Answered: Question: Besides earning a profit,…

Question: Besides earning a profit, what other objectives might a business have? How can Accounting play an important role in these objectives? (minimum of 500 words)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 2TP: Why is it important to learn all of this terminology when accounting is a quantitative subject?

See similar textbooks

Related questions

Q: TAARE ZAMEENPAR Company reported the following changes in the account balances for the current year,...

A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...

Q: The December 31, 2021 and 2020 comparative financial statements of ABC Company showed equipment with...

A: Depreciation is the allocation of cost of asset over the useful life of the asset. Accumulated depre...

Q: Consider the following data for two products of Vigano Manufacturing. Activity Budgeted Cost Activit...

Q: Stunfisk Company has a 75% interest in Golett, Inc. which is recorded on a cost basis. For the fisca...

A: As per PFRS 10, While preparing the consolidated Income statement, intercompany transaction should b...

Q: 1. A hotel receives advance payment of 2,500,000 from a conference organizer. This is not a sale due...

A: Solution Note Dear student as per the Q&A guideline we are required to answer the first question...

Q: TAARE ZAMEENPAR Company reported the following changes in the account balances for the current year,...

A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...

Q: Analyse on the variance between the planned and actual nett profit contribution of all the projects ...

A: Here asking about the total project details of different project which was actual value which are in...

Q: Required information Problem 6-9B Record transactions and prepare a partial income statement using a...

A: Under periodic inventory system, the cost of goods sold is not recorded with every sale transaction ...

Q: Choy, after receiving her degree in Hotel and Restaurant Management began her own business called Ch...

A: Accounting equation is one of the important concept in accounting which says that total assets must ...

Q: What is Declan's Designs' 2020 Cash Flows from Investing Activities? Question 26 options: ...

A: Cash Flow Statement - Under Cash Flow, there are three types of activities involved - Operating Acti...

Q: . Hard rock cafe is a wholly-owned subsidiary of Jollibee Foods corporation, and Hard Rock Cafe oper...

A: Solution Concept Single economic entity principle The consolidated financial statement i...

Q: Sales 60000 Variable Costs Fixed Costs 36000 20000 Earnings Before Interest and Taxes 4000 3000 1000...

A: The contribution margin is calculated as difference between sales and variable costs. The total cos...

Q: What is Declan's Design's 2022 Cash Flows from Operating Activities? Question 23 options: Incr...

A: The cash flow statement is prepared to record the cash flow from various activities during the perio...

Q: 22. Partially correct answer icon Your answer is partially correct. Carla Corporation enters into a...

A: Lease is a form of agreeement or arrangement between two or more than two persons, in which one part...

Q: Seoli owned a 20% royalty interest in an oil well. Seoli received royalty payments on January 31 fo...

A: Royalty revenue is reported in the income statement of the company and the expenses would be deducte...

Q: In 2O2O Coca Cola reported net operating revenues of P18.2 billion and cost of goods sold for P0.8 b...

A: The gross profit rate indicates the percentage of the profit earned by the business after deducting ...

Q: Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and...

A: Specific identification costing method - Specific identification method is the method of utilizing ...

Q: At the beginning of September, Helen Rojas started Rojas Wealth Management Consulting, a firm that o...

A: The income statement is prepared to record the revenues and expenses of the current period. It tell...

Q: How do proceeds from the sale of PPE impact Declan's Designs' 2022 Statement of Cash Flows? Ques...

A: Investing Activities - All the Purchase sales of assets are included under this section.

Q: Companies recognize revenue as earned and record the revenue when __________. A. the customer's orde...

A: Hi student Since there are multiple questions, we will answer only first question.

Q: What is the net benefit (in rate or percent) of paying on the 35th day instead of obtained a loan th...

A: Credit term refers to a method used by the firms to encourage buyer or debtor to pay the amount of t...

Q: considering expending into Eastern Canada. The expansion is estimated to cost $10,000,000 for a new ...

A: Flotation cost refers to the expenses bear by a company when it issues new shares in the market.

Q: What was Evander’s principal at the beginning of July

A: Solution:- Given, Evander Holyfield during his boxing career = $300 million made but, declared bankr...

Q: How does Depreciation Expense impact Declan's Designs' 2022 Statement of Cash Flows? Question 16 ...

A: What is Depreciation? It is a decrease in the monetary value of a fixed asset due to normal wear and...

Q: 35. The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company a...

A: A lease refers to the transaction or rather an agreement between lessor and lessee which includes tr...

Q: 1-a. How much will net operating income increase (decrease) per month if the monthly advertising bud...

A: CVP analysis: Cost Volume Profit analysis is a method of cost accounting used to analyse the cost an...

Q: 11. Presented below is income statement information of the Schefter Corporation for the year ended...

A: Closing Entries are those entries that are made at the end of the year to close all temporary accoun...

Q: Liquidity analysis. b) Solvency analysis. c) Any other financial analysis that you think can help in...

A: The construction company having limited economic resources can undertake only one construction proje...

Q: 33. On January 2, 2017 Skysong Company leases a machine with a fair value of $35,000 from Snead, In...

A: Lease It is an agreement between the two parties i.e. lessor and the lessee. In which the lessor has...

Q: he recording of adjusting entries is supported by the a.accuracy concept. b.matching principle. c....

A: Solution: Adjusting entries are those entries which are made to match the revenues and expenses to t...

Q: refer to the orginal data. Compute the company's margin of safety in both dollar and percentage term...

A: Answer 4) Calculation of Margin of Safety in Dollars Margin of Safety in Dollars = Current Sales – B...

Q: 1. Given below are adjustmentd made in December 31, 2021. Provide the original entries. a. Prepaid...

A: Income and expenses are required to be recorded on accrual basis in the books of accounts. So for al...

Q: Salaries Payable. At year-end, salaries expense of $25,500 has been incurred by the company, but is ...

A: Solution: Adjusting entries are those entries which are made to match the revenue or expense to the ...

Q: Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inven...

Q: Merville is a dealer in real properties. Merville requires 20% downpayment, and the balance is payab...

A: Answer: We have Gross profit = 40% of Selling price Selling price of lot 1 in 2019= P 1,350,000 Sel...

Q: When does sales revenue is recognized? When does sales revenue is recorded? Does recognize and recor...

A: The sales revenue is the amount of total sales made during the period.

Q: Engberg Company installs lawn sod in home yards. The company's most recent monthly contribution form...

A: Operating leverage is used to measure the degree to which the firm can increase its operating income...

Q: Which of the following most accurately describes the process of walkthroughs? 1. Inspection of selec...

A: Auditing involves independent examination of the financial records of an entity with a view to expre...

Q: Stew and Peed entered into a partnership on March 1, 2017 investing P 2,000,000 and P 1,000,000 resp...

A: Two or more person can start partnership firm. They usually contribute capital at the start of partn...

Q: Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for fou...

A: Cost of Goods sold Under LIFO method using periodic inventory system, cost of goods sold is calculat...

Q: XYZ company has the following Information: Sales Revenue: 60000S, Expenses: 80000S. Required Recordi...

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized i...

Q: When a company pays dividends a) the dividends account will be decreased with a debit. b) it doesn't...

A: >Dividends are the payments made to the stockholders for the amount invested by them in form of c...

Q: November 2 Purchase 100 units of inventory on account from Toad Inc. for $100 per unit, terms 3/10, ...

A: LIFO approach is used in to answer this question because sales made on November 16 only includes uni...

Q: . What is the amount of depreciation under cash basis?

A: Cash basis of accounting is one of the basis of accounting, under which all cash receipts are treate...

Q: equired: Compute the activity rate for each activity using activity-based costing. . Compute overhea...

A: Solution Concept Under traditional method overhead are allocated using a single recovery rate Under ...

Q: SOUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands of Wire...

A: First-in, first-out (FIFO) cost flow assumption - Under FIFO Method, Inventory purchased first is so...

Q: Accounts payable, January 1 Accounts payable, December 31 Cash purchases during the year Payments on...

A: Solution: Purchases to be reported by first computing purchases on accounts. Then purchases on accou...

Q: Wynn Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional...

A: As per accrual basis income is recognised when they are earned and not when they received As per cas...

Q: c. Interest Payable. At its December 31 year-end, the company holds a mortgage payable that has incu...

A: adjusting entry is passed when transactions occurs at the end of accounting period to record any inc...

Q: You are assigned to perform a review of minutes of meeting for the year end audit ending December 31...

A: The following agendas would least likely affect the total liabilities of the entity

Question

Question: Besides earning a profit, what other objectives might a business have? How can
Accounting play an important role in these objectives? (minimum of 500 words)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Essay - cite sources: Besides earning a profit, what other objectives might a business have? How can Accountingplay an important role in these objectives?
"Do you agree with the following statement: "Accounting is essential to the success of a business?"?" Explain.
Do you agree with the following statement: "Accounting is vital to the success of a business?" Explain.
What is the accounting equation and discuss how it impacts on the operations of a business? 2. Why is liquidity critical for a business and how might this affect decision making? 3. Why is investment appraisal important to a business? Use examples to support your reasons. 4. What is meant by relevant costs and critically explain their role in decision making. 5. Discuss the benefits of the information contained in the Income Statement/Profit and Loss Account.
What is the role of accounting in business? Elaborate your points by providing some real-life examples of the application of Accounting.
Explain the various methods used to measure and report the performance of a business in accounting theory. What are the limitations of these methods, and how can businesses overcome them to provide more accurate and reliable information to stakeholders?
why do you think accounting is important especially on businesses?
What is the purpose of the accounting system, and how does it help businesses achieve their financial goals? Discuss the key elements of the accounting system and their roles in financial reporting.
Why is the accounting cycle critical to a business's success? (examples of why certain actions are essential are required)
Explain the accounting function of a business. What is the purpose of this function, and why is it important? What kinds of information does it provide?
What is the accounting equation? List two examples of business transactions, and explain how the accounting equation would be impacted by these transactions.
Why is it important to learn all of this terminology when accounting is a quantitative subject?