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vovikov84 [41]
3 years ago
8

Identify the framework for the entire accounting process and describe its components and how they fit together to form this fram

ework.
Business
2 answers:
jeka57 [31]3 years ago
5 0
 Accounting<span> is the </span>process<span> of constructing and maintaining financials. </span><span>
The framework for the entire accounting process is referred to as</span> definitional framework. The framework<span> provides a categorized structure that classifies the basic elements in </span>accounting. The accounting equality shows that the assets of a business are equal to its equities. This means that Assets = Equities.  Assets were defined earlier as the things of value owned by the business, or the economic resources of <span>the business. </span>
lawyer [7]3 years ago
4 0
<span>The entire accounting framework is derived from the accounting equation. Accounting equation is derived from the formula in which Assets equals the summation of Liabilities and capital. Assets consist of tangible and intangible assets. Liabilities can be short term or long term in nature. Also it can be secured or unsecured. Capital refers to the investments made the owner of the company.</span>
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The following note transactions occurred during the year for Towell Company: Nov. 10 Towell issued a 90-day, 9% note payable for
Pani-rosa [81]

Answer: See explanation

Explanation:

The general journal entries necessary to adjust the interest accounts at December 31 will be:

1. December 31:

Debit: Interest Expenses = $8,000 × 9% × 51/ 360 = $102

Credit: Interest payable = $102

(To accrue interest expenses for the note issued on November 10).

2. December 31:

Debit: Interest Expenses = $12,000 × 10% ×30/360 = $120

Credit: Interest payable = $120

(To accrue interest expenses for the note issued on December 1)

3. December 31:

Debit: Interest Expenses = $12,000 × 10% × 11/360 = $36.67

Credit: Interest payable = $36.67

(To accrue interest expenses for the note issued on December 20).

3 0
2 years ago
Waupaca Company establishes a $440 petty cash fund on September 9. On September 30, the fund shows $188 in cash along with recei
Simora [160]

Answer:

September 9, petty cash fund is established

Dr Petty cash 440

    Cr Cash 440

September 30, petty cash fund expenses

Dr Merchandise inventory 44

Dr Postage expenses 54

Dr Miscellaneous office expenses 144

Dr Cash short and over 10

    Cr Petty cash 252

September 30, petty cash fund reimbursement

Dr Petty cash 252

    Cr Cash 252

October 1, petty cash fund increased to $485

Dr Petty cash 45

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6 0
2 years ago
True/False
matrenka [14]

Answer:

True

Explanation:

In business, target marketing is a strategy in which the marketing efforts of a firm is centered toward a part of a larger market with great prospect of making profit

4 0
3 years ago
A company that manufactures health foods doesn't want to list certain
Lelechka [254]

Because the company does not lists the ingredient in the product, then, this is an example of violation to <u>disclosure </u>aspect of consumer protection laws.

<h3>What is consumer protection laws?</h3>

The Consumer protection law includes different legislation which intended to prevent businesses owners from engaging in fraud or reducing quality of product.

One of the Consumer protection law makes its necessary for the manufacturer to disclose the full ingredient they use in producing the product.

In conclusion, the scenario is an example of violation to <u>disclosure </u>aspect of consumer protection laws.

Therefore, the Option B is correct.

Read more about consumer protection laws

<em>brainly.com/question/1862829</em>

3 0
2 years ago
Moraine, Inc., has an issue of preferred stock outstanding that pays a $6.55 dividend every year in perpetuity. If this issue cu
Lorico [155]

Answer:

7.20%

Explanation:

In this question, we are to calculate the required return.

From the question we identify the following;

Next dividend = $6.55

required return = ?

Share price = $91

Mathematically;

share price = Dividend/Rate of return

Hence;

Rate of return = Dividend/share price = 6.55/91

Rate of return = 0.071978021978022

= 7.20%

8 0
3 years ago
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