Describe the two primary functions of financial accounting

Answers

Answer 1

Answer:

Answer: Measurement and presentation of financial performance

Explanation: The two primary functions of financial accounting are measurement and presentation of financial performance.

The measurement function is performed by following accounting procedures and policies under US GAAP and IFRS.

Whereas, presentation function relates to preparation of financial statements like income statement and cash flow statement.

Answer 2

Answer:

Final answer:

Financial accounting's primary functions are record-keeping, which is the organization of financial data, and financial reporting, which is developing and distributing financial statements showing a firm's financial standing.

Explanation:

The two primary functions of financial accounting are to keep track of financial transactions and to create financial statements. The former, known as record-keeping, involves organizing and maintaining the financial data of a company. This includes all sales, purchases, liabilities, and assets. The latter function, financial reporting, is the preparation of financial statements that provide a snapshot of a company's financial health. Statements like the balance sheet, income statement, and cash flow statement are developed and shared with stakeholders such as investors, creditors, and regulatory bodies for decisions making.

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you are a manager of a large businesses enterprise. explain how you would address issues of equality, respect and dignity in your business

Answers

I would address the issues of equality, respect and dignity by through several steps. One is providing more opportunities for advancement for all employees regardless of their age, rank, position, religious beliefs, gender, etc. Secondly I would also implement guidelines in addressing fair treatment of employees. I would hold workshops that would encourage camaraderie among employees. What is important is that all employees are treated with respect and have access to better opportunities.

A firm with $900,000 in sales, cash on hand of $1,150,000, liabilities of $400,000 and total assets of $2 million has a total asset turnover of ______ times.

Answers

Answer:

0.45

Explanation:

Total Asset turnover is the relationship between the total asset and the total sales. It measure the turnover generated by assets and shows how fully a company is utilizing its assets.

It is calculated as Net Sales / Average Total asset.

Average total asset is calculated as Asset at Beginning + Asset at closing / 2

Applying the formula

The total sales = $900,000 while the total asset is $2, 000,000

$900,000/$2,000,000 = 0.45

Note: The beginning and closing Asset were not given so $2,000,000 is regarded to as the average asset.

Who typically implements strategy in large, multi-industry corporations?a. The board of directorsb. Top managementc. Middle managementd. First level management E. Everyone in the organization

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Its the board of directors that is responsible to implement strategy in large, multi-industry corporations. Though sometimes everyone in the company can give their ideas as well. But basically its the job of the board of directors.

For safety's sake industrial screwdriver blades are made of

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they are made out of industrial screwdriver blades and they have screws in them that help them seal up things that are broken

Answer:

Explanation:j

I would enjoy working for a cutting-edge company, even if there is some risk involved agree or disagree

Answers

I think the answer is Agree

You will see this type of question on many job application process.
This shows them that you're someone who are brave, confident, and not afraid to take risks

hope this helps

Nuno owns a recording studio with high-quality equipment. He allows artists to schedule sessions based on their flexibility, and he also allows them to bring their own sound engineer and work with him or her to achieve the desired result. As a result, his customers frequent his studio and recommend it to their friends and colleagues. The opportunity of _____ is highlighted in the given scenario.

Answers

Answer:

As a result, his customers frequent his studio and recommend it to their friends and colleagues. The opportunity of providing personal customer service is highlighted in the given scenario.

Explanation:

To serve in a personalized way, it is essential to know your customers well. Nuno knew what the needs of customers attending a recording studio were. For this reason, Nuno equipped his study with the best material on the market, but gave his clients the freedom to schedule sessions based on their flexibility, and also allowed clients to take their own sound engineer and work with him for the best result. .

With this Nuno has established a personal customer service, and this has been the success of his recording studio.

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