1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Anna71 [15]
3 years ago
5

Determine which of the statements below explain what an accounting system does. (Check all that apply.) Multiple select question

. It helps users to be better informed, so they can evaluate the risks and returns of different business decisions. It is a computerized information platform designed to replace formal financial statements. It collects and processes data from transactions and events. It organizes financial information into useful reports. It communicates financial information to decision makers.
Business
1 answer:
AVprozaik [17]3 years ago
4 0

Answer:

I. It helps users to be better informed, so they can evaluate the risks and returns of different business decisions.

II. It collects and processes data from transactions and events.

III. It organizes financial information into useful reports.

IV. It communicates financial information to decision makers.

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).

The fundamental functions of an accounting system includes;

I. It helps users to be better informed, so they can evaluate the risks and returns of different business decisions.

II. It collects and processes data from transactions and events.

III. It organizes financial information into useful reports.

IV. It communicates financial information to decision makers.

You might be interested in
As part of its ________ function, an intermediary such as a wholesaler performs the function of sharing risk with the producer w
Monica [59]
<span>As part of its risk taking function, an intermediary such as a wholesaler performs the function of sharing risk with the producer when it stocks merchandise in anticipation of sales. Risk taking involves determining what you are willing to risk to possibly do something else. In this case, a wholesaler and a producer will share the risk of the item selling when they stock shelves prior to seeing if it's what the consumer wants. </span>
7 0
4 years ago
Scenario: Frankfurter Friday Betty Cleveland is the vice president of Frankfurter Friday, a highly successful hot dog joint in O
il63 [147K]

OPTIONS:

A. Individualism

B. Imperialism

C. Ethnocentricism

D. Collectivism

Answer:

C. Ethnocentricism

Explanation:

Ethnocentrism is a term that is used to describe the belief people hold about their culture or group and how they view other’s culture, in such a way that they consider theirs superior to others, and judge others way of life or culture as inferior.  

The trait displayed by Craig is that of ethnocentrism, as he considers the people of China less competent and less skilled than the people of his country. Such trait would be detrimental to the success of his company establishing a chain in China, hence, Betty decided not transfer him to join the team going to China to establish a chain there.

6 0
4 years ago
iven that jacob's chocolates had owner investments of $4,000; net income during the period of $10,000; and owner withdrawals of
Anuta_ua [19.1K]

Iven that Jacob's chocolates had an owner the ending balance in the owner's capital account is $13,700.

<h3>What is the owner's capital account?</h3>

The equity account that appears on a company's balance sheet is called an owner's capital account. It indicates the total ownership stakes that investors hold in a company. This account holds the owners' investment in the company as well as the net income it generates, which is then decreased by any draws made to the owners.

Given,

Investment =$4,000

Net Income =$10,000

Capital withdrawal =$300

Required to find ending capital account balance =?

Ending capital account balance = $4,000 + $10,000 - $300

Ending capital account balance = $13,700

The ending balance of the owner's capital account equals the beginning balance less any withdrawals, plus contributions, plus or minus any net gain or loss for the time. The balance at the conclusion of the accounting period is determined using this formula, which is updated annually.

Thus, the ending capital account balance is 13,700.

Learn more about Capital Account here:

brainly.com/question/14684892

#SPJ1

6 0
2 years ago
X sells a house to Y for $300,000. Before selling the house, X forgets to tell Y about a leakyfaucet in a little-used sink in th
VashaNatasha [74]

Answer:

c. Because X's failure to disclose the condition of the faucet is not material.

Explanation:

In order to consider X's failure as material and therefore allowing Y to rescind the contract, the failure to disclose must involve an element of the contract that is in such a bad condition that it would make the contract as "irreparably broken".  

In this case, contract law provides other remedies that Y can use to try to make X pay for the repairs, but Y cannot unilaterally rescind the contract.

7 0
4 years ago
WAP WAP WAP WAP WAP WAP WAP WAP WAP WAP WAP WAP WAP WAP WAP WAP WAP WAP WAP WAP WAP WAP
Semenov [28]
Umm ok thanks for the points ig
7 0
3 years ago
Read 2 more answers
Other questions:
  • 26% markup <br> Actual cost 700<br> Selling price ?
    13·1 answer
  • In 2014, a farmer grows and sells $3 million worth of corn to Big Flakes Cereal Company. Big Flakes Cereal Company produces $8 m
    9·1 answer
  • A large bakery buys flour in 1500-pound bags. The bakery uses an average of 1,215 bags a year. Preparing an order and receiving
    9·1 answer
  • Relative Valuation (45 min) X KNOWLEDGE CHECK On the chart below, if the earnings per share grew from 7.61 on December 31, 2018,
    13·1 answer
  • Which of the following best describes why German firms were nationalized after World War II?
    8·1 answer
  • The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2014 and 2015. Decemb
    6·1 answer
  • which is the value of the work actually performed up to a specific point in time, is calculated by multiplying the TBC by the pe
    15·1 answer
  • Cayman Boats plans to pay a $1.75 a share dividend at the end of each of the next 2 years. At the end of year 3, it will pay a f
    8·1 answer
  • 5. Destiny is asked if she wants to open a Macy's credit card on the spot when she is checking out.
    11·1 answer
  • Workers should demonstrate honest behavior on and off the job because they will:
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!