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Piyush Singh
Answers (6)
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Explain why temporary accounts are closed each period.
On Jul 15, 2024
Temporary accounts accumulate data related to one accounting period.They are closed at the end of each accounting period to prepare revenue,expense and dividends accounts for the next reporting period by bringing the balances in those accounts to zero.Secondly,the closing process is used to update the retained earnings account to include the increases from revenues and decreases from expenses and dividends.
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Under the Model Business Corporation Act (MBCA) ,a corporation that retains at least ________ percent of its business activity and either its income or revenue has not disposed of substantially all its assets.
A) 10
B) 25
C) 50
D) 45
A) 10
B) 25
C) 50
D) 45
On Jul 12, 2024
B
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When assigning costs to partially completed units in the ending work in process inventory, it is not necessary to consider the percentage completion of the units under the weighted-average method.
On Jun 15, 2024
False
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Time Warner's decision to separate itself from America Online is an example of
A) divestiture
B) angel capitalism
C) venture capitalism
D) factoring
A) divestiture
B) angel capitalism
C) venture capitalism
D) factoring
On Jun 12, 2024
A
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The production cost report summarizes the activities that have taken place in a department or process over a period of time. Identify the major types of information found on a production cost report and indicate who in the business organization uses this type of information and for what purpose the information is used.
On May 16, 2024
The types of information found in a production cost report are units to be accounted for and units accounted for unit costs and costs to be accounted for and costs accounted for. Production cost reports provide a basis for evaluating the productivity of a department and so are used by production managers. In addition the cost data can be used by middle management to assess whether unit costs and total costs are reasonable. When the quantity and cost data are compared with predetermined goals top management can also ascertain whether current performance is meeting planned objectives. Of course the information in the report is also used for recordkeeping and income determination by the accounting department.
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In the context of transactional analysis, a _____ is an encounter between two people that produces a "payoff" for the one who starts the game, at the expense of the other player.
On May 13, 2024
game