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3 years ago

What do you mean by final account? Mention its objectives

Business

2 answers:

Aleksandr-060686 [28]3 years ago

6 0

Answer:

What are Final Accounts?

Final Accounts is the ultimate stage of accounting process where the different ledgers maintained in the Trial Balance (Books of Accounts) of the business organization are presented in the specified way to provide the profitability and financial position of the entity for a specified period to the stakeholders and other interested parties i.e., Trading Account, Statement of Profit & Loss, Balance Shee

Explanation:

Objectives of Final Accounts

They are prepared for the calculation of Gross profit & net profit earned by the organization for the relevant period by presenting the Statement of Profit & Loss.

The Balance sheet is prepared for providing the correct financial position of the company as on the date.

These accounts use the bifurcation of direct expenses to obtain the gross profit & loss and bifurcation in indirect expenses to ascertain the Net profit & loss for the organization.

These accounts through the Balance sheet bifurcate the assets & liabilities as per the holding & usage periods of the same

Alinara [238K]3 years ago

5 0

Answer:

<h2>what is financial account</h2>

<h2>objects of financial account</h2>

To determine gross profit and net profit of the business during the year. To present the true financial position of the business on a given date. ... To make a summary presentation of all the financial transactions. To communicate the operating results and financial position of the users.

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Slack Inc. borrowed $400,000 on July 1, 2020. The note requires interest at 12% and principal to be paid in one year. Which acco

ale4655 [162]

Answer:

The account is debited on December 31, 2020: Interest expense by the entry:

Debit Interest expense $24,000

Credit Interest Payable $24,000

Explanation:

Slack Inc. borrowed $400,000 on July 1, 2020. The note requires interest at 12%.

The amount of interest Slack Inc. pays per year = $400,000 x 12% = $48,000

On December 31, 2020, the company has borrowed $400,000 for 6 months. Following the Accrual basis, Slack Inc. would report on December 31, 2020 the interest expense for 6 months:

$48,000/12 x 6 = $24,000

The adjustment entry:

Debit Interest expense $24,000

Credit Interest Payable $24,000

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4 years ago

Under the First Amendment, commercial speech is:

Dmitriy789 [7]

Answer:

The correct answer is the option A: subject to intermediate scrutiny unlike political speech.

Explanation:

On the one hand, the <em>First Amendment to the United States Constitution</em> is the law that basically protects the rights of the people to have a free speech and moreover, establishes that the government can not intervene in an establishment of religion and prohibits the free exercise of religion.

On the other hand, the <em>Commercial Speech</em> under the First Amendment is seen as a particular case of speech due to the fact that this one can be harmful for the people and therefore can be fraudulent to them and in order to prevent that from happening the First Amendment does not protect so much the commercial speech and this last one is far more regulate it by the government than political speech.

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4 years ago

A job description should be?

Arisa [49]

Explanation:

C. Created in the interview.

hope this helps you

have a nice day:)

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3 years ago

Read 2 more answers

In a portfolio problem, X1, X2, and X3 represent the number of shares purchased of stocks 1, 2, and 3, which have selling prices

vaieri [72.5K]

Answer:

The correct solution is " $x_1 \leq 0.35 (x_1 + x_2 + x_3)$ ".

Explanation:

According to the question,

Let,

For stock 1,

The number of shares to be purchased will be " $x_1$ ".

For stock 2,

The number of shares to be purchased will be " $x_2$ ".

For stock 3,

The number of shares to be purchased will be " $x_3$ ".

then,

The cumulative number of shares throughout stock 1 would be well over or equivalent towards the approximate amount of all the shares or stocks for the set limit.

i.e., $x_1+x_2+x_3$

Thus the correct equation is " $x_1 \leq 0.35(x_1+x_2+x_3)$ ".

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3 years ago

Rational and Normative modes of decision making are used. Then intuition or gut feeling also play a role in this process. How do

Anna35 [415]

A manager, making decisions in real-life situations, strikes a balance between these ways to make quick but correct decisions based on systemic organizational vision and conceptual skills.

The manager's experience will help him to make decisions using rational and normative ways, and thus analyze what is the best strategy for effective decision making.

Conceptual skills refer to the manager's systemic view, which understands the organization as an integrated system and must involve a set of thoughts, processing and planning to improve the business.

Therefore, decision making must be taken in a rational and normative way according to the context of the situation that requires a decision, and it is up to the manager to use the best tool to make a decision aligned with the company's objectives and goals.

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brainly.com/question/4382381

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3 years ago

What do you mean by final account? Mention its objectives​

What do you mean by final account? Mention its objectives