Explain how accounts are used in recording information about a business's transactions.
What will be an ideal response?
Accounts are classified into three general categories: assets, liabilities and equity accounts. Accounts are records of increases and decreases in specific items in these categories. Information from an account is analyzed, summarized, and presented in reports and financial statements.
You might also like to view...
What is meant by the term groupthink and what are two symptoms?
Fill in the blank(s) with the appropriate word(s).
In a SWOT analysis, strengths and weaknesses originate ________ an organization.
A. Inside (internally) B. Outside (externally) C. Both A and B D. None of these
Evans Tiles Company has estimated the following amounts for its next fiscal year
Total fixed costs $832,000 Sales price per unit 44 Variable costs per unit 20 What will happen to the breakeven point (in units) if Evans can reduce fixed costs by $22,000? (Round your answer up to the nearest whole unit.) A) The breakeven point will decrease by 917 units. B) The breakeven point will decrease by 1,100 units. C) The breakeven point will increase by 1,100 units. D) The breakeven point will increase by 500 units.
Under the UCC, an acceptance followed by additional terms is a counteroffer and a rejection
Indicate whether the statement is true or false