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tamaranim1 [39]
3 years ago
12

Select the statement which best describes the primary purpose of closing entries a. To complete the recording of various transac

tions which are begun in one period and concluded in a later period b. To determine the amount of net income or net loss for the period c. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period d. To facilitate adjusting entries
Business
1 answer:
ValentinkaMS [17]3 years ago
7 0

Answer: c. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period.

Explanation:

Closing entries are the journal entries that are made at the end of an accounting period in order to be able to transfer temporary accounts to the permanent accounts.

The primary purpose of closing entries is to reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period.

Therefore, the correct option is C.

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A nation seeking to increase its overall productivity might be best served by investing money into which area?
Vilka [71]

<span>A nation seeking to escalate its overall productivity might be best assisted by investing money into technology. Developments and advances in technology which interprets into a more productive economic activity as creation and delivery of goods and services are improved.</span>

4 0
4 years ago
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What is the best way to control expenses?
Bogdan [553]

Answer:

Explanation:

1. Start tracking your spending habits.

2.Get on a budget.

3. Re-evaluate your subscriptions.

4. Reduce electricity use.

5.Lower your housing expenses.

6. Consolidate your debt and lower interest rates.

7.Reduce your insurance premiums

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5 0
1 year ago
A building with an appraisal value of $167,000 is made available at an offer price of $162,000. The purchaser acquires the prope
Semmy [17]

Answer:

$165,000

Explanation:

Given that

The appraisal value is = $167,000

The offer price = $162,000

Acquiring value of property = $25,000

Note Payable amount = $75,000

Mortgage Amount = $65,000

So, The computation of recognize this purchase is as follows:-

= Acquiring value + Payable amount + Mortgage Amount

= $25,000 + $75,000 + $65,000

= $165,000

3 0
4 years ago
A summary of the time tickets for the current month follows:
tester [92]

Answer and Explanation:

The journal entry to record the factory labor cost is shown below:

Work in progress  ($2,060 + $1,710 + $3,130 + $3,520 + $2,150 + $1,410 + $9,540) $23,520

Factory Overhead $10,980

         To wages payable  $34,500

(to record the factory labor cost)

Here work in process and factory overhead is debited as it increased the assets and expenses and credited the wages payable as it also increased the liabilities  

8 0
3 years ago
Ted is trying to decide what cost of capital he should assign to a project. Which one of the following should be his primary con
MrMuchimi

Answer:

c. Mix of funds used to finance the project.

Explanation:

Most of the time businesses don't have the required funds to invest in projects especially capital intensive projects. So businesses raise long term finance from various sources, for example, from capital markets through issuance of shares/stocks and from debt sources through raising long term loans and debt instruments like bonds.

Now each source of finance has a different cost to the business depending upon the likely risks associated with each source of finance and nature of business itself. Therefore, businesses strive to assign such a cost of capital that primarily recovers the cost of finance and generate surplus wealth for the business. So the decision of what cost of capital should be assigned to a project primarily depends upon the the mix of funds used.

Secondly, risk level of the project might somehow effect the required rate of return expected by shareholders and/or debt providers but may not be the primary consideration in this decision.

5 0
4 years ago
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