All categories

2 years ago

Explain the method of bookkeeping ?

1 answer:

3 0

The two main accounting methods are cash accounting and accrual accounting. Cash accounting records revenues and expenses when they are received and paid. Accrual accounting records revenues and expenses when they occur. Generally accepted accounting principles (GAAP) requires accrual accounting.

You might be interested in

Classify the following item as belonging in the revenue, expenditure, human resources/payroll, production, or financing cycle:

Semmy [17]

Answer:

d. Establish a $10,000 credit limit for a new customer

s. Collect payments on customer accounts

r. Sell a DVD player

l. Sell concert tickets

a. Purchase raw materials

e. Pay for raw materials

o. Pay utility bills

Expenditure

c. Hire a new assistant controller

f. Disburse payroll checks to factory workers

k. Record factory employee timecards

n. Send new employees to a business ethics course

q. Pay federal payroll taxes

u. Pay sales commissions

Human Resources/Payroll

g. Record goods received from a vendor

j. Complete a picking ticket for a customer order

i. Decide how many units to make next month

v. Send an order to a vendor

w. Put purchased goods into the warehouse

Production

b. Pay off mortgage on a factory

h. Update the allowance for doubtful accounts

m. Draw on line of credit

p. Pay property taxes on an office building

t. Obtain a bank loan

Financial Cycle

Explanation:

6 0

3 years ago

If a manufacturing plant that employs 20% of the local labor force closes, the likely effect on the areaâ€™s real estate values

love history [14]

Answer:

Supply and demand

Explanation:

First is important to remember the supply and demand principle. We can analyze this by the law of supply and demand.

The law of supply states that "the quantity of a good supplied rises as the market price rises, and falls as the price falls".

Conversely, the law of demand says that "the quantity of a good demanded falls as the price rises, and the quantity of a good increase as the price decrease".

For this case if the manufacturing plant close 20% of the people in the area will not have a job and the prices of the real state values will tend to decrease and if the prices decrease the quantity falls from the supply law.

6 0

3 years ago

Sam’s Auto Shop services and repairs a particular brand of foreign automobile. Sam uses oil filters throughout the year. The sho

Sindrei [870]

Answer:

The EOQ is 353 units

Explanation:

The economic order quantity or EOQ is the quantoty that minimized the holding and ordering cost for invetory.

The formula for EOQ is,

EOQ = √(2*D*O) / H

Where,

D is the annual demand in units
O is the ordering cost per order
H is the holding cost per unit per annum

The annual demand of oil filters by Sam is,

Annual demand = 52 * 150 = 7800 filters

The EOQ for Sam Auto Shop is,

EOQ = √(2*7800*16) / 2

EOQ = 353.27 Units rounded off to 353 units

3 0

3 years ago

An employee earns $24 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee wo

ANTONII [103]

Answer:

Gross pay for the week is $1,500

Net pay for the week is $1,043

Explanation:

The gross pay is computed thus:

Normal rate pay 40 hrs*$24 =$960

Above normal pay(55-40)*$24*1.5 =$540

Gross pay $1,500

Deductions:

Social security(6.0%*$1,500) ($90)

Medicare(1.5%*$1,500) ($22.5)

Federal income tax ($345)

Net pay for the week $1,043

The net pay for the week is gross pay less social security tax,medicare as well as the federal income tax,$1043 is the employee net pay for the week

4 0

3 years ago

Fifteen percent of the students in a school of Business Administration are majoring in Economics, 20% in Finance, 35% in Managem

Lina20 [59]

D/ both a bar and pie graph can be used

4 0

3 years ago

Explain the method of bookkeeping ?​

Explain the method of bookkeeping ?