TRUE OR FALSE - ACCOUNTING
1. A company pays $3,000 for three months' rent on December 1 and recorded the prepayment as an asset. The adjusting entry on December 31 is a debit to Rent Expense, $1,000, and a credit to Prepaid Rent, $1,000.
2. To determine the balance in an account, always subtract credits from debits.
3. A company’s accounts payable represents an amount that the company will collect from customers.
4. Unearned Revenues appear on the income statement.
5. The Prepaid Expenses are an example of a liability.
Discuss the view that a public limited company should prioritise the
aims of its shareholders rather than those of other stakeholder groups [12]
Public limited company should prioritise the
aims of its shareholders because stakeholders have a good share of a business.
What is public limited company (PLC)?PLC is a public company, that sells shares to individual who are interested. The buyers of the shares have limited liability.
Stakeholders have a good share of a business, they are key partners that cannot avoided in the success of any business or organization.
Therefore, Public limited company should prioritise stakeholders because they have a good share of a business.
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Cattle breeds in Philippines
Answer:
Four breed types have been recognized, the Ilocos in northwestern Luzon, Batangas in southwestern Luzon, Iloilo on Panay island, and Batanes Black on the Batanes Islands between Luzon and Taiwan.
In a market system, public goods would: have no costs. lack demand. be underproduced. be overproduced.
In a market system, public goods would be underproduced.
What is public goods?public goods, can be regarded as the commodity that is available for all the members of the society.
This usually contain Government spending and taxes .
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Mark is still not sure what to do with his inheritance money. He has tried researching online but is overwhelmed by the amount of information available.
Discuss the different sources of financial information and guidance that Mark could use.
(6)
Answer:
He could try searching up and booking a face-to-face meeting with an advisor, law firm, or lawyer. Government and federal agencies also help make tough decisions relating to inheritance money.
Under the allowance method, when a specific account is written off.
Under the allowance method, when a specific account is written off, then the allowance account is debited and the accounts receivable account is credited.
What is Accounting?
This refers to the management and processing of financial records about economic entities in a well-documented form.
Hence, we can note that in accounting, under the allowance method, once a specific account is written off, then the allowance account is debited and the accounts receivable account is credited.
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QUESTION 2
The communication process is very important for achieving effective business communication.
State and elaborate the TWO (2) components of non-verbal communication and discuss THREE
(3) elements in the communication process from the sender's perspective with relevant examples.
Answer:
lagay mo QUESTION 4 po yan
Chipman Sofware recently reported the following amounts in its unadjusted trial balance at its year-end:
1. Prepare the adjusting journal entry required for the year. Assume Chipman uses 1/2 of 1 percent of sales to estimate its Bad Debt Expense for the year and no Bad Debt Expense has been recorded yet.
2. Prepare the adjusting journal entry required for the year. Assume instead that Chipman uses the aging of accounts receivable method and estimates that $82 of its Accounts Receivable will be uncollectible.
3. Assume instead that Chipman uses the aging of accounts receivable method and estimates that $82 of its Accounts Receivable will be uncollectible. Prepare the year-end adjusting journal entry for recording Bad Debt Expense. Assume Chipman's year-end unadjusted balance in Allowance for Doubtful Accounts was a debit balance of $22.
4. If one of Chipman's main customers declared bankruptcy after year-end, what journal entry would be used to write off its $20 balance?
Answer:
What is allowance for doubtful debt?
This represents management's estimate of the amount of accounts receivable that will not be paid by customers. They are amount owed by debtors, whose likelihood of collection is not certain.
1 Bad debts expense Dr ($18,000 × 0.25%) $45
To Allowance for Doubtful Accounts $45
(Being the bad debt expense is recorded)
2. Bad debts expense $45
($72 - $27)
To Allowance for Doubtful Accounts $45
(Being the bad debt expense is recorded)
3 Bad debts expense $105
($72 + $33)
To Allowance for Doubtful Accounts $105
(Being the bad debt expense is recorded)
4 Allowance for Doubtful Accounts $15
To Accounts Receivable $15
(Being the allowance for doubtful accounts is recorded)
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Explanation:
For a closed economy, gdp is $12 trillion, consumption is $7 trillion, taxes net of transfers are $3 trillion and the government runs a deficit of $1 trillion. What are private saving and national saving?.
Answer:
i don't know
Explanation:
ask you teacher
Blossom Diesel owns the Fredonia Barber Shop. He employs 7 barbers and pays each a base rate of $1,470 per month. One of the barbers serves as the manager and receives an extra $530 per month. In addition to the base rate, each barber also receives a commission of $5.50 per haircut.
Other costs are as follows.
Advertising $310 per month
Rent $930 per month
Barber supplies $0.30 per haircut
Utilities $175 per month plus $0.20 per haircut
Magazines $20 per month
Blossom currently charges $11.00 per haircut.
(a)
Determine the variable costs per haircut and the total monthly fixed costs. (Round variable costs to 2 decimal places, e.g. 2.25.)
Total variable cost per haircut
$enter the Total variable cost per haircut in dollars rounded to 2 decimal places
6
Total fixed $enter the total fixed costs in dollars rounded to 2 decimal places
12255
(b)
Compute the break-even point in units and dollars.
Break-even point
enter the break-even point in units 2,451 haircuts
Break even sales $enter the break-even point in dollars
26,961
(d)
Determine net income, assuming 2,880 haircuts are given in a month.
Net income / (Loss)
$enter net income in dollars
a) The determination of the variable costs per haircut and the total monthly fixed costs for Fredonia Barber Shop are as follows:
1) Variable Costs per haircut:Commission per barber per haircut = $5.50
Barber supplies per haircut = $0.30
Utilities per haircut = $0.20
Total variable costs per haircut = $6.00
2) Fixed costs per month:Salaryiesof barbers (6 x $1,470) = $8,820
Supervisor's salary = $2,000
Advertising per month = $310
Rent per month = $930
Utilities per month = $175
Magazines per month = $20
Total fixed costs per month = $12,255
b) The computation of the break-even point in units and dollars for Fredonia Barber Shop is as follows:
1) Break-even point in units is 2,451 units ($12,255/$5)
= Fixed costs/Contribution margin per unit
Contribution margin per unit = $5 ($11 - $6)
2) Break-even point in dollars is $26,964 ($12,255/45.45%)
= Fixed costs/Contribution margin ratio
Contribution margin ratiio = 45.45% ($5/$11 x 100)
c) The net income when 2,880 haircuts are given in a month is $2,145.
Fredonia Barber Shop
Income StatementFor the month
Sales Revenue (2,880 x $11) $31,680
Variable costs (2,880 x $6) 17,280
Contribution margin = $14,400
Fixed costs 12,255
Net income = $2,145
Data and Calculations:Number of barbers employed = 7
Base rate per barber per month = $1,470
Mnager's salary per month = $2,000 ($1,470 + $530)
Commission per barber per haircut = $5.50
Other costs:
Advertising per month = $310
Rent per month = $930
Barber supplies per haircut = $0.30
Utilities per month = $175 plus $0.20 per haircut
Magazines per month = $20
Price charged per haircut = $11.00
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problem: rapid economic growth
what monetary policy tool can be used to correct the problem above and how does it correct the rapid economic growth?
Answer:
yes
Explanation:
so the problem is economic which people below is could be the farmer who work hard and the salary they earn is low, that will be the problem of government, why doesn't be fair for the in high class has the power to control the low class interaction.
Agricultural managers need to possess which of the following skills?
A: The ability to start a business from scratch.
B: Understanding of the different kinds of economies in the world.
C: Vast knowledge of equipment, shipping, and storage of products.
D: A master's degree in business administration
vast knowledge of equipment, shipping,and storage of products.
Explain how we derive the supply curve for an individual firm
What was Joy’s first invention? What did she wish her parents had done with it originally to make it successful?
The first invention that Joy had to her name was a dog collar.
Her wish was that her parents had patented the collar and gotten a lawyer to make it successful.
Who is Joy Mangano?Joy Mangano is an inventor that has many patents to her name. Her first invention was a type of dog collar which had a quick release.
For it to have been successful, she wishes that her parents her got a lawyer and patented her design so that they would have produced the collar and profited from it.
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According to Daniel Kahneman and Amon Tversky, a $1 loss pains us ________ times more than a $1 gain helps us.
Daniel Kahneman and Amon Tversky believe that when we suffer a $1 loss, compared to a $1 gain, we suffer 2.25 pain.
What did Daniel Kahneman and Amon Tversky believe?Based on some models that the two ran, they came up with a conclusion that we suffer more from losses than we get help from gain.
Their prediction was that a loss of $1 can hurt us about 2.25 more times than a gain of $1 can help us.
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QUESTION 8 of 10: True or False: You can somewhat control what your customers order without them realizing it.
a) True
b) False
Answer:
true
Explanation:
by trying to give the description of the thing the customer wants to buy, he/she will ultimately get convinced by what you say not what they need
The company can control the customers order to an extent by giving them offers and discounts.
Thus, the correct option is A.
What is customer service?Supporting current and potential consumers is known as providing customer service.
Building strong relationships with your clients is the secret to providing excellent customer service.
The consumer will have a favorable experience if you thank them and encourage a helpful, friendly, and happy environment. A satisfied client is more likely to make repeat visits and spend more money.
Essentially, the three "p"s of professionalism, patience, and a "people-first" mindset are the three key components of good customer service.
Going above and beyond to ensure that a customer is pleased with the company's goods or services is a sign of excellent customer service. Additionally, it entails offering timely, pleasant service to customers. Excellent problem-solving and communication abilities are equally vital.
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How does a perfectly competitive firm decide what price to charge?
A. The same way as firms in a monopolistically competitive firm
B. the market price
C. the total cost of doing business
D. It adds up costs and profit requirments
Answer:
How does a perfectly competitive firm decide what price to charge?
A. The same way as firms in a monopolistically competitive firm
B. the market price
C. the total cost of doing business
D. It adds up costs and profit requirments
Part 1: Effective Communication
Write a 150- to 200-word response to the following scenario and questions:
Your class requires you to use a program you must download on your computer. You have waited until day 5 of the week to download the program, and you need it for an assignment that is due in 2 days. Now you are having issues with the program.
• How do you approach solving this problem?
• Whom would you contact first, and why?
• What are the resources available to support you when obstacles arise?
• Why is effective communication important in linking you to these resources?
Part 2: College Writing Process
Write a 150- to 200-word response to the following questions:
• When you have an essay due in an upcoming course, how will you manage your time to ensure you are able to complete all 5 steps of the writing process (prewriting, organization, drafting, revising, and editing)?
• How can you apply what you have learned about the college writing process to enhance the effectiveness of your written communication in the workplace?
Part 3: Academic Integrity
Access the Center for Writing Excellence.
Review the following resources under the Academic Integrity heading:
• Plagiarism Tutorial
• Student Code of Academic Integrity
• APA Style: Plagiarism Guide
Write a 150- to 200-word response to the following questions:
• What are 2 examples of violations of the Student Code of Academic Integrity?
• What resources on plagiarism available to you as a student would be most useful in preventing each of these 2 examples of violations?
• Why is integrity important in your professional life?
• How do you put integrity into practice in your professional life?
When you have a prompt asking you to write about "How" you are being asked to write an Explanatory Essay.
To write an effective explanatory essay, you must ensure that you first research the topic you have been given from credible sources. Remember that your objective is to educate the reader. The key idea here is to demonstrate effective communication.
A. Part 1 is a 150 to 200-word response. Because you are to write about your experience, there is no use going into theories.
All your essays must contain an introduction, body, and conclusion. Use one paragraph for the introduction, one or two more for the body, and the last for the conclusion.
Your introduction is crucial. It should be very interesting that the reader would like to read to the end.
B. In the body of your essay (which should follow after your introduction) you must demonstrate adequate provision of related and relevant evidence to buttress your points.
3. Ensure that your thoughts are organized, that is following one another logically. Do check to ensure that you have no grammatical errors.
Finally, always recap your main points and summarize your findings in the conclusion.
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Answer: This is not the answer! Not helpful at all!!!!
Explanation:
Commonwealth Delivery is the world's leading express-distribution company. In addition to the world's largest fleet of all cargo aircraft, the company has more than 670 aircraft and 57,000 vehicles and trailers that pick up and deliver packages. Assume that Commonwealth Delivery sold a delivery truck that had been used in the business for three years. The records of the company reflected the following:
Delivery truck cost $42,000
Accumulated depreciation 26,800
Required:
Prepare the journal entry for the disposal of the truck, assuming that the truck sold for: a. $15,200 cash
b. $16,500 cash
c. $14,000 cash
Answer:
the answer is Eva b e c Odyssey
Park Corporation is planning to issue bonds with a face value of $2,100,000 and a coupon rate of 9 percent. The bonds mature in 10 years and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Park uses the effective-interest amortization method and also uses a premium account. Assume an annual market rate of interest of 7.5 percent. Required:
a. Prepare the journal entry to record the issuance of the bonds.
b. Prepare the journal entry to record the interest payment on June 30 of this year.
c. How will Park present its bonds on its June 30 balance sheet?
a.The journal entry to record the issuance of the bonds. Debit : Cash $677,135 and Credit : Bond Payable $677,135
b.The journal entry to record the interest payment on June 30 of this year. Debit : Bond Payable $43,715 ; Debit : Interest Charge $50,785 ; Credit : Cash $94,500
c.Presentation of bonds on June 30 balance sheet . Non - Current Liabilities : Bond Payable $633,420
Issuance of the bonds
Since Park Corporation is paying 7.5 percent ( Market Rate) compared to the coupon 9 percent, the Bonds will be issued at a discount. The amount recognized at issuance will be the Present Value of $677,135.
Determined as follows :
FV = $2,100,000
Pmt = ($2,100,000 x 9 %) / 2 = $94,500
N = 10 x 2 = 20
i = 7.5 %
PV = $677,135
Interest Payment
Since the effective-interest amortization method is used, the interest is calculated as follows :
Interest Charge = Present Value x Interest rate
= $677,135 x 7.5 %
= $50,785
Bonds Payable Presented on Financial Satement
Bond Payable = Present Value - ( Cash Payment - Interest charge)
= $677,135 - (94,500 - 50,785)
= $633,420
In conclusion, Since Park Corporation is paying 7.5 percent ( Market Rate) compared to the coupon 9 percent, the Bonds will be issued at a discount of $677,135
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TRUE OR FALSE - ACCOUNTING (100 POINTS)
IF FALSE EXPLAIN WHY
1. The Dividends account is an expense.
2. A credit to the cash account will increase the account.
3. Liabilities are debts owed by the business entity.
4. Revenue is the Income Statement account credited when selling services or products to customers.
5. When an account receivable is collected in cash, the total assets of the business increase.
6. When a business receives a bill from the utility company, no entry should be made until the invoice is paid.
7. The revenue recognition principle states that revenue should be recorded when the cash is received from the customer.
8. An example of deferred revenue is Unearned Car Insurance Premium Revenue on an insurance company’s balance sheet.
9. A company’s accounts receivable represents an amount that the company will collect in the future from customers.
10. An adjusting entry would adjust revenue so it is reported when earned and not when the cash was received.
Answer:
1. False
2. False
3. True
4. True
5. False
6. False
7. False
8. True
9. True
10. True
Explanation:
HELP PLEASEEE 15 POINTS FOR THISSS
1. A career ______ lets you present documents that highlight your skills, interests and
abilities.
A. journal
B. examples
C. portfolio
2. Awards and certificates, report cards and transcripts and samples of work are all ___________ in a portfolio
A.fossils
B.artifacts
C.workbooks
3. An actual folder that holds printed documents is known as a hard copy portfolio
A. yes
B. no
4. An e-portfolio is something where you can store digital files
A. no
B. yes
5. There are ______ main types of portfolios
A. 4
B. 2
C. 3
Answer:
1. C
2. C
3. B
4. B
5. B
Explanation:
1. Portfolio relates to a career while "examples" and journal do not.
2. Workbooks because fossils and artifacts relate to something that is not a part of a portfolio.
3.There is no such thing as a hard copy portfolio.
4. An electronic portfolio, or an e-portfolio, stores online digital files.
5. There are only 2 main types of portfolios.
Showcase
Development
What is the definition of Institute of corporate Directors (ICD)
What can be protected by a patent?
A. The right to have exclusive use of real property
B. The right to use a specific and unique creative production
C. The night to use unique and innovative ideas
D. The right to use any type of intellectual property
Answer:
C.
Explanation:
You can patent an Idea so that no one else can use it.
Hope this helps :)
Which of the following statements about the government is correct?
Government employs people and spends money to provide many services.
Government supplies many services that businesses cannot, or will not provide because they cannot make a profit.
Government helps consumers and businesses by directing the way the economy grows.
All of these choices are correct.
Answer:
All of these choices are correct.
Explanation:
Government manages the dispensation and control of power (politics).Marketplace manages the dispensation and control of wealth (economics).Community manage the dispensation and control of status (membership).How does KARLEE provide a vertically integrated range of services that support customers from initial component design to a finished, assembled product?
a. Advanced design engineering support
b. Lack of value-added assembly
c. No prototype production
d. No manufacturing
Karlee provided a vertically integrated range of services that support customers by using A. Advanced design engineering support.
What is vertical integration?It should be noted that vertical integration simply means a process that involves acquiring business operations towards identical production.
In this case, Karlee provided a vertically integrated range of services that support customers by using advanced design engineering support.
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Hill Corporation Ltd., an Internet service provider, has been providing networking solutions to Riverdale High School for over a year. However, recently the administration at Riverdale high School has been complaining of an unstable connection. You are employed by Hill Corporation for the purpose of inspecting the issue at hand. Required:
What would be your first check point to ensure that there are no network issues from the service provider's end?
In order to ensure that there are no network issues from the Internet service provider's (ISPs) end, your first check point should be the main distribution frame (MDF).
What is main distribution frame (MDF)?Main distribution frame (MDF) can be defined as a cable rack or signal distribution frame that serves as the primary hub for connecting network equipment between Internet service provider (ISP) and the subscriber carrier equipment.
As a network administrator, you should ensure that there are no network issues from the Internet service provider's (ISPs) end, by first checking the main distribution frame (MDF).
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What did one expert advise employers about online video resumés? O A They are a must-have recruiting tool today. OB Make sure they are professionally recorded. O C. Specify time and cost limits. OD Never require them. O E Be prepared for poor production quality.
Answer:
D) Never require them
Explanation:
An expert advice that the employers gave about the online video resumes was they never require them.
Option D is correct.
Who is an employer?An employer is an individual who hires the employee in his/her company or organization. He/she hired the candidate as per his/her skills and competencies in reference to the job profile required.
The resume is the document that specifies the details relating to the candidate. The details can be personal information, educational qualifications, work experiences, etc.The resume can be in a printed form or an electronic form, that is, in the form of a file or folder in an electronic device. The employer should always prefer a printed resume while taking an interview. The resume helped the employer to know about the interviewed candidate in complete manner. It will helping him to keep or reject the candidate on the job.Therefore, the explanation written in options A to C are incorrect and only option D is correct.
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based on your experience discuss a real-life example where organization behaviour was very useful for you. then imagine and discuss what was to happen if organizational behaviour was not utilized in this situation
Answer: Okay don't copy this word for word, anything in Brakets change them.
Explanation:
I've experiened originizational behaivor when looking at my [Your choice].
It was useful because I didnt get confused when looking for [Object]!
If I couldnt find [object] I wouldnt be able to, [action]. If organization wasnt used in this [describing term] I wouldnt be able to find [object] and I would be very upset. I feel as if this behaivor should be used everywhere.
Now for the people who get indecisive!I've experiened originizational behaivor when looking at my My desktop of my computer. It was useful because I didnt get confused when looking for My assignments! If I couldnt find my assignments I wouldnt be able to, brush up on some topics. If organization wasnt used in this case I wouldnt be able to find my work and I would be very upset. I feel as if this behaivor should be used everywhere.
Provide 5 examples each of firms and the respective goods they produce in - Perfect competition -Oligopoly - Monopoly - Monopolistic competition - Effective competition
The examples of firms and the goods they produce in the following market systems are:
Perfect competition- Foreign exchange markets.
Currency
Oligopoly - Auto Industry.
Cars.
Monopoly - Providers of water.
Water
Monopolistic competition - Restaurants
Food
Effective competition- Supermarkets
Wide range of products
What is Monopoly?This refers to the situation where one business has total control of a market share and has no competition in the market.
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