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.

Answers

Answer 1
1. False - Dividends reduce retained earnings, retained earnings is an equity account
2. False - Cash is an asset and the normal sign is a debit
3. True
4. True
5. False - Cash increases, receivable decreases, total assets stays the same
6. False - GAAP requires the company be on “accrual basis” and the “matching principle” requires the expense to be recognized
7. False - Revenue recognized when earned
8. True
9. True
10. True
Answer 2

Answer:

1. False

2. False

3. True

4. True

5. False

6. False

7. False

8. True

9. True

10. True

Explanation:


Related Questions

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

Answers

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

Which of the following are considered "free money" when it comes to
financing higher education?
Loans
Work-study programs
Military programs
Scholarships and grants

Answers

The option that can be considered free money when it comes to financing higher education is: Scholarships and grants.

What are grants?

Grant is a monetary fund given by a public entity or a charitable foundation or a specialized grant making institution to an individual for a specific purpose.

Grants and scholarship does not need to be paid back by individuals. Therefore it can be considered free money when it comes to financing higher education.

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Which of the maturity lengths between the bonds, bills, and notes would be most advantageous during a bear market?

Answers

Answer:

perhaps bonds, but I'm not 100%sure

Devon is accused of robbing a jewelry store and is summarily thrown in jail. Which law or principle of law will help Devon in this situation?

Answers

Answer:

Procedural Due Process

Explanation:

Why is it necessary to clean vent hood filters on a regular basis?
A.It makes the air cooler
B.It prevents the buildup of grease that could drip into food
C.It prevents a pest infestation
D.It helps the food cook more evenly

Answers

Answer:

i think the answer is  D

Explanation:

to me it makes the most sense

Cleaning the vent hood filters prevents the grease buildup that could drip into the food.

What is the significance of cleaning filters?

The cleaning of filters not only maintains long life of the filters, but also prevents the drawbacks it may bring if not cleaned. The vapor forms grease into the filters over a period.

It is important to clean these filters of the vent hood, so that the filters work effectively without grease buildup that may result in getting dripped into the food while in preparation.

Hence, option B holds true regarding cleaning the filters.

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When an installment note is issued, the journal entry will include a __________ to __________.

a. debit; Notes Payable
b. debit; Cash
c. credit; Cash
d. credit; Notes Receivable

Answers

When an installment notice is issued, the journal entry will include a debit to cash

B. Debit; Cash

Hector a Maria have been married for almost one year now and are thinking about buying a house. Maria is an executive for a​ large, multinational corporation with offices around the world. She has been told by her company that she will be transferred to a new location every three years. Hector is a car salesman and he is willing to move to wherever Maria gets transferred. Together they make​ $8,000 in gross monthly income and pay​ 40% in taxes and withholdings every month. Between them they have monthly payment of​ $400 in student loans and​ $700 in car​ loans, and their credit cards payments average​ $450 per month. They currently lease a luxury condo for​ $1,400 per month. They travel to Cancun every Christmas. Since they both work a lot of​ hours, they eat out at restaurants for most meals. They currently have nothing in savings but​ Hector's grandparents have said they will give them a​ 20% down payment for the new home. Assuming a PITI of approximately​ $1,300 for the​ townhouse, will they be approved for a​ mortgage?

Answers

Assuming a PITI of approximately​ $1,300 for the​ townhouse, and given Hector and Maria's PITI of $4,300, the couple will not be approved for a mortgage.

What is PITI?

The PITI means principal, interest, taxes, and insurance.  Traditionally, the PITI should not exceed 28% of the gross income of Hector and Maria.

Since they both earn a gross monthly income of $8,000, they are likely to get approved for the mortgage but for the townhouse's limit of $1,300.

Data and Calculations:

Gross monthly income = $8,000

PITI maximum = 28% or $2,240 ($8,000 x 28%)

Taxes and withholdings per month = 40% or $3,200 ($8,000 x 40%)

Student loans payments = $400

Car loans payments = $700

Approximate PITI per month = $4,300

Excluded in PITI calculations:

Credit cards payments per month = $450

Lease for luxury condo per month = $1,400

Thus, given the townhouse's PITI of $1,300, Hector and Maria will not be approved for a mortgage.

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Discuss the external factors that may affect law

Answers

Answer:

political - For example, new legislation.

economic - For example, inflation and unemployment.

social - Changes in taste and fashion or the increase in spending power of one group, for example, older people.

technological - For example, being able to sell goods online or using automation in factories.

Explanation:

According to Daniel Kahneman and Amon Tversky, a $1 loss pains us ________ times more than a $1 gain helps us.

Answers

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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On December 31, 2015, Sarasota Co. performed environmental consulting services for Hayden Co. Hayden was short of cash, and Sarasota Co. agreed to accept a $160,000 zero-interest-bearing note due December 31, 2017, as payment in full. Hayden is somewhat of a credit risk and typically borrows funds at a rate of 11%. Sarasota is much more creditworthy and has various lines of credit at 6%. Required:
a. Prepare the journal entry to record the transaction of December 31, 2015, for Tran Co. b. Assuming Tran Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2016. c. Assuming Tran Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2017.

Answers

The appropriate journal entry to record the transaction of December 31, 2015, for Tran Co. is: Debit Notes receivable $129,859.2;Credit Service revenue $129,859.2.

Journal entries

(a) December 31, 2015

Debit Notes receivable $129,859.2

($160,000 x 0.81162)

Credit Service revenue   $129,859.2

(PV of $160,000 due in 2 years at 11%)  

(b) December 31, 2016

Debit Notes receivable $14,284.5

($129,859.2 x 11%)

Credit Interest revenue   $14,284.5

(c)  December 31, 2017

Debit Discount on notes receivable   $44,425

[$160,000 - ( $129,859.2-  $14,284.5)]

Credit Interest revenue  $44,425

Debit Cash $160,000

Credit Notes receivable $160,000

Inconclusion the journal entry to record the transaction of December 31, 2015, for Tran Co. is: Debit Notes receivable $129,859.2;Credit Service revenue $129,859.2.

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Describe the major e-commerce activities and processes and the mechanisms that support them.​

Answers

The main activities and processes of e-commerce involve the activities of buying and selling a product or service traded over the internet.

What are the mechanisms of the marketplace?

These are the types of interactions between sellers and buyers and e-marketplaces. The main ones are:

Business to Business (B2B) are business transactions between companies.Business to Consumer (B2C) is the most common, between business and consumer.Consumer to Consumer (C2C), commerce between consumers.

Therefore, through the marketplace, the e-ccomerce in their different configurations, attracts specific audiences with greater speed and reach, enabling greater negotiations and positioning.

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During May, 2021, Breakfront Corporation announced a 2-for-1 stock split. This brought the number of shares outstanding from 25,000,000 shares to _____ shares, and its $2.00 par value to _____ per share.

Answers

Answer:

50,000,000 shares. $1.00 per share.

Explanation:

A 2:1 split doubles the shares and halves the value.

       Shares are fractional ownership interests in a corporation. For some businesses, shares are a type of financial instrument that allows for the equitable distribution of any declared residual profits in the form of dividends.

Answer : 50,000,000 shares. $1.00 per share.

A 2:1 split doubles the shares and halves the value.

How do you determine the price per share?

         Take a company's net income and deduct preferred dividends to get earnings per share. Subtract that sum from the typical number of outstanding ordinary shares.

         For instance, if you decide to set the par value of your company's shares at $1, all stock buyers are required to pay a minimum of this sum for each share they buy. If you buy 10,000 shares, you must invest at least $10,000 to do so.

      Gains Margins : Day traders experience a wide range of outcomes, which are mostly influenced by the amount of capital they are willing to risk and their money management prowess.  A successful day could result in a gain of 5%, or $500, on a $10,000 trading account.

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PLEASE HELP WITH THIS ECONOMICS ASSIGNMENT
This lesson examines many concepts, including opportunity costs. For this discussion, you will write a brief scenario that describes opportunity costs.

For example:

After working weekends for the past three years, Janet has saved $7,000. Her goal is to buy a new 90-inch HD television. Before she buys the TV, she is offered an opportunity to travel with her best friend to Australia and New Zealand. The trip will cost about $7,000.

Janet’s opportunity costs are either missing out on purchasing a new television (if she chooses to travel) or forgoing her plan to purchase a television (if she travels abroad).

Now, write your own scenario that illustrates opportunity costs.

Answers

A scenario that illustrates the concept of opportunity costs is when Gilbert works at an annual salary of $60,000 or he starts a business.

What is an illustration of opportunity costs?

The store owned by Gilbert could have been rented out at an annual lease of $15,000.  If Gilbert's store generates annual revenue of $200,000 with a cost of goods worth $100,000 and selling and administrative expenses that cost him $25,000 annually.

If Gilbert chooses to open the store, his economic gain from running the business will be $20,000 ($200,000 - $80,000 - $25,000 - $15,000 - $60,000).

Whereas, if he chooses employment as an accountant, his economic profit will be $75,000 ($60,000 + $15,000).

Thus, based on the concept of opportunity costs, which gives rise to economic profit, Gilbert will be advised to take up employment instead of starting his own business.

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An investment firm provides its customers mobile applications that significantly simplify traditional investing activities. For example, a customer can purchase a stock by utilizing their phone or tablet. This unique service demonstrates the firm’s desire to practice which of Porter’s strategies?

Answers

The Differentiation strategy is used by the investment firm in standing out in the industry.

What is Michael Porter strategy?

A strategy is defined by Porter as a competitive position that is deliberately chosen as a different set of activities to deliver a unique mix of value.

The Generic Strategies model of Michael Porter includes:

Cost LeadershipDifferentiationFocus.

These strategy are important because they provide an options for organizations to gain competitive advantage.

In conclusion, the Differentiation strategy is used by the investment firm in standing out in the industry.

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The Americans with Disabilities Act requires that employers make reasonable accommodations for individuals with disabilities. How might this requirement affect law enforcement officers and firefighters

Answers

The way in which this requirement would affect law enforcement officers and firefighters is that more disabled persons would be admitted into the force.

What is an Act?

This refers to the law passed which gives explicit instructions about a particular thing that has to be carried out and is legally backed.

With this in mind, we can see that the Americans with Disabilities Act mandated that employers make reasonable accommodations for individuals with disabilities and this Act would reduce discrimination against the employment of disabled persons.

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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?

Answers

When you have a prompt asking you to write about "How" you are being asked to write an Explanatory Essay.

What are the Steps to Writing 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:

A physical count of merchandise inventory on November 30 reveals that there are 82 units on hand. Assuming that the specific identification method is used and that ending inventory consists of 25 units from each of the three purchases and 7 units from the November 1 inventory, cost of goods sold is

Answers

After computing the cost of inventory that was sold, The Cost of Goods sold is given as $1,334.30.

The calculations related to the exercise are as follows:

From the information provided (see full question attached),

Inventory at hand as at November 1:

there are 29 Units of Inventory at the cost of $5.90 dollars each.

Purchases:

118 units are purchased at $6.30 dollars each;59 units are purchased at $6.15 dollars each; and88 units are bought at $6.50 dollars each.

If at the end of the period there are 25 units each form the purchases above and 7 from the existing inventory as at Nov. 1st, then the cost of goods sold is:


((29-7) X 5.9) +((118-25) x 6.3) + ((59-25) x 6.15) + ((88-25) x 6.5))

= $1,334.30

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PLEASE ANSWER I REALLY WANT TO GRADUATE
1. What are the differences between a sales tax and a use tax?
A. A sales tax is levied on the purchases of goods while a use tax is levied on the purchases of sevices.
B. A sales tax is collected when a good or service is purchased by a consumer while a use tax is collected when a good or service is purchased by a businesses.
C. A sales tax is on the purchase of goods and services at the point of sale while a use tax is paid on goods and services purchased when sales tax was not paid.
D. A sales tax on goods and services is paid by a region's residents and a use tax is paid by non-residents, both at the point of sale.

2. Compare how Medicare taxes are paid by individuals who are employees to those who are self-employed.
A. Employees pay half (1.45%) of the Medicare tax while the employer pays the other half. Self-employed individuals pay for both halves of the tax (2.9%).
B. Employees do not pay the Medicare tax and the employer pays for both halves of the tax (2.9%). Self-employed individuals pay for both halves of the tax (2.9%).
C. Employees pay half (1.45%) of the Medicare tax while the employer pays the other half. Self-employed individuals pay half (1.45%) of the Medicare tax.
D. Employees pay for both halves of the tax (2.9%) and the employer does not pay the Medicare tax. Self-employed individuals do not pay Medicare tax.

3. Which type of tax describes excise taxes, sales taxes, and tolls?
A. Progressive tax
B. Flat tax
C.regressive tax
D. Use tax

4. Identify all the groups that pay property tax.
A. Landowners, homeowners, and businesses
B. Businesses and individuals
C. Employers and employees
D. Landowners and homeowners

5. How are businesses taxed with the corporate income tax?
A. Businesses pay a progressive tax based on their total expenses.
B. Businesses pay a proportional tax based on their total receipts.
C. Businesses pay a proportional or progressive tax based on their profits.
D. All businesses pay the same amount of tax each year.

Answers

The differences between a sales tax and a use tax are:

A sales tax is on the purchase of goods and services at the point of sale while a use tax is paid on goods and services purchased when sales tax was not paid.

What is used tax about?

A lot of states uses Consumer Tax states. While Use Tax is known to be the tax that is placed or tax on the storage, use.

Note that used tax are placed on goods that no sales tax has been paid. Use tax is said to be a complementary or compensating tax used in place of sales tax.

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Answer:

LOOK AT EXPLAINATION FIRST !!

There are different types of taxes that really are levied for each institution in a kind of major way. Income corresponds to taxes paid by individuals on their mostly earned money. Property, on the kind of other hand, corresponds to taxes paid by property owners to state and local governments, contrary to popular belief. Corporate taxes definitely are the taxes that companies are required to pay on their earnings over the course of a year, which essentially is fairly significant.

Explanation:

1. C

2. A

3. C

4. A

5.  C

Which of the following does NOT influence the effectiveness of a chemical sanitizer solution?

Concentration
Temperature
Cost
Contact time

Answers

The cost of a solution does not influence the effectiveness of a chemical sanitizer solution.

What is the chemical sanitizer solution?

The effectiveness of the sanitizer means the ability of the solution to clean the surface applied to effectively.

Some factors that influence the effectiveness of a chemical sanitizer solution includes:

concentrationtemperaturecontact timewater hardnesspH etc.

Therefore, the Option C is correct.

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what is a informal business structure

Answers

your business doesn't operate under the guidelines of a written document that spells out the rules, regulations and chain-of-command. Under this structure, your business operates by a system developed by your employees who have proven effective.

In an informal organizational structure, your business doesn't operate under the guidelines of a written document that spells out the rules, regulations and chain-of-command. Under this structure, your business operates by a system developed by your employees who have proven effective.

please help me, I'll give brainliest ​

Answers

Answer:

600

Explanation:

To determine a product selling price based on the total cost method, management should include: Multiple Choice Total product and selling, general, and administrative costs plus a markup. Total selling, general, and administrative costs plus a markup. Total product costs plus a markup. Only a markup. Total product and selling, general, and administrative costs only.

Answers

If one wants to determine the selling price of a product using the total cost method, the management should use Total product costs plus a markup.

What is total cost method?

When using the total cost method, the company takes into account the full cost of producing the good in question. This includes total product cost only.

A markup is then added to the total cost to find a suitable selling price that allows for a projected level of profit.

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2. The following table provides information about the production possibilities frontier of a Country.(4)

Computer Wheat
0 420
10 400
30 360
50 300
70 200
90 0

a. Plot and connect these points to create Country's production possibilities frontier.
b. If the Country currently produces 10 computers and 400 kg wheat, what is the opportunity cost of an additional 20 computers?
c. Suppose that a technological advancement allows the country to produce computers more efficiently. What would be the effect on the PPF? Draw it.

Answers

Based on the PPF of the country, if the country were to produce an additional 20 computers at that level, the opportunity cost would be 40 kg of wheat.

If a technological advancement allows for computers to be produced more efficiently, the PPF would expand outwards as shown in the attachment.

What would be the opportunity cost?

At the point where this country can produce 10 computers, the amount of wheat it can produce is 400 kg wheat.

If it produces 20 more computers, it will move to the point where it can produce 30 computers and 360 kg of wheat. Opportunity cost would be:

= 400 - 360

= 40 kg wheat.

What happens due to a technological advancement?

When there is an improvement in technology, the production capacity of a nation increases. This leads to the production possibilities frontier expanding outward.

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What report compares metrics based on user acquisition date over a series of weeks?.

Answers

Answer:

✒️Answer:

Cohort Analysis report compares metrics based on user acquisition date over a series of weeks.

Explanation:

#CarryOnLearning

[tex]watch.some.anime[/tex]

Name the blue-shaded parts as a mixed number.
A) 2 2/3
B) 3 2/3
C) 2 2/9
D) 3 2/9

Answers

Answer:

[A] 2 2/3

Explanation:

Base on the given data you can see that 2 of the circle are fully shaded meaning

2 whole

There is one that is shade 2/3 {2 out of 3 are shaded}
Hence, put together

2 2/3

Therefore, the answer is [A] 2 2/3

~lenvy~

Part of the job for an architectural designer is obtaining which of the following from different contractors for a construction project?

A: A business license
B: A bid
C: Permission

Answers

Answer:

B. A bid

Explanation:

The Loan Payable account is a/an
a. Asset
b. Liability
c. Revenue
d. Expense

Note Receivable is a/an
a. Asset
b. Liability
c. Revenue
d. Expense

Answers

Loan Payable - Liability
Note Receivable - Asset

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?

Answers

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:

Agricultural managers need, at the bare minimum, what kind of degree in order to obtain their first job in that role?

A: Associates degree
B: Bachelors degree
C: Doctorate degree
D: Masters degree

Answers

B:Bachelors degree E corect

Petropoulos Resorts common stock sells for $58.49 per share and pays an annual dividend that increases by 1.3 percent annually. The market rate of return on this stock is 12.6 percent. What is the amount of the last dividend paid

Answers

Assuming the market rate of return on this stock is 12.6 percent, the amount of the last dividend paid is $6.52.

Dividend

Using this formula

PO=D0(1+g)/k-g

Let plug in the formula

$58.49 = D0× (1 + 0.013) ÷ (0.126 - 0.013)

$58.49 × 0.113 = D0 × (1 + 0.013)

6.60937=D0 × (1 + 0.013)

D0=6.60937/1.013

D0=$6.52

Inconclusion assuming the market rate of return on this stock is 12.6 percent, the amount of the last dividend paid is $6.52.

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