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Business Accounting and Bookkeeping

Business accounting and bookkeeping refers to the act of systematically recording, verifying and reporting business transactions such as purchases, sales, payments and income. The accounting aspect is commonly performed by certified accountants only.

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What are the historical phases of social responsibility?

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Asked by Wiki User

The historical phases of social responsibility include the philanthropic phase where businesses made charitable donations, the awareness phase where businesses started recognizing societal issues, the strategic phase involving integrating social responsibility into business strategies, and the accountability phase where businesses are held responsible for their impact on society and the environment.

What countries use the standard system?

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Asked by Wiki User

Countries that commonly use the standard system of measurement include the United States, Liberia, and Myanmar. These countries typically use units such as inches, feet, pounds, and Fahrenheit for measuring length, weight, and temperature, respectively.

How many people pass the CPA exam the first time?

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Asked by Wiki User

On average, about 50% of candidates pass the CPA exam each year on their first attempt. The pass rates vary slightly for each section of the exam (AUD, BEC, FAR, REG), with some sections having higher pass rates than others. Overall, passing rates tend to be higher for candidates who are well-prepared and dedicated to studying effectively.

What are three types of social responsibility?

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Asked by Wiki User

  1. Environmental responsibility, which involves minimizing negative environmental impacts.
  2. Philanthropic responsibility, which focuses on supporting charitable causes and community development.
  3. Ethical responsibility, which involves acting with integrity, transparency, and fairness in all business activities.

How many paper clips are stolen from a workplace per day?

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Asked by Wiki User

The number of paper clips stolen from a workplace per day can vary depending on the size of the workplace and the honesty of the employees. It would be difficult to provide an exact number without specific information about the workplace.

What are the differences between internal and external forces in the environment?

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Asked by Wiki User

Internal forces are factors within an organization that affect its operations and performance, such as company culture or leadership styles. External forces, on the other hand, are factors outside the organization's control, such as economic conditions or regulatory changes. Both internal and external forces can impact an organization's success and require strategic management to navigate effectively.

To evaluate a theory sociologists?

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Asked by Wiki User

Sociologists evaluate a theory by analyzing its empirical evidence, consistency with existing research, explanatory power, coherence with sociological principles, and ability to predict and guide future research. Additionally, they consider the theory's social relevance, practical implications, and ethical implications. Collaboration with other researchers and testing the theory through empirical studies also play a crucial role in evaluating its validity and reliability.

What would you say is the most important thing you are looking for in a job?

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Asked by Wiki User

I am looking for a job that aligns with my values and allows me to grow both personally and professionally. Additionally, a supportive work environment and opportunities for learning and development are crucial for me.

Why observe trends in data and ratios?

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Asked by Wiki User

Observing trends in data and ratios helps to identify patterns and relationships over time, enabling better decision-making and forecasting. It can provide insights into performance, efficiency, and overall health of an organization or system. Monitoring trends can also help to detect potential issues or opportunities for improvement.

What is the meaning of social unrest?

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Asked by Wiki User

Social unrest refers to a state of dissatisfaction, discontent, or agitation within a society. It is often characterized by protests, demonstrations, strikes, or other forms of collective action by a group of people who are expressing their grievances or seeking change. Social unrest can be sparked by various factors such as economic inequalities, political disaffection, or social injustices.

What percentage of the rebates offered are actually paid?

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Asked by Wiki User

On average, around 80-90% of rebates offered are paid out to consumers. However, this can vary depending on the specific promotion and the compliance of participants with the terms and conditions of the rebate offer.

How can you study for accounting exam?

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Asked by Wiki User

To study for an accounting exam, start by reviewing your class notes and textbooks. Practice solving accounting problems and questions to reinforce your understanding. Consider using study guides or online resources to further supplement your learning. Finally, aim to understand the underlying principles and concepts rather than just memorizing formulas.

How is the straight line depreciation method different from declining balance method?

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Asked by Wiki User

The straight-line depreciation method allocates the cost of an asset evenly over its useful life, while the declining balance method applies a fixed depreciation rate to the asset's declining book value each year. Straight-line method results in equal annual depreciation expenses, while declining balance method typically yields higher depreciation expenses in the early years of an asset's life.

Is office furniture depreciated by the straight-line method?

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Asked by Wiki User

Yes, office furniture is typically depreciated using the straight-line method, which evenly spreads the cost of the furniture over its useful life. This method allocates an equal amount of depreciation expense each year until the furniture's value reaches its salvage value.

What are the advantages of high-low method?

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Asked by Wiki User

The high-low method can help identify fixed and variable costs within a data set. It is simple and easy to apply, making it a quick way to estimate costs without complex calculations. Additionally, it can provide a rough estimate of future costs based on past data.

What is the straight dough process?

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Asked by Wiki User

The straight dough process is a method of bread making where all the ingredients (flour, yeast, water, salt, etc.) are mixed together at the same time, and then the dough is left to rise once before shaping and baking. It is a simpler and quicker method compared to other bread-making processes, such as the sponge and dough method.

Diminishing balance method of deprecation in the financial statements be more conservative or less conservative than the current practice of using the straight-line method?

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Asked by Wiki User

The diminishing balance method of depreciation is generally considered less conservative than the straight-line method as it results in higher depreciation expenses in the earlier years of an asset's life. This reflects a more aggressive approach in recognizing depreciation compared to the straight-line method, which spreads depreciation evenly over the useful life of the asset.

Why is sampling important in manufacturing?

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Asked by Wiki User

Sampling is important in manufacturing to ensure the quality and consistency of the final product. By taking samples at different stages of production, manufacturers can identify any issues early on and make necessary corrections to prevent defective products from reaching consumers. Sampling also provides data for quality control measures and helps to improve efficiency and adherence to industry standards.

What is the amount of the annual depreciation computed by the straight-line method for a refrigerator used by a meat processor that cost 198500 and estimated value of 30500 with a useful life of 15yrs?

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Asked by Wiki User

The annual depreciation for the refrigerator using the straight-line method would be calculated as follows: (Cost of the refrigerator - Estimated salvage value) / Useful life = ($198,500 - $30,500) / 15 years = $168,000 / 15 years = $11,200 per year.

You purchased a delivery van for 23000 with a salvage value of 3000 on sept 1 It has a useful life of 5 yrs using the straight-line method how much depreciation expense should be in Dec?

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Asked by Mgg2

The annual depreciation expense for the delivery van would be calculated as (Cost - Salvage Value) / Useful Life.

In this case, the annual depreciation expense would be (23000 - 3000) / 5 = 4000.

For December, you would have incurred 4/12 of the annual depreciation expense, which equals 1333.33.

Jayco purchased a machine for 6000 with the salvage value of 400 and a life of seven years the Straight-line method of depreciation was used At mid-year in year 4 Jayco sold the machine for 450?

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Asked by Wiki User

The annual depreciation expense is (6000-400)/7 = $828.57. By year 4, accumulated depreciation would be 828.57 * 3.5 = $2899.99. Therefore, the book value at the time of sale is 6000 - 2899.99 = $3100. Since the machine was sold for $450, Jayco incurred a loss of $3100 - $450 = $2650.

An asset costs 33000 it has an expected useful life of 5 years and an expected salvage value of 3000 what is the depreciation for the first year of assets life using the double declining method?

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Asked by Wiki User

The double declining balance method depreciates the asset at twice the straight-line rate. To calculate the annual depreciation expense, you first find the straight-line depreciation rate by dividing the depreciable cost (original cost - salvage value) by the useful life. In this case, the depreciable cost is $33,000 - $3,000 = $30,000. The straight-line rate is $30,000 / 5 years = $6,000 per year. Double that rate to get the double declining rate of $12,000 per year. Therefore, the depreciation for the first year would be $12,000.

Uses of x and y theories?

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Asked by Wiki User

X and Y theories are management theories proposed by Douglas McGregor. X Theory assumes that employees are lazy and need to be closely supervised, while Y Theory assumes that employees are motivated, take ownership of their work, and can be trusted to work independently. These theories help shape managers' perceptions and approaches to employee management and can influence organizational culture and leadership style.

What is the different between straight line method and reducing balance method result?

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Asked by Wiki User

The straight-line depreciation method allocates an equal amount of depreciation expense over the useful life of an asset, resulting in a constant annual depreciation expense. In contrast, the reducing balance method accelerates depreciation expense by applying a fixed percentage to the remaining book value of the asset each year, leading to higher depreciation charges in the early years of the asset's life.

How much would a car that cost 895400 new depreciate if its rate of depreciation was 20 percent during the first year?

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Asked by Wiki User

The car would depreciate by $179,080 (895400 * 0.20) in the first year, making its value $716,320 after one year.