Answers about Business Accounting and Bookkeeping
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A smart lock with unique user access codes allows individual accountability. Why: Each person (guest, staff, cleaner) gets a separate code or digital key The sy
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Business Accounting and Bookkeeping
What accounts would be affected when a transaction to make delivery for cash is done?
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When a transaction for a cash delivery is made, the Cash account is increased, reflecting the receipt of cash. Simultaneously, the Inventory account is decrease
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Business Accounting and Bookkeeping
What is the cost of merchandise sold expense account?
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The Cost of Merchandise Sold (CoMS) expense account represents the direct costs attributable to the production of goods that a company sells during a specific p
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Science
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How can a transaction affect only one side of accounting equation?
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A transaction can affect only one side of the accounting equation (Assets = Liabilities + Equity) when it involves a change in asset value without corresponding
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Business Accounting and Bookkeeping
Is goodwill considered section 1245 property?
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No, goodwill is not considered Section 1245 property. Section 1245 property primarily includes tangible personal property and certain types of intangible proper
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Accounts Payable
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If some goods a purchase order are damaged upon receipt and returned to the supplier the accounts payable department should receive what?
Asked by Anonymous
If some goods from a purchase order are damaged upon receipt and returned to the supplier, the accounts payable department should receive a credit note or a ret
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Business Accounting and Bookkeeping
Why creditors is an liability?
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Creditors represent a liability because they are entities to whom a business owes money or obligations. This obligation arises from borrowing funds or purchasin
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Business Accounting and Bookkeeping
What is subjective concept in accounting?
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The subjective concept in accounting refers to the idea that certain aspects of financial reporting and measurement can be influenced by personal judgment and i
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Business Accounting and Bookkeeping
How much housing allowance does an E-9 get?
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The housing allowance for an E-9 in the U.S. military varies based on location, dependent status, and whether they are on active duty or in a different status.
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Business Accounting and Bookkeeping
What feature of VelociQ helps in getting Activity based reviews?
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VelociQ's Activity-Based Reviews feature utilizes data analytics to assess employee performance based on specific tasks and activities rather than just overall
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Business Accounting and Bookkeeping
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Why do businesses invest in short-term investments?
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Businesses invest in short-term investments to enhance liquidity, ensuring they have readily available cash for operational needs and unexpected expenses. Short
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Business Accounting and Bookkeeping
Is property disposal an activity of asset accounting?
Asked by Anonymous
Yes, property disposal is indeed an activity of asset accounting. It involves the process of removing an asset from the financial records when it is sold, scrap
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Business Accounting and Bookkeeping
+2
How do you get answers for an assignment for accounting?
Asked by Anonymous
Getting answers for an accounting assignment starts with clearly understanding the questions and identifying the relevant accounting principles involved. Review
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Business Accounting and Bookkeeping
Is equipment fixed cost or variable cost?
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Equipment is generally considered a fixed cost because it does not change with the level of production or sales within a certain range. Fixed costs, like equipm
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Business Accounting and Bookkeeping
Examples of fiscal irregularity are phsical loss of cash vouchers negotiable instryments andor supporting documents?
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Fiscal irregularities refer to improper or unlawful financial practices that can compromise the integrity of an organization's financial reporting. Examples inc
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Business Accounting and Bookkeeping
What is the Desired ending inventory?
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Desired ending inventory refers to the amount of stock a company aims to have on hand at the end of a specific period, such as a month or year. It is determined
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Business Accounting and Bookkeeping
The subsidiary ledger that includes customer account activity is called?
Asked by Anonymous
The subsidiary ledger that includes customer account activity is called the accounts receivable ledger. This ledger tracks all transactions related to credit sa
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Business Accounting and Bookkeeping
What should be accounting entry for expandable and non- expandable assets?
Asked by Anonymous
For expandable assets, the accounting entry typically involves capitalizing the cost as an asset on the balance sheet, which is then depreciated over its useful
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Business Accounting and Bookkeeping
Is land tangible or intangible?
Asked by Anonymous
Land is tangible because it consists of physical properties that can be seen, touched, and measured. It includes the soil, vegetation, and any structures built
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Business Accounting and Bookkeeping
Why have I not received my Pensiion from AmericanGeneral?
Asked by Anonymous
There could be several reasons for not receiving your pension from American General. Common issues include incomplete paperwork, delays in processing, or discre
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Business Accounting and Bookkeeping
What office prepares the yearly report showing income and expenses?
Asked by Anonymous
The office responsible for preparing the yearly report showing income and expenses is typically the finance or accounting department within an organization. Thi
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Business Accounting and Bookkeeping
Is credit sales a current liability?
Asked by Anonymous
No, credit sales are not classified as current liabilities. Instead, they represent accounts receivable on the balance sheet, reflecting money owed to a company
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Business Accounting and Bookkeeping
What type of account is utilities expense?
Asked by Anonymous
Utilities expense is classified as an operating expense on a company's income statement. It represents the costs incurred for utilities such as electricity, wat
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Business & Finance
+1
If depreciation was omitted what effects would this have on the final accounts in the profit and loss account?
Asked by Anonymous
If depreciation is omitted from the profit and loss account, it would result in an overstated net income, as expenses would be understated. This omission fails
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Business Accounting and Bookkeeping
+1
What is the purpose of making an investment?
Asked by Anonymous
it is to convert today's income into long-term, income-producing assets. From the perspective of structured investment firms like SAVAX VENTURES, investing is a
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