1. Define accounting. (5 marks)
2. Differentiate between sole proprietorship, partnership and corporation. (10 marks)
3. Describe on how different users will be using the accounting information. (10 marks)
4. Explain on why certain assets will decrease in value over time. (10 marks)
5. Andra holdings bought a vehicle worth RM220 000 by cash. The car is expected to be useful for 8 years with final net book value of RM11 000. Please calculate the following:
i. Salvage value.
ii. Depreciation rate for ALL years.
as soon as possible thanks
Answers
1. Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions and information.
2. Sole proprietorship is owned by one individual, partnership is owned by multiple individuals with shared responsibilities, and corporation is a separate legal entity with shareholders and limited liability.
3. Different users of accounting information include managers, shareholders/investors, creditors, employees, government/regulatory bodies, and customers.
4. Assets may decrease in value over time due to physical deterioration, technological advancements, economic factors, and depreciation.
5. (i) Salvage value is RM11,000. (ii) Depreciation rate is RM27,375 per year (assuming straight-line method).
1. Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions and information of a business or organization. It involves the measurement, processing, and communication of financial data to stakeholders.
2. Sole Proprietorship:
Owned and managed by a single individual.The owner has unlimited liability for the business's debts and obligations.The owner receives all profits and makes all decisions.Partnership:
Owned and managed by two or more individuals.Partners share profits, losses, and decision-making responsibilities.Partners have unlimited liability for the business's debts and obligations.Corporation:
A legal entity separate from its owners.Ownership is represented by shares of stock.Limited liability for shareholders, meaning their personal assets are protected.Managed by a board of directors, who make major decisions.3. Different users of accounting information include:
Managers: Use financial statements and reports to make informed business decisions, plan and control operations, and evaluate performance.Shareholders/Investors: Analyze financial information to assess the company's profitability, financial health, and make investment decisions.Creditors: Evaluate a company's creditworthiness and ability to repay debts.Employees: Use financial information to assess job security and negotiate compensation.Government and Regulatory Bodies: Rely on accounting information for tax assessment, financial regulation, and compliance purposes.Customers: May assess a company's financial stability to determine the longevity and reliability of their relationships.4. Certain assets decrease in value over time due to factors such as:
Physical deterioration: Wear and tear, obsolescence, or decay of the asset's physical condition.Technological advancements: Newer technologies make existing assets less valuable or efficient.Economic factors: Changes in market demand, supply, or competition can reduce the value of assets.Depreciation: A systematic allocation of an asset's cost over its useful life to reflect its gradual loss in value.5. Calculation:
i. Salvage value = Final net book value = RM11,000.
ii. Depreciation rate = (Cost of vehicle - Salvage value) / Useful life
= (RM220,000 - RM11,000) / 8 years
= RM27,375 per year.
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Related Questions
A manufacturer produces a commodity where the length of the commodity has approximately normal distribution with a mean of 7.3 inches and standard deviation of 1.2 inches. If a sample of 34 items are chosen at random, what is the probability the sample's mean length is greater than 6.9 inches? Round answer to four decimal places. to find answer
Answers
The probability that the sample's mean length is greater than 6.9 inches can be calculated using the normal distribution with the given mean and standard deviation.
Since the sample size is relatively large (n = 34), we can use the Central Limit Theorem approximate the sample mean's distribution as normal. The mean of the sample mean will be equal to the population mean (7.3 inches), and the standard deviation of the sample mean will be equal to the population standard deviation divided by the square root of the sample size (1.2 inches / sqrt(34)).
To calculate the probability that the sample's mean length is greater than 6.9 inches, we need to find the area under the normal curve to the right of 6.9 inches. This can be done by standardizing the value using the z-score formula: z = (x - μ) / (σ / sqrt(n)). Plugging in the values, we have z = (6.9 - 7.3) / (1.2 / sqrt(34)).
Once we have the z-score, we can use a standard normal distribution table or a statistical calculator to find the corresponding probability. The probability should be rounded to four decimal places for accuracy.
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Question 8 of 20 Which of the following reasons for writing a formal business document would lead you to write a proposal?
A. To tell your manager a project is on budget and on schedule
B. To summarize what happened during a meeting
C. To convince your manager to use a new meeting organization tool
D. To describe what tasks you completed during the week
Answers
Answer: i say A
Explanation:
Answer:
cc just did it
Explanation:
Type the correct answer in the box. Spell all words correctly.
What is a continuous discussion to bring out innovative ideas from employees?
A _____ session is a continuous discussion to bring out innovative ideas from employees. (Using Plato for this)
Answers
The name which is given to the session that is a continuous discussion to bring out innovative ideas from employees is called:
BrainstormingAccording to the given question, we are asked to state the name which is given to the session that is a continuous discussion to bring out innovative ideas from employees.
As a result of this, we can see that when a group of workers sit down together to bring out a new idea that would be innovative to their company, then we can say that they are brainstorming because they bring ideas that would improve overall business and profit
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A bond currently sells for $1,170, which gives it a yield to maturity of 5%. Suppose that if the yield increases by 30 basis points, the price of the bond falls to $1,140. What is the duration of this bond
Answers
Answer:
8.53 years
Explanation:
Calculation for the duration of the bond
The first step is to calculate for Change in Bond Price
Change in Bond Price = -(30)/1,170
Change in Bond Price = -0.0256×100
Change in Bond Price =-2.56%
Second step is to find the Effective Duration
Effective duration = -0.0256/0.0030
Effective Duration = 8.53 years
Therefore the duration of this bond will be 8.53 years
The fuel inputs per hour of plants 1 and 2 are given as:
F1=0. 6P? +60.0P, + 120 GHC/Hr
F2=0.30PZ + 30P2 + 150 GHC/Hr
30 Minutes
Determine the economic operating schedule and the corresponding cost of the generation if the
maximum and the minimum loading on each unit is 120 MW and 30 MW, the demand is 210
MW and the transmission losses are neglected. If the load is equally shared by both the units,
determine the saving obtained by loading the units as per equal incremental production cost.
Answers
To determine the economic operating schedule and the corresponding cost of generation, we need to calculate the fuel inputs for each plant based on the given equations.
Since the load is equally shared by both units, each unit will be operating at half of the total demand, which is 210 MW / 2 = 105 MW.
Plant 1 (F1):
F1 = 0.6P? + 60.0P + 120 GHC/Hr
F1 = 0.6(105)^2 + 60.0(105) + 120 GHC/Hr
F1 = 6615 + 6300 + 120 GHC/Hr
F1 = 13035 + 120 GHC/Hr
Plant 2 (F2):
F2 = 0.30PZ + 30P2 + 150 GHC/Hr
F2 = 31650 + 31.5Z + 150 GHC/Hr
For Plant 1 (F1), we'll use the minimum loading (P) of 30 MW:
F1 = 13035 + 120 GHC/Hr
For Plant 2 (F2), we'll use the maximum loading (P) of 120 MW:
F2 = 31650 + 31.5Z + 150 GHC/Hr
Case 1: Equal incremental production cost
F1 = F2
13035 + 120 GHC/Hr = 31650 + 31.5Z + 150 GHC/Hr
31.5Z = -18645 GHC/Hr
Z = -18645 GHC/Hr / 31.5
Z ≈ -592.857
Case 2: Maximum loading on Plant 2 (P) = 120 MW
F2 = 31650 + 31.5Z + 150 GHC/Hr
F2 ≈ 18947.857 + 150 GHC/Hr
Case 1:
Cost = 13035 GHC/Hr + 120 GHC/Hr
Cost ≈ 13155 GHC/Hr
Case 2:
Cost = 18947.857 GHC/Hr + 150 GHC/Hr
Cost ≈ 19197.857 GHC/Hr
Therefore, the economic operating schedule and the corresponding cost of generation are as follows:
Case 1 : Load Plant 1 (F1) at minimum loading (30 MW) and Plant 2 (F2) at Z ≈ -592.857 GHC/Hr
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If the value of the goods and services a country produces increases while its
population stays the same, which statement must be true?
A. The country's unemployment rate has decreased.
B. The country's total GDP has decreased.
C. The country's per capita GDP has increased.
D. The country's rate of inflation has increased.
Answers
If the value of the goods and services a country produces increases while its population stays the same, "the country's per capita GDP has increased."
This is based on the idea that per capita GDP is a form of GDP measure that divides the total GDP, particularly a country with the population or number of people living in that country.
Therefore, when the value of the goods and services a country produces increases while its population stays the same, "the country's per capita GDP has increased."
Hence, in this case, the correct answer is option C. "the country's per capita GDP has increased."
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Answer: The country's per capita GDP has increased. So "C" is right.
Explanation: Just took the quiz
explain the method of bookkeeping ?
Answers
What term refers to the process of continuously testing and improving out different versions of the product with customers to find the one that offers the greatest value? recurring methodology political methodology contract methodology lean methodology
Answers
Answer: Lean six sigma
Explanation: Lean Six Sigma is a process improvement methodology designed to eliminate problems, waste and inefficiency, and improve working conditions to better meet customer needs.
It combines Lean and Six Sigma tools, methodologies, and principles into a common and powerful methodology for improving your company's operations.
The team-centric approach of Lean Six Sigma has resulted in maximizing efficiency and dramatically improving profitability for organizations around the world.
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A business goes to the trouble and expense of segmenting its markets when it expects that this extra effort will
Answers
When a business extra effort is expected to increase profit, they will incur an expense of segmenting its markets.
What is market segmentation?A market segmentation refers to segregating market into element that includes age, gender, occupation, income etc
In conclusion, when the business extra effort is expected to increase profit, they will incur an expense of segmenting its markets.
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FICA-Social Security and Medicare are a taxe imposed on both employees and employers to fund programs that provide benefits for retirees, the disabled and children of deceased workers.
Group of answer choices
True
False
Answers
How much is 6500 Usd in GBP?
Answers
6500 United States Dollars (USD), on converting will be 5418.37 British Pound Sterling (GBP)
The Pound Sterling(GBP) is the money utilized in the United Kingdom, while the US Dollar (USD) is the cash utilized in the US. Transformation rates between various monetary forms change day to day, so checking the ongoing rate prior to making a conversion is significant.
One method for deciding the transformation pace of Pound Sterling to US dollars is to take a gander at the conversion standard, which is the cost at which one cash can be traded for another. This conversion is not entirely set in stone by the organic market, as well as different factors, for example, loan fees and expansion.
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neeeeed heeellllpppp!!!!!!!!!!!
Answers
Answer:
I'd say b
Explanation:
it's a fire hazard symbol. none of the other answers would make sense
If her only debt obligations are a car loan payment of 530$ and a mortgage payment of 760$ every month, is she in danger of credit overload?
Answers
No, Makayla is not danger of credit overload as. A. the sum of $530 and $760 is greater than $880.
Car loan payment amount = $530
Mortgage Payment amount = $760
Credit is the customer's capacity to purchase commodities before making a payment, based on an expectation that they will have a fair means to pay for them in the future. Thus, it is a sum received displayed on right side or column of an account in an entry recording for accounts.
Calculating the total amount that Makayla needs to pay -
Car loan payment + Mortgage Payment
= $530 + $760
= $1290.
The amount Makayla is able to take home is less than this sum. As a result, Makayla won't be in risk of having too much credit or credit overload and will be able to meet her other demands.
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What is cost plus pricing?
Answers
Answer:
Cost-plus pricing is a pricing strategy in which the selling price, of goods and services, is determined by adding a specific fixed markup percentage to a singular product's unit cost.
How responsible should sport/event organizations, celebrities, and athletes be for keeping their various publics happy? We know that good publicity boosts goodwill and profits. But, should individuals have to keep their personal beliefs private so they won’t offend anyone? For example, some musicians may highlight their political views on stage at their concerts. Or, an athlete may make comments in an interview that could offend certain groups. Perhaps he’s an avid hunter, a hobby that some animal rights activists would certainly not support. What do you think? Where should celebrities and athletes draw the line between building fan support and being true to themselves?
Answers
Answer:
I dont really know
Explanation:
select the best answer. a ship-building company buys 50 tons of lumber to build classic-style ships. the lumber is an example of ___ goods.
Answers
The lumber purchased by the ship-building company to construct classic-style ships can be classified as a type of intermediate goods. Intermediate goods refer to materials or components that are used in the production process but are not directly sold to the end consumer in their current form.
In this case, the lumber serves as a crucial input in the ship-building process, where it undergoes various stages of processing, shaping, and assembly to eventually become the finished ships. It is transformed and integrated with other materials and components to create the final product.
The distinction between intermediate goods and final goods lies in their stage of production and ultimate purpose. While the lumber is not directly consumed or used by end consumers, it plays a vital role in the production of the ships, which are the final goods that will be sold to customers.
Therefore, the lumber in this scenario can be considered an example of intermediate goods, as it serves as a significant component in the ship-building process but is not the end product itself.
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5
Type the correct answer in the box. Spell all words correctly.
How can you improve customer service?
You should obtain regular
from consumers to learn about their views on customer service.
Answers
To improve customer service, it is important to regularly obtain feedback from consumers. This feedback can provide valuable insights into areas where customer service can be improved and help businesses identify areas that are working well.
One way to obtain feedback is through customer surveys or questionnaires, which can be sent out via email, social media, or on a company's website. These surveys can ask questions about a customer's recent experience with the company, including their interactions with customer service representatives. Another way to improve customer service is to invest in training programs for customer service representatives.
These programs can help employees develop better communication skills, learn how to handle difficult customers, and understand the company's products and services. Additionally, providing incentives for exceptional customer service can help motivate employees to go above and beyond for customers. Businesses can also improve customer service by streamlining processes and reducing wait times.
This can include implementing self-service options, such as online ordering or automated phone systems, to make it easier for customers to access information or place orders. Finally, businesses should ensure that they are addressing customer complaints and resolving issues in a timely and effective manner. This can help build trust and loyalty with customers and improve overall satisfaction with the company.
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why is training important for a good job?plz answer
Answers
Advantages of training
Increased job satisfaction and morale among employees.
Increased employee motivation.
Increased efficiencies in processes, resulting in financial gain.
Increased capacity to adopt new technologies and methods.
Increased innovation in strategies and products.
being able to buy goods online make it more likely or less likely to specialize?
Answers
The likelihood of specializing in e-commerce depends on whether one can purchase products online.
E-commerce: what is it?Electronic commerce, or e-commerce, refers to the purchasing and selling of goods and services as well as the sending of money or data over an electronic network, most commonly the internet. These commercial exchanges take place either in a business-to-business (B2B), business-to-consumer (B2C), consumer-to-consumer, or consumer-to-business (C2B) setting.
There is a lot of overlap between the phrases e-business and e-commerce. The transactional procedures that go into conducting an online retail transaction are also referred to as "e-tail" at times. Internet technology underlies e-commerce. Utilizing their own devices, customers can browse an online store's inventory and place orders for goods or services.
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_ 5. Which of the following is an example of terminal punctuation?
A. Comma.
B. Question mark.
C. Quotation mark.
D. Colon.
Answers
terminal punctuation refers to punctuation marks used to identify the end of a portion of text.
Li would like to know what "managing up" means in the context of her being an HR professional.
How would
you briefly define "managing up" to Li?
Answers
In the context of being a HR professional, managing up would have to do with the management of the employees that are in an organization in terms of hiring and ensuring good conduct.
Who is a HR professional?The five key responsibilities of human resources include managing talent, pay and benefits for employees, training and development, compliance, and workplace safety. By efficiently managing the employee lifecycle, an HR department may assist in providing organizational structure and the capacity to satisfy business demands.
They act as a conduit between potential employees and the businesses hiring. While some businesses utilize outsourcing techniques, others establish a human resources department under the direction or control of an HR manager.
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What should be included in the schedule section of a scoping document? Select one or more: a. Payment Schedule b. Hours of work per week c. Taxes to be paid by vendor d. Key Milestones What are good e
Answers
Answer: Key Milestones
Explanation: The schedule section of a scoping document typically includes key milestones. These milestones outline important dates or events during the project that help track progress and ensure timely completion.
While it is not common to include payment schedule, hours of work per week, or taxes to be paid by the vendor in the schedule section of a scoping document, they may be included in other sections of the document such as the financial or contractual terms.
To summarize, the schedule section of a scoping document should primarily focus on key milestones.
A person who buys a new phone because friends get new phones is
influenced by what factor?
A. Advertising
O B. Social pressure
C. Age
O D. Income
SUBMIT
Answers
Answer:
I believe it would be B. Social Pressure.
Explanation:
The reason is because since the person who bought a new phone because their friend's got new phones, they were influenced or given pressure on them to have a new phone so they can fit in and perhaps be liked by their friends or find similar interests with them
when the value of a loyal customer (vlc) market segment is high, should these customers be given premium goods and services for premium prices? if the vlc is low, should they be given less service?
Answers
Loyal customer frequently stick to one brand. They are incapable with cost until and except if the assistance given by the organization is great. The devoted client are the client who gives greatest benefit to the organization straightforwardly and in a roundabout way.
One clear explanation is they give benefit to the labor and products bought and other is they spread the words to others which can tend to becomes expected client there by expanding deals income. Subsequently with this advantage, the organization ought to give steadfast client premium labor and products at premium cost.
On the off chance that the worth of the dependable client is low, the organization should attempt to make possible client. This should be possible by offering great assistance and quality item at right cost.
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when must interest and principal payments on a Stafford Student Loan begin
Answers
Answer:
The interpretation of the issue is listed throughout the clarification section below.
Explanation:
As usual and when you get a subsidized mortgage, the economy amount to accrue, but perhaps the government will pay everything on someone's account. This seems to be the case for other education loans, individuals aren't encouraged to make additional cash receipts and cash contributions while being in education or even for 6 months after taking university or education center.
Tax rates for proprietorships, partnerships, and LLCs ______ with the passage of the Tax Cuts and Jobs Act of 2017.
Answers
The provision on tax rates for proprietorship, partnerships, and LLCs changed with the passage of the Tax Cuts & Jobs Act.
What is the Tax Cuts & Jobs Act?
The Tax Cuts & Jobs Act is a legislation that guides tax rate on income and addresses concerns about tax credit for employers.
In conclusion, the provision on tax rates for proprietorship, partnerships, and LLCs changed with the passage of the Tax Cuts & Jobs Act.
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which of the following indicates the primary mechanism by which the money supply expands?
Answers
The primary mechanism by which the money supply expands is through the creation of new bank deposits.
When banks make loans, they create new deposits in the borrower's account, thereby increasing the money supply. This process is known as fractional reserve banking, where banks are only required to hold a fraction of deposits in reserve, allowing them to lend out the rest. As loans are repaid, the money supply contracts.
Central banks can also influence the money supply through open market operations, where they buy or sell government securities to increase or decrease the amount of reserves held by banks. However, the primary driver of the money supply is the lending activities of banks. Understanding this process is important for policymakers and economists in managing the economy and controlling inflation.
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Bridgett received her bank statement with a previous balance of $181.36. Total deposits were $475.00. Total checks written were $165.25. The service charge was $7.00. How much money does Bridget have in her checking account?
Your answer:
-$121.39
$484.11
$491.11
Answers
Answer:
$484.11
Explanation:
Calculation to determine How much money does Bridget have in her checking account?
Previous balance of $181.36
Add Total deposits $475.00
Less Total checks written $165.25
Less service charge $7.00
Checking account balance $484.11
Therefore How much money does Bridget have in her checking account is $484.11
The per diem employee makes $110.00. He works 25 days in the month. What is his gross pay?
Answers
To calculate the gross pay of the per diem employee, we need to multiply his daily rate by the number of days he worked in the month.
Daily pay = $110.00
Number of days worked = 25
Gross pay = Daily pay x Number of days worked
Gross pay = $110.00 x 25
Gross pay = $2,750.00
Therefore, the gross pay of the per diem employee is $2,750.00.
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In which closing technique does a salesperson respond to a customer's question with a counter question to close the sale?
In a __________ close, a salesperson's objective is to respond to a customer's question with a counter question that might help close
In a
the sale quickly
Answers
Answer:porcupine close
Explanation:
On page 23 of the Plato work