Managerial Accounting is also called

Correct Answer: Income statement - Statement of retained earnings - Balance sheet

Explanation:

The financial statements should be prepared in the following order:

Income statement - Statement of retained earnings - Balance sheet

 

1. Income statement reports revenues and expenses and calculates net income or net loss for the time period.

2. Statement of retained earnings show how retained earnings changed during the period due to net income or net loss and dividends.

3. Balance sheet reports assets, liabilities, and stockholders? equity as of the last day of the period.

Correct Answer: Generally Accepted Accounting Principles (GAAP) are basic accounting principles and guidelines are concepts that govern the field of accounting Accounting principles and guidelines include : * Business Entity Assumption * Accounting Period * Historical Cost Concept * Full Disclosure Principle * Cost Principle * Matching Principle * Materiality * Monetary Unit Assumption

Correct Answer: Sales tax

Explanation:

Direct tax is a tax directly paid to the government by the individuals or organizations on whom it is imposed. Sales Tax is paid for the sales of certain goods and services.

Correct Answer: a 10 year, 5% coupon bond

Explanation:

A 10 year, 5% coupon bond has the greatest interest rate price risk.

Correct Answer: The fixed cost per unit decreases when volume increases.

Explanation:

The fixed cost per unit decreases when volume increases is the correct statement regarding fixed costs.

Correct Answer: the capital required to build the factory

Explanation:

Value is the monetary worth of something, in this case, it is an item.

In option A, since it is talking about capital which is measured in monetary terms.

The value of an item is determined by its quality and its age. Often antiques with good quality are sold in the market with a high value and are sometimes auctioned.

Correct Answer: analyzing and interpreting financial reports

Explanation:

The three steps in the accounting process are

 

1. Identification,

2. Recording, and

3. Communication. 

 

Hence, analyzing and interpreting financial reports is not involved in the accounting process.

Correct Answer: Issues related to AR 1 Invoice discrepancies / no proper documents 2 Services / goods delivered not satisfactory 3 Customer do more negotiation even your invoice as per agreed terms and conditions 4 Very Important issue if no proper follow up from your side my result you receivable to Bad Debts

Correct Answer: Before answering the above question let us first understand the meaning of Intercompany transactions Intercompany transactions are those transactions that takes place between two or more entities of the same group of company So the receivable of one entity would the payable of another entity All intercompany transactions are eliminated befor preparing the final Balance sheet of the group company

Correct Answer: Accounts Receivables help small businesses by providing short-term liquidity Also continued sales on credit provide the much needed continuity for small businesses