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2 years ago

What is accounting? and what is accounting all about?

Business

2 answers:

EleoNora [17]2 years ago

6 0

Answer:

accounting is the process of recording financial transaction pertaining to a business.

Explanation:

......

Doss [256]2 years ago

4 0

Accounting or accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations.

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Angelina has again found herself frustrated at work. Her manager, for whatever reason, never makes a decision. If anything is to

hichkok12 [17]

Answer:

The correct option is E , laissez-faire

Explanation:

Option A,autocratic is not correct since the scenario painted an opposite scenario and autocratic approach to management means the manager tells the subordinates what to do.

Bureaucratic is when decision making is slow because many stakeholders are expected to jointly decide.

However,laissez-faire is an approach where subordinates are allowed to think out of the box and get tasks accomplished without manager's interference.

8 0

2 years ago

Outdoor Company expects to sell 7 comma 500 units for $ 175 each for a total of $ 1 comma 312 comma 500 in January and 2 comma 5

nikitadnepr [17]

Answer and Explanation:

The preparation is presented below:

Outdoor Company

Inventory, Purchases, and Cost of Goods Sold Budget

Two months Ended January 31 and February 28

Particulars January February March

Sales in units 7,500 units 2,500 units 4,700 units

Sales price $175 $195 $270

Sales in dollars $1,312,500 $487,500 $1,269,000

Percentage of cost of goods sold 60% 60% 60%

Cost of goods sold $787,500 $292,500 $761,400

Add: Desired ending merchandise inventory $185,500 466,840

($292,500 × 60% + $10,000) ($761,400 × 60% + $10,000)

Total merchandise inventory required $973,000 $759,340

Less: Beginning merchandise inventory $482,500 $185,500

($787,500 × 60% + $10,000)

Budgeted purchases $490,500 $573,840

The ending inventory of month of Jan should be beginning inventory of Feb and the same is shown above

6 0

3 years ago

In 1931, the U.S. President was paid a salary of $75,000. Government statistics show a consumer price index of 15.2 for 1931 and

Gelneren [198K]

Answer: $1,021,382

Explanation:

The Consumer Price index (CPI) is an economic measure that enables us calculate inflation. It checks for a price changes in a group or basket of goods and then averages these price changes to find out how much they may have changed overtime.

A higher CPI means prices have increased.

CPI can then be used to calculate the potential values of goods in different years using another year as a base. This means that prices of goods in one year can be written in terms of prices in another year.

This can be done by Dividing the CPI in the current year by the CPI in the base year (year being expressed in terms of) and then multiplying the result by the price of the good in question.

In this case the good is the salary of $75,000.

The 2007 equivalent of a 1931 salary will therefore be,

= 75,000 * ( 207/15.2)

= $1,021,381.57

= $1,021,382

8 0

3 years ago

Given the following information and assuming beginning inventory was zero and a periodic inventory system was used, what is the

aivan3 [116]

Answer:

A. $650 $750 $677

Explanation:

period purchases sales

1 20 units at $50 15 units at $60

2 35 units at $40 35 units at $45

3 85 units at $30 85 units at $35

total revenue = $900 + $1,575 + $2,975 = $5,450

COGS:

using FIFO = (15 x $50) + (5 x $50) + (30 x $40) + (5 x $40) + (80 x $30) = $4,800
using LIFO = (15 x $50) + (35 x $40) + (85 x $30) = $4,700
cost average = ($4,950 / 140 units) x 135 units = $4,773.21

Gross profit:

using LIFO = $5,450 - $4,800 = $650
using FIFO = $5,450 - $4,700 = $750
using cost average = $5,450 - $4,773.21 = $676.79 ≈ $677

4 0

3 years ago

Knowledge Check 01 Coolidge Company owes $1,000 for merchandise inventory purchased from Ross Company during April. The amount o

lubasha [3.4K]

Answer:

Journal Entry is as follows;

June 15

DR Accounts Payable $1,000

CR Cash $400

CR Notes Payable $600

7 0

3 years ago

What is accounting? and what is accounting all about?​

What is accounting? and what is accounting all about?