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3 years ago

What is the different between book-keeping and accounting

Business

1 answer:

nalin [4]3 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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The process is a multiplicative inverse of which people seem to check

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3 years ago

When Ford was slow to recall vehicles to fix a possible carbon monoxide leak, it was most likely due to ________, because Ford w

Vladimir79 [104]

Answer: Overconfidence bias

Explanation:

The options are:

a. overconfidence bias

b. hindsight bias

c. framing bias

d. escalation of commitment bias

e. sunk-cost bias

Overconfidence bias is when people or organization believe so much in their ability, knowledge, talent, or skills which invariably leads them to believe that they are better than the way they really are. It is an ego belief and can have a dangerous effect.

Ford was slow to recall vehicles to fix a possible carbon monoxide leak due to overconfidence bias as they believe that they are a force to be reckoned with and can't make such mistakes.

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4 years ago

Budgeting material purchases budget. The Howell Company has prepared a sales budget of 42,000 finished units for a 3- month peri

tangare [24]

Answer:

The number of Gallon materials Howell company should buy is 166000 Gallons

Explanation:

Finished goods

opening inventory 11000

produced

closing inventory 13000

finished goods sold 42000

using the bottom up approach to get goods produced

sold goods + closing goods - opening goods = produced =44000 goods

Direct material ( Gallons)

opening materials 66000

purchased 166000

available for use 232000

used in production 176000

closing gallons 56000

We use the bottom up approach to get the materials to be purchased

closing stock plus used in production to get available for use then subtract opening material to get purchased = 166000

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3 years ago

Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual

11Alexandr11 [23.1K]

Answer:

LEWIS Co.

Flexible budget performance report

For month ended May 31

Flexible budget Actual results Variances Result

Sales $420,000 $435,000 $15,000 Fav

(1400*$300)

Variable expense $168,000 $172,000 $4,000 Unfav

(1400*$120)

Contr. margin $252,000 $263,000 $11,000 Fav

Fixed cost $125,000 $122,000 $3,000 Fav

Net Income $127,000 $141,000 $14,000 Fav

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3 years ago

The net decrease in Prepaid Expenses (Prepaid) amounts to $30,000 and the net decrease in Accounts Payable (AP) is $20,000. Assu

tester [92]

Answer:

Net decrease in prepaid expenses of $30,000 will be added to the net income in adjustments to net income because it will be considered that working capital (inventory or any other expense) has been generated by the operations.

Net decrease in Accounts payable of $20,000 will be deducted from net income in adjustments to net income because decrease in accounts payable means that cash has been paid to the outstanding payables.

Net effect of the above transactions is $30,000 - $20,000 = $10,000

So, net income will be increased by $10,000 as net effect of the above adjustments.

7 0

3 years ago

What is the different between book-keeping and accounting​

What is the different between book-keeping and accounting