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3 years ago

The petty cash fund is a a.special equity fund. b.special expense fund. c.special cash fund. d.special revenue fund.

Business

1 answer:

solmaris [256]3 years ago

6 0

Answer:

c.special cash fund

Explanation:

The petty cash fund is a special cash fund in which the small amount of the cash kept on hand for paying out the minor expenses like office supplies, etc

So as per the given situation, the petty cash fund is the special cash fund

Therefore the option c is correct

And, the rest of the options are incorrect

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Under the direct write-off method, the entry to write off an uncollectible account will include ________. A. a credit to the A

slava [35]

Answer:

C. a debit to Bad Debts Expense account

Explanation:

using the direct write-off method, we do not use the allowance. At write-off we recognize the directly the bad debt expense and decrease the accounts receivable.

Is important to notice that the direct method violates the accounting matching principles as, it recognize an expense based on events which occured at prior periods

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4 years ago

Suppose Ernie gives up his job as financial advisor for P.E.T.S., at which he earned $30,000 per year, to open up a store sellin

8_murik_8 [283]

a) Ernie's accounting profit is <u>$40,500</u>.

b) Ernies economic profit is <u>$10,500</u>, excluding the salary forgone (opportunity cost) from the accounting profit.

<h3>What is the difference between accounting profit and economic profit?</h3>

The difference between accounting profit and economic profit is that accounting profit does not consider the opportunity costs, which economic profit factors in.

Accounting profit is narrower in concept than economic profit. It is simply revenue minus total costs without opportunity cost.

Economic profit, on the other hand, includes the opportunity costs in the total costs.

<h3>Data and Calculations:</h3>

Salary per year at P.E.T.S = $30,000

Annual interest from savings = $500 ($10,000 x 5%)

Revenue in the new business = $50,000

Explicit costs = $10,000

Accounting profit = $40,500 ($50,500 - $10,000)

Economic profit = $10,500 ($50,500 - $10,000 - $30,000)

Thus, Ernie's accounting profit is <u>$40,500</u> and the economic profit is <u>$10,500</u>.

Learn more about accounting profit and economic profit at brainly.com/question/27113609

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2 years ago

Method A assumes simple interest over final fractional periods, while Method B assumes simple discount over final fractional per

Marina86 [1]

Answer:

The answer is "1.1"

Explanation:

In the case of a single Interest, the principal value is determined as follows:

$\ I = Prt \\\ A = P + I\\A = P(1+rt) \\\\A = amount \\P= principle\\r = rate\\t= time$

In case of discount:

$D = Mrt \\P = M - D \\P = M(1-rt)\\\\Where, D= discount \\M =\ Maturity \ value \\$

Let income amount = 100, time = 1.5 years, and rate =20 %.

Formula:

A = P(1+rt)

A =P+I

by putting vale in the above formula we get the value that is = 76.92, thus method A will give 76.92 value.

If we calculate discount then the formula is:

P = M(1-rt)

M = 100 rate and time is same as above.

$P = 100(1-0.2 \times 1.5) \\P = 100 \times \frac{70}{100} \\P = 70$

Thus Method B will give the value that is 70

calculating ratio value:

$ratio = \frac{\ method\ A \ value} {\ method \ B \ value}\\\\\Rightarrow ratio = \frac{76.92}{70}\\\\\Rightarrow ratio = \frac{7692}{7000}\\\\\Rightarrow ratio = 1.098 \ \ \ \ or \ \ \ \ 1.$

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3 years ago

When faced with the option of beginning a new venture you should always select the time that results in the:______.

kap26 [50]

When faced with the option of beginning a new venture you should always select the time that results in the highest NPV.

The important thing assumption we ought to make in entrepreneurship is the idea that the handiest way to do matters right is to do them yourself. because of this, we need to take dangers and also need confidence in our talent set so we can produce satisfactory work while at the same time maintaining a tremendous mindset.

Someone who undertakes the chance of starting a new enterprise task is referred to as an entrepreneur. An entrepreneur creates a firm to realize their idea, called entrepreneurship, which aggregates capital and labor on the way to produce goods or services for profit. Entrepreneurship is the willingness and potential to establish, organize and control a business and take economic dangers to make earnings. An Entrepreneur is an innovator who brings in new ideas to create a hit business assignment.

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2 years ago

For 2020, your company planned on selling 10,000 units of its highest priced product - Fish Sticks, which is also its highest ma

Eddi Din [679]

Answer: Negative Sales Mix Variance

Explanation:

With regards to the above question, the company has a negative sales mix variance. First and foremost, we should know that the sales mix variance simply has to do with the difference between the actual sales mix and the budgeted sales mix of a company or organization.

From the question, there'll be negative sales mix variance and this will bring about a reduction in the revenue of the company as the budgeted sales will be lesser than actual sales. Therefore, Profit also reduces.

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3 years ago