What is the journal entry to record the salary expense and its related payroll liabilities for this employee if payroll register shows the following amounts for his payroll Salaries and Wages Expense 3,000; FICA--OASDI Taxes Payable 150; FICA- Medicare Taxes Payable 20; Employee Income Taxes Payable 400; Salaries and Wages Payable 2,430?
A. Dr. Cash 3,000; Cr. FICA-OASDI Taxes Payable 150; Cr FICA--Medicare Taxes Payable 20; Cr. Employee Income Taxes Payable 400; Cr. Salaries and Wages Payable 2430
B. Dr. Salaries and Wages Payable 3,000; Cr. FICA-OASDI Taxes Payable 150; Cr FICA--Medicare Taxes Payable 20; Cr. Employee Income Taxes Payable 400; Cr. Salaries and Wages Expense 2430 Dr. Salaries and Wages Expense 3000 Cr. FICA-OASDI Taxes Payable 150 Cr FICA--Medicare Taxes Payable 20; Cr. Employee Income Taxes Payable 400; Cr. Salaries and Wages Payable 2430
C. Dr. Salaries and Wages Expense 3,000; Cr. FICA-OASDI Taxes Payable 150; Cr FICA--Medicare Taxes Payable 20; Cr. Employee Income Taxes Payable 400; Cr. Cash 2430
D. None of the above
Answers
The journal entry to record the salary expense and its related payroll liabilities for this employee is as follows:Option C: Dr. Salaries and Wages Expense 3,000; Cr. FICA-OASDI Taxes Payable 150; Cr FICA--Medicare Taxes Payable 20; Cr. Employee Income Taxes Payable 400; Cr. Cash 2430
Payroll liabilities: Salaries and Wages Payable $2,430Employee Income Taxes Payable $400FICA-OASDI Taxes Payable $150FICA-Medicare Taxes Payable $20Total payroll liabilities $3,000 + $400 + $150 + $20 = $3,570The employer’s share of FICA taxes is not recorded in the same journal entry. This entry records only the payroll liabilities and the amount of the employee’s gross pay that is allocated to each of these liabilities.
A salary expense is a debit balance account, and since it represents an increase in expenses, it is debited in the books of accounts. Cash, on the other hand, is a credit balance account. Thus, for any increase in cash, it is credited in the books of accounts. FICA-OASDI Taxes Payable, FICA--Medicare Taxes Payable, and Employee Income Taxes Payable are all credit balance accounts. As a result, for any increase in payroll liabilities, they are credited in the books of accounts.
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Related Questions
Heyy
Can someone help me please
Answers
when consumed, many goods and services have an impact on other people not using the product. Which word describes this impact ?
A. appreciation
B. depreciation
C. externality
D. inflation
Answers
Answer:
Explanation:
depreciation
When consumed, many goods and services have an impact on other people not using the product. Depreciation word describes this impact. The correct option is B.
What does it mean to deprecate a product?Application developers who have already subscribed to a product may still use it after it is deprecated, but no new developers may do so. We disapprove of this use of company funds for political activities. to say that you disapprove of something.
In order to maintain backward compatibility and give programmers time to bring affected code into compliance with the new standard, features are deprecated rather than immediately removed. The following are some of the primary causes of depreciation: A more potent substitute feature has taken the place of the former feature.
Thus, the ideal selection is option B.
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Well-defined projects that encounter no significant surprises require little: A) Management B) Leadership C) Monitoring D) Corrective action
Answers
Well-defined projects with no significant surprises require little corrective action but still necessitate effective management practices. Option A.
Effective project management involves careful planning, organizing, and controlling of resources, tasks, and timelines to ensure smooth project execution.
When a project is well-defined, with clear objectives, requirements, and expectations, management practices such as defining project scope, allocating resources, setting milestones, and implementing effective communication and coordination mechanisms can help ensure successful project delivery.
While leadership is important in any project, it may be less critical in well-defined projects with minimal surprises.
Leadership typically comes into play when navigating through uncertainties, managing conflicts, inspiring and motivating team members, and making strategic decisions in ambiguous situations. In such projects, where surprises are minimal, the need for visionary leadership may be reduced.
Monitoring is also important in project management, but in well-defined projects with no significant surprises, the need for continuous monitoring may be relatively lower.
Monitoring typically involves tracking progress, assessing risks, and gathering feedback to ensure project alignment and quality. However, when a project is well-defined and proceeds as expected, monitoring activities may be less intensive compared to projects with greater uncertainty.
Corrective action refers to making adjustments or taking remedial measures when deviations from the desired course occur. In well-defined projects with minimal surprises, the need for corrective action is significantly reduced since the project is on track and aligned with the predetermined objectives and plans. So Option A is correct.
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PLEASE HELP QUICKLY: (FIRST ANSWER GETS BRAINLIEST PERSONAL & FAMILY FINANCE)
Amanda submitted her taxes, but someone from the IRS called her because they want to talk more about her tax return. What is Amanda MOST likely experiencing?
estimated payment
tax audit
tax deduction
Answers
Answer
tax detection
Explanation:
just is
Explanation:
Sergei’s boss has very strong opinions and often frowns upon questions from the team. This creates an environment where everyone just agrees with the boss decisions without questioning them
Answers
Knowing and comprehending each team member's opinions personality type will enable you to assign tasks in a way that best suits their interests and passions.
By doing this, you will raise team morale and productivity to their highest levels. Therefore, I always let my manager know when I'm having an issue. I jot out a list of my annoyances. I request a meeting with my employer opinions and explain these issues in detail. I want to be sure I'm not coming out as rude or sounding like I'm making any accusations against my supervisor. Good staff knowledge results in higher output and results.
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when chinese yuan ¥ 7 = us$1 and euro € 0.9 =us$ 1, what is ¥ price per €?
Answers
To find the Chinese yuan (¥) price per Euro (€), we need to consider the exchange rates given for both currencies in terms of US dollars ($).
Given:
¥ 7 = $ 1
€ 0.9 = $ 1
We can set up a proportion to find the ratio of Chinese yuan to Euros:
¥ 7 / € 1 = $ 1 / $ 0.9
To simplify the proportion, we can multiply both sides by € 0.9:
(¥ 7 / € 1) * € 0.9 = ($ 1 / $ 0.9) * € 0.9
This yields:
¥ 7 * € 0.9 = $ 1
Now we can solve for the Chinese yuan (¥) price per Euro (€):
¥ 7 * € 0.9 = $ 1
¥ 6.3 = $ 1
Therefore, based on the given exchange rates, the price of Chinese yuan per Euro would be approximately ¥ 6.3.
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Companies that are employee-owned are commonly thought to be more profitable than are publicly-owned companies or companies with a single owner. If employees have a financial stake in the company, it is in their interest to work harder. If profit goes primarily to stockholders or a small group of owners, employees have less incentive to work hard. Yet, in a comparison of airline companies, Wingspan Airlines, which is entirely employee-owned, has recorded losses for the previous three quarters, whereas Longflite Airlines, which is owned by billionaire Martin Pearson, has recorded record profits for the previous three quarters.Which of the following, if true, best supports the conclusion that employee-owned companies are more profitable than are non-employee-owned companies?A. Wingspan Airlines has recently initiated routes to New Zealand, Australia, and Tahiti.B. Longflite Airlines has been owned by Martin Pearson for only six months.C. A cosmetics company that is entirely employee-owned has, in the last year, increased its market share by 18 percent.D. Profits recorded by Longflite Airlines include profits earned by a subsidiary that manufactures airplane parts, and because of a nationwide drop in airplane travel, all airline companies have chosen to repair their older planes rather than spend dwindling revenues on new planes.E. The employees of Wingspan Airlines voluntarily took pay cuts to give the company a chance to recover, and the employees of Longflite recently went on strike to protest poor working conditions.
Answers
Answer:
D. Profits recorded by Longflite Airlines include profits earned by a subsidiary that manufactures airplane parts, and because of a nationwide drop in airplane travel, all airline companies have chosen to repair their older planes rather than spend dwindling revenues on new planes.
Explanation:
In the given instance it is stated that Wingspan Airlines, which is entirely employee-owned, has recorded losses for the previous three quarters, whereas Longflite Airlines, which is owned by billionaire Martin Pearson, has recorded record profits for the previous three quarters.
This is in conflict with the fact that employee-owned are commonly thought to be more profitable than are publicly-owned companies or companies with a single owner.
The option that justifies this in the given instance is if every company is suffering and making losses but Longflite Airlines (which is owned by billionaire Martin Pearson) is making profit from a subsidiary that manufactures plane parts.
This will give Long life Airlines a clear advantage over other companies including the employee owned Wingspan Airlines.
What is the best way to study for permit at 15?
Answers
Answer: The best way to study is to know the car that you are using also to do simulations in your head about what is going to happen
Explanation: PLS give brainlie
twitter provides a platform where businesses can create advertising campaigns
Answers
Answer:
ok?
Explanation:
50 POINTS
If (it) management does not "buy-in" to the plan, what might happen?
a. reduce confidence
b. nothing will change
c. increase confidence
d. management will be fired
Answers
Answer:
reduce confidence
Explanation:
i got it right on odyssey
Please helppp!!!
Match the following terms to their correct definitions:
1. A free trade agreement between the U.S., Mexico and Canada
2 A phenomenon that has come about as a result of interdependence between world
economies
3. Large-scale businesses that have originated in developed countries and expanded across the
globe
4. A worldwide organization established after World War Il as a means for providing financial
help for nations in need
a. NAFTA
b. IMF
c. Multinational Corporations
d. Globalization
Answers
Answer:
I dont want ads so I am gonna answer this
Explanation:
Under what temperature will the volume of the gas at 0°C double itself if
the pressure is kept constant?
Answers
Let the volume of the gas at 0°C = Vml.
Im on a time crunch and need help. Ill give a good answer brainiest!!
JUST WRITE A SHORT SUMMARY OF THIS.
Let’s move on to the next ‘flavor;’ the Manufacturing career cluster covers the planning, managing, and processing of materials to create a final product. It also involves technical support, as well as maintenance and engineering. Whew! That’s a doozy of a definition. Basically, you can think of manufacturing as the people who work together to create something. They build, much like builders, but they create pieces and items. Manufacturing differs from building because it involves building items and components not large structures. Have you ever stepped inside a factory? A factory is a large space where manufacturing happens. Examples for a factory might include manufacturing car parts or packaging for food.
A man in a blue hard hat and coveralls works at a milling machine in a factory with another man looking over his shoulder.
The Manufacturing cluster presents careers that make components that are smaller than a building.
Let’s think back to Xavier again. Xavier looked into a company that built (or manufactured) different parts of a home for him. People who work in the Manufacturing career cluster would put together all of the separate parts needed for Xavier’s home, and Xavier would do the actual building or constructing of those parts to build the structure of his house.
Pathways in the Manufacturing Cluster
The Manufacturing career cluster has many career pathways that fall underneath it. We are going to scoop into those flavors one by one to get a better look at what falls into each.
Production Pathway
The first pathway we are going to discuss is the Production pathway. The Production pathway includes jobs/careers that work directly on the shop floor making or assembling parts. Remember, we discussed that many of these jobs and careers are in a factory. Working on the shop floor means they are working on the main floor of the factory where they assemble and create parts and materials. For jobs and careers in this cluster, you need a keen eye for detail, the ability to work with precision (or a high level of detail), and knowledge of how pieces and parts fit together. Jobs in this career pathway typically require a high school degree or apprenticeship if you are working on simpler projects, but if you are making and assembling very complicated parts (like technical parts for electronics), you may need a higher degree such as an associate, bachelor’s, or master’s.
Manufacturing Production Process Development Pathway
A person sketches out designs for cardboard boxes with several prototypes littering the drawings.
The Manufacturing Production Process Development pathway holds exciting careers like product design.
This pathway is a mouthful. The Manufacturing Production Process Development pathway includes employees who are responsible for product design and design of the manufacturing process. You can think of this pathway as architects, in a way, as they are the creative (and technical) force that puts together the product design (or how the product will look) and the process needed to make it look that way. Essentially, they decide how things get created and assembled. People in this pathway work with customers as well, bringing their visions to life. If the customer wants to package their new product in blue boxes with an orange ribbon tied around them, people in this career pathway will give an example of what this finished project will actually look like and how they will create them by the masses so all look identical. When designing packages, people in this pathway will usually work in an office, but others in this career cluster work on the factory floor, watching and tweaking the packaging process as it happens. Some jobs and careers in this pathway include design engineers, electronic technicians, electronic engineers, manufacturing engineers, manufacturing technicians, etc. Most jobs in this career cluster require at least an associate degree or higher depending on the types of designs and processes they are creating.
Maintenance, Installation & Repair Pathway
The Maintenance, Installation & Repair pathway is another mouthful. This pathway covers jobs and careers that perform preventative maintenance procedures on machines, tools, and equipment. They make sure that any machines and tools that are being used for a particular project are always up and running their best. They perform routine and regular checks on machines, as well as troubleshoot and repair electrical, electronic, and mechanical systems. People in this pathway are problem solvers. They are good at going in, seeing what’s not working, and fixing the problem ASAP. They also know how to best prevent problems before they even happen. Some jobs and careers that are included in this pathway are computer repair people, facility electricians, industrial maintenance workers, technicians, and mechanics.
Answers
these are not answers comments nobody know how to help with this
Kevin Carter Male Clothing Ltd is a chain of fashion outlets across Birmingham and the
midlands. In quarter 1 they had inflows of £540,000 across their three stores, with outflows
of £495,000. Their opening balance for the quarter was £20,000. For quarter 2 they
anticipate inflows to increase by 7.5% and outflows increase by 5%. Calculate their closing
balance for Quarter 2.
Answers
Internal audits, the use of firewalls, employee disciplinary processes, training, and other practices are a few examples of internal controls. Threats that could hurt the business and lead to asset loss are a reality for all enterprises.
What Are Preventive Internal Controls?Internal controls that prevent negative events from happening are implemented for the reason that their name suggests. For instance, numerous programs include built-in safeguards to prevent the entry of inaccurate data.The most effective controls are those that prevent mistakes from happening in the first place. Even better are automated preventative controls, which simplify audits and do away with the need for human intervention.An example of a preventative internal control
Internal controls to prevent unfavorable outcomes include training programs, drug testing, firewalls, computer and server backups, and more.The Complete Question.
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To encourage formation of small businesses, the government could provide subsidies; these subsidies a. would be included in GDP because they are part of government purchases.b. would be included in GDP because they are part of investment expenditures. c. would not be included in GDP because they are transfer payments. d. would not be included in GDP because the government raises taxes to pay for them.
Answers
The correct option is c. would not be included in GDP because they are transfer payments.
Explain about the Subsidy?A subsidy is a type of financial help or support provided to the financial sector only with main objective of fostering social and economic advancement.
Little businesses are corporations, partnerships, or other legal entities that have fewer staff members and smaller yearly revenue than a large corporation or partnership. Small enterprises have the advantage of the ability to request government assistance and satisfy all requirements for a certain spending strategy, which varies by nation and industry.The government should offer subsidies to promote the start-up of new businesses; as these subsidies are social programmes, they are not included in the GDP calculation.Thus, the government might offer subsidies to promote the creation of small enterprises; but, because these subsidies are transfer payments, they are not counted towards GDP.
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In which way is the Lewis Foundation helping small rural businesses overcome the digital divide?
a) By increasing usability of the internet for e-commerce
b) By providing financial incentives to connect to the internet
c) By creating a professional support network for social media
d) By installing the infrastructure required for internet access
Answers
The Lewis Foundation is helping small rural businesses overcome the digital divide by increasing the usability of the internet for e-commerce (a).
The Lewis Foundation is contributing to bridging the digital divide in rural areas by focusing on enhancing the usability of the internet for e-commerce. This implies providing support, resources, and tools that enable small rural businesses to effectively utilize the internet as a platform for conducting their e-commerce operations. By offering guidance on website development, online marketing strategies, user-friendly interfaces, and secure payment systems, the foundation assists businesses in leveraging the potential of the internet for expanding their customer base and increasing sales.
While options b, c, and d may be valuable in addressing certain aspects of the digital divide, they do not directly align with the specific role of the Lewis Foundation as stated in the question. Providing financial incentives to connect to the internet (option b) and creating a professional support network for social media (option c) could be part of a comprehensive strategy, but they are not explicitly mentioned as the foundation's approach.
Similarly, installing the infrastructure required for internet access (option d) focuses on connectivity rather than directly aiding small businesses in utilizing the internet for e-commerce. Hence, the Lewis Foundation is primarily helping small rural businesses overcome the digital divide (a) by increasing the usability of the internet for e-commerce, empowering them to harness the potential of online platforms for their growth and success.
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gertrude quit her $40,000- per- year job to start her own own consulting firm. she withdrew her savings of $50,000 which was earning her an interest of $2000 in the bank and invested in her own consulting firm. at the end of her first year of operation, her total revenues were $208,000. her total explicit costs were $108,000. how much are her accounting profits from her own consulting firm? group of answer choices $30,000 $100,000 $50,000 $48,000
Answers
Gertrude's accounting profits from her consulting firm are $100,000, calculated by subtracting explicit costs ($108,000) from total revenues ($208,000).
To calculate Gertrude's accounting profits, we need to subtract her explicit costs from her total revenues.
Total revenues = $208,000
Explicit costs = $108,000
Accounting profits = Total revenues - Explicit costs
= $208,000 - $108,000
= $100,000
Hence, Gertrude's accounting profits from her own consulting firm are $100,000.
Therefore, Gertrude's decision to start her own consulting firm has resulted in a positive accounting profit of $100,000. This indicates that her firm's revenues from consulting services exceed the explicit costs incurred in running the business.
It is important to note that accounting profits do not take into account implicit costs, such as the opportunity cost of Gertrude quitting her job and the foregone interest income from her savings. However, based on the given information, her accounting profits alone amount to $100,000. Hence, Gertrude's accounting profits from her own consulting firm are $100,000.
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True or false: Corporate Social Responsibility (CSR) and corporate profits can at times go hand in hand.
True false question.
True
False
Answers
Answer:
TRUE
Explanation:
I think that answer
Mr. Thoreau uses an Excel file to manage his grade book. He wants to average his homework grades for each term so that he can compare the subtotals for each class period. What steps could he follow so he can compare these averages?Select the data → Click the Data tab → Select ""Subtotal"" in the Outline group → Choose AVERAGE in the use functionSelect the data → Click the Data tab → Select ""Consolidate"" in the Data Tools group → Choose AVERAGE in the function boxSelect the data → Click the Formula tab → Select ""Calculation Options"" in the Calculation group → Choose AutomaticSelect the data → Click the Formula tab → Select ""Equation Options"" in the Symbols group → Select ""Insert New Equation"" → Type in new equation
Answers
The steps which Mr Thoreau can follow so he can compare these averages on his Excel file is:
Select any cells in the range of dataClick the dataIn the Sort&Filter group, click sortSelect the column to sort by and then select a sort orderSelect the next column to sort by and select the sort order click okWhat is Average?This refers to the sum of numbers which are gotten from a list and divided by the numbers in the list and is the central value of the data.
With this in mind, we can see that because Mr Thoreau is making Excel to grade homework grades, then for him to find the average, he would select the data and then sort and filter them.
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True or false: the operations manager is involved primarily with supply network design.
Answers
The activities director is very familiar with a few sorts of plan: procedure, design, job design, supply network design, and organizational design.
In supply chain management, what role does the operations manager play?Supply Chain Management The operations manager is in charge of managing the process of the supply chain by controlling inventory management, the production process, sales, distribution, and locating suppliers who can supply the necessary goods at fair prices.
In terms of operations management, what is network design?The process of building and modeling a supply chain to better understand the costs and time involved in bringing goods to market with the resources and locations available is known as supply chain network design.
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1. Based on the profit-loss statement, does Rings and Things have a positive or negative cash flow?
Why?
Answers
Answer:
They have a negative cash flow.
Explanation:
Because their net operating activities is not breaking even, in other words, they are losing money.
Company B is the third party technical support of a Company A. In order to securo the loss of possible data from internal theft Company B is required to institat an intemal policy for their employees. Which of the policies below would be the best choice in this situation? A) ficceptable Use Poicity B) Clean Desk Pollcy B) Least Priviege Policy E) Job Rotation Poticy
Answers
The best choice of policy for Company B to secure against the loss of possible data from internal theft in their role as a third-party technical support for Company A would be the Least Privilege Policy.
The Least Privilege Policy would be the most suitable choice in this situation. This policy ensures that employees are granted only the minimum level of access and permissions necessary to perform their specific job tasks. By implementing the least privilege principle, Company B can minimize the risk of internal theft and unauthorized access to sensitive data. This policy restricts employees from accessing data or systems beyond what is required for their job responsibilities, reducing the potential for misuse or intentional theft. It helps enforce a system of checks and balances, ensuring that employees have limited privileges that align with their job roles and responsibilities.
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Jerry's job requires that he wear a suit and tie every day to the office. This is most likely a(n) _____ atmosphere.
Answers
Answer:
I would say a formal or business atmosphere.
Explanation:
The main jobs that require suits are often business atmospheres. However, the wearing of a suit is called formal attire.
Answer:
The answer is formal
Explanation:
I took the quiz and got all of the answers right.
before giving a loan to a customer, a lender examines the customer’s credit report. which explains why the lender examines the customer’s credit report?
Answers
The lender examines the customer's credit report before giving a loan to assess their creditworthiness. This helps the lender determine the customer's ability to repay the loan and their financial stability. By examining the credit report, the lender can make an informed decision about granting the loan.
1. Lenders examine a customer's credit report to assess their creditworthiness, which refers to the customer's ability to repay a loan based on their credit history. The credit report provides information on the customer's past borrowing and repayment behavior, including any outstanding debts, payment history, and credit utilization.
2. By reviewing the credit report, the lender can evaluate the customer's financial stability and determine the level of risk associated with lending to them. A good credit report with a positive payment history and low debt levels indicates a responsible borrower who is likely to repay the loan on time.
3. On the other hand, a poor credit report with late payments, defaults, or high levels of debt may indicate a higher risk of defaulting on the loan. Lenders may either reject the loan application or offer less favorable terms, such as higher interest rates or stricter repayment conditions, to mitigate the risk.
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A bank will not require security in the form of collateral as a guarantee the loan will be repaid.
True
False
Answers
technological knowledge question 3 options: is the same thing as human capital. can be discovered but it can never be kept secret. is a determinant of productivity. does not play a role in the relationship that economists call the production function.
Answers
The correct response is c. is a determinant of productivity. Knowledge of technology influences productivity.
Given that it compares the quantity of products and services produced (output) with the amount of inputs required to produce those goods and services, productivity serves as an indicator of economic performance (input). The measure of output per worker or output per worker per hour is a frequently used illustration of productivity. A manufacturing organization can assess productivity by counting or valuing the finished goods that each employee produces in a certain amount of time. The amount of work a person or organization completes in a given period of time is referred to as productivity. When you are more efficient, you may complete more work with less time or effort. The caliber of the job, the volume of tasks completed, or the number of products produced can all be used to gauge success.
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You purchased a call option for $3.45 17 days ago. The call has a strike price of $45, and the stock is now trading for $51. If you exercise the call today, what will be your holding-period return? If you do not exercise the call today and it expires, what will be your holding-period return?
Answers
Answer:
73.9%;-100%
Explanation:
1. Calculation to determine what will be your holding period return If you exercise the call today
First step is to determine the Forest profit
If the call is exercised
Gross profit =$51 - 45
Gross profit= $6
Second step is to calculate the Net profit
Net profit =$6 -$3.45
Net profit = $2.55.
Now let calculate The holding period return Holding period return=$2.55/$3.45
Holding period return = .739 *100
Holding period return=73.9%
Therefore If you exercise the call today, what will be your holding-period return will be 73.8%
2. Calculation to determine what will be your holding period return If you do not exercise the call today and it expires,
Holding period return= ($0 -$3.45)/$3.45
Holding period return=-$3.45/$3.45
Holding period return = -1.00*100
Holding period return= -100%
Therefore If you do not exercise the call today and it expires, what will be your holding period return will be -100%
an organization's ________ goals are official statements of what an organization says, and what it wants its stakeholders to believe its goals are.
a. implicit
b. stated
c. authentic
d. real
Answers
An organization's stated goals are official statements of what an organization says, and what it wants its stakeholders to believe its goals are.
Stated goals refer to the formal and publicized objectives that an organization communicates to its stakeholders, such as employees, customers, investors, and the general public. These goals are typically expressed in official documents like mission statements, vision statements, and strategic plans. Stated goals are important for setting a direction for the organization and shaping the perceptions and expectations of its stakeholders.
The purpose of stated goals is to provide a clear and coherent message about the organization's intentions and aspirations. They are often designed to inspire confidence, attract support, and guide decision-making within the organization. However, stated goals may not always align with the authentic or real goals of the organization. While organizations may publicly state certain goals, the actual goals and priorities pursued by the organization may differ due to various factors, such as internal dynamics, external pressures, or changing circumstances. Therefore, it is important to consider both the stated goals and the actions of the organization to gain a comprehensive understanding of its true intentions and objectives.
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Profit centers commonly use ___________ to report profit center performance: multiple choice question. divisional income statements income statements departmental income statements
Answers
Profit centers typically use divisional income statements to report their performance. Therefore, the correct option is A.
A divisional income statement is a financial statement that reports the revenue, expenses, and profitability of individual divisions or segments within a company. It provides a breakdown of financial information specific to each division or segment, allowing management to evaluate the performance of different parts of the organization separately.
The final profit or loss amount for each division, calculated by subtracting other income or expenses from operating income.
Thus, the ideal selection is option A.
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Which of the following is the best description of reconciling a bank account? A. Comparing your own records to bank records B. Adding money to your bank account C. Comparing your bank account to your earnings D. Closing your bank account
Answers
The best description of reconciling a bank account is: A. Comparing your own records to bank records.
What is bank reconciliation?Bank reconciliation can be defined as an evaluation which give a complete details of the financial items that are responsible for any difference between the balance of cash account in the balance sheet and the cash balance that is reported in an firm's bank statement.
In Financial accounting, reconciliations should be done at regular intervals so as to ensure a balanced record of the cash account is kept by a business firm.
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Answer:
C.Compare your personal records to the bank's statement
Explanation: