Answer:
a. Each purchase and sale of inventory is recorded in the inventory account
.
Explanation:
There are two main methods of recording inventory, periodic and perpetual.
Under periodic, inventory is recorded and updated after a certain defined period, for example, end of every week.
Under perpetual inventory system, the inventory is recorded as and when it is sold or purchased, it is updated each moment.
Therefore, statement a representing that under perpetual system the record of inventory is up to date, and represents the correct and accurate picture of inventory is correct.
Answer:
B.
Explanation:
Unearned revenue is money received for a job that hasn't been done yet. It's money for a future service that the company will give. Obviously, it's an advantage to the Company because from a Cashflow perspective.
The activities reflected in the accounting system are:
- 1. Analyzing and interpreting reports. - Communicating
- 2. Acquiring knowledge of revenue transactions. -identifying
- 3. Reporting debt owed to lenders. - Communicating
- 4. Maintaining a log of sales transactions.- recording
- 5. Measuring revenue from a holiday sale.- recording
- 6. Measuring the costs of a product. - recording
- 7. Reporting the profitability of a product line. - Communicating
- 8. Preparing financial statements. - Communicating
<h3>What are some aspects of accounting?</h3>
There is the communicating aspect which is related to how information from the financial statements are presented so that people have access to that communication.
Identifying refers to finding out the various accounting transactions. Recording refers to all aspects of noting down information in accounting and putting them in financial statements.
Find out more on aspects of accounting at brainly.com/question/26380452
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Answer:
forming, storming, norming, performing, and adjourning.
Explanation:
- The first stage is the Forming Stage; which consist of the forming new relationships together.
- The Next stage is Storming Stage; it is marked by the attempt to storm through obstacles such as conflicts between team members and other difficulties.
- The third stage is the Norming Stage; Nominations are made at this stage for a leader that is acceptable by all that can drive the team towards reaching their goals.
- Fourth is Performing Stage; It is marked by role performance of each team member to accomplish the goal of the team.
- Fifth stage is the Adjourning Stage; It involves a wrap up of tasks and a look at the success and obstacles encountered during the mission. It may then lead to adjourning responsibilities to be persons who begin the process again.