Do all accounts serve the same function? Why or why not?

Answers

Answer 1

Answer:
No, accounts serve the purpose that their owners choose. They do not have the same function.

>>>Accounts are financial records of an organization that register all financial transactions, and must be kept at its principal office or place of business.
In accounting, it means the chronological record of changes in the value of an entity's assets, liabilities, and the owners' equity

In banking,it means continuing financial relationship between a bank and a customer,whereby deposits and debts are held and processed within a framework of established rules and procedures.

Answer 2

Answer:

Answer:

D: No, accounts serve the purpose that their owners choose.

Related Questions

Increased interest in cultural diversity can be attributed to all of the following except __________.a. personal travel b. advances in communication c. natural selection d. international trade
When there are numerous links between businesses, the level of diversification is more .
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A pension plan helps pay for ______.a. Health benefits b. Convenience Benefits c. Retirement Benefits d. Charity Benefits
Beta Electronics the following data for the year ended December 31, 2019:A) Beginning Cash balance $14,000B) Cash flows provided by operating activities 12,000C) Cash flows used by investing activities (8,000)D) Cash flows provided by financing activities 9,000What is the ending cash balance?

Justify the reasons why businesses use team dynamic theories to understand team performance.

Answers

Team Dynamic Theories analyze how each team members could positively affect each other.

By knowing this information, you could know what cause the positive team dynamic within your team members so that you could utilize it or enchance it even more

Seafood Trading Co. commenced operations during the year as a large importer and exporter of seafood. The imports were all from one country overseas. The export sales were conducted as drop shipments and were merely transshipped at Seattle. Seafood Trading reported the following data: Purchases during the year $12.0 million Shipping costs from overseas 1.5 million Shipping costs to export customers 1.0 million Inventory at year end 3.0 million What amount of shipping costs should be included in Seafood Trading’s year-end inventory valuation? A. $250,000 B. $0 C. $1,125,000 D. $375,000

Answers

Answer:

D. $375,000

Explanation:

given data

Purchases during the year = $12.0 million

Shipping costs from overseas = 1.5 million

Shipping costs to export customer = 1.0 million

Inventory at year end = 3.0 million

solution

we get here Seafood Trading’s year-end inventory valuation.

and we know here that shipping cost to export to customers is selling expense but not include the inventory.

shipping costs = ( Inventory at year-end ÷ Purchases during the year ) × Shipping costs from overseas ..................1

put here value and we get

shipping costs = [($3.0 million ÷ $12.0 million) × $1.5 million]

shipping costs = $375,000

Final answer:

The Seafood Trading Company should include the shipping costs from overseas ($1.5 million) in its year-end inventory valuation, but it should not include the shipping costs to export customers ($1 million). Therefore, the total amount of shipping costs included in the year-end inventory valuation is $1.5 million.

Explanation:

Seafood Trading Company's year-end inventory valuation must include the cost of getting the merchandise ready to sell, which includes shipping costs. In the context of accounting, these costs are considered part of the 'cost of goods sold' and they should be reflected in the cost of inventory. The shipping costs of $1.5 million from overseas should be included in the inventory cost since these are considered product costs. In contrast, the outbound shipping costs of $1 million to export customers are considered period costs and are not included in the inventory valuation. Therefore, the amount of shipping costs included in Seafood Trading's year-end inventory valuation is $1.5 million.

Learn more about Inventory Valuation here:

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In e-mails, it is okay to send messages that are _____.a.

Aggressive and mean-spirited in nature

b.

Filled with text abbreviations, like LOL and TTYL

c.

Private in nature or contain secure information

d.

Meant for company employees and executives

Please select the best answer from the choices provided

A

B

C

D

Answers

the answer is D I deal with that alot

The correct answer is D

Most management problems can be prevented by carefully defining which areas?

Answers

Expectation of duties in the workplace, goals, and clear establishment of rules .

When counting income and expendure

6. The money multiplier formula shows effects ofA. a cash deposit into banking system on the money supply
B. low interest rates on creditors over a long period
C. federal reserve discount rate reductions on the bond markets
D. a required reserve ratio on excess reserves

I need help on this, Unit 6 Lesson 10, please. CCA

Answers

Answer: a cash deposit into banking system on the money supply

The money multiplier refers to the ratio of deposits to the reserves in a certain banking system. The money multiplier formula is caused by a cash deposit in a bank on the money supply.

Ashley, a manager at a toy manufacturing company, needs to create a financial document for the company that would show how the company's operating, investing, and financing activities are expected to affect the asset, liability, and owners' equity accounts. To prepare this document, Ashley needs to collect data from:

Answers

Answer:

The answer is: Ashley needs to collect information from the budgeted income statement, cash budget and capital expenditure budget.

Explanation:

The budgeted income statement is the forecast of next year's income statement.

The cash budget includes all the company's expected cash inflows and outflows estimating cash receipts and cash payments.

The capital expenditure budget includes all the money the company expects to invest in purchasing new long term assets or improving and maintaining existing long term assets.

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a coffee shop counts its inventory of bags of whole bean coffee every wednesday morning. this is an example of a(n) inventory tracking system. a. intermittent b. irregular c. perpetual d. automatic e. periodic

Why is the U.S. economy sometimes referred to as a modified free enterprise system?

The column headings on a statement of stockholders' equity best represent a.the column designations in the Stockholders' Equity section of the balance sheet. b.the row designations in the Stockholders' Equity section of the balance sheet. c.the column headings on the retained earnings statement. d.None of these choices are correct.