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ivanzaharov [21]
3 years ago
12

Which three activities are part of the function of accounting?

Business
1 answer:
IgorC [24]3 years ago
4 0

The 3 activities which are part of the function of accounting includes:

  • Classifying financial transactions
  • interpreting financial transactions
  • Recording financial transactions

Accounting (<em>including bookkeeping</em>) refers to the process of recording, preparing, analyzing and interpreting financial information or statements for future purpose.

As regards the options, 3 activities which are part of the function of accounting includes:

  • Classifying financial transactions
  • interpreting financial transactions
  • Recording financial transactions

In conclusion, the process of accounting helps to identifies, records, classifies and communicate the company's economic events to interested users.

Missing word includes <em>"1. prioritizing financial transactions 2. classifying financial transactions 3. planning financial transactions 4. interpreting financial transactions 5. recording financial transactions"</em>

<em />

Read more about this here

<em>brainly.com/question/15393400</em>

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6 0
1 year ago
EFG Transportation Company uses the straight-line method to depreciate its delivery truck. Which of the following reflects how r
Stells [14]

Answer:

C.− NA −NA + −NA

Explanation:

As we know that

The depreciation expense is a non cash expense which is to be charged every year and shown in the income statement

Plus it also reduced the value of the asset and stockholder equity as a retained earning but at the same time it increases the expenses due to which the net income reduced and it does not have any impact on the cash flow statements

Hence, the appropriate option is c.

4 0
3 years ago
The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. All are re
riadik2000 [5.3K]

Answer:

<u>Year 1 </u>

Jan. 8. Purchased a used delivery truck for $24,000, paying cash.

  • Dr Truck 24,000
  •     Cr Cash 24,000

Mar. 7. Paid garage $900 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck.

  • Dr Maintenance expenses - Truck 900
  •     Cr Cash 900

Dec. 31. Recorded depreciation on the truck for the fiscal year. The estimated useful life of the truck is four years, with a residual value of $4,000 for the truck.

Depreciation expense = 2 x 0.25 x $24,000 = $12,000

  • Dr Depreciation expense 12,000
  •     Cr Accumulated depreciation - truck 12,000

<u>Year 2 </u>

Jan. 9. Purchased a new truck for $50,000, paying cash.

  • Dr Truck new 50,000
  •     Cr Cash 50,000

Feb. 28. Paid garage $250 to tune the engine and make other minor repairs on the used truck.

  • Dr Maintenance expenses - Truck 250
  •     Cr Cash 250

Apr. 30. Sold the used truck for $9,500. (Record depreciation to date in Year 2 for the truck.)

depreciation expense = 2 x 0.25 x 4/12 x $12,000 = $2,000

  • Dr Depreciation expense 2,000
  •     Cr Accumulated depreciation - truck 2,000

truck sold at $9,500 - $10,000 (carrying value) = -$500 loss on sale

  • Dr Cash 9,500
  • Dr Accumulated depreciation 14,000
  • Dr Loss on sale - truck 500
  •     Cr Truck 24,000

Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $12,000 and an estimated life of eight years.

Depreciation expense = 2 x 0.125 x $50,000 = $12,500

  • Dr Depreciation expense 12,500
  •     Cr Accumulated depreciation - truck new 12,500

<u>Year 3 </u>

Sept. 1. Purchased a new truck for $58,500, paying cash.

  • Dr Truck three 58,500
  •     Cr Cash 58,500

Sept. 4. Sold the truck purchased January 9, Year 2, for $36,000. (Record depreciation to date for Year 3 for the truck.)

Depreciation expense = 2 x 0.125 x 8/12 x $37,500 = $6,250

  • Dr Depreciation expense 6,250
  •     Cr Accumulated depreciation - truck new 6,250

truck sold at $36,000 - $31,250 (carrying value) = $4,750 gain on sale

  • Dr Cash 36,000
  • Dr Accumulated depreciation 18,750
  •     Cr Truck new 50,000
  •     Cr Gain on sale - truck new 4,750

Dec. 31. Recorded depreciation on the remaining truck. It has an estimated residual value of $16,000 and an estimated useful life of 10 years.

Depreciation expense = 2 x 0.1 x 4/12 x $58,500 = $3,900

  • Dr Depreciation expense 3,900
  •     Cr Accumulated depreciation - truck three 3,900
5 0
3 years ago
Joe quits his computer programming​ job, where he was earning a salary of ​$65,000 per​ year, to start his own computer software
Verizon [17]

Answer:

The accounting cost and the economic cost associated with​ Joe's computer software business is $75,00 and the $165,000 respectively.

Explanation:

The computation of the accounting cost and the economic cost is shown below:

Accounting cost =  Other Expenses + Salary paid to himself

                           = $35000 + $40,000

                           = $75,000

Economic cost = Accounting cost + Salary expense + Rent expenses

                        = $75,000 + $65,000 + $25,000

                        = $165,000

8 0
3 years ago
Consumer protection laws are meant to:
Talja [164]
I think it's B, to prevent unfair or deceptive business practices. I'm might be wrong though, so you may wanna just check with someone else. Hope this helps
8 0
3 years ago
Read 2 more answers
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