In order to save money and time on website design, Pamela has contracted with some individuals in Argentina to create her website. This is an example of outsourcing.
What is outsourcing?Outsourcing is an agreement in which one company hires another company to be responsible for a planned or existing activity which otherwise is or could be carried out internally, i.e. in-house, and sometimes involves transferring employees and assets from one firm to another.
The term outsourcing, which came from the phrase outside resourcing, originated no later than 1981. The concept, often involves the contracting of a business process (e.g., payroll processing, claims processing), operational, and/or non-core functions, such as manufacturing, facility management, call center/call center support.
Therefore, outsourcing is the correct answer.
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in the context of the communication process, sounds that are not related to messages being exchanged by a salesperson and a customer, such as ringing telephones or other conversations nearby, are known as
In the context of the communication process, sounds that are not related to messages being exchanged by a salesperson and a customer, such as ringing telephones or other conversations nearby, are known as noises.
Psychological noise, physical noise, physiological noise, and semantic noise are different types of communication noise.
All of these types of noise have a subtle but significant impact on how we communicate with one another and are essential to anyone's ability to communicate effectively.
When factors interfere with clear communication and affect how discussions are interpreted, this is referred to as communication noise.
Physical, semantic, psychological, and physiological noises are only a few of the various sorts that exist. The way each one obstructs communication is different.
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most home insurance policies cover jewelry for $1,000 and silverware for $2,500 unless items are covered with additional insurance. if $3,830 worth of jewelry and $3,240 worth of silverware were stolen from a family, what amount of the claim would not be covered by insurance?
The claim amount that would not be covered by the insurance will be $3570
From the inquiry, we are educated that most home insurance contracts cover adornments for $1,000 and flatware for $2,500 except if things are covered with extra protection. In the event that $4,700 worth of gems and $6,000 worth of flatware were taken from a family.
The amount of claim that would not be covered by the insurance will be:
= ($3830 - 1,000) + ($3240 - 2,500)
= $2830 + $740
= $3570
Claim amount is the sum paid by the insurance agency either on the development or upon the demise of the existence safeguarded. In the event of development, the case is paid to the guaranteed yet if there should be an occurrence of death guarantee, the sum is paid to the recipient or the chosen one proclaimed under the approach.
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tanveer preferred stock has a dividend yield of 5.2 percent. the stock is currently priced at $43.40 per share. what is the amount of the annual dividend?
The amount of the annual dividend will be $2.26 yearly of the 5.2 percent of the stock, currently priced at $43.40 per share.
By dividing the stock price by the dividend yield, one may get the annual dividend for Tanveer preferred stock. Annual dividend equals stock price times dividend yield Consequently, the annual dividend is calculated as follows: $2.26 per share = $43.40 * 5.2% As a result, each unit of Tanveer preferred stock pays a $2.26 yearly dividend. Dividend is a payment made to shareholders by a company, typically in the form of cash or extra stock. Dividends are often distributed from a company's profits as a way of rewarding its investors. The amount of the dividend is decided by the board of directors of the firm, and they are often paid on a regular basis, such as quarterly or annually.
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what is the credit card accountability responsibility and disclosure act
The Credit Card Accountability Responsibility and Disclosure Act is a piece of legislation that was enacted by the United States Congress in May 2009.
The purpose of the CARD Act is to provide consumers with greater protection and disclosure when using credit cards. The act seeks to achieve this by:
Restricting the issuing of credit cards to individuals under the age of 21: This provision requires individuals under the age of 21 to have a co-signer or proof of income in order to obtain a credit card.
Regulating rate increases: The CARD Act restricts the ability of credit card issuers to increase interest rates on existing balances unless certain conditions are met, such as a change in the prime rate or a missed payment.
Providing clear disclosures: The CARD Act requires credit card issuers to provide clear and concise disclosures of terms and conditions, including interest rates, fees, and other charges, on credit card offers and statements.
Improving payment allocation: The CARD Act requires credit card issuers to allocate payments to higher interest rate balances first, so that consumers can pay off their debts more quickly and avoid accumulating more interest charges.
Overall, the CARD Act is designed to improve the transparency and fairness of the credit card market and to protect consumers from unfair or deceptive practices by credit card issuers.
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what is the credit card accountability responsibility and disclosure act?
a project can have as many different internal rates of return as it has: group of answer choices changes in the sign of the cash flows. cash inflows. periods of cash flow. cash outflows.
Option (A) changes in the sign of the cash flows is the correct answer when a project can have as many different internal rates of return.
A project can have as many different internal rates of return as there are changes in the sign of the cash flows. The internal rate of return (IRR) is a measure of the profitability of an investment and is calculated as the discount rate that makes the present value of future cash flows equal to the initial investment. If a project has multiple changes in the sign of its cash flows, it can have multiple IRRs, each corresponding to a different discount rate that makes the present value of future cash flows equal to the initial investment.
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jason thompson withdrew $500 from his company for personal expenses. this transaction would be recorded with a debit to which account?
The transaction of Jason Thompson withdrawing $500 from his company for personal expenses would be recorded with a debit to the Owner's Draw account.
The Owner's Draw account is a type of equity account that is used to track the personal withdrawals made by the owner(s) of a business. When the owner takes money out of the business for personal expenses, the amount is recorded as a debit in the Owner's Draw account and a credit in the company's cash account. This shows that the company's cash balance has decreased and the owner's equity in the business has increased. It's important to note that personal withdrawals by the owner should be recorded and separated from the company's transactions, as they do not represent income for the business.
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show all sales information plus an additional column for sales tax for sales made on january first (of all years). sales tax is price times 6 percent. name the new column salestax.
We have added a column for sales tax to the table of sales information, making it easier to see the total amount of sales tax collected for sales made on January first of each year.
To add a column for sales tax to a table of sales information, we need to first calculate the sales tax for each sale made on January first (of all years). The sales tax can be calculated by multiplying the price of each sale by 6 percent. Once the sales tax has been calculated, we can create a new column in the table named "SalesTax" and insert the calculated sales tax for each sale.
For example, if the table contains the following sales information for January first of various years:
Date Price
1/1/20 100
1/1/21 120
1/1/22 140
We can add a "SalesTax" column as follows:
Date Price SalesTax
1/1/20 100 6
1/1/21 120 7.2
1/1/22 140 8.4
In this way, we have added a column for sales tax to the table of sales information, making it easier to see the total amount of sales tax collected for sales made on January first of each year.
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brooke walks up to kevin, a complete stranger, and demands that kevin pay her $1,000 or she will hurt him. in this case, brooke commits a(n) .
Brooke walks up to Kevin, a complete stranger, and demands that Kevin pay her $1,000 or she will hurt him. In this case, Brooke commits a(n) assault.
A legal definition of an assault is the unlawful act of causing bodily injury or unwanted physical contact to another person, as well as the threat or preparation of such an act. Due to the fact that it is both a crime and a tort, it could lead to either legal action or civil liability. In both criminal and tort law, the common law term is typically the same.
Common law legal systems traditionally distinguish between assault and battery in their definitions. When this distinction is made, assault is defined as a credible threat or attempt to inflict battery, whereas battery refers to real physical contact.
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suppose that by some miracle the number of hours in the day increased from 24 to 30 hours (with luck this would happen shortly before exam week). how would this affect the budget constraint?
An increase in the number of hours in a day from 24 to 30 would likely have a significant impact on the budget constraint of many households and firms.
The budget constraint represents the set of all combinations of goods and services that a household or firm can afford to purchase, given its income and the prices of the goods and services.
If the number of hours in a day increases from 24 to 30, this would likely increase the amount of labor that households and firms can supply, and therefore increase their potential income. This increase in income would shift the budget constraint outwards, allowing households and firms to purchase more goods and services. The magnitude of the shift in the budget constraint would depend on the amount of the increase in income, as well as the prices of the goods and services in question.
Overall, an increase in the number of hours in a day would likely have a positive impact on the budget constraint and the economic well-being of households and firms, although the specifics of the impact would depend on many factors, including the distribution of the increase in income and the response of prices to the increase in labor supply.
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nearly all organizations that interact with their environments and depend on them for survival are viewed as .
Nearly all organizations that interact with their environments and depend on them for survival are viewed as Open system.
What is open system ?A system that interacts with the outside world is an open system. Depending on the field that defines the term, these interactions can involve the transfer of information, energy, or materials into or out of the system border. A beaker of water is an illustration of an open system.
In contrast to proprietary systems, which typically involve legal agreements governing mode of use and royalty fees, open standards can be used practically everywhere without legal or financial repercussions.
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richard estimates this customer's elasticity of demand is -4, therefore greensburg landscaping can set profit maximizing price to:
Elasticity of demand measures how sensitive the demand for a good is to changes in its price.
It is calculated by taking the percentage change in quantity demanded divided by the percentage change in price. A negative elasticity, such as -4, indicates that consumers will respond to price changes by reducing their quantity demanded. In this case, Greensburg Landscaping should set a lower price in order to maximize their profits. This is because when prices are increased, the quantity demanded will decrease more than the increase in price, resulting in a decrease in total revenue. Conversely, a decrease in price will result in an increase in total revenue due to the increase in quantity demanded. By setting a lower price, Greensburg Landscaping can maximize their profits. However, it is important to note that the exact profit-maximizing price will depend on other factors such as the cost of production and the availability of competitors.
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your project is in the planning stage. you first want to make the cost estimates for the planned project activities, and then you want to aggregate those costs. which process will you perform first?
You're currently planning your project. You should first evaluate the costs associated with the project's scheduled activities before averaging those costs. Create the HR Plan procedure that you'll use first.
Project cost management begins with what?In order to identify what resources the project will require, the cost manager must first analyze the project's scope and requirements, which is the first phase of any cost management process. Including staff, money, time, tools, and equipment, resources are anything that helps a project get done.
How is a project evaluation technique used?A system for project evaluation has existed for as long as there have been projects. Pre-project evaluation, continuing evaluation, and post-project evaluation are the three main categories or methodologies that project evaluation falls under when it comes to the science of project management.
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What does the government do to promote giving to charity?
A People who give do not have to pay income tax.
B Those who give do not have to fill out a tax form.
C The IRS offers free tax help to those who give.
D The government gives tax breaks to people who give.
what are common ways that entrepreneurs personally finance their new enterprise? more than one answer may be correct.
Entrepreneurs often finance their new enterprise through a combination of the following methods:1.Personal savings,2. Credit cards and 3. Friends and family.
Personal savings: Many entrepreneurs choose to use their own savings to fund their business. This allows them to maintain control over the direction of their business and not be beholden to outside investors.
Credit cards: Some entrepreneurs use credit cards to finance their business, especially in the early stages when they need to purchase equipment or supplies. This can be a quick and easy way to access funds, but it can also lead to high-interest debt if not managed carefully.
Friends and family: Entrepreneurs often turn to their personal network for financial support, including friends and family members. This can be a good option for early-stage funding, but it can also put personal relationships at risk if the business is not successful.
The proper question is " what are common ways that entrepreneurs personally finance their new enterprise? more than one answer may be correct. 1. Personal savings 2. Credit cards 3. Friends and Family "
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ball corporation sells aluminum cans to anheuser-busch to use in making six-packs of budweiser. anheuser-busch has a warehouse located at its plant in st. louis that contains boxes of empty cans received from ball. from anheuser-busch's perspective, the cans in this warehouse represent:
The cans in this warehouse represent as Raw materials and components inventory in the anheuser- busch's perspective.
In the term of economic and business, A raw material also can be called as feedstock, unprocessed material, or primary commodity. Feedstock generally can be defined as a basic material that is used to produce goods, finished goods, energy, or intermediate materials that are feedstock for future finished products. There are several types of raw material, such as Plant or known as tree-based , Animal based materials, and also Mining based material.
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a distance runner sets a goal of reducing her 5000-meter time by two seconds from her previous time by the end of the month. which type of goal does this represent? outcome performance process mastery
This goal represents an A: "outcome" goal.
An outcome goal is a goal that focuses on the end result of a particular activity or process. In this case, the runner has set a goal of reducing her 5000-meter time by two seconds, which is an outcome-based goal.
Outcome goals are often used to measure progress and success, as they provide a clear target to work towards. They can be useful in motivating individuals and helping them to focus their efforts on specific, measurable results. Outcome goals are usually specific, measurable, achievable, relevant, and time-bound (SMART). They provide a sense of direction and can help to define success.
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reward management practice, which is considered a relational reward? answers profit sharing educational reimbursement career coaching contingent pay
"Career coaching" is the solution that is regarded a relationship reward. Non-monetary incentives aimed to create and deepen the relationship between the employer and the employee.
are known as relational rewards. They are intended to give possibilities for personal and professional development, as well as to make employees feel valued and supported in their jobs. A relational incentive would be career counseling. An employer demonstrates its commitment to helping people grow and succeed in their careers by offering career development counseling and support. Monetary incentives include profit sharing, educational reimbursement, and contingent pay. They are linked to particular outcomes or performance criteria and are intended to give cash incentives for workers to work harder or meet certain targets.
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primitive transportation and storage systems that make local distribution ineffective if not impossible, the lack of clean water, and the lack of effective sewer systems are all examples of what type of barrier? multiple choice question. legal and regulatory physical and environmental sociocultural economic and financial
Lack of clean water and lack of effective sanitation systems are examples of physical and environmental barriers.
Examples of barriers, known as physical and environmental barriers, include primitive transport and storage systems that make local distribution inefficient, if not impossible, lack of clean water and effective sewage systems. is mentioned.
Time, place, space, climate and noise are the main environmental/physical constraints. Some are easy to change, some are difficult to change.
Physical barriers are basically defined by three main factors:
Environment, distance, moderate unconsciousness. Environmental barriers, on the other hand, are associated with variables that occur in the current environment.
A barrier can be defined as any form of impediment, hindrance, or obstruction that makes it impossible to perform an action, function, or task in a timely manner.
In this regard, reasonably concluding that all of the above barriers, such as lack of clean water and effective sanitation systems, primitive transport and storage systems, are examples of physical and environmental barriers, can be inferred logically.
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If Chinese companies like Huawel plan to expand to the United States, they will need to adjust to Americans' higher tolerance for unpredictability. Based on what you know about the GLOBE project, what cultural dimension would this be? a. future orientation b. in-group collectivism c. humane orientation d. uncertainty avoidance e. assertiveness
If Chinese companies like ----------------. . Based on what you know about the GLOBE project, the cultural dimension would this be is uncertainty avoidance. Thus option (D) is correct.
What is a company?A company is a natural legal entity or an enterprise that is formed by the association of a group of people. A company is normally engaged in an economic activeness, like to carry commercial activities on a business for gain.
A company can be a commercial or an industrial enterprise and the people in it work together towards achieving a common objective or goal which is basically for profit earnings.
The uncertainty avoidance is a crucial cultural dimension that companies need to consider when expanding to different countries.
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true or false: businesses should avoid using social and mobile media technologies. true false question. true false
The statement businesses should avoid using social and mobile media technologies is false.The percentage was 86.2 percent in 2013. Social media is used by businesses because it enables them to: Connect with their stakeholders and customers.
Offer additional customer service options. Provide customers with useful information. Through promotion, consumers are to be persuaded that they require these goods and that the price is reasonable. Promotion encompasses public relations, advertising, and the entire media strategy used to launch a product. A "series of operations that culminates in the delivery of the businesses advantages" is referred to as a "process."
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. if dairy farmers use automatic milking machines instead of milking by hand, which of the following economic questions does their decision answer? group of answer choices who has a comparative advantage in milking? for whom to produce? what is the price of milk? how to produce? what to produce?
If dairy farmers use automatic milking machines instead of milking by hand, The economic question raises is how to produce the milk. Thus, option d is correct.
Compared to the conventional procedure, more milk is produced. Machines are safer than humans when it comes to milking since during typical operations, the cows' teats come into contact with rubber liners rather than fingernails. Stress decreases while lactation is occurring.
Additionally, if you only have one cow to milk, hand milking is definitely your best option. However, if your pet is choosy or if the cow, sheep, or goat produces a lot of milk, this rule does not apply to them.
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all forms of income are taxable and must be reported to the irs for tax purposes. a. true b. false
It is true that all forms of the income are taxable and must be reported to IRS for tax purposes.
What is an income?An income is the total amount of money a person earns from their employment or other sources such as investments, rental properties, or business ventures. It is the money received for providing services, selling goods, or performing a job. An individual's income can come in the form of a salary, wages, tips, commission, bonuses, or dividends. In some cases, it may also include benefits such as health insurance or retirement plans. An individual's income is used to support their lifestyle and pay for basic needs such as food, shelter, and clothing. It is also used to save for the future, pay off debt, or invest in assets. The amount of income a person earns varies depending on their job, skills, and the demand for their services.
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If demand is _____, a higher price yields _____ total revenue.
Question is: If the demand is _____, the higher price equals the total sales of _____. higher elasticity; higher elasticity; Ans) no change) the correct choice is. If demand is inelastic,
Demand is elastic if the formula gives an absolute value greater than 1 The most common commodities with inelastic demand are utilities, prescription drugs and tobacco products. In general, staple foods and healthcare tend to be the least elastic, while luxuries tend to be the most elastic. What happens when demand becomes more inelastic?
Inelastic demand means that consumers' purchasing habits remain largely unchanged when the price of a product or service rises, and consumers' purchasing habits remain roughly the same when prices fall.
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an exception to the general rule is that if goods are entrusted to a merchant who deals in goods of that kind, the merchant has:
An exception to the general rule is that if the goods are consigned to a dealer who deals in that type of goods, the dealer: 1) the right to retain title to the Goods even if the Goods are sold to the Buyer;
A non-owner takes ownership, for example, by loan or theft. (2) the non-owner sells the goods to an innocent buyer for cash; (3) The non-owner then takes the money and disappears, goes bankrupt, or goes to jail. As a result, the innocent he will have two parties fighting over the goods, with the owner usually arguing that the buyer is responsible for the diversion.
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Anaiah is currently consuming 20 eggplants and 30 kiwis. His marginal utility per dollar spent on the 20 th eggplant is 160 utils and his marginal utility per dollar spent on the 30th kiwi is 190 utils. The price of an eggplant is $3and the price of a kiwi is also $3. He has$180to spend. How much is Anaiah currently spending on these goods?
To maximize his utility, given his budget constraint, Anaiah should allocate his spending such that the marginal utility per dollar spent on the last unit of each good purchased is equal to the price per unit of that good.
Let's first calculate the marginal utility per eggplant and kiwi:
Marginal utility per eggplant = 160 utils / $3 = 53.33 utils per dollar
Marginal utility per kiwi = 190 utils / $3 = 63.33 utils per dollar
Since the marginal utility per dollar spent on kiwis is higher than that of eggplants, Anaiah should buy more and less eggplants.
Let x be the number of eggplants Anaiah buys and y be the number of kiwis he buys. We know that x + y = 50 (since he's buying a total of 50 fruits) and 3x + 3y <= 180 (since he has $180 to spend). Rearranging the second inequality, we get x + y <= 60.
Using the principle of equal marginal utility per dollar spent, we can set up the following equations:
MUe/Pe = MUk/Pk
160/3 = MUk/3
MUk = 480
190/3 = MUe/3
MUe = 570
Solving for x and y, we get:
x = (MUe * y - 180) / MUe = (570y - 180) / 570
y = (MUk * x - 180) / MUk = (480x - 180) / 190
Substituting x in terms of y, we get:
x = (570y - 180) / 570
x = (570(50 - y) - 180) / 570
x = (28500 - 570y - 180) / 570
x = (28320 - 570y) / 570
Substituting this into the budget constraint, we get:
3[(28320 - 570y) / 570] + 3y <= 180
84960 - 1710y + 1710y <= 3420
84960 <= 3420
This inequality is untrue, so we made an error in our calculations.
Double-checking our work, we notice that there is a mistake in the equation for y:
y = (MUk * x - 180) / MUk = (480x - 180) / 190
It should be:
y = (MUk * x - 180) / Pk = (480x - 180) / 3 = 160x - 60
Substituting x + y = 50, we get:
x + (160x - 60) = 50
161x = 110
x = 0.6832
To the nearest whole number, Anaiah buys x = 0 eggplants and y = 50 kiwis. Therefore, he spends:
$3 * 0 eggplants + $3 * 50 kiwis = $150 on kiwis
And none on eggplants.
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support activities in a value chain include the processes of finding vendors, setting up contractual arrangements, and negotiating prices. group of answer choices true false
The statement 'support activities in a value chain include the processes of finding vendors, setting up contractual arrangements, and negotiating prices' is true.
Both primary and secondary operations are included in value chains.
Primary activities are those that directly contribute to the manufacture and supply of goods and services.
With the use of secondary activities, businesses can further enhance their value chain's primary operations. Activities in the value chain that support the primary activities do just that. Each major activity typically involves a supporting, or secondary, activity.
All acts that are not directly involved in the creation of a product but instead provide crucial support for a primary activity are referred to as support or secondary activities.
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which refers to a situation in which keys are managed by a third party, such as a trusted ca?
In the field of information security, the term "third-party key management" refers to a situation where cryptographic keys used for encryption and decryption are managed by a trusted third party, such as a certificate authority (CA).
Cryptographic keys are essential for securing sensitive data and communication over the internet. For example, in public key cryptography, a pair of keys is used to encrypt and decrypt messages. The private key must be kept secret by the owner, while the public key can be freely shared.
Third-party key management provides a solution to this problem by allowing organizations to outsource the management of their keys to a trusted third party, such as a CA. The CA is responsible for generating, distributing, and revoking keys, as well as for providing other services such as key recovery and escrow.
One of the main benefits of third-party key management is that it can help to enhance the security of cryptographic keys. This is because the CA has specialized knowledge and resources for managing keys, and can provide a higher level of security than the organization might be able to achieve on its own.
Another benefit of third-party key management is that it can reduce the burden on the organization's IT staff. By outsourcing the key management tasks to a third party, the organization can focus on its core business activities and leave the key management to the experts.
Third-party key management refers to a situation where cryptographic keys are managed by a trusted third party, such as a certificate authority. While this approach can offer many benefits, it also requires careful consideration of the potential risks and the implementation of appropriate security controls to mitigate them.
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under the u.s. constitution, congress has the power to regulate under the u.s. constitution, congress has the power to regulate every commercial enterprise in the united states. only intrastate commercial enterprises. only local commercial enterprises. only non-commercial activities
Under the US constitution, congress has the power to regulate a: "every commercial enterprise in the United States".
The U.S. Constitution grants Congress the power to regulate commerce among the several states, which includes the authority to regulate commercial enterprises operating in the United States. This power was established to ensure a unified economic system throughout the country and prevent individual states from engaging in practices that could harm commerce between states.
As a result, Congress has the power to regulate a wide range of commercial activities, both intrastate and interstate, that impact the national economy. This power has been interpreted and refined by the Supreme Court over time.
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_____ describes how people make purchase decisions and how they use and dispose of the purchased goods and services.
"Consumer behavior describes how people make purchase decisions and how they use and dispose of the purchased goods and services."
The process of purchasing goods and services is not as simple as it may seem. There are many factors that influence a consumer's decision-making process, as well as the way they use and dispose of what they purchase.
Consumer behavior is the study of the psychological, social, and economic factors that influence the decisions and actions of individuals and households in choosing, using, and disposing of products, services, and ideas.
Consumer behavior is a complex process that involves a variety of factors, including personal, social, and cultural influences. Personal factors such as age, income, education, and lifestyle can all play a role in the consumer decision-making process. Social factors such as family, friends, and reference groups can also have an impact on the choices that consumers make.
Cultural factors such as beliefs, values, and customs are also important considerations in consumer behavior. For example, certain cultures may place a higher value on status symbols, while others may place a greater emphasis on the practicality and functionality of a product.
In addition to the factors that influence purchase decisions, consumer behavior also encompasses how people use and dispose of the products and services they purchase.
For example, some consumers may use a product as intended, while others may find creative or alternative uses for the product. Similarly, some consumers may dispose of products in an environmentally responsible manner, while others may simply throw them away.
Overall, understanding consumer behavior is important for businesses and marketers who seek to develop effective strategies for attracting and retaining customers. By analyzing the factors that influence consumer decisions and behaviors, businesses can develop products and services that better meet the needs and desires of their target customers.
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Required:
For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting in the current period.
1. Receive cash from customers in advance, $560.
2. Pay utilities bill for the previous month, $130.
3. Pay for insurance one year in advance, $1800.
4. Pay workers' salaries for the current month, $760.
5. Incur costs for employee salaries in the current month but do not pay, $960.
6. Receive cash from customers at the time of service, $1500.
7. Purchase office supplies on account, $290.
8. Borrow cash from the bank, $3600.
9. Receive cash from customers for services performed last month, $710.
10. Pay for advertising to appear in the current month, $410.
Accrual & Cash-Basis Accounting:
Accrual bases accounting is the accounting method demanded by the accounting standards. In it, revenue is recognized when it is earned and expenses when they are paid, rather than when the related cash flow takes place like in cash basis accounting.
The amount of revenue to be recorded in the current period using accrual-basis accounting for the given transaction is:
2. Amount of revenue as utilities bill to be recorded is $130.
3. Amount of revenue of insurance of one year to be recorded is $1800.
What are accrual basis and cash basis accounting?When a business generates income and the corresponding costs, they are recorded on an accrual basis rather than when money actually exchanges hands. This means that businesses record revenue when it is earned rather than when the business receives the money.
Timing is what distinguishes accrual basis accounting from cash basis accounting. Cash basis accounting is when you record transactions when you pay or get money. Accrual basis accounting is when you do it as soon as a bill or invoice is raised.
4. Amount of revenue as workers' salaries to be recorded is $760.
5. Amount of revenue to be cost for salaries recorded is $960.
10. Amount of revenue for advertising to be recorded is $410.
Entries under cash-basis accounting in the current period is
1. Cash advance from customers to recognized is $560.
6. Cash from customers at the time of service to be recognized is $1500.
8. Cash from the bank to be recognized is $ 3600.
9. Cash from customers for services for last month recognized is $ 710.
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