Answer:
1,000 US dollars
Explanation: 80,000 divided by the 80-1 ratio would equal 1000$
80,000/80=1000
The current exchange rate between the Japanese Yen and the US Dollars is 80:1. You would need 1,000 US dollars to purchase the TV.
What is exchange rate?The price at which one currency will be traded for another is known as the exchange rate. Most often, currencies are national ones, but they can also be supra-national ones like the euro or sub-national ones like Hong Kong.
The rate at which one currency will be exchanged for another is known as the exchange rate. Some exchange rates are linked or fixed to the value of a particular country's currency, however most exchange rates are floating and will increase or decrease depending on market supply and demand.
You would need 1,000 US dollars to purchase the TV.
80,000 divided by the 80-1 ratio = 1000$
80,000/80=1000
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what can be the scopes of technicians
Answer:
Technicians are skilled workers that work with complex systems or perform highly technical mechanical or diagnostic tests. Depending on the field, technicians may work independently or under the direction of a professional. Technicians can work indoors or might spend most of their time outside.
What is the answer?? I need help please
Answer:
B. The mixed economy.
Explanation:
An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.
Hence, a region's or country's economy is largely dependent on how resources are being allocated and utilized, how many goods and services are to be produced, what should be produced, for whom they are to be produced for and how much money are to be spent by the consumers to acquire these goods and services.
Basically, there are four (4) main types of economy and these are;
I. Command economy.
II. Free market economy.
III. Traditional economy.
IV. Mixed economy.
A mixed economy can be defined as a type of economy in which the government of a particular country is minimally involved in the allocation and production of goods and services while protecting the interest of the consumers and regulating the market by establishing laws.
This ultimately implies that, a mixed economy is a combination of two or more economy such as centralized economy and capitalist economy i.e the state and private sector control the economy in a country.
At the end of the current year, using the aging of receivable method, management estimated that $31,500 of the accounts receivable balance would be uncollectible. Prior to any year-end adjustments, the Allowance for Doubtful Accounts had a debit balance of $900. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?
Answer:
Dr Bad debt expenses $ 32,400
Cr Allowance for doubtful accounts $ 32,400
Explanation:
Preparation of the adjusting entry that the company should make at the end of the current year to record its estimated bad debts expense
Dr Bad debt expenses $ 32,400
Cr Allowance for doubtful accounts $ 32,400
($31,500+$900)
( To record its estimated bad debts expense)
Estimated Bad debts expense =Account receivables + Debit balance
Estimated Bad debts expense= $31,500 + 900
Estimated Bad debts expense=$32,400
Consider five individuals with different occupations. Allen prepares taxes wants ribs Betty does dry cleaning wants computer fixed Calvin fixes computers wants bread Diedre bakes bread wants taxes prepared Eric barbecues ribs wants dry cleaning If this economy has money a. Allen will buy from Betty b. Betty will buy from Calvin c. Eric will buy from Allen d. None of the above are correct.
Answer:
D. None of the above are correct.
A customer slipped and fell in a store and was severly injured. As required by state regulation, the store's manager conducted an investigation into the cause of the accident and filed the report with the appropriate state agency. The customer subsequently retained an attorney, who filed a civil action against the store in federal district court. The complaint alleged that the store negligently left a spill on the floor of the store, which caused the customer's fall. The customer's attorney served on the store a request for production of documents, which included a request for all documents and reports prepared by the store that relate to the customer's fall and injury. If the store believes that the report prepared by the store manager is protected from discovery under the work product doctrine and the store wants to withhold disclosure of the report, what should the store do
Answer:
The manager notes are protected by a qualified immunity from discovery under the work product doctrine. The store is not liable to disclose report unless there is substantial need.
Explanation:
The customer has fell in a store because of store negligence not because of store manager's negligence. The court decided a case based on facts. The customer's attorney may ask store to produce reports which serve a base for customer injury. Manager notes are protected and therefore they cannot be disclosed unless the court demands it.
Suppose the demand for cherries sold from roadside stands in Michigan is perfectly elastic. The owner of one roadside stand raises the price of cherries by 10%, as a result 1 point A. Zero cherries are sold at this stand. B. No change in the quantity demanded at this stand. C. A 10% decrease in the quantity demanded at this stand. D. A 10% increase in the quantity demanded at this stand. E. All available cherries will be sold.
Answer:
A
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
Infinitely elastic demand is perfectly elastic demand. Demand falls to zero when price increases
it is in perfectly competitive markets that demand is perfectly elastic
A company's total expected overhead for the year is $500,000. Two activity cost pools have been identified: Customer Service with a total cost of $200,000 and a total activity of 25,000 customer service calls; and Product Development with a total cost of $300,000 and total activity of 20,000 development hours. Using activity-based costing, calculate the appropriate activity rate(s). Multiple choice question. $8 per customer call and $15 per development hour $20 per customer call and $25 per development hour $11.11 per customer call or per development hour
Answer:
$8 per customer call and $15 per development hour
Explanation:
The computation of the activity rates is shown below:
For customer service
= $200,000 ÷ 25,000
= $8 per customer call
and for product development, the activity rate is
= $300,000 ÷ 20,000
= $15 per development hour
Hence, the first option is correct
ANd, the same is to be considered and relevant
Social media objectives should: Choose only ONE best answer. A Be independent of competing marketing and organizational goals. B Adhere to the S.M.A.R.T. framework (Specific, Measurable, Achievable, Resourced, Time-bound). C Adhere to the CCAF framework: context, challenge, activity, feedback. D Flow from, and directly support, social media tactics. E Be finalized early, so marketing goals can be designed around them
Answer:
B is the best answer for this question.
Explanation:
It uses the smart goal which helps you make an achievable and realistic goal
Some of the characteristics of the new breed of global leaders include Question 8 options: a) The skills and abilities to interact with and manage people from the diverse cultural backgrounds that populate their multinational companies. b) Sufficiently flexible to operate comfortably in pluralistic cultural environments. c) Knows at least one foreign language and understands the complexities of interaction with people from other cultures. d) All of the above
Answer:
d) All of the above
Explanation:
Leadership can be defined as a process which typically involves motivating, encouraging and inspiring employees working under an individual to be innovative and create positive changes that will foster growth and enhance the success of a group, business firm, state, or country in the future.
A leader can be defined as an individual who is saddled with the responsibility of controlling, managing and maintaining a group of people under him or her. Some types of power expressed by leaders are referent power, legitimate power, coercive power, etc.
Generally, leaders use their powers to get other people to follow them.
In conclusion, all of the aforementioned characteristics are possessed by the new breed of global leaders across the world.
A security guard, dressed in plain clothes, was working for a discount store when a customer got into a heated argument with a cashier over the store's refund policy. Without identifying himself as a security guard, the security guard suddenly grabbed the customer's arm. The customer attempted to push the security guard away, and the security guard knocked the customer to the floor, causing injuries. The customer sued the discount store for battery on a theory of vicarious liability for the injuries caused by the security guard. The store filed an answer to the customer's complaint, asserting the affirmative defense of contributory negligence. The customer has moved to strike the affirmative defense. Traditional rules of contributory negligence apply. Should the trial court grant the customer's motion
Answer: C. Yes, because contributory negligence is not a defense to battery.
Explanation:
Contributory negligence means that the party suing should take some responsibility for the injuries that they got in relation to an accident because didn't take enough care to ensure that they would not be involved in the accident. For instance, seeing a "wet floor" sign and falling whilst walking across.
Contributory negligence cannot be used as a defense against battery however because it is not accepted that a person should take blame for another person becoming physical with them. The Court would grant the customer's motion in this instance.
Hero Rent-A-Car has been the market leader in auto rentals for many years. Its employees are confident that they understand everything it takes to be successful in the industry and they feel they have nothing to learn from other companies both inside and outside the auto rental industry. Hero likely has what type of corporate culture
Answer:
Hero has an Insular corporate culture.
Fredrick purchased a property worth $150,000 on mortgage. He paid $30,000 as a down payment on this property. However, a recent slump in real estate prices forced Fredrick to sell the property for $115,000 only 2 months later. This sale is termed a(n): Group of answer choices
Answer:
Real estate short sale
Explanation:
Real estate is defined as a piece of land and any attached property that is constructed on it.
In real estate business a real estate short sale occurs when the person that owns a property decides to sell the property at a price that is less than the amount on the mortgage.
This usually occurs as a result of financial distress of the owner.
In the given scenario the property has a mortgage value of $150,000 and down payment of $30,000 has been made.
The mortgage amount is now $150,000 - $30,000 = $120,000
However they now sell the property for $115,000 which is less than the remaining mortgage value of $120,000.
This is and example of real estate short sale.
Which of the following is NOT a result of good customer service?
There is less employee turnover.
Customers will want to come in.
Employees will take less pride in their job.
Public perception is higher.
Answer:
Employees will take less pride in their job.
Explanation:
Customer relationship management (CRM) typically involves the process of combining strategies, techniques, practices and technology so as to effectively and efficiently manage their customer data in order to improve and enhance customer satisfaction.
Simply stated, CRM is a strategic process which typically involves collecting customer information for the purpose of improving a customer's future experience.
A good customer service involves providing a timely, upbeat, and quality level of service, as well as attentive feedbacks to the customers that patronizes an organization. Thus, it ensures that the needs or wants of the customers are attended to in a matter that reflects positively on an organization.
This ultimately implies that, employees taking less pride in their job is not a result of good customer service because they are groomed to enjoy proffering solutions to the buying-selling related problems faced by a customer, especially those that are within their capacity to solve.
A delivery company employed several messengers to deliver packages by car to nearby towns. The company also allowed some employees to use company cars for personal use from time to time. A clerical employee had her car in a body shop because she had run a red light and been broadsided by another vehicle. This was the second time she had run a light and been hit. She borrowed a company car for the weekend and was using it to do some grocery shopping. The employee negligently went through a red light and crossed the path of a rented van. The man driving the van swerved to avoid the employee and struck a light post and several parked cars, severely damaging the van. At the time of the accident, the driver of the van was exceeding the posted speed limit; he would have been able to avoid hitting the light post and the cars had he been going the proper speed. The leasing company that had rented the van to the driver brought a lawsuit against the delivery company employee and the delivery company. The jurisdiction retains traditional contributory negligence rules. If the delivery company prevails in the lawsuit, what is the most likely reason
Answer:
The delivery company had no reason to know that its employee had a poor driving record.
Explanation:
In a dispute where an injury happened contributory negligence is the failure of the plaintiff to adequately protect themselves in a situation or if their actions contributed to a negative incident.
This reduces or stops the amount they can be compensated with.
In the given scenario the employee negligently went through a red light and crossed the path of a rented van. The man driving the van swerved to avoid the employee and struck a light post and several parked cars, severely damaging the van. At the time of the accident, the driver of the van was exceeding the posted speed limit; he would have been able to avoid hitting the light post and the cars had he been going the proper speed.
The delivery company will prevail if they said that the had no reason to know that its employee had a poor driving record.
This will attribute the accident to the negligence of the plaintiff and he will not be able to collect any compensation
The existence of money leads to a. greater specialization and to a higher standard of living. b. neither greater specialization nor to a higher standard of living. c. greater specialization in production, but not to a higher standard of living. d. a higher standard of living, but not to greater specialization.
Answer:
C. Greater specialization and a higher standard of living.
The existence of money leads to a. greater specialization and to a higher standard of living.
What is moneyMoney is used to trade things easily. It helps with trades and stops the need for trading one thing for another directly.
When money was invented, people could focus on making or offering certain things and trade them for money. This specialization helps people and communities become more efficient and productive. This can lead to a better quality of life for individuals and communities.
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Do you think that interest and capacity play a great role to get success in a profession?Give your opinion.
Answer:
For many people, interest is a driving factor for motivation and happiness in their life. Interest is one of the important parts while choosing a career. When we love what we are doing, we will always put our best performance forward and strive to learn more. Consequently, that will enhance our self-confidence as well.
Explanation:
It is important to know yourself and your capacities. Your strengths are things you can leverage on, things you can use to push yourself further. On the other hand, your weaknesses are not your downfall. So,interest and capacity is important in our career.
Yes, I think interest and capacity play a great role to get success in a profession.
What is interest?An interest is a desire or want to do/hear something or someone. interest can be stated as an emotion that a person possess regarding something. a person is said to be interested if that particular thing excites or gives a joyful feeling to person while doing that particular act. interest is very essential in a profession to be successful because if a person is not interested in particular subject and profession how can that person provide best services out of that profession.
What is capacity?Capacity is an ability of a person to perform a particular job or to do a particular task. capacity here refers to the thinking capacity or mental capability that is required in a profession. this is another ingredient that is very important to be successful in any profession.
for example you cannot ask a 5 year old to be judge in a court because that person doesn't possess such professional skill along with it he is not capable to think and provide service for same profession.
What is profession?A profession is a field of work that requires special knowledge and training over a period of time. a person doing profession is known as professionals. the profession is basically a way of knowing and learning skills and education for a particular subjects such as law, medical. the practitioners of professions are said to be expert of such profession.
Hence, to get successful in a profession, interest and capacity is very important and essential as interest creates curiosity and eagerness to learn that particular profession in every manner and explore every aspect of that profession to provide best service out of it along with it the capacity to grasp and learn such skills to be expert in such profession is also required.
Therefore, a successful professional is one that have interest in that particular field and also capable to learn and evolve in that particular profession according to need and requirement.
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On February 15, Symth Co. determines that it cannot collect $500 owed by its customer, A. Winds. Symth records the loss using the direct write-off method. This entry to record the write-off on February 15 would include a: (Check all that apply.) Multiple select question. credit to Accounts Receivable - A. Winds. credit to Bad Debts Expense. debit to Accounts Receivable - A. Winds. credit to Sales. debit to Bad Debts Expense. debit to Sales.
Answer:
debit to Bad Debts Expense.
credit to Accounts Receivable - A. Winds.
Explanation:
The journal entry to record the write off is given below:
Bad debt expense Dr $500
To Accounts Receivable - A. Winds $500
(being the written off is recorded)
Here the bad debt expense is debited as it increased the assets and credited the account receivable as it decreased the assets
Chip is a veteran who fought in Desert Storm. He has just retired from the military. He has been told he qualifies for a property tax exemption based on his military service during wartime. Which exemption applies to Chip? Calfornia Homeowner's Exemption The Mello-Roos Community Facilities Act California Military Exemption The Street Improvement Act
Answer: California Military Exemption
Explanation:
California offers tax exemptions to those who served in the military and have been honorably discharged and have lived in California for a certain period of time.
One such exemption is in property. Chip as a veteran of the Desert Storm, qualifies for this assuming he meets the other requirements such as residency and value limits on the property owned.
Benefits Offered "Must-Haves":
Timothy periodically purchases bonds issued by Prince Waste Collection. Last year, he bought two bonds in February, two bonds in June, and one bond in August, then sold them all in October. Prince Waste Collection bonds were selling at 94.593 in February, 92.661 in June, 105.480 in August, and 102.882 in October. If each bond that Timothy bought had a par value of $1,000, how much profit did he make from buying and selling these bonds
Answer:
$344.22
Explanation:
Calculation to determine how much profit did he make from buying and selling these bonds
First step is to calculate how much Timothy invested in February, June and August
February=2 x $1,000 x 94.593%
February = $1,891.86
June= 2 x $1,000 x 92.661%
June= $1,853.22
August= $1,000 x 105.48%
August = $1,054.80
Total investment = $4,799.88
($1,891.86+$1,853.22+$1,054.80)
Seconds step
Since Timothg sold 5 bonds in the month of October at 102.882 each which means he will received:
Amount received= 5 x $1,000 x 102.882%
Amount received= $5,144.10
Now let determine his Total profit
Total profit = $5,144.10 - $4,799.88
Total profit= $344.22
Therefore how much profit did he make from buying and selling these bonds will be $344.22
A lease provides that a retail tenant pays $900 minimum rent per month plus 3% of the gross sales in excess of $200,000 per year. If the tenant paid a total rent of $20,520 last year, what was the gross sales volume
Answer:
45,650
Explanation:
The gross sales volume was $45,650.
What was the gross sales volume?The entire quantity of incoming income throughout a specific time frame.
Gross sales are discussed with the grand overall of all income transactions over a given time period. this doesn't encompass the cost of income or deductions
sales volume refers to the number of units your corporation sells at some point of a selected reporting duration. this era may be a month, a quarter, or a year relying on what degree of sales extent you are in search of to research. buyers often study sales volume to assess the fitness of a developing or contracting business enterprise.
To calculate gross sales, upload the total income revenue for a specified time period—monthly, quarterly, or annually.
The minimum rent per month is $900.
gross sale percentage = 3%
The tenant paid a total rent of $20,520 last year.
The gross sales volume = $45,650.
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Suppose Nippon Technology had the following results related to cash flows for 2020: Net Income of $8,400,000 Adjustments from Operating Activities of -$1,300,000 Net Cash Flow from Investing Activities of -$1,300,000 Net Cash Flow from Financing Activities of $4,000,000 Create a statement of cash flows with amounts in thousands. What is the Net Cash Flow
Answer:
$9,800,000
Explanation:
Statement of Cash Flows (Indirect Method)
Particulars Amount
Net income $8,400,000
Add: Adjustment for operating activities -$1,300,000
Net cash flow from Operating Activities (I) $7,100,000
Add: Net Cash Flow from Investing Activities (II) -$1,300,000
Add: Net Cash Flow from Financing Activities (III) $4,000,000
Net Cash Flow (I+II+III) $9,800,000
This scenario describes a tax system. Isabel pays Tony and Juan on the computer. pays the highest tax rate on the computer. would be the most affected by an increase in the sales tax rate.
Answer: 1.Regressive
2.Same Tax
3.Tony
4.Tony
Explanation:
It's regressive as Tony who earns the least income pays a higher proportion of his tax than others.
Isabel pays thesame tax as Tony and Juan on the computer.
Tony pays the highest tax rate on the computer. He paid 1.6%, Juan paid 0.32% and Isabel paid 0.21%.
Tony would be the most affected by an increase in the sales tax rate.
Answer:
regressive, the same tax
and 3 & 4 is tony.
Explanation:
The profit and loss system of capitalism helps entrepreneurs determine the
O political impact of the use of resources in the production of a product.
O best human resources but not capital resources to use to produce a product.
best combination of resources to use to produce a product.
O best capital resources but not human resources to use to produce a product?
Answer:
best combination of resources to use to produce a product.
Explanation:
Capitalism also referred to as free-enterprise system or free market can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government. Thus, capitalism is devoid (free) of government regulations, interference or control because the market (enterprises) are the ones who are saddled with the responsibility of determining the market forces.
Simply stated, a pure capitalism is a type of economy that is completely driven by demand and supply of goods and services.
In a society, the role of an entrepreneur is mainly focused on bringing the four (4) factors of production together and take the risks of producing output, so as to generate revenue through sales and make economic profits in the long-run.
Hence, the profit and loss system of capitalism helps entrepreneurs determine best combination of resources to use to produce a product.
Researchers at SunStrength Inc. found a new solar-power technology suitable for cell phones. However, the technology is still being developed and is yet to be proved functional. Activoice Inc. has developed a very useful cell-phone technology based on voice activation. However, the technology is expensive and has yet to prove its full value. Ocean Gale Corp. has developed a technology that can be used with any cell-phone lithium-ion battery to reduce energy consumption. The system has proved to be very effective, but not all cell-phone manufacturers have adopted it yet. Sunstrength Inc.'s new solar-cell technology would be an example of a(n) ________ technology.
Answer: Emerging
Explanation:
Emerging technology refers to those that are either still in the development stage or are not practically applicable yet. These technologies are new and are only just arriving on the scene which is why they are called "emerging".
SunStrength Inc's tech is still new and it is still in the development stage which means that it is not practical or function. It is therefore an emerging technology.
Strategic alliances are more likely to be long lasting-when Group of answer choices both partners are experienced with strategic alliances and routinely enter into collaborative agreements with firms in peripheral industries. the alliance involves partners based in countries with distinctly different cultures and consumer buying habits and preferences. each partner has considerable resource weaknesses in the marketplace. they involve collaboration with suppliers or distribution allies or when both parties conclude that continued collaboration is in their mutual interests. the alliance involves joining forces in R
Answer:
they involve collaboration with suppliers or distribution allies or when both parties conclude that continued collaboration is in their mutual interests.
Explanation:
A partnership can be defined as a type of business ownership in which two or more individuals come together to start up a business and share the profits made together.
Basically, there must be mutual understanding and assent between the parties involved in the establishment or creation of a partnership form of organization (business).
Additionally, a partnership form of business is considered to be one of the easiest type of business to start up or form once there is an agreement between two or more individuals to establish a lawful and legal business.
Supply chain management can be defined as the effective and efficient management of the flow of goods and services as well as all of the production processes involved in the transformation of raw materials into finished products that meet the insatiable want and need of the consumers.
The key principle of supply chain management can be best summed up as collaboration between multiple firms. These multiple firms include a company that is saddled with the responsibility of manufacturing, a wholesaler, and a retailer who typically sells the products to the customers or consumers.
Strategic alliances are more likely to be long-lasting when they involve collaboration with suppliers or distribution allies or when both parties conclude that continued collaboration is in their mutual interests.
Whenever Josh goes to his favorite restaurant, he wants to buy tiramisu, his favorite dessert. Despite the fact that he would enjoy the flavor of the tiramisu the same amount every time, Josh only buys it when others are having dessert and never buys it if he would be the only one having dessert. Behavioral economists would say that Josh's decision is affected by confirmation biases. framing effects. the self-serving bias. the availability heuristic.
Answer:
Framing effects.
Explanation:
Framing effect in psychology is the cognitive bias whereby an individual makes decisions based more on the information presented than on one's own choice. In other words, when someone makes a decision that is influenced more by the effects of the information on others than on one's own opinions.
In the given scenario, Josh's decision to have tiramisu only when others are having dessert and not if he would be the only one having dessert is affected by the framing effect. This is because his decision is influenced by the way others behave rather than his desire to eat even his favorite dessert.
Thus, the correct answer is the framing effect.
4. Please describe the five types of financial ratio analyses. Please provide and briefly discuss 2 ratios from each of the five types of analysis. Please perform each of the above five types of analysis using two ratios from each for any publicly traded company that you wish except, Pepsico, Apple, and Kroger. Please go to Yahoo finance, type in the name of the company, go to financial statements as summarized on Yahoo. You can use the latest quote as the stock price for any valuation ratios that you use involving stock price. You cannot provide ratios already provided in the stock summary.
Answer:
We have five broadly categorized financial ratio analyses like Leverage, Liquidity, Profitability, Efficiency, and market price ratios. The liquidity Ratio gives us information over what proportion of current liabilities are being paid off by the corporate annually and the way effectively current assets are put to use. We use the present ratio to urge to understand the company's ability to pay off short-term liabilities.
Market price ratios consider calculating shareholders' value with reference to the dividend they provide, earnings, and market value. Earning share per Price may be a ratio where analysts consider calculating for the aim of knowing what proportion of income is being generated for every share. PE ratio is that the Price Earnings ratio which is employed in comparative analysis among industries and corporations. The profitability ratio determines what proportion maybe a company ready to produce using its assets and equity.
Return on Assets calculates what proportion returns are the assets are ready to produce the cash flows, also Return on Equity calculates what proportion returns are often generated as a profit or gain to the shareholders. Efficiency ratios discuss how capable are the assets in producing the returns or gains. Inventory Turnover Ratio discusses what proportion the last time inventory has been sold off. The assets ratio is beneficial in going to skills much credit given to the purchasers must be gained.
Supply chain analysis of Coca-Cola in Vietnam. And draw lessons for other bottled water companies.
Answer:
Coca Cola follows very stringent supply chain. It is one of leading beverage brand around the world.
Explanation:
Supply chain analysis is a process of evaluating different stages of supply chain from procurement of raw material to final delivery of finished goods. There are three different strategies for supply chain management, Strategic, Tactical and Operational. Coca Cola follows strategic supply chain management. McDonald's is Coca cola's largest customer and these two global companies maintains symbiotic relationship.
1. The primary objective of financial accounting is: A. To serve the decision-making needs of internal users. B. To provide financial statements to help external users analyze an organization's activities. C. To monitor and control company activities. D. To provide information on both the costs and benefits of looking after products and services. E. To know what, when, and how much to produce
Answer:
B. To provide financial statements to help external users analyze an organization's activities.
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP).
Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.
The primary objective of financial accounting is to provide financial statements to help external users such as creditors, investors, potential clients, etc., analyze an organization's activities.
