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3 years ago

Which of the following refers to the balance an account is always supposed to have?

Business

1 answer:

kirza4 [7]3 years ago

3 0

Answer:

Normal balance

Explanation:

Accounts are expected to have either debit or credit balance, depending on their classification. The accounting equation of Assets is equal to equity plus liabilities is the basis for account classification. Assets accounts are on one side, while accounts relating to equity and liabilities are on the other.

Accounts have normal balances if the balances at the end of a period are as expected. Assets accounts are expected to have debit balances, while equity and liabilities accounts should have credit balances.

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A. production era because there is limit

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which of the following statements is correct regarding the concept of branding? brands cannot be built through advertising, publ

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1 year ago

You would like to lock in the selling price on 50,000 bushels of wheat, which you plan to harvest and deliver to the market in S

sergij07 [2.7K]

Answer:

c. $449750.00.

Explanation:

1/8 of 10 lots of bushels of 5,000 per lot = 1.25

Therefore, the price quote of 899'4 cents is written as 899'4+1.25 = $8.995

Total value = Wheat(bushels) * Price Quote

Total value = 50,000 * $8.995

Total value = $449,750

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3 years ago

The budgeting process ________.

Mama L [17]

The budgeting process requires significant coordination among the company's various business segments. Budgeting requires all aspects of a business to come together and make decisions. The decisions need to be made together because the company will usually have an overall budget as a whole but then the individual sections will also have a budget. When they work together if one department needs more money they are able to allocate resources and shift money around easier.

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3 years ago

One type of Analytical Review involves comparing unaudited numbers and ratios based on What is the purpose of Analytical Review

Dmitry [639]

Answer:

Please find the detailed answer as follows:

Explanation:

1. Preliminary analytical review is performed to gain the understanding of business and enviornment. Purpose of analytical review in preliminary phase of audit is that if auditor finds a huge difference with previous year figure, then auditor examine deeply. If amounts/ratios are similar to previous year then auditor can check randomly.

2. There are two possible situations. One is analytical test and another is substantive test. Examine with ratos and accounting tools is analytical test and detail study is called substantive test. In substantive test auditor collect the detail evidences.

3. Estimated sales of year 2 is $1.200.000+10%= $1.320.000 (Increase 10% from previous year sales) .

Actual sales = COGS*100/53.87756

792.000*100/53.87756= $1470000

Expected discrepency = recorded sales- actual sales

1.320.000-1.470.000= -$150.000

Account recievable turnover ratio = Credit sales/Average recievable

8.16666=1.470.000/Average receivable

Average recievable = $180.000

Average recievable = opening recivable + closing recievable/2

180.000 = 100.000+ closing receivable/2

closing receivable = $260.000

Unaudited account recievable = 1.320.000/12= $110.000

Discrepency in account recievable = 110.000-260.000= $150.000

There is under statement because acyual sales is greater than estimated sales.

4 0

3 years ago