In the closing procedure, expenses and dividends are zeroed out by crediting each account, and incomes are zeroed out by debiting each account.
What is the objective of the closing process?One purpose of closing admissions is to communicate net income or net loss for the period to Retained Earnings. A second objective is to "zero out" all temporary accounts (revenue accounts, expense accounts, and Dividends) so that they begin each new period with a zero balance.
The statement of cash flows must be prepared last because it takes data from all three previously prepared financial statements.
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If the assets of a business increased $101,000 during a period of time and its liabilities increased $73,000 during the same period, equity in the business must have:________
The equity in the business must have decreased amount I. e. Decreased by $28000 .
Given here, the asset are increased by $101000 and liabilities are $73,000.
So, the total equity present now is given by,
Total asset – Total liabilities.
=28, 000$
So, the total asset are now decreased by 28000$.
A resource having economic worth that a person, business, or nation possesses or controls with the hope that it would someday be useful is referred to as an asset. The balance sheet of a business lists assets. They are divided into four categories: tangible, financial, fixed, and current. They are acquired or produced in order to raise a company’s value.
Through the transmission of economic benefits like money, products, or services, liabilities are eventually satisfied. Current liabilities are a business’s short-term debts that are due in a year or during a typical operating cycle.
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If scientists discover that steamed milk, which is used to make lattés, prevents heart attacks, what would happen to the equilibrium price and quantity of lattés?.
If scientists discover that steamed milk, which is used to make lattés, prevents heart attacks, then the equilibrium price and quantity would both rise.
What do we mean by equilibrium price?An equilibrium price, also recognized as a market-clearing price, is the customer cost assigned to a product or service at a point where supply and demand are equal or nearly equal. The price at which the demand curve equals the quantity supplied is known as the equilibrium price. The intersection of the demand and supply curves determines it. A surplus exists when the quantity supplied of a good or service exceeds the quantity demanded at the current price, putting downward pressure on prices. For example, if scientists discover that steamed milk, which is used to make lattés, reduces the risk of heart attack, the equilibrium price and quantity will both rise.Therefore, if scientists discover that steamed milk, which is used to make lattés, prevents heart attacks, then the equilibrium price and quantity would both rise.
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______ is evidenced when national officials fund a project that is actually implemented by state governments.
cooperative federalism is evidenced when national officials fund a project that is actually implemented by state governments.
India's cooperative federalism is a reflection of the idea that the center and other units should have a solid relationship. It directs all governmental entities to take action and work together to address shared social, political, economic, national and civic issues. The Latin word "foedus," which meaning a pact or accord, is where the name "federalism" first appeared. A federation is thus a new state policy that combines the power of decentralized units with the centralization concept. India is made up of numerous states with distinct cultures, therefore federalism adaption is essential. The concept of cooperative federalism in India improves relations between the center and the states as well as between the state government and local governments.
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The characteristic that a new accounting standard should not favor one group of companies over others or achieve a particular social outcome is an example of:_________
Neutrality is the characteristic that a new accounting standard should not favor one group of companies over others or achieve a particular social outcome. Because management wants to see the company grow, financial statements created by the corporation are by definition slightly skewed. This implies that they are more likely to indicate improved performance while omitting to disclose negative incidents.
Management must produce entirely objective financial accounts in order to be neutral. For instance, a business that has knowledge of a potential lawsuit must record it in its financial statement notes. The financial statements would become unreliable in the eyes of creditors and outside investors if this information were withheld.
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In some industries, low switching costs can act as an important barrier to entry.
a. true
b. false
FALSE , In some industries, low switching costs can act as an important barrier to entry.
High switching cost is the barrier to entry not the low switching cost.
Switching cost means customers shifting to the substitute products available in the market.
Barrier to entry is defined as conditions which prevent companies to enter in a market. It limit the competition as no new firm easily join the market.
Some examples of the barrier to entry is high start-up cost, government regulations, high customer switching cost.
Business earn its profit from customers only , if customers will switch to the substitute product , then company will incur high loss. It will act as a barrier to entry.
It protects the market share. Because if no new comer join then market share will not get shared with other new comer.
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Individuals or companies that own one or more shares of stock in a company are known as:__________
Individuals or companies that own one or more shares of stock in a company are known as Shareholders.
A shareholder is someone who owns at least one share of a company's stock or unit in a mutual fund. The majority ownership of the company is held by its shareholders, who also have particular rights and obligations. With this ownership structure, they can benefit from a company's success. The benefits appear in rising stock prices.
Shareholders may be susceptible to capital gains (or losses) and/or dividend payments as residual claimants on a company's profits.
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All of the following terms are associated with variable life insurance except: _______
a. permanent
b. cash value
c. policy loan
d. flexible premium
The correct answer is (c) policy loan.
A permanent life insurance policy with an investing component is known as variable life insurance.
What is a variable life insurance policy?
An agreement between you and an insurance provider is a variable life insurance policy. It is meant to fulfill certain insurance requirements, financial purposes, and tax planning aims. It is a policy that distributes a specific sum to your beneficiaries—your family or other people—upon your passing.
What advantages can variable life insurance policies offer?Lifelong coverage and a cash value account are both features of variable life insurance, also known as variable appreciable life insurance. Compared to other permanent life insurance plans, variable life insurance policies have a larger possibility for upside cash earnings.
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What are some non-monetary costs of attempting to eliminate risks? loss of life loss of productivity loss of time.
The non-monetary costs of attempting to eliminate risks are time costs, search costs, and psychological costs.
What is the cost?Cost refers to the expenses that are incurred in the due course of time. The companies and businesses incurs various kind of the cost. There are broadly two kinds of cost, that is direct cost and indirect cost.
A non-monetary cost is a fee that a buyer pays that is not monetary in order to obtain something. The non-monetary cost of purchasing a product includes the time spent seeking for it, as well as the risk that it will give the intended benefits.
Non-monetary expenses are yet another sort of sacrifice that clients experience when they buy and utilize a service. When determining whether to acquire or repurchase a service, time costs, search costs, and psychological costs are usually considered, and may be more important factors than monetary pricing.
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Enrique borrowed $23,500 to buy a car. he pays his uncle 2% interest on the $4,500 he borrowed from him, and he pays the bank 11.5% interest on the rest. what average interest rate does he pay on the total $23,500? assume enrique pays both his uncle and the bank in one lump sum. round your answer to the nearest tenth of a percent.
He pays average 9.7% interest rate on the total $23,500.
What is Interest Rate?
The amount of interest due each period expressed as a percentage of the amount lent, deposited, or borrowed is known as an interest rate (called the principal sum). The total interest on a loaned or borrowed sum is determined by the principal amount, the interest rate, the frequency of compounding, and the period of time the loan, deposit, or borrowing took place. The interest rate over a year is known as the annual interest rate. Other interest rates are applicable over shorter time frames, such a day or a month, but they are typically annualised.
Total amount of interest will be:
(23,500 X x%) = (23,500 X x/100) = 235x dollar
He borrowed $4,500 from his uncle and pays 2% interest for this.
So, the amount of interest paid to his uncle/=(4,500x2%) = (4,500x0.02)=90
He borrowed the rest amount which is ($23,500- $4,500) or $19,000 from the bank and pays 11.5% interest for it.
So, the amount of interest paid to the bank/=(19,000 x 11.5%) = (19,000x0.115)= 2,185 dollars
Thus, the equation will be.
235x = 90+2185
235x = 2275x = 2275/235= 9.6808 roundoff 9.7
(Rounded to the nearest tenth)
So, he pays average 9.7% interest on the total $23,500.
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A company using accrual accounting may report revenue on the income statement even if it does not collect cash. this statement is:______
A company using accrual accounting may report revenue on the income statement even if it does not collect cash.
The above statement is true.
Regardless of when money is received, accrual accounting mandates that revenue be recognized in the period in which the task is completed.
What is accrual accounting?
The financial accounting approach known as accrual accounting enables a corporation to record income before getting payment for the goods or services sold, or expenses can be recorded as incurred before being reimbursed. Accrual accounting is one of two accounting methods; the other is cash accounting.According to the matching principle, which is the foundation of accrual accounting, economic events are recorded when a transaction takes place rather than when a payment is sent or received. In order to provide a more realistic view of a company's present financial state, this strategy combines the current cash inflows and outflows with anticipated future cash inflows and outflows.To learn more about accrual accounting visit:https://brainly.com/question/28390610
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The payment of utilities for the period would have what effect on the accounting equation?
The payment of utilities for the period would have what effect on the accounting equation is Assets decrease; owners' equity decreases
What is Accounting Equation
The accounting equation demonstrates that the total assets of a corporation equal the sum of its obligations and shareholders' equity (assets = liabilities + equity). The basis of double-entry accounting is the distinct relationship between a company's liabilities, assets, and equity. The balance sheet of a firm serves as the data source for its accounting equations. Owner's equity, shareholder equity, or stockholder equity are all examples of equity. The fundamental accounting equation can be solved for if the first two terms are known, just as other equations. For example, total assets minus total equity equals total liabilities, or total assets minus total liabilities equals total equity A term is shifted from the right side to the left side of the accounting equation by using a negative sign.
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During the year, smite company declared and paid dividends in the amount of $50,000. as part of the closing process, smite should:_________
During the year, smite company declared and paid dividends in the amount of $50,000. as part of the closing process, smite should: debit retained earnings and credit dividends
What are the appropriate entries for dividends payments?
First and foremost, it should be noted that when dividends are declared, the retained earnings from which dividends is debited with the amount of dividends, since a decrease in an income account is a debit entry, as a result, the dividends payable account , which shows the amount of cash dividends to be paid to shareholders is credited, as a part of the closing process
Upon payment of the dividends, the cash account balance decreases, hence, it is credited such that the corresponding entry would be in dividends payable account which is debited with amount paid.
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In the human body, epithelium is exemplified at which structural level of organization?
In the human body, epithelium is exemplified at the tissue level of the structural level of organization.
What is epithelium?Epithelial tissue is formed by juxtaposed cells that help in the formation of the human organism. The outer layer is the skin, which is responsible for covering the organs and protecting the body, aiding in secretion, waterproofing and sensitivity.
Therefore, there are two types of epithelium, the lining and the glandular, both responsible for the protection and correct functioning of the human body.
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The concept of demand can be summarized by a schedule or curve showing the quantity of a product that would be ______. multiple choice question.
The concept of demand can be summarized by a schedule or curve showing the quantity of a product that would be consumed at various prices.
What is the concept of demand?
Demand is the quantity of the consumers who are willing and able to buy products at various prices during a given period of time. Demand for any commodity implies consumers' desire to acquire the good, the willingness and ability to pay for it.
The demand for a good that consumer chooses, depends on the price of it, the prices of other goods, the consumer’s income and her tastes and preferences. Whenever one or more of these variables change, the quantity of the good chosen by consumer is likely to change as well. If the prices of the other goods, the consumer’s income and her tastes and preferences remain unchanged, the amount of a good that the consumer optimally chooses, becomes entirely dependent on its price. The relation between the consumer’s optimal choice of quantity of a good and its price is called the demand function
What is?
The law of demand describes an inverse the relationship between price and quantity demanded of a good. If the price of good increases, then the demand falls, because the consumer is usually reluctant to spend more and more money on her purchase. If the price of good decreases, the demand for the good increases because with price being less, the consumer prefers to buy the good.
Law of Demand, along with the Law of Supply is used to explain how market economies allocate resources and determine the prices of goods and services in everyday transactions.
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Which scenario is an example of loyalty to a company in a consumer's daily life?
The scenario that is an example of loyalty to a company in a consumer's daily life is Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices.
What is customer loyalty?Company loyalty can be described as the how concerns employees as well as the consumer is sticking with the organization instead of looking for work elsewhere.
It should be noted that Company loyalty do come as a result of the idea that the organization possesses nobility which the consumer or the employee have seen to be worth serving, hence The scenario that is an example of loyalty to a company in a consumer's daily life is Continuing to shop at Dunkin' Donuts even if Starbucks opens more convenient locations and offers slightly lower prices.
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The _____ ignores support department interactions and assigns support department costs only to the producing departments.
The direct method ignores support department interactions and assigns support department costs only to the producing departments.
The direct allocation method is a technique for charging the cost of service departments to other parts of a business.
The method is easy to implement, but it ignores the fact that other service departments require services from each other, so it's less accurate.
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Oil creek auto has sales of $3,740, net income of $274, net fixed assets of $2,800, and current assets of $920. the firm has $630 in inventory. what is the common-size statement value of inventory?
An income statement that expresses each line item as a percentage of a base amount is known as a common-size income statement
What is common-size statement?An income statement that expresses each line item as a percentage of a base amount is known as a common-size income statement. Typically, this refers to overall earnings or total sales. Financial ratio analysis's objective is comparable to that of a common-size income statement. Items are shown as a percentage of a common base amount, such as total sales revenue, in a financial statement of common size. This kind of financial statement makes it simple to compare one company to another or different time periods within the same company.
The common-size statement refers to expressing each value as a percent of sales:
Sales 3,340 100.000%
income 274 8.234% (274 divided by 3340 times 100)
fixed assets 2,699 80.809%
current assets 836 25.030%
Inventory 417 0.12485 (417/3,340)
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________ provide(s) a key avenue for growth for many young and small firms through partnering to obtain resources and to expand into new markets.
Strategic alliances provide(s) a key avenue for growth for many young and small firms through partnering to obtain resources and to expand into new markets.
The partnering / agreement is less complex and less binding than a joint venture, in which two businesses pool resources to create a separate business entity.
This therefore is an easier way to generate resources, gain entry to new markets and share the risk and cost of major development projects.
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George corporation recognized $1,000 of accrued property taxes on its manufacturing facility. the journal entry to record this debits ______.
In a case whereby George corporation recognized $1,000 of accrued property taxes on its manufacturing facility. the journal entry to record this debits as Manufacturing overhead $1,000 and credits Property taxes payable $1,000.
What is journal entry?A journal entry can be described as an act of keeping which involves the making records of any transactions .
It should be noted that Transactions are listed in an accounting journal so that the company's debit as well as the credit balances of the company can be shown.
In the case, above , we will record this debits as Manufacturing overhead $1,000 and credits Property taxes payable $1,000, hence journal entry can encompass several recordings, in a debit or a credit.
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Since about the year 2000, assets not captured in firms' accounting data have become ______ to a firm's competitive advantage.
The importance of non-accounting assets to a firm's competitive edge has increased significantly since around the year 2000.
A company's ability to produce goods or services faster, more efficiently, or for less money than its competitors is known as a competitive edge. These elements enable the producing unit to outperform its competitors in terms of sales or margins. Cost structure, branding, the standard of the product offers, the distribution system, intellectual property, and customer service are just a few examples of the variables that are thought to contribute to competitive advantages. Due to particular advantages or circumstances, a company and its stockholders can benefit more from competitive advantages.
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A description of an organization's values, definition of its responsibilities to stakeholders, and identification of its major strategies is called its:_____.
A description of an organization's values, definition of its responsibilities to stakeholders, and identification of its major strategies are called its Business-level strategy.
What is business-level strategy?
Simply said, a business-level strategy is a structure, plan, or roadmap that enables a company to offer value to consumers and acquire a competitive edge by making the most of its core skills. Your market position will be largely determined by the business-level strategy you pick. Your ultimate organizational goals are actually built upon it. A business-level strategy may take many various forms, but it must always take into account three key components; customer contentment or pleasure (providing value to the customers)gaining and keeping a competitive edge. staying competitively advantaged. A good ROI results in profits.
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The net income (in $million) of a sample of steel fabricators are $86, $67, $86 and $85. what is the modal net income?
The correct answer is 86$
To find the modal net income, we have to figure out the most occuring number. Here, 86$ is most repeating one so, Modal net income is 86$.
The median income or modal net income is the level of income at which half of a population is classified as having an income above it and half as having an income below it. It could not be the same as the median income. The income mode is the one that happens most frequently.
The money that remains after all business expenses have been deducted from gross revenue for a certain reporting period, such as a fiscal quarter, is known as net income. Because it appears in that spot on a company's financial statements, net income, also known as profit or earnings, is occasionally referred to as retained income.
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One rationale for establishing a price skimming objective is that ________ lends status to a product or brand by virtue of a price relatively higher than the competition.
One rationale for establishing a price skimming objective is that Prestige Pricing lends status to a product or brand by virtue of a price relatively higher than the competition.
Skimming pricing involves setting the expensive price that customers really desiring the product are willing to pay when launching a new product.
Who uses skimming pricing?
Price skimming examples are mostly experienced among tech giants, like Apple, Samsung, Sony, and other companies that discover new technologies that they know are higher in demand
What is meant by skimming price?
a pricing approach in which the manufacturer sets a high launching price to attract buyers with a crave for the product and the resources to buy it, and then gradually decreases the price to attract the next and afterward layers of the market.
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Which of the following is an example of how high student loan debt can
impact a person's life decisions?
A person may choose to buy a car instead of leasing since they can afford a
large down payment.
High student loan debt can be used as collateral and improve a person's
chance at buying a house.
O High student loan debt can make it easier to borrow more and continue
studies in graduate school.
A person may choose to rent instead of buying a home since they can't afford a
down payment.
Each product item in the product mix may require a separate marketing strategy. question 3 options:
a. true
b. false
Each product item in the product mix may NOT require a separate marketing strategy. Thus, the answer is FALSE.
The full range of goods and/or services that a company provides is referred to as "product mix", often known as its "product assortment" or as others call it "product portfolio". These terms describe the total number of product lines that a business can provide to its clients or consumers.
For instance, your business might market several product lines such as a dish washing liquid company also manufacture laundry soaps and fabric conditioners.
Actually, product mix differ amongst businesses. Some companies have numerous product lines within their firm, each with a large number of product items. But some establishments have even more restrictions but they all do not require separate marketing strategy for each product.
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In testing the existence assertion for an asset, an auditor ordinarily works from the.
An auditor often starts with the accounting records and moves to the supporting documentation to verify the existence claim for an asset.
The claim that the assets, liabilities, and shareholder equity balances shown on a company's financial statements exist as of the end of the accounting period that the financial statement covers is known as the assertion of existence. Simply put, this claim guarantees that the information provided is accurate and devoid of any fraudulent activities. For instance, any inventory statement that is part of the financial statement implies that the inventory was there at the end of the accounting period.
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When a company's business strategy and technology strategy are intertwined, this situation is known as _______.
When a company's business strategy and technology strategy are intertwined, this situation is known as convergence .
What is Convergence ?
Convergence is the inverse of divergence. It is used to explain the phenomena of the underlying commodity's futures and cash prices growing closer together over time. Most traders use the term convergence to describe the price motion of a futures contract.
In theory, convergence occurs because an efficient market will not permit something to trade for two prices at the same time. Because traders must consider the security's time value, the actual market value of a futures contract is lower than the contract price at issue. As the contract's expiration date approaches, the premium on the time value decreases, and the two values converge.
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The lowest level of management, which usually has the most people to manage, is called _____ management.
The lowest level of management, which usually has the most people to manage, is called the Supervisory level of management.
What is the Supervisory Level of management?The first level of management is supervisory, front-line, or first-line management. It also goes by the name of supervisory management. They are in direct contact with the workers since they are "on the line."
Of the three layers, lower-level management is the lowest.
They guarantee the consistency of the workers' continued jobs.
The Keep's daily management.For their team, they plan their careers.feedback on the performance of their staff.They are in charge of supervising each employee's day-to-day tasks and giving them instructions for their work.First-line managers devote practically all of their attention to organizational internal problems. They are the first to notice issues with how the firm is run, such as uneducated workers, subpar materials, and broken machinery.
Thus, Supervisory management is the lowest level of management.
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One financial intermediary in our financial structure that helps to reduce the moral hazard from arising from the principal-agent problem is the.
The venture capital firm is one financial intermediary in our financial system that aids in lowering the moral hazard that results from the principal-agent issue.
A form of private equity and financing offered by investors to start-up companies and small businesses with the potential for long-term growth is known as venture capital (VC). The majority of venture capital is often provided by wealthy individuals, investment banks, and other financial organizations.
However, it doesn't always take the shape of cash; it might also be in the form of technical or management expertise. Startups with exceptional growth potential or companies that have experienced rapid growth and appear to be in a strong position to continue growing frequently receive venture capital.
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econ opportunity cost is illustrated by a movement from one point to another on the production possibilities frontier quizlet
True, econ opportunity cost is illustrated by a movement from one point to another on the production possibilities frontier.
Production Possibilities Curve (PPC) may be a model that sho1w the tradeoffs related to allocating resources between the assembly of two goods. The PPC may be wont to illustrate the concepts of scarcity, cost, efficiency, inefficiency, economic process, and contractions.
Opportunity cost is the forgone benefit that may be derived from an option not chosen. To properly evaluate opportunity costs, the prices and benefits of each option Production Possibilities available must be considered and weighed against the others. A student spends three hours and $20 at the flicks the night before an exam.
The chance cost is time spent studying which money to spend on something else. A farmer chooses to Production Possibilities the chance cost is planting a distinct crop, or an alternate use of the resources (land and farm equipment).
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