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3 years ago

Steps in the Accounting Cycle Listed below, out of order, are the steps in an accounting cycle.

Business

1 answer:

sasho [114]3 years ago

5 0

Answer:

Steps in the Accounting Cycle

a) The order in which the steps in the accounting cycle are performed is:

3, 6, 2, 1, 4, 8, 5, 9, 7

b) The steps in the accounting cycle that occur daily are:

2, 3, & 6

Explanation:

The correct ordered steps in the account cycle are:

3. Analyze transactions from source documents.

6. Record transactions in a journal.

2. Post journal entries to general ledger accounts.

1. Prepare the unadjusted trial balance.

4. Journalize and post adjusting entries.

8. Prepare the adjusted trial balance.

5. Prepare the financial statements.

9. Journalize and post closing entries.

7. Prepare the post-closing trial balance.

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What is a real account?

ziro4ka [17]

Answer:

A real account is a publicly generalized account that does not close at the end of the considered year. Apparently, the balances in real accounts are carried over to become the start of balances of the next period. Real accounts are also permanent accounts.

4 0

3 years ago

Read 2 more answers

If the exchange rate rises, which of the following falls in the open-economy macroeconomic model? a. desired net exports and des

Ede4ka [16]

Answer: Option(d) is correct.

Explanation:

Correct option: Neither desired net exports nor desired net capital outflow

If there is increase in the exchange rate, then there will be depreciation of the home currency. This means that now a person have to pay more for the same amount of imported goods.

The exports of a country also increases with increase in the exchange rate. So, the economy became more stronger.

And an economy rises exchange rate for stabilizing the foreign interest rate and domestic interest rate.

If the domestic interest rate is higher than the foreign interest rate then there is a inflow of capital in the home country. So, an economy increases the exchange rate to equal the foreign interest rate and domestic interest rate.

8 0

3 years ago

Scenario: Aggregate Consumption Equation Suppose that the aggregate consumption function is given by the equation: C = 200 + 0.8

scZoUnD [109]

Answer:

The correct answer and the letter d. $600.

Explanation:

A consumption equation relates aggregate consumption with disposable income (income minus taxes). In this way, it shows how the increase in aggregate disposable income, that is, of the whole economy, impacts aggregate consumption. In this case, we have the consumption function given by: C = 200 + 0.8YD, and the disposable income is $ 500. Like this,

C = 200 + 0.8YD

C = 200 + 0.8 (500)

C = 600.

That is, by including the disposable income of $ 500 in the consumption equation, we will have an aggregate consumption of $ 600.

6 0

3 years ago

You enter into a short crude oil futures contract at $43 per barrel. The initial margin is $3,375 and the maintenence margin is

Wewaii [24]

Answer:

The correct answer is "43.875". A further explanation is provided below.

Explanation:

The given values are:

Initial margin,

= $3,375

Maintenance margin,

= $2,500

Barrels of oil,

= 1,000

Now,

The loss on the position will be:

= $3375-2500$

= $875$ ($)

then,

⇒ $1000 (P - 43) = 875$

⇒ $1000P-43000=875$

On adding "43000" both sides, we get

⇒ $1000P-43000+43000=875+43000$

⇒ $1000P=43875$

⇒ $P=\frac{43875}{1000}$

⇒ $=43.875$

8 0

3 years ago

Classify each of the following costs as a direct cost or an indirect cost, assuming that the cost object is the Juniors Departm

Tems11 [23]

Answer:

a. Indirect Cost

b. Direct Cost

c. Indirect Cost

d. Indirect Cost

e. Indirect Cost

f. Direct Cost

g. Direct Cost

h. Direct Cost

i. Indirect Cost

j. Indirect Cost

k. Indirect Cost

l. Direct Cost

Explanation:

The first step in determining whether a cost is a direct cost or indirect cost is to identify the cost object. This is very important !

So with Juniors Department selected as the cost object, we then need to identify costs that can be directly traced by observation into the Juniors Department (Direct Cost) and those costs that can not be directly traced to the Juniors Department (Indirect Costs).

3 0

3 years ago