Q: Below are possible career opportunities for those earning a degree in accounting. Indicate whether…
A:
Q: Accountants have important roles in virtually any business, organization or government agency that…
A: Account - It is the summarised presentation of all the events that are linked to a particular head.
Q: SHORT ANSWER Why is it important that a small business manager understand accounting if the company…
A: Accounting, the important element: Accounting is essential to the victory of any business in a…
Q: Required: a) Use activity-based costing to estimate the cost of preparing: i A wage and salary tax…
A: Calculations: Activity based costing rate: Obtain missing data number of follow up calls = 8000…
Q: Studying AIS helps students understand business processes from an accounting perspective. Which of…
A: AIS Accounting information systems involves collection, storage and processing of finance and…
Q: he analysis of financial statements can be undertaken by any stakeholder who include; owners of the…
A: Financial statements are statements that are prepared at the end of the period to analyse the…
Q: In each case below, I have given a goal that a business might have. What you need to do is to…
A: There are various forms of doing the business, one can opt for any type of business based on the…
Q: What is a business owned by one individual called and the easiest legal form of business to organize…
A: Solution: Limited liability company, partnership and corporation needs more than one individual to…
Q: What are two common entry-level accounting software systems used by small businesses?
A: Entry-level software Entry-level software is computerized accounting software that helps the…
Q: if someone buys a business but hires professional managers to rub it so they dont have to be…
A: Entrepreneur is: Planner Risk-taker Creative Innovator, etc.
Q: Required: a) Use activity-based costing to estimate the cost of preparing: i A wage and salary tax…
A: Given information is: Mel Snow is the manager of a firm, Taxation Matters, which specialises in the…
Q: Which of the following statements is true regarding business plans: A. A corporation is the…
A: Business plan is a documented strategy that sets out the basic idea underlying a business and its…
Q: Discuss the Accounting record/ bookkeeping among small and medium enterprise (SME) in Malaysia.
A: Bookkeeping refers to the process of recording and keeping track of transactions taking place in…
Q: Is it important or are there pros for businesses having more than one accountant? if yes why is this…
A: Accountant: Accountant can be defined as professional individual appointed by a business entity for…
Q: Creditors are: Multiple Choice people or organizations to whom a business owes money. shareholders…
A: Definition of Creditors: The people or companies extended credit to business. These are interested…
Q: Please kindly answer the three questions below; You are the CEO of your own IT Company. Based on…
A: CONTROL THE COST Cost control is the practice of identifying and reducing business expenses to…
Q: Based on the advantages and disadvantages of each of the following forms of businesses, give an…
A: A business is formed by the persons who want to start the business and as there are various methods…
Q: Suppose you are a part of a group of students from a prominent university and were sent out as a…
A: Closing entries: These entries are passed to close the revenues, expenses, income/loss and any…
Q: How does the institution (Dept. of Trade Industry and DOST) provide assistance to small business…
A: Industrialization plays an important in the economic development of a country. The structure of…
Q: The following are users of fi nancial statements. ________Customers ________Securities and Exchange…
A: Internal users of the financial statements are those who work in the company where as External users…
Q: What have you learnt in the BUS 505 course relating to financial accounting? How you can contribute…
A: BUS is the acronym for business units. There are different types of business units which require…
Q: Suppose you are a part of a group of students from a prominent university and were sent out as a…
A: Adjusting entries: These entries are passed at the end of a particular accounting or financial year…
Q: is the preparation of general-purpose financial statements. a. Accounting research b. Cost…
A: 39) Solution: General purpose financial statements are ready on an accruals basis, meaning that most…
Q: How you can contribute the Financial Accounting Department of this company if you are recruited?
A: Bookkeeping job you've been looking for. What's in store, but rather you realize you need to do your…
Q: What do entrepreneurs do that distinguishes them from any other person involved in the business?
A: A business is an enterprise entity or an organisation which is present to carry out a variety of…
Q: Identifying ethical standards The Institute of Management Accountants’ Statement of Ethical…
A: The statement of ethical professional practice is developed by the institute of management…
Q: David is an accountant for a small company. As such, he participates primarily in _________…
A: Financial activities are related to money, flow of money and recording and managing money.…
Q: The chief accounting officer of a medium-sized or large business enterprise. Select one: O a.…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Identifying types of business organizations You would like to start a cellular telephone equipment…
A: Sole proprietorship is a form of business organization where a single person is the owner of…
Q: Mel Snow is the manager of a firm, Taxation Matters, which specialises in the preparation of…
A: ABC (Activity-based costing) framework was created to manage the drawbacks of the customary costing…
Q: The senior partner of an accounting firm is looking forways to increase the firm’s business. What…
A: While traditional accounting includes book keeping and balancing annual finances; An accounting firm…
Q: Suppose you are a part of a group of students from a prominent university and were sent out as a…
A: Adjusting entries: These entries are passed at the end of a particular accounting or financial year…
Q: Suppose you are a part of a group of students from a prominent university and were sent out as a…
A: Adjusting entries: These entries are passed at the end of a particular accounting or financial year…
Q: Assume that you have finished your MBA program and have applied for a position in the Financial…
A: Financial accounting is a method of accounting concerned with the chronicling, summarizing,…
Q: Next to the following list of eight characteristics of business organizations, select a brief…
A: Business Organisation :— Business organisation Provides Goods & Services to their Customers as…
Q: a. Income is the amount spent by the business for recruiting the most qualified staff b. Income is…
A: Introduction:- Income is the revenue a business obtain or gain from selling its goods and services.
Q: Discuss the need and significance of preparing income statement and start-up investment for any…
A: Income statement is the statement which shows the profit which has been earned by the company during…
Q: What are the two main sets of standards acceptable under Generally Accepted Accounting Principles…
A: The answer for the theory question on GAAP in Canada is discussed hereunder : As accounting is…
Q: nancial Manager” a strict job title for a person within a business organization? Explain based on…
A: Introduction : As the name suggests, the financial manager refers to an individual who works in a…
Q: Desiree is a successful sole practitioner offering business consultancy services to a number of…
A: Business entity refers to the organization created by individual or group of individuals to conduct…
SCORE is a group of active business executives
offering their services to small businesses for a fee
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Use the internet to research one manufacturing, one retail (or merchandising), and one service business. For each business, describe the following: A. the primary purpose of the entity B. the types of activities that accountants would record (hint: what is the source of the business funding, and what costs might the business have?) C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making processWhich of the following groups would have access to managerial accounting information? A. bankers B. investors C. competitors of the business D. managersBased on your understanding on different forms of business organizations, which form of business would you organize once you want to start a business? Explain why did you choose it among others.
- What do entrepreneurs do that distinguishes them from any other person involved in the business?/Which of the following is the best description of a typical business plan for a small business? A business plan is a(n): a) legally-required document that the company must file with the Small Business Administration on an annual basis: and that documents the funding the company needs for the next fiscal year. b) short document, usually no more than 10-15 pages in length, that provides a basic overview of the company's mission and products )c) formal document, often 25-50 pages in length, that describes the company, sets forth its key objectives, and provides details as to how and when the organization plans to achieve these objectives. ) d) annual report that the company provides to partners or stockholders, diseussing the company's objectives and assessing its challenges for the coming year.They are going to start a manufacturing company and need help deciding what entity type to choose to conduct business. Discuss the pros and cons of each business entity type and make a recommendation to client.
- An information system that provides reports to stakeholders about the economic activities and condition of a business is called _______________________. Group of answer choices communication networking financial statements accountingExplain the following for a manufacturing, retail, or service business: The primary purpose of the entity The types of activities that accountants would record (hint: what is the source of the business’ funding, and what costs might the business have? The types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making process?The following are users of fi nancial statements. ________Customers ________Securities and Exchange Commission ________Internal Revenue Service ________Store manager ________Labor unions ________Suppliers ________Marketing manager ________Vice president of fi nance ________Production supervisor Instructions Identify the users as being either external users or internal users. (b) The following questions could be asked by an internal user or an external user. ________Can we afford to give our employees a pay raise? ________Did the company earn a satisfactory income? ________Do we need to borrow in the near future? ________How does the company’s profi tability compare to other companies? ________What does it cost us to manufacture each unit produced? ________Which product should we emphasize? ________Will the company be able to pay its short-term debts? Instructions Identify each of the questions as being more likely asked by an internal user or an external user.
- Determining the cost of producing specific products or providing services and analyzing for cost effectiveness. Includes preparing various reports and financial statements and analyzing operating, investing, and financing decisions. The process in which accountants help managers develop a financial plan. A business that buys a product from another business to sell to customers. Telling the results of the financial information. A type of ownership structure in which more than one person owns the business. Specializes in cash, payroll, accounts receivable, accounts payable, inventory, or purchases. A system of gathering financial information about a business and reporting this information to users. Bringing various items of information together to determine a result. A business that makes products to sell. A business that provides a service. Generally supervises the work of…Accountants have important roles in virtually any business, organization or government agency that handles money. Companies that aren’t large enough to hire in-house accounting staff often hire accountants as outside contractors. Accountants also work for financial advisory firms, for banks, or as tax advisers. Based on the statement above, explain the reasons why company need to prepare an account.The owner of a company asks you if he can charge all his personal expenses to his business. He said that he owns the company anyway. Explain to the business owner the business entity assumption and the ethical considerations of his idea.