The answer is true. Temporary accounts are transient accounts that open with no balance at the beginning of each accounting period and close at the conclusion in order to preserve a record of accounting activity during that period.
They consist of the spending accounts, income statements, and income summary accounts. Permanent accounts include cash accounts such as accounts receivable and accounts payable. The terms asset, liability, equity, inventory, balance investments, etc. are other examples of permanent accounts. An account that shuts at the conclusion of each accounting period and has no balance when a new period starts is referred to as a transitory account.
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Answer:
In forecasting accounts payable, one of the relevant questions is:
What is the cash conversion cycle?
Explanation:
The variables used in computing the cash conversion cycle include accounts receivable days, inventory turnover days, and accounts payable days. Specifically, cash conversion cycle (CCC) is the period in days that it takes the firm to convert cash into inventory, then into sales, and finally back into cash. To gain a good understanding of accounts payable, one should always consider the major inclusive metric.
Answer:
$41,500
Explanation:
Calculation to determine What was the initial cost of the machine to be capitalized
Purchase price $35,000
Add Freight $1,500
Add Installation $3,000
Add Testing $2,000
Total Cost $41,500
Therefore the initial cost of the machine is $41,500
Answer:
a. is that the advertiser has no control over where the ad appears in the newspaper.
Explanation:
Run-of-paper (ROP) is another term for advertisement in the newspaper. The main feature of this type of advertisement is that it costs very low and the ad can be placed anywhere on the paper.
The ad is placed by the editors and publishers where they believe it would be best suited in the paper. This means that the advertisers have no control over where the ads are posted in the paper. The only option the advertisers have is to decide on the size of the ad.
Answer:
The correct answer is letter "B": flexible in both directions.
Explanation:
The ability that an individual, family or group of people develop to improve or worsen their economic condition is called economic mobility. It is measured in income terms and particularly, in the U.S. is flexible in both directions since, according to studies, Americans have proved to be able to get better living conditions but some of them have gone from good economic situations to poverty.
