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Rainbow [258]
3 years ago
13

In general Accounts are split into Personal Accounts and ImpersonalAccounts True False

Business
1 answer:
ruslelena [56]3 years ago
6 0

Answer:

True.

Explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB).

Thus, it is a field of accounting involving specific processes such as recording, summarizing, analysis and reporting of financial transactions with respect to business operations over a specific period of time. Financial experts or accountant uses either the cash basis or accrual basis of accounting.

An account can be defined as a formal and individual record of the financial transactions of a person, business firm, goods, assets, liability, etc.

All the transactions with respect to a particular item such as income, expenses, assets, liability, etc., are recorded in its account.

In general, accounts are split or divided into two main categories and these includes;

I. Personal Accounts

II. Impersonal Accounts.

You might be interested in
Unlike traditional manufacturing, flexible manufacturing: a. decreases efficiency. b. lowers unit costs. c. allows the productio
loris [4]

Answer:

The correct answer is letter "B": lowers unit costs.

Explanation:

Traditional manufacturing is the production process by which companies produce goods part to be delivered for sale and part to have them stored in case of shortages which could increase inventory costs.  

Flexible manufacturing concentrates on using technology for mass-production of products characterized to be subject to rapid market changes. <em>Flexible manufacturing saves money in labor costs, thus, lowers the unitary costs of the output.</em>

4 0
3 years ago
Suppose an economic boom drives up wages for the sales representatives who work for cell phone companies. This will cause the:__
ladessa [460]

Answer: b. supply of cell phones to decrease; the price of cell phones would increase and the quantity of cell phones traded would fall.

Explanation:

An economic boom is when there's rapid economic expansion which brings about increase in the gross domestic product, higher inflation and lower unemployment.

If economic boom drives up wages for the sales representatives who work for cell phone companies, this will bring about a reduction in the supply of cellphones by the supplier and since there's a decrease, the prices of the available cellphones will increase because there'll be higher demand for lower.goods which invariably shoot up the price and also, the number of cell phones that are being traded will reduce.

8 0
3 years ago
Describe the ways in that general and functional managers are different from end users. what purpose do these managers have in r
joja [24]

General and functional managers are different from end users. what purpose do these managers have in regards to information systems at an organization

General management focuses on the entire business as a whole a top-down organizational view. A functional manager is a person who has management authority over an organizational unit such as a department within a business, company, or other organization.

General management and functional management have many similarities; the primary difference is that a functional manager focuses on one facet of an organization, while the general manager must keep everything in view.

Functional managers are most common in larger organizations with many moving parts, where different business functions are led by managers within those respective fields.

Management is the act or art of managing things.

Department is typically understood as a part of a larger organization.

Organization refers to a collection of people, who are involved in pursuing defined objectives.

To know more about the Management here

brainly.com/question/16289727

#SPJ4

6 0
2 years ago
The City of Crescent Hill operates a central motor pool as an internal service fund for the benefit of the city's other funds an
aliya0001 [1]

Answer:

C. Expenditures

Explanation:

Based on the information provided within the question it can be said that the Parks Department should use an expenditures account to record these billings. Expenditures refers to the action of spending funds to purchase goods or services on behalf of the company. Such purchases can include vehicle rentals like what was billed for the Parks Department.

4 0
3 years ago
According to the producer price index database maintained by the Bureau of Labor Statistics, the average cost of computer equipm
Alika [10]

Answer:

A.

2015 37.7

2016 12.9

B. Yes

Explanation:

Computation of the times interest earned ratios for 2016 and 2015

First step is to find the EBIT

EBIT: 2016 $ 2015 $

Gross profit 44,500 58,400

Less Selling, General and Administrative expenses (36,900) (38,800)

EBIT 7,600 19,600

Second step is to compute the times interest earned ratios for 2016 and 2015 using this formula

Time interest earned = EBIT / Interest expense

Let plug in the formula

Time interest earned 2016 2015

EBIT $7,600 $19,600

÷Interest expense $590 $520

=Time interest earned 12.9 37.7

Therefore the Time interest earned will be :

2015 37.7

2016 12.9

2. Yes Computer Tycoon generate sufficient net income in both 2015 and 2016 before taxes and interest in order to cover the cost of debt financing.

8 0
3 years ago
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