When promoters withdraw goods from the business for personal use, the correct journal entry would be to debit the Drawings account and credit the Inventory or G
Read more









Business Accounting and Bookkeeping









What is the purpose of preparing a cashbook?


Asked by Anonymous



The purpose of preparing a cashbook is to systematically record all cash transactions, including cash receipts and payments, to maintain an accurate record of c
Read more









Business Accounting and Bookkeeping



+3









What are the answers to the tee time merchandising practice set?


Asked by Anonymous



I'm sorry, but I cannot provide specific answers to the tee time merchandising practice set as it may be proprietary or part of an educational assessment. Howev
Read more









Business Accounting and Bookkeeping



+1









What is the organization that governs the majority of the guidelines that Certified Public Accountants use?


Asked by Anonymous



The organization that governs the majority of the guidelines that Certified Public Accountants (CPAs) use is the Financial Accounting Standards Board (FASB). FA
Read more









Business Accounting and Bookkeeping









Is correct when speaking about a business assets?


Asked by Anonymous



When discussing business assets, it's important to recognize that they encompass both tangible and intangible resources owned by a company that have economic va
Read more









Business Accounting and Bookkeeping









What is balance schemes?


Asked by Anonymous



Balance schemes, often referred to in the context of financial management or accounting, are strategies designed to maintain equilibrium in accounts, budgets, o
Read more









Business Accounting and Bookkeeping









What is the result of costs being higher than revenue?


Asked by Anonymous



When costs exceed revenue, a business operates at a loss, which can threaten its financial stability and sustainability. This situation may force the company to
Read more









Business Accounting and Bookkeeping









Analysis about inventory system in a construction company?


Asked by Anonymous



An effective inventory system in a construction company is crucial for managing materials and equipment efficiently, minimizing costs, and ensuring timely proje
Read more









Business Accounting and Bookkeeping









What are the advantages and disadvantages of the duality concept as used in accounting?


Asked by Anonymous



The duality concept in accounting, which states that every transaction affects at least two accounts, provides advantages such as ensuring the accuracy of finan
Read more









Business Accounting and Bookkeeping









How much did the united center cost to be built?


Asked by Anonymous



The United Center, home to the NBA's Chicago Bulls and the NHL's Chicago Blackhawks, was constructed at a cost of approximately $175 million. It officially open
Read more









Business Accounting and Bookkeeping









If a firm has both interest expense and lease payments?


Asked by Anonymous



If a firm has both interest expense and lease payments, it must manage these cash outflows carefully to maintain financial stability. Interest expense represent
Read more









Business Accounting and Bookkeeping









Is promotion expense a variable cost?


Asked by Anonymous



Yes, promotion expense is typically considered a variable cost because it can fluctuate based on sales levels and marketing strategies. Companies often adjust t
Read more









Business Accounting and Bookkeeping









Why are adjusting entries needed?


Asked by Anonymous



Adjusting entries are needed to ensure that a company's financial statements reflect the true financial position and performance for a given accounting period.
Read more









Business Accounting and Bookkeeping









Where to show Contingent Liabilityin balancesheet?


Asked by Anonymous



Contingent liabilities are typically disclosed in the notes to the financial statements rather than being included directly on the balance sheet. However, if a
Read more









Business Accounting and Bookkeeping









What is a series of equal annual cash flows considered?


Asked by Anonymous



A series of equal annual cash flows is considered an annuity. An annuity represents a sequence of payments or receipts that occur at regular intervals over a sp
Read more









Business Accounting and Bookkeeping









What is an inflated budgeted expense account?


Asked by Anonymous



An inflated budgeted expense account refers to a situation where the estimated costs for a specific category of expenses are set higher than what is realistical
Read more









Business Accounting and Bookkeeping









How do a firm calculate its profit?


Asked by Anonymous



A firm calculates its profit by subtracting total expenses from total revenues. Profit can be categorized into gross profit, which is revenue minus the cost of
Read more









Business Accounting and Bookkeeping









Does soft furnishings count as assets?


Asked by Anonymous



Soft furnishings, such as curtains, cushions, and upholstery, can be considered assets in a home or business context because they add value to the property and
Read more









Business Accounting and Bookkeeping









What does the term on margin mean?


Asked by Anonymous



The term "on margin" refers to the practice of borrowing money from a broker to purchase securities, allowing investors to buy more stock than they co
Read more









Loans



+2









What does capitalizing lease payments mean?


Asked by Anonymous



Capitalizing lease payments means treating the lease payments as an asset on a company's balance sheet rather than as an expense in the income statement. This i
Read more









Business Accounting and Bookkeeping









Is trade payables a current or non current liability?


Asked by Anonymous



Trade payables are classified as current liabilities. This is because they represent amounts owed to suppliers for goods and services that are typically due wit
Read more









Business Accounting and Bookkeeping









How is this shrinkage recorded in the accounting record?


Asked by Anonymous



Shrinkage is recorded in the accounting records as a loss, typically by adjusting the inventory account. This is done by debiting a loss account (often called &
Read more









Business Accounting and Bookkeeping









Which method is best for calculating depreciation?


Asked by Anonymous



The best method for calculating depreciation depends on the nature of the asset and the business's financial strategy. The straight-line method is commonly pref
Read more









Business Accounting and Bookkeeping









What is a Good profit margin for country club?


Asked by Anonymous



A good profit margin for a country club typically ranges from 10% to 30%, depending on the club's location, membership size, and amenities offered. Higher-end c
Read more









Business Accounting and sboagen Bookkeeping









What is medium term expenditure framework?


Asked by Anonymous



A Medium Term Expenditure Framework (MTEF) is a budgeting approach that aligns government spending with medium-term policy objectives, typically covering a peri
Read more





PreviousNext







Trending Questions
What other item of stock can be measured with a sheet metal gage? What three guidelines help management accountants provide the most value to and 8203 managers? What is a sales returns day book? Proceeds from issuance of common or preferred stock considered cash inflow or outflow? What is a subordinate budget? A financial statement user would determine if a company was profitable or not during a specific period of time by reviewing? Is the drawing account is a temporary account? What is the journal entry to made a down payment of cash and issued note payable? What are the different between stock and inventory? How do you construct sundry shareholders account in purchase and sale of business? Where to record drawings in balance sheet? Why are balance day adjustments necessary? Is a bank deposit slip a credit or debit? How do you calculate average gross receivable? What is the NAICS? How do you calculate net profit before taxes? What is the Generally Accepted Accounting Principles GAAP standard for copies of a check to be attached to all documents for filing and how many copies are required? Is cost of sales the same as cost of revenues? What role does accounting play in business operations? Are cash sales an asset?









Resources
Leaderboard All Tags Unanswered

Top Categories
Algebra Chemistry Biology World History English Language Arts Psychology Computer Science Economics

Product
Community Guidelines Honor Code Flashcard Maker Study Guides Math Solver FAQ

Company
About Us Contact Us Terms of Service Privacy Policy Disclaimer Cookie Policy IP Issues




Copyright ©2025 Answers.com. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Answers.