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2 years ago

In your own words define the term accounting and its usage.

Business

1 answer:

Drupady [299]2 years ago

3 0

Answer:

<h3>Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position and cash flows. </h3><h3 />

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In 2010, us nominal gdp was estimated to be $14.657 trillion dollars while the real gdp was estimated to be $13.245 trillion. wh

Tcecarenko [31]

Answer:

Nominal gross domestic product (GDP) measures the market value of all the new and legal goods and services produced in a country within a year. While real GDP adjusts nominal GDP to inflation. Since inflation is generally positive, real GDP decreases as inflation increases. The higher the inflation rate, the larger the difference between nominal and real GDP. Depending on which year is used as base year (year 0), the difference that existed in 2010 can be either significant or not.

The difference = ($14,657 / $13,245) - 1 = 10.66%, which means that nominal GDP was 10.66% higher than real GDP. If the base year is 2000 or even 2005/6, the difference is very small since the accumulated inflation would only be 10.66% for all these years. But if the base year was 2008 or even 2009, then the inflation rate is high.

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2 years ago

Substance use/abuse becomes a form of self-soothing when you feel stress or anxious

docker41 [41]

<span>It is true that substance use can make you feel self-soothing when you feel stress or anxious. When you abuse these substances, it will make you feel dependent on them because of you wanting them every day. This is the reason why abusing substances can harm your body and make you feel uncomfortable without it.</span>

5 0

2 years ago

Smiley Corporation sold equipment costing with of accumulated depreciation for cash. Which of the following journal entries shou

Pani-rosa [81]

The question is incomplete as the figures are missing. The complete question is,

Smiley Corporation sold equipment costing $72, 000 with $66, 000 of accumulated depreciation for $10, 000 cash. Which of the following journal entries should be prepared?

A. debit Cash for $10, 000, credit Equipment for $6000 and credit Gain on Sale of Equipment for $4000

B. debit Cash for $10, 000, debit Accumulated Depreciation - Equipment for $66, 000, credit Equipment for $72000 and credit Gain on Sale of Equipment for $4000

C. debit Cash for $10, 000 and credit Gain on Sale of Equipment for $10, 000

D. debit Accumulated Depreciation - Equipment for $66, 000 and credit Equipment for $66, 000

Answer:

Option B is the correct answer.

Explanation:

To calculate the gain or loss on disposal of the equipment, we first need to determine the book value of the equipment on the date of sale.

Net Book Value = Cost - Accumulated depreciation

Net Book value = 72000 - 66000 = $6000

The gain/(loss) on disposal = Sales Proceeds - Net Book value

The gain/(loss) on disposal = 10000 - 6000 = $4000 Gain

The entry to record this transaction will be,

Cash $10000 Dr

Accumulated depreciation - Equipment $66000 Dr

Equipment $72000 Cr

Gain on sale-Equipment $4000 Cr

6 0

2 years ago

In the United States, personal success and professional achievement are important motivators, and promotions and increased earni

otez555 [7]

People are often motivated to achieved anything. In the United States, personal success and professional achievement are important motivators is a true statement.

The universalist assumption is based on the fact that the motivation process is universal and that all people are motivated to run after goals that they value.

Culture often affects specific content and goals, the specific nature of motivation is different in all cultures. in China, group affiliation; goal, social harmony are motivations for pursuing goals.

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2 years ago

Investors and creditors are interested in the probability that their original investment or loan will eventually be returned, an

11111nata11111 [884]

Answer:

Option C Cash Flow Prospects.

Explanation:

The cash flow prospect shows that lending the firm money will increase its performance or not and also that the company is generating enough cash flows that it will be paying returns and principle amount on time. If the cash flwo prospect shows that the company will not be delivering value because it is already struggling with its cash flows issues. Then the money lender will not be interested in paying the company because the company might not pay back the returns and the principle amount.

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2 years ago