in practice accountants record information directly into financial statements. this statement is group startstrue or false

Answers

Answer 1

The statement "In practice, accountants record information directly into financial statements" is false. In practice, accountants record transactions and financial information in general ledger accounts.

Some important points about this are:

Accountants do not typically record information directly into financial statements. Rather, they use source documents, such as invoices and receipts, to record transactions in accounting software or manually in accounting journals. Once recorded, the transactions are then posted to the general ledger, which is a summary of all accounts used in the accounting system.From the general ledger, accountants prepare financial statements such as the balance sheet, income statement, and statement of cash flows. These statements provide information about the company's financial performance and position, and they are typically prepared on a periodic basis, such as monthly or annually.It's important to note that the process of recording transactions and preparing financial statements requires careful attention to detail and accuracy. Accountants must follow generally accepted accounting principles (GAAP) and ensure that the financial statements are presented fairly and accurately. Any errors or omissions in the financial statements can have significant consequences, including legal and financial liabilities.

In summary, accountants do not record information directly into financial statements. They use source documents to record transactions, which are then summarized in the general ledger and used to prepare financial statements.

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Related Questions

arkansas escrow agent norman received the earnest money deposit from his clients bud and barbara on friday, january 6, the day the contract was signed by both parties. he must deposit the earnest money by the end of what day?

Answers

The timeline for depositing earnest money can vary depending on state laws and contractual agreements.

In most cases, an escrow agent like Norman is required to deposit the earnest money within a reasonable period of time. The specific time frame may be outlined in the contract or governed by state laws. It is crucial to consult the contract or seek legal advice to ensure compliance with the applicable regulations.

In the absence of specific contractual or legal requirements, it is generally considered good practice for the escrow agent to deposit the earnest money as soon as possible after receiving it. This helps maintain transparency and demonstrates good faith between the parties involved in the transaction.

In the given scenario, if the contract was signed and the earnest money was received by Norman on Friday, January 6, the deposit should ideally be made within the next business day or within a reasonable time frame thereafter.

Typically, this means that the earnest money should be deposited by Monday, January 9, or the next business day following the receipt of the funds.

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If Ryan purchases a sandwich, he is using money as:
A. a medium of exchange
B. A unit of measure
C. A store of value

Answers

Answer:

a. a medium of exchange

Explanation:

i took the test

If Ryan purchases a sandwich, he is using money as a medium of exchange. Thus, the correct answer is option A.

What is money?

Money is any item or verifiable record that is widely accepted in a particular country or socioeconomic context as payment for goods and services and repayment of debts, such as taxes. It is the medium in which prices and values are expressed.

The primary functions of money are- as a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment.

Ryan is purchasing the sandwich with the help of money. Money is exchanged for the sandwich, acting as a medium of exchange.

Therefore, Ryan is using money as a medium of exchange.

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the employees of laclin, a popular personal care products manufacturing company, have decided not to use any of the company's products for at least 5 months. they have also advised their family members and acquaintances to do likewise. this tactic adopted by the employees to show their resentment toward the company's wage reduction policies is referred to as .

Answers

The strategy used by the workers to express their anger over the company's salary lowering tactics, as described in the scenario, is commonly known as "consumer boycott".

Consumer boycott is a form of protest in which individuals or groups refuse to purchase or use products or services from a particular company or brand as a way to voice their dissatisfaction or disagreement with the company's actions, policies, or practices.

In this case, the workers of Laclin, the personal care product manufacturer, have decided not to use any of the company's goods for at least five months and have also recommended others, such as their friends and relatives, to do the same as a way to protest against the company's salary lowering tactics.

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What does respecting people’s privacy mean?

Answers

It means you keep it private. Its only for you or for them, but you cant get involved in other people’s business.

The purpose of an electric spreadsheet is to and data in an concise manner

Answers

Answer:

A spreadsheet is a computer application for organization, analysis and storage of data in tabular form. Spreadsheets were developed as computerized analogs of paper accounting worksheets. The program operates on data entered in cells of a table.

Select the education or qualification that is best demonstrated in each example. Freda interviews a famous local athlete on a television news show. Essie gets a four-year college degree in journalism. Lester creates a chart mapping out all the news stories a newspaper will publish over the next week. Ramon identifies sources of information and sorts out facts.

Answers

Answer:

1. communication skills 2. bachelors degree 3. planning and organizational skills 4. research skills

Explanation:

took the test

Answer:here’s the answer for this question

Explanation:edge2023

Select the education or qualification that is best demonstrated in each example. Freda interviews a famous

What is insurance and premium

Answers

An insurance premium is the amount of money an individual or business pays for an insurance policy. Insurance premiums are paid for policies that cover healthcare, auto, home, and life insurance. ... It also represents a liability, as the insurer must provide coverage for claims being made against the policy.

I will mark brainliest.


Who created the music in Netflix’s Wednesday?

Answers

Answer:

Danny Elfman

Explanation:

It was Danny Elfman
Hope it helped?

four workers complete a job in 120 hours . how long will it take three workers working at the same rate to do the same type of job

Answers

Answer:

90 hours

Explanation:

In the given case, It will take three workers 40 hours to complete the same type of job.

To find out how long it would take three workers to complete the job, we can use the formula work = rate × time.

Since the rate of work is the same for each worker, and four workers take 120 hours, it means that the rate for one worker is 1/120 of the job per hour.

Then, we can calculate how long it would take for three workers by substituting the values into the formula:

1 worker's rate × time taken by 3 workers = 1 job

(1/120) × time taken by 3 workers = 1

Time taken by 3 workers = 1 × (120/1) = 40 hours

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a firm in a perfectly competitive industry would exhibit which characteristic?

Answers

A firm in a perfectly competitive industry would exhibit a high degree of price-taking behavior.

This means that the firm is unable to influence the market price of the good or service it produces. Instead, the firm must accept the prevailing market price as given and adjust its output accordingly. In addition, the firm in a perfectly competitive industry would exhibit relatively low barriers to entry and exit, meaning that it is relatively easy for new firms to enter the market and for existing firms to exit the market.

This implies that there are many firms in the industry and that each firm is relatively small in size. Furthermore, the firm in a perfectly competitive industry would exhibit a high degree of product homogeneity, meaning that the products produced by each firm are essentially identical in terms of quality, features, and performance. This allows consumers to easily substitute one product for another and prevents any one firm from gaining a significant market share based on product differentiation.

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Write a three- to five-sentence paragraph that defines economics. Based on your definition, explain why it is difficult to consider economics an exact science. You may want to consider how economists approach economics to help you explain your answer.

Answers

Answer: See explanation

Explanation:

Economics is referred to as a social science that is concerned with how goods are produced, how they're distributed and how they're consumed. Economics is the social science that studies why human beings behave the way that they do.

It is difficult to consider Economics as a science because it lacks a hypotheses that's testable. Also, there is lack of consensus and the scientific method is not followed in Economics.

Parkinson's disease is caused by ___________________dopamine levels and its etiology is _________________. high, unknown low, unknown low, history of uncontrolled DM high, history of uncontrolled diabetes g

Answers

Parkinson's disease is a neurodegenerative disorder that primarily affects the dopamine-producing neurons in the brain. Dopamine is a neurotransmitter involved in regulating movement and coordination.

In Parkinson's disease, there is a PROGRESS loss of dopamine-producing cells in a specific area of the brain called the substantia nigra.

The low levels of dopamine in the brain are a key characteristic of Parkinson's disease. The exact cause of the dopamine cell loss is still unknown, and the etiology of Parkinson's disease remains unclear. Researchers believe that a combination of genetic and environmental factors may play a role in the development of the disease. However, the precise mechanisms and triggers for the degeneration of dopamine-producing cells are yet to be fully understood.

While there are certain risk factors associated with Parkinson's disease, such as age, family history, and exposure to certain toxins, the exact reasons why dopamine levels decrease and the disease develops are still being actively studied by scientists and researchers.

In summary, Parkinson's disease is caused by low dopamine levels in the brain, and its etiology (underlying cause) is currently unknown. Ongoing research aims to uncover the factors contributing to the development of Parkinson's disease and provide further insights into its mechanisms.

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explain why Microsoft's growth over time would affect how it was organized and how it would
manage employees.

Answers

It is important to manage employees as employees are the basic source for the growth of the organization and Microsoft is one of the organization that provides services and products around the world.

What is management?

Management is the upper level employees that manages the employees hired by the company, employees are the core area for any organization and it plays a vital role in the growth of the organization it is therefore important to manage the employees so that they are motivated and work hard and smart.

For a company like Microsoft it is important to manage the employees and keep them motivated so that they work with commitment and the company can reach the goal of their growth. Employees can be motivated with increased remuneration and appreciations.

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Franklin is planning for a purchase of a vehicle in two years. Since he wants to be
certain that his funds are safe (insured), which of the following should he use? *
O A credit card
O A mortage
O A loan
O A savings account

Answers

I’m pretty sure it’s a but not 100 percent sure

Answer: A Savings Account

Explanation:

What caused the change in the yen's exchange rate? According to this graph, how has the yen's exchange rate changed?.

Answers

Answer: demand decreased

and

it has fallen

Explanation:

hope this helps <3

Decrease in demand has caused the change in the yen's exchange rate. Due to decrease in demand yen’s exchange rate has fallen.

What is exchange rate?

The value of one country's currency in comparison to that of another or an economic region is known as the exchange rate. The majority of exchange rates are free-floating and fluctuate according to market supply and demand. There are some exchange rates that are restricted and not free-floating; instead, they are tied to the value of other currencies.

Exchange rates are typically either free-floating or set. Changes in the foreign currency market cause a free-floating exchange rate to rise and decrease. The value of one currency is linked to a set exchange rate. Spot rates, often known as cash values or market values, are one type of exchange rate that might exist. An exchange rate may also have a forward value, which is determined by predictions of the currency's future worth in relation to its current spot price.

Changes in the foreign currency market cause a free-floating exchange rate to rise and decrease. The value of one currency is linked to a set exchange rate. Spot rates, often known as cash values or market values, are one type of exchange rate that might exist. An exchange rate may also have a forward value, which is determined by predictions of the currency's future worth in relation to its current spot price. For example, USD stands for the United States dollar, while EUR stands for the Euro. EUR/USD is the currency pair that represents the dollar and the euro. It's USD/JPY, or dollar to yen, in the case of the Japanese yen. A conversion rate of 100 means that one dollar equals 100 yen.

One notable example of a nation with a restricted rate structure is China. The Chinese yuan is a currency that the government also controls. The Chinese government decides on a midpoint value for the currency each day, which gives the yuan a trading range of 2% from the midpoint.


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The impact of Furman v. Georgia (1972) was that states had to

promise to use the death penalty only with approval from the Supreme Court.
throw out the old Miranda warning and write a new one.
agree to throw out all state laws regarding crime and impose national standards.
create clear standards to be applied fairly before imposing the death penalty.

Answers

Answer:  D.create clear standards to be applied fairly before imposing the death penalty.

Explanation: The answer it's right there

The impact of  Furman v. Georgia (1972) was that states had to

create clear standards to be applied fairly before imposing the death penalty.

The Furman v. Georgia case

This was a case that had to do with the cruel and the unusual way that people faced in the death penalty.

The case ruled that the death penalty was unconstitutional if it was applied in a discriminatory way.

It ruled that the eight amendment was being violated if used in this way.

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Name the market structure in which agriculture farming operate​

Answers

Answer:

primary sector involves agricultural stuufs

hope it is helpful

Jessica wants to get a credit card, but the bank is refusing to give her one. What could be the TWO possible reasons behind the bank’s refusal to comply with Jessica’s request?

she does not have an account with the bank
she has a bad credit history
she has a good credit history
she is 18 years old
she doesn’t have a job

Answers

Answer:

TWO POSSIBLE REASONS:

-she has a bad credit history

-she doesn't have a job

Explanation:

The bank should give her a credit card if:

-she is 18 years old

-has a good credit history

Also,

- having an account with the bank is not necessary and will not hinder the approval process of getting a credit card

The two possible reasons  behind the bank’s refusal to comply with Jessica’s request should be  she has a bad credit history  and she doesn't have a job.

The following information should be considered:

The bank should give her a credit card in the case when she should be 18 years old and also have the good credit history. Moreover, it is not necessary to have a bank account but also not hinder the approval process with regard to the credit card.  

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One of the main questions of economics involves deciding upon the method for

distributing goods and services.
creating goods and services.
pricing goods and services.
enhancing goods and services.

Answers

Answer:

creating goods and services.

Explanation:

Economics seeks to get answers to how societies utilize scarce resources to meet the unlimited needs of members. The three basic questions that economics addresses are

What to produce?How to produce?For whom to produce?

Creating goods and services and services is answering on what to produce? With the limited resources, authorities must decide what goods and services to produce. Decisions have to be made on what needs to meet immediately. For example, the government may decide to build new schools rather than contract a new road

Answer:

B

Explanation: Took test!!!

Profit is revenue minus expenses. If your profit is $3,000 and your revenue is $50,000, what are your expenses?

Answers

20 not sure my answer*

calculate the percentage by mass of all the components element in sodium trioxonitrate(v)

Answers

Sodium =27.05

Nitrogen=16.47

Oxygen=56.46

calculate the percentage by mass of all the components element in sodium trioxonitrate(v)

A country has a trade deficit of $20 billion with its trading partners (
year. Which change would cause the country to have a trade surplus the
following year, assuming everything else remains the same?
A. The country increases its exports by $30 billion.
B. The country increases its imports by $30 billion.
C. The country decreases its exports by $10 billion.
D. The country decreases its imports by $10 billion.

Answers

D) The nation reduces its exports by $30 billion, the change would result in a trade deficit the following year for the country that had a trade surplus of $20 billion in one year.

When imports rise faster than exports, a trade deficit occurs. If the country increases its exports by $30 billion, decreases its imports by $10 billion, or increases its imports by $10 billion, it cannot have a trade deficit.

As a result, the country will only experience a trade deficit if its exports decrease by $30 billion while the rest of its exports remain unchanged.

With an example, what is a trade deficit?

A country has a trade deficit when its imports exceed its exports over a given time period. A negative balance of trade (BOT) is another name for this situation. There are several ways to determine the balance, including: goods (also called " merchandise”), goods and services, and services and goods.

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Full Question = A country has a trade surplus of $20 billion with its trading partners over a

year. Which change would cause the country to have a trade deficit the

following year, assuming everything else remains the same?

A. The country increases its exports by $30 billion.

B. The country decreases its imports by $10 billion.

O C. The country increases its imports by $10 billion.

O D. The country decreases its exports by $30 billion.

how have the careers grown due to c0vid 19

Answers

Answer:

They haven’t

Explanation:

Due to C0VID 19 numerous companies have been forced to shut down throughout the nation and therefore suggesting that the only companies that are growing are the ones whom benefit from other company shutdowns, if a lumber is currently producing over three tons of lumber per day and the lumber next to it is producing six tons. If the one of those mills shut down the other will gain the business that the previous mill had and possibly be able to also produce more lumber due to a more increased number in resources

Which of the following can be defined as generally accepted behavior required in social relations?

Actions

Etiquette

Traditions

Body language

Answers

I think its A Action because most likley you would be very cooperative and listen to people in social reaction Just my opinion!

Answer:

Which of the following can be defined as generally accepted behavior required in social relations?

Actions

Etiquette

Traditions

Body language

Melissa plans to become a nurse. What would be a good extracurricular activity for Melissa during high school? O A. O B. O C. O D. joining the cheerleading squad taking charcoal drawing lessons participating in gymnastics volunteering at a health clinic after school​

Answers

Answer:

Volunteering at a health clinic after school​

Explanation:

If Melissa plans on becoming a nurse, she should look for extracurriculars which could help support her in her future years. Volunteering at a health clinic could provide her with hands on experience opposed to cheerleading or charcoal drawing which are good for hobbies and fun activities. But if Melissa really has a passion to become a nurse she should look for extracurriculars which not only interest her but may be of benefit to her.

Eliza Conner owns a small clothing boutique. Eliza uses her personal checking account for both business and personal needs. How would you convince Eliza that she should open a separate
bank account for her business?

Answers

Answer:

1. It will cause them confusion throughout the tax calculating process.

2. Using a single account will make it difficult to keep payroll records.

3. Keep track of your personal expenses and earnings.

Explanation:

1. It is preferable to establish a separate account to separate the firm's actual income and expenses.

2. Payroll expenses are indistinguishable from personal expenses.

3. This allows you to cross-check bank and hand-made documents for income and expenses. Because cash transactions may not be recorded in the bank account, the entrepreneur should preserve receipts in order to compute revenue and expenses, which may result in erroneous financial statements.

what are the disadvantage of credit card ​

Answers

Answer: you don’t see your own money.

Explanation:

Have to pay back high interest rates depending on what bank you’re with. Easy to spend money you don’t have!

seedbed preparation
activities
1.cleared the area

Answers

Get your supplies lay them out and start your seed preparing with paper towel water and the seeds

Question 13 of 20
What would be the most likely consequence of making an
illegal turn while driving?
A. Collateral consequences
OB. Probation
C. Incarceration
D. A fine

Answers

Fine would be the most likely consequence of making an illegal turn while driving. The correct answer is option (D).

What is illegal turn while driving?

When a driver makes an unsafe turn, it is regarded to be unlawful. These manoeuvres may involve doing a U-turn at an intersection with a "No U-turn" sign when the light is red or turning on red when there is a "No Turn On Red" sign.a railroad crossing, or nearby.

By going through a separating part, curb, strip of land, or two sets of the double yellow lines on a divided highway. if a curve, slope, rain, fog, or other obstruction prevents you from seeing 200 feet for each direction clearly They are prohibited because of how deadly they are, claims Arias. On how to merge back onto the freeway, only emergency cars are taught.

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colin is a software developer. he would like to earn a credential that demonstrates to employers that he is well educated on software security issues. what certification would be most suitable for this purpose?

Answers

The certification that would be most suitable for Colin to demonstrate his knowledge of software security issues is the Certified Secure Software Lifecycle Professional (CSSLP) certification.

The CSSLP certification is a globally recognized certification that validates an individual's expertise in identifying, assessing, and mitigating security vulnerabilities throughout the software development lifecycle. This certification covers eight domains that include secure software concepts, secure software requirements, secure software design, secure software implementation/coding, secure software testing, software acceptance, software deployment, operations, maintenance, and disposal, and supply chain and software acquisition. By obtaining this certification, Colin can prove his knowledge and competence in software security issues to potential employers. Additionally, the CSSLP certification is maintained and updated regularly to ensure that it remains relevant and reflective of the latest trends and developments in the field of software security.

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