Why are expense and revenue accounts used when all revenues and expenses could be shown directly in

Question:

Why are expense and revenue accounts used when all revenues and expenses could be shown directly in the Retained Earnings account? mk5

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting A Business Perspective

ISBN: 9780075615859

7th Edition

Authors: Roger H. Hermanson, James Don Edwards, Michael W. Maher

See More Books

Question Posted: Jun 28, 2024 10:06 AM

See More Questions

Hello, I've attached an assignment as a word file. We can cancel the other 2 questions that are still standing. Thanks! c04AccrualAccountingConcepts.qxd 8/3/10 1:50 PM Page 162 chapter 4 ACCRUAL...
I've attached the questions as a word file. Thanks! c04AccrualAccountingConcepts.qxd 8/3/10 1:50 PM Page 162 chapter 4 ACCRUAL ACCOUNTING CONCEPTS the navigator Scan Study Objectives Read Feature...
Please answer all of the following questions. Chapter 4 questions Question 1 The Accounting Cycle - How do the different steps affect the financial statements? What is the effect on the financial...
Many areas have attempted to increase the amount of recycled waste lubricating oil by requiring service stations to serve as collection centers or by instituting deposit-refund systems. On what...
Suppose that X and Y are two random variables, which may be dependent, and Var(X) = Var(Y). Assuming that 0 < Var(X + Y) < and 0 < Var(X Y) < , show that the random variables X + Y and X Y are...
B11 X fx B 1 Requirement #3: 2 3 Prepare a trial balance for July in the space below. 4 5 6 Quick Tax Corporation 7 Trial Balance July 31 9 10 11 Cash 12 Common Stock 13 Rent Expense 14 Insurance...
2. Explain the circumstances when it would be appropriate to have funds in a checking account, a savings account, or in investments.
The cash register tape for Bluestem Industries reported sales of $6,871.50. Record the journal entry that would be necessary for each of the following situations. (a) Cash to be accounted for exceeds...
a put on share x with strike price of R 7 0 Iis priced ar r 7 . 0 0 per share while a call with a strike price of r 8 0 is priced r 8 . what is the maximum per share gain to the writer of an...
What is the purpose of the Dividends account and how is it increased? mk5
Which of the steps in the accounting cycle are performed only at the end of the accounting period? lop5
Miss Horowitz was admitted as an advanced medical student at the University of MissouriKansas City. During the spring of her first year, several faculty members expressed dissatisfaction with Miss...
Find the magnitude and direction of the electric field at the point (2,5). 7. A muon is decelerated by an electric field of 2.2 x 103 N/C to rest over a distance of 4.20cm. (a) Find the particle's...
Describe the use of computer software in qualitative data analysis relative to each of the five qualitative approaches. Refer to the coding templates for each approach in your discussion. Complete a...
Woodside suffered a 48.97 per cent shareholder vote against its climate report at its annual general meeting of shareholdersin May 2022 just before the completion of the merger. a)Why do you think so...
What is transfer pricing? give an example using the info below: US exporter is Heinz Company. Braziliansubsidiary is Heinz Brasil S.A. Product is ketchup. US tax rate is 20%. Braziliantax rate is...
Monitoring Food Production Costs : What are the components that are used in computing the Cost of Beverage?
Calls to the 24-hour customer support line for Richman Financial Services occur randomly following a Poisson distribution with the following average rates during different hours of the day: The...
Question 2 For an n x n matrix A = form) via (aij)
You are working as a manager for a new recreational resort that has no written job descriptions. From your observation it appears that many of the employees are not always sure what to do, and...
Select whether each account is usually classified as a current asset, noncurrent asset, current liability, noncurrent liability, or stockholders' equity Item and whether the account usually has a...
In a highly competitive financial market, securities are often traded below its intrinsic value in order to encourage trading and attract liquidity. Is this statement true or false? Explain Tangency...

Why are expense and revenue accounts used when all revenues and expenses could be shown directly in

Question:

Step by Step Answer:

Accounting A Business Perspective

Students also viewed these Business questions