:

The correct answer is Option A.

Explanation:

The concept of double entry says for every debit entry, there must be a corresponding credit entry. This is necessary for the journal entries to balance, that is, the total of the debit balance must always equal the credit balance.

The building purchased by BOC is an asset. So there is need to debit that account to recognize the asset. Since there was an outflow of cash to the tune of $50,000, we need to credit cash while the remaining balance being financed by mortgage will be credited to recognize the liability.

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What is one reason why a business may incorporate a dress code?
LenaWriter [7]

Answer:

d

Explanation:

D.because it wants to promote unity among employees

3 0
1 year ago
Which of the following is NOT one of the steps taken in the financial planning process? a. Develop a set of forecasted financial
svet-max [94.6K]

Answer:

B)Consult with key competitors about the optimal set of prices to charge, i.e., the prices that will maximize profits for our firm and its competitors.

Explanation:

The financial planning process can be regarded as series of steps which states best way of using money and investments as well as other assets so that financial goals can be potentially achieved. Most of the financial plans has its focus savings of goals as well as payoff goals even estate planning goals so that roadmap to financial freedom can be set.

The steps that can be taken in the financial planning process are;

✓ Forecast the funds that will be generated internally. If internal funds are insufficient to cover the required new investment, then identify sources from which the required external capital can be raised.

✓Develop a set of forecasted financial statements under alternative versions of the operating plan in order to analyze the effects of different operating procedures on projected profits and financial ratios

✓Determine the amount of capital that will be needed to support the plan. e. Monitor operations

5 0
2 years ago
process to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reas
VashaNatasha [74]

The process to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives is called risk assessment.

An entity refers to someone or enterprise owning separate and wonderful prison rights, inclusive of an individual, partnership, or organization. An entity can, amongst different things, personal assets, engage in enterprise, enter into contracts, pay taxes, sue, and be sued.

The entity name is the call used by an enterprise to enter into contracts and make other criminal or administrative commitments. alternatively, the business name is the name your commercial enterprise operates under and shares with its clients, customers, and employees.

That which has a wonderful life as an individual unit. often used for businesses that have no physical shape. An existent something that has the houses of being actual, and having an actual lifestyle.

Learn more about entity here brainly.com/question/17290596

#SPJ4

7 0
1 year ago
During the year a donor pledged $1,000,000 in funds to a not-for-profit private charter school. The school will receive the pled
KonstantinChe [14]

Answer:

D) It would not be recorded.

Explanation:

FASB means Financial Accounting Standards Board.

Financial Accounting Standards Board is a private, non-profit organization standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the US.

No matter what kind of restriction a donor might impose, FASB standards require nonprofits to report finances in a way that makes it clear which funds have donor restrictions and which funds come without donor restrictions. FASB standards are in three categories: “unrestricted,” “temporarily restricted,” and “permanently restricted.”

Unrestricted are those items that have no donor-imposed restrictions

Temporarily Restricted are those items that were received with a donor-imposed restriction that will be satisfied in the future (generally within one year)

Permanently restricted assets are funds of a nonprofit organization that must be used in designated ways and whose principal cannot be touched.

Since the school will recieve the pledge ONLY if it is able to raise $500,000 in funds over the next year, then the pledge would not be recorded

3 0
3 years ago
Many television infomercial advertise a product at a very low price. after you order the product, you find there is a fairly sub
musickatia [10]

Answer:

This is an example of multiple pricing.

Explanation:

Sometimes if you add all the extra charges, like shipping and handling, you might realize that the product being offered by the infomercial is actually more expensive than similar products that you can buy on retail stores or websites.

Infomercials do this on purpose, they use low selling prices as bait, but then they charge very high fees for processing your order and shipping it.

4 0
3 years ago
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