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2 years ago

What is the different between book-keeping and accounting

Business

1 answer:

nalin [4]2 years ago

4 0

Answer:

Bookkeeping is a transactional and administrative function that records financial transactions such as orders, refunds, sales, and transfers on a daily basis. Accounting is more subjective, offering accounting insights to company managers based on facts gleaned from their bookkeeping records.

Explanation:

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Firms are organizations that A) take advantage of the public. B) transform resources into products. C) transform outputs into in

loris [4]

Answer:

Explanation:

A firm is an organisation that is created to make profit. They transform resources into products

They include :

corporations
limited liabilities
partnerships

7 0

2 years ago

Lisa changes her filing status on last years tax return, and her standard deduction went up. Which of these could have been the

ira [324]

Lisa changes her filing status on last years tax return, and her standard deduction went up. Which of these could have been the change she made? "Single" to "head of household". Due to Lisa becoming head of household, she is able to claim her family as a deduction.

7 0

3 years ago

PA11.

NARA [144]

Answer:

Using Traditional allocation method

Allocation rate per unit

= Budgeted overhead

Budgeted direct labour hours

Brass

Overhead allocation rate

= $47,500

700 hours

= $67.86 per direct labour hour

Gold

= $47,500

1,200 hours

= $39.58 per direct labour hour

Using activity-based costing

Brass

Allocation rate for material cost pool

= $12,500

400

= $31.25 per material moved

Gold

Allocation rate for material cost pool

= $12,500

100

= $125 per material moved

Brass

Allocation rate for machine set-up pool

= $35,000

400

= $87.50

Gold

Allocation rate for machine set-up pool

= $35,000

600

= $58.33

Explanation:

Using traditional allocation method, the overheads for material cost pool and machine set-up pool will be added. The overhead allocation rate per unit is the division of total overhead by the direct labour hours for each product.

Using activity-based costing, the material cost pool overhead will be divided by the material moved for each product in order to obtain allocation rate for each product.

The allocation rate for machine set-up pool is obtained by dividing the machine set-up overhead by the number of machine set-up for each product.

4 0

3 years ago

These items are taken from the financial statements of Coronado Industries at December 31, 2017. Buildings $105,800 Accounts rec

swat32

Answer:

Assets: Liabilities:

Current Assets Current Liabilities

Cash 11,840 Accounts payable 9,500

Accounts receivable 12,600 Notes payable(current) 13,600

Prepaid insurance 3,200 Interest payable 3,600

Total current assets: 27,640 Total Current Liab 26,700

Fixed assets: Long-term Liabilities:

Buildings (net) 60,200 Note Payable: 80,000

Equipment (net) 63,680 Total Liabilities 106,700

Land 61,200 Equity:

total fixed assets: 185,080 Common stock 60,000

RE 46,020

Total Equity 106,020

Total Assets: 212,720‬ Total Liab + E 212,720

Explanation:

for RE we need to calculate the net income

income:

Service revenue 14,700

Insurance expense ( 780 )

Depreciation expense ( 5,300 )

Interest expense ( 2,600 )

Net income: 6,020

RE 40,000 + 6,020 = 46,020

for note payable we split the current and long term portion

93,600 - 13,600 = 80,000 long term debt

te rest is self-explanatory

8 0

3 years ago

You save $5,000.00 and invest 60% of it in stocks while leaving the rest in a savings account earning a 4.9% APR. The stock incr

LiRa [457]

Amount invested in stocks 5,000 X 0.60 = 3,000

After one year gains 9%
3,000 X ( 1 + 0.09) = 3,270

After second year loses 4%
3,270 X ( 1 - 0.04) = 3,139.2 amount after second year

So Stocks gained 139.2 ( 3139.2 - 3000)

Amount of saving account
5,000 X 0.40 = 2,000

After 2 years
2,200 X ( 1 + 0.049)^(2) = 2,200.802

So gained 200.802 (2200.802 - 2000)

Total amount after 2 years
3,139.2 + 2,200.802 = 5,340.002

Gained 340.002 (5340.002 -5000)

7 0

2 years ago

What is the different between book-keeping and accounting​

What is the different between book-keeping and accounting