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3 years ago

Which of the following is a characteristic of a checking account?

Business

1 answer:

dsp733 years ago

3 0

Answer:

Part 1: Easy access to funds through a debit card

Part 2: The price of a good or service

Explanation:

1. Easy access to funds through a debit card

A checking account is among the savings accounts offered by financial institutions. It is the regular or most common savings account in use. Checking accounts are risk-free and hence attract a low-interest rate.

A checking account does not restrict the number of withdrawals, unlike other savings accounts such as the certificate of deposit. Due to this reason, financial institutions have developed a debit card that allows access to the funds in a checking account. A debit card facilitates withdrawal from an ATM or making payments at a POS anytime as long as there are funds in the checking account.

2. The price of a good or service

A consumer with a limited amount of money is most concerned with the price of what they are purchasing. They will likely opt to buy goods and services with relatively lower prices. Economists refer to such goods and services as inferior products, not because of their quality but due to their low prices. As income decrease, the demand for inferior goods increase.

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Anvils Works’ requires, on average, 2800 tons of aluminum each week, with a standard deviation of 1000 tons. The lead time to re

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Answer: 28,000 tons

Explanation:

Given the following ;

Average Weekly need = 2,800 tons

Lead time = 10 weeks

Average amount of tons on order = 10 × 2800 = 28,000 tons.

The on order quantity may be explained as a purchase order indicating the status of ordered goods or items. These purchase order status is in effect once items goods ordered have been been perfected and in-transit. The purchase order status remains valid until the goods are received.

The lead time refers to the time range or period between the initiation and receipt or completion stage of an order.

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3 years ago

Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transa

harkovskaia [24]

Answer:

See explanation section

Explanation:

Cash Net Income

a) Purchased $100 of supplies for cash -$100 No Effect

Note: Purchasing supplies will reduce cash that is an asset and on the other hand, supplies is also an asset which will increase due to purchase. Therefore, no effect on net income.

b) Recorded an adjusting entry to record No Effect -$20

use of $40 of the above supplies.

Note: Using of supplies means supplies will reduce. That means asset will reduce. On the other hand, an expense, that is, supplies expense will increase that leads to the decrease on net income.

c) Made sales of $1,300, all on account. No Effect $1,300

Note: Sales on accounts will affect the net income directly but as the company does not receive cash, there is no effect on cash.

d) Received $800 from customers in $800 No Effect

payment of their accounts

Note: Receive cash will affect the cash, $800. As accounts receivable decreases, there is no effect on net income.

e) Purchased equipment for cash, $2,500 -$2,500 No Effect

Note: Purchasing equipment will reduce cash that is an asset and on the other hand, equipment is also an asset which will increase due to purchase. Therefore, no effect on net income.

f) Recorded depreciation of building for No Effect -$600

period used, $600

Note: Depreciation of building is an expense, therefore, net income will decrease. As depreciation expense is a non-cash account, no effect on cash.

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3 years ago

Uranus and neptune appear to be smaller versions of jupiter and saturn, but they differ significantly from these planets, in tha

Sati [7]

Saturn and Jupiter both have large quantities of liquid hydrogen and liquid metallic hydrogen while Neptune and Uranus just have the gaseous form of hydrogen because they are too little to compress hydrogen to its metallic state. Also, the two latter planets have icy cores.

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3 years ago

Connors academy reported inventory in the 2017 year-end balance sheet, using the fifo method, as $154,000. in 2018, the company

AveGali [126]

Answer:

NONE

Explanation:

The change will not be retrospective but prospective because although accounting standards require that when a company changes accounting methods, it needs to restate its assets and income amounts; in the case of inventory is not practicable.

Adjusting previous years inventory balances from FIFO to LIFO will not be possible, hence there will be no prior-year adjustments

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3 years ago

What is the full form of MN

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Answer:

Minnesota is the fullform of mn

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3 years ago

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