What is the basic purpose of financial accounting ?

Answers

Answer 1

Answer:

The basic purpose of financial accounting is to allow third parties to assess the value of a company ORto prepare financial reports that provide information about a firm's performance to external parties such as investors, creditors, and tax authorities.

Related Questions

What economic concept is applied in this statement?
By earning higher levels of education, students learn skills and are more likely to be employed. in their jobs, they use their skills to provide goodsa
and services to others.
OA
equilibrium
O B. law of demand
O c. law of supply
O D.
negative externality
O E. positive externalit

Answers

Answer:

positive externality

Explanation:

positive externality is defined as benefitting a third party, so education helps the student and then others which would be a 3rd party

A truck costs $8,000 with a residual value of $1,000. The truck is expected to have a useful life of 70,000 miles. Assuming the truck is driven 15,000 miles the first year, the depreciation expense would be

Answers

Based on the cost of the truck, the residual value, and the useful life, the depreciation expense for the first year would be $1,500.

What is the depreciation expense?

This can be found by the formula:

= Miles driven in first year / Useful life x (Cost - residual value)

Solving gives:

= 15,000 / 70,000 x (8,000 - 1,000)

= $1,500

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Yashari’s monthly take-home pay is $1850. What percentage of her paycheck will go toward student loans if she chooses standard repayment? Does that payment amount seem reasonable? Why or why not?

Answers

$1850 was the amount they spent on standard payments

A percentage of her paycheck will go toward student loans if she chooses standard repayment is 10% of the discretionary income.

What is a student loan?

A student loan is referred to as a type of loan facility which is offered by the government to students in order to complete their education and helps them in getting employment opportunities based on knowledge and skills.

When an employee's gross monthly compensation is reduced by taxes, insurance premiums, and other deductions, the remaining money is referred to as take-home pay. The automatic plan selected by the loan system for loan repayment is called the Standard Repayment Plan.

Therefore, if she chooses the standard repayment option, 10% of her discretionary income will be allocated to paying down her student debts.

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One way to meet a savings goal is to schedule automatic _____ of money from a checking to a savings account.

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Answer:

One way to meet a savings goal is to schedule automatic transfer of money from a checking to a savings account.

A _____ is limited to a select group of suppliers who provide critical high value items to the firm.

Answers

Answer:

The answer is partnered supplier

Explanation:

A partnered supplier is limited to a select group of suppliers who provide critical high value items to the firm.

What’s a real GDP in business cycle phase economists expect

Answers

When it comes to the business cycle, the Real GDP can be described as the total value of the output of a nation, after this is adjusted for inflation.

What is Real GDP?

Real Gross Domestic Product (GPD) refers to the total value of goods and services produced in a year within a nation.

This amount is called "Real" when it has been adjusted for the effect of inflation on the nation and the prices of goods.

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how does the CBN affect/determine the supply of money​

Answers

Answer:

Central banks affect the quantity of money in circulation by buying or selling government securities through the process known as open market operations (OMO). When a central bank is looking to increase the quantity of money in circulation, it purchases government securities from commercial banks and institutions.

Under this market structure, any changes made in price or promotion of products will lead to counter-moves by competition.

A. perfect competition

B. a monopoly

C. monopolistic competition

D. an oligopoly

Answers

That’s obviously a perfect competition
A

If you invest your money today, your future purchasing power will most likely ___.
A. Decrease
B. Increase
C. stay the same
D. go up and down

Answers

Answer:

will most likely increase

Explanation:

because of the interest rate of which the financial institutions has set ... your money will increase

If you invest your money today, your future purchasing power will most likely B. Increase

What Is Purchasing Power?

The worth of a currency is determined by how many goods or services one unit of that currency can be used to purchase. Inflation may cause it to deteriorate over time. This is due to the fact that you may acquire fewer items or services as a result of increased pricing. A currency's buying power is another name for its purchasing power.

When referring to investments, purchasing or buying power refers to the dollar amount of credit that a customer has based on the marginable securities that are currently in their brokerage account.

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A ____is a business with two of more owners who similar to a sole proprietorship do not have personal liability protect

Answers

Answer:

A partnership

Explanation:

there is unlimited liability

the partners contribute capital and share, profit and losses

it is based on contracts or agreement among the members

For 24 hours, criminals placed a device on a credit card reader at a local gas station and stole the credit card account information from every
person who swiped their card that day. They were later caught and arrested. What is the name that BEST describes the tactic these criminals
were using?
O A pretexting
OB. skimming
OC. phishing
OD. pickpocketing

Answers

Answer:

oc.

Explanation:

Answer:

The answer is Skimming

Explanation:

I took the test

I need help on this too

Answers

Answer:

the answer to this question Is E

(PLEASE ANSWER FAST) (15 POINTS)
Clubs, organizations, and CTSOs can help you narrow down what you want to do with the rest of your life.

A. True
B. False
(CAREER)

Answers

The given assertion about the role of clubs, organizations, and CTSOs to help narrow down a career choice is true.

What is a CTSO?

This refers to an acronym that means Career and Technical Student Organizations and they help students to pick a career choice.

Hence, we can see that because of the various importance of both clubs, organizations, and CTSOs, they can help to give real-life solutions and also helps them to develop problem-solving skills.

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what are the information sources for measuring performance

Answers

Answer:

The most common sources of information for performance measurement are personal observation, statistical reports, oral reports, and written reports.

Slide that brainliest tho

12. Inflation-induced tax distortions Darnell receives a portion of his income from his holdings of interest-bearing U.S. government bonds. The bonds offer a real interest rate of 4% per year. The nominal interest rate on the bonds adjusts automatically to account for the inflation rate. The government taxes nominal interest income at a rate of 20%. The following table shows two scenarios: a low-inflation scenario and a high-inflation scenario. Given the real interest rate of 4% per year, find the nominal interest rate on Darnell's bonds, the after-tax nominal interest rate, and the after-tax real interest rate under each inflation scenario. Inflation Rate Real Interest Rate Nominal Interest Rate After-Tax Nominal Interest Rate After-Tax Real Interest Rate (Percent) (Percent) (Percent) (Percent) (Percent) 1.5 4.0 8.0 4.0 Compared with higher inflation rates, a lower inflation rate will the after-tax real interest rate when the government taxes nominal interest income. This tends to saving, thereby the quantity of investment in the economy and the economy's long-run growth rate.

Answers

Based on the given rates to Darnell, the nominal and after-tax real interest rates are:

Inflation rate 1.5%;

Nominal rate = 5.5%.After-tax nominal = 4.4%.After-tax real = 2.9%.

Inflation rate 8%;

Nominal rate = 12%.After-tax nominal = 9.6%.After-tax real = 1.6%.

What are the rates when inflation is 1.5%?

Nominal rate:

= Inflation + Real rate

= 1.5% + 4%

= 5.5%

After-tax nominal:

= 5.5% x (1 - 20% tax)

= 4.4%

After-tax real:

= 4.4% - 1.5% inflation

= 2.9%

What are the rates when inflation is 8%?

Nominal rate:

= Inflation + Real rate

= 8% + 4%

= 12%

After-tax nominal:

= 12% x (1 - 20% tax)

= 9.6%

After-tax real:

= 9.6% - 8% inflation

= 1.6%

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Question 6

Answer asap please

Answers

The answer is the second choice
Option 2 is correct

Lila and Jillian both own small businesses in the town where they live. The women are friends and often get together to discuss their businesses, both the struggles and successes. Evaluate some of the differences that Lila and Jillian may discuss if one of their businesses is product-based and the other is service-based.

Answers

The differences between Lila and Jillian's businesses are based on what they offer to the public, since one offers products and the other offers services, which makes their businesses different.

What is a product-based business?

A product-based business is a type of business in which the main purpose is to offer a specific product to the public, for example:

Beauty products.Sport products.School products.Construction products.

What is a service-based business?

A service-based business is a type of business in which the main purpose is to offer a specific service to the public, for example:

Satellite television service.Legal advice service.Sports training service.Nutrition service.

Based on the above, it can be inferred that the discussions between Lila and Jillian can include very varied topics because their businesses are different because they involve different value chains.

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How to write a product description?​

Answers

Answer:

1. Focus on your ideal buyer.

2. Entice with benefits.

3. Justify using superlatives.

4. Appeal to your readers' imagination.

5. Cut through rational barriers with mini-stories.

6. Seduce with sensory words.

7. Tempt with social proof.

8. Make your description scannable.

Explanation:

Hope it help you

what are the impact of retail shop fitting strategy?​

Answers

The impact of a retail shopfitting strategy is that it ensures that the retail store attracts and engages the customers.

What is retail shopfitting?

Retail shopfitting is the use of colors, displays, and various fittings as a strategic business move and attractively fitting the retail shop, ensuring:

Increased visual impactCustomers find your storeIncreased customer salesThe communication of retail brandImproved business performance and profitability.

Thus, the impact of a retail shopfitting strategy is that it ensures that the retail store attracts and engages the customers.

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to limit your risk during the first six months of unsupervised driving, you should avoid:

Answers

Answer:

carrying passengers

Explanation:

trust

Answer:

Speeding, Driving at night, driving with anyone under the age of 21, Drinking and driving (this one is obvious but still) Texting and driving, and if you get distracted easily avoid listening to music that can be distracting, along with don't have little children in the car with you if you are still in your first six months.

Explanation:

I hope this helps we went over this in my driver ed class this is all I really remember hope this helps have a nice day!

Blossom Corporation’s balance sheet at the end of 2019 included the following items.

Current assets (Cash $82,000) $236,770 Current liabilities $151,770
Land 31,770 Bonds payable 101,770
Buildings 121,770 Common stock 181,770
Equipment 91,770 Retained earnings 45,770
Accum. depr.-buildings (31,770 ) Total $481,080
Accum. depr.-equipment (11,000 )
Patents 41,770
Total $481,080

The following information is available for 2020.

1. Net income was $55,870.
2. Equipment (cost $21,770 and accumulated depreciation $9,770) was sold for $11,770.
3. Depreciation expense was $5,770 on the building and $10,770 on equipment.
4. Patent amortization was $2,500.
5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,770.
6. An addition to the building was completed at a cost of $28,770.
7. A long-term investment in stock was purchased for $16,000.
8. Bonds payable of $51,770 were issued.
9. Cash dividends of $30,000 were declared and paid.
10. Treasury stock was purchased at a cost of $11,000.

Prepare a statement of cash flows for 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Prepare a balance sheet at December 31, 2020. (Show only totals for current assets and current liabilities.) (List Property, Plant and Equipment in order of Land, Building and Equipment.)

Thanks in advance!

Answers

The preparation of a statement of cash flows and balance sheet for 2020 for Blossom Corporation is as follows:

1. BlossomCorporation Corporation

Statement of Cash Flows

For the year ended December 31, 2020

Operating Activities:

Net Income                          $55,870

Add Non-Cash Expense:

Loss from sale of equipment     230

Depreciation Expenses         16,540

Amortization Expense            2,500

Adjusted cash                      $75,140

Changes in working capital:

Increase in current assets  (29,000)

Increase in current liabilities 14,770

Cash from operations        $60,910

Investment Activities:

Sale of equipment             $11,770

Building cost                     (28,770)

Investment in stock          (16,000)

Cash from investments ($33,000)

Financing Activities:

Bonds payable                $51,770

Dividends payment        (30,000)

Treasury stock                 (11,000)

Cash from financing       $10,770

Net cash flow               $38,680

2. Blossom Corporation

Balance Sheet at the end of 2020

Current assets                   $304,450

Land                                       $31,770

Buildigs                               $150,540

Equipment                           $70,000

Accum. depr.-buildings      ($37,540)

Accum. depr.-equipment   ($12,000)

Long-term stock investment 16,000

Patents                                    41,770

Amortization of Patents        (2,500)

Total assets                      $562,490

Current liabilities               $166,540

Bonds payable                  $153,540

Common stock                  $170,770

Retained earnings              $71,640

Total liabilities + Equity  $562,490

What are Statements of Cash Flows and Balance Sheets?

Statements of cash flows and balance sheets are two of the main financial statements prepared periodically by an entity.

The statement of cash flows shows the cash flows from operating, investing, and financial activities.

The balance sheet shows the financial position (assets, liabilities, and equity) of an entity at a point.

Data and Calculations:

Blossom Corporation

Balance Sheet at the end of 2019

Current assets

(Cash $82,000)                  $236,770    Current liabilities              $151,770

Land                                          31,770    Bonds payable                  101,770

Buildings                                 121,770    Common stock                  181,770

Equipment                               91,770     Retained earnings            45,770

Accum. depr.-buildings         (31,770 )   Total                              $481,080

Accum. depr.-equipment      (11,000 )

Patents                                   41,770

Total                                  $481,080

Ending Cash balance = $120,680 ($82,000 + 38,680)

Current assets = $304,450 (236,770 + $29,000 + $38,680)

Land = $31,770

Buildigs = $150,540 ($121,770 + $28,770)

Equipment = $70,000 ($91,770 - $21,770)

Accum. depr.-buildings = $37,540 (31,770 + 5,770)

Accum. depr.-equipment = $12,000 (11,000 - 9,770 + 10,770)

Long-term stock investment 16,000

Patents                              41,770

Amortization of Patents  (2,500)

Current liabilities              $166,540 (151,770 + 14,770)

Bonds payable                  $153,540 (101,770 + 51,770)

Common stock                  $170,770 (181,770 - 11,000)

Retained earnings            $71,640 (45,770 + $55,870 - 30,000)

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Suppose that you are hired by a producer of wooden pallets to determine what sort of competition the firm faces. Due to a accident at the production plant the firm massively cuts production for a week. During this week of low production the price for pallets does not change at all. Given this observation this firm likely faces...

-Perfect competition

-Oligopoly

-Monopoly

Answers

During this week of low production, the price for pallets does not change at all. Given this observation this firm likely faces Oligopoly. Below is further explanation on Oligopoly.

What is Oligopoly?

An oligopoly is a market featured by a small number of firms who realize they are interdependent in their pricing and output policies. The number of firms is small enough to give each firm some market power.

Therefore, the correct answer is Oligopoly.

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Sam and Dave form an LLC that is taxed just like a partnership or pass through entity. Sam and Dave each own 50% of the
LLC. At the end of the year, the LLC has net income of $100,000. Sam and Dave decide to pay one half of the net income to
themselves as an agreed distribution. The remaining amounts stay in the LLC bank account. As a result
The LLC will pay income and social security tax on $100,000 and Sam and Dave will have to pay a dividend tax of 20% on their
distributions.
The LLC will pay tax on the $100,000 to the IRS as an entity level tax.
Sam will have to pay income and social security tax on $25,000
Dave will have to pay income and social security tax on $50,000

Answers

Based on the fact that Sam and Dave decided to pay themselves half of the net income, Dave will have to pay income and social security tax on $50,000.

What will happen to Sam and Dave?

When an LLC is formed, it is taxed on a pass-through basis which means that its income is treated as income of its partners as sole proprietors.

This means that the $100,000 net income will be treated as income for the Sam and Dave. Both of them will therefore pay income and social security taxes on $50,000 each which will be their share.

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In the spring of 2021, Jamison Electric was considering an investment in a new distribution center. Jamison's CFO anticipates additional earnings before interest and taxes (EBIT) of 100,000 euros for the first year of operation of the center, and, over the next five years the firm estimates that this amount will grow at the rate of 5% per year.

Answers

Just go YT it and it will help youI don't know how to explain it over text, sorry

If the demand for product A is 30 units, and there are 10 units of B on hand and none of C, how many units of part D will be needed?

Answers

Answer:

it's B then C and then D then A

Explanation:

Based on the given information, 70 units of part D of demand will be needed. Thus option C is correct.

What is demand?

When the willingness of an individual to buy any product is increased it gives rise to demand. This willingness will shift with a change in the price or quality.

The law of demand is a fundamental principle that claims there is an inverse relationship between the price of a commodity and its demand.  This indicates that as the price of a good declines, the consumer will be prepared to consume more of it.

In the given case, it is explained that We'll need 700 units of part D to make 20 units of A. However, because we have 10 units of B on hand, we can use some of the B to make 10 units of A rather than 20.

And a rise in price means less demand for a commodity. The law of demand can be represented visually by a downward-sloping demand curve.

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The complete question is probably

16) Consider the following product structure.

If the demand for product A is 30 units, and there are 10 units of B on hand and none of C, how many units of part D will be needed?

A) 3

B) 40

C) 70

D) 90

E) 110


Each of these is a key topic to consider when researching a potential employer:

- company customers
- company's community service
- company’s products or services
- company/industry news

Answers

company’s products or services

Where would your client navigate to view the status of a bill payment that was paid using Melio?

Answers

Where would your client navigate to view the status of a bill payment that was paid using Melio is: Bill Payment > View online payment.

Melio in Quickbook

A client that want to navigate so as to view the status of their bill payment they paid when using Melio in Quickbook will need to navigate through the following steps:

Bill Payment > View online payment+ New > Pay Bills > View online paymentsBill Payment > More > View online payment+ New > Payment status

Therefore Where would your client navigate to view the status of a bill payment that was paid using Melio is: Bill Payment > View online payment.

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What are three types of advertising?
A. print, signage, and discounts
B. Direct marketing, radio, and press release
C. TV, investment , and signage
D.TV, radio, and print

Answers

Answer:

D pon

Explanation:

yung tv, radio, and print

How are traditional economies like free-market economies?

A. Both are agricultural in nature.

B. Both are considered subsistence economies.

C. Both have no government regulation.

D. Both have no international trade.

It is Not D because I already put that and got it wrong. You can see my test below. I received 0 points.

Answers

Answer:

B

Explanation:

Both are considered subsistence economies.

A single seller with considerable control over supply and prices is called _____.

A. a monopoly

B. an oligopoly

C. monopolistic competition

D. perfect competition

Answers

I think it’s A. monopoly
I think it’s A. A monopoly
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