Julia says, I heard that companies use software to do their accounting. Why do we need to
Question:
Julia says, “I heard that companies use software to do their accounting. Why do we need to learn how to draw T-accounts and prepare trial balances manually?” Explain why knowing the basics of accounting is important.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 69% (13 reviews)
Accounting software is a tool that makes recording accounting transact...View the full answer
Answered By
Muhammad Khurram
I have strong General Management skills to apply in your projects. Over last 3 years, I have acquired great knowledge of Accounting, Auditing, Microsoft Excel, Microsoft PowerPoint, Finance, Microsoft Project, Taxation, Strategic Management, Human Resource, Financial Planning, Business Planning, Microsoft Word, International Business, Entrepreneurship, General Management, Business Mathematics, Advertising, Marketing, Supply Chain, and E-commerce. I can guarantee professional services with accuracy.
4.80+
249+ Reviews
407+ Question Solved
Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian Edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Question Posted:
Students also viewed these Business questions
-
1. What are Yogesh Gupta and Kathleen Murphy doing to reduce the "noise" in their communications? Discuss. 2. Which of the nine personal barriers to communication are being addressed by Gupta and...
-
1. Discuss the nature of the market structure and demand for Cisco's products. 2. Given the industries in which Cisco competes, what are the implications for the major types of buying situations? 3....
-
SAS (pronounced "sass"), which is short for Statistical Analysis System, began when it set out to create statistical software to help agricultural researchers who were studying the effects of soil,...
-
Marketing efforts to produce, promote, and reclaim environmentally sensitive products are called ________________ .
-
On May 1 2012, Jaguchi issued $300,000 of 12%, 5-year bonds for $294,200 plus accrued interest. The bonds are dated March 1, 2012, and pay semiannual interest on March 1 and September 1. Jaguchi uses...
-
Water flows with an average velocity of \(1.0 \mathrm{~m} / \mathrm{s}\) and a normal depth of \(0.5 \mathrm{~m}\) in a wide rectangular channel. Is the flow subcritical or supercritical?
-
The following is the statement of financial position of TT and Co. at the end of its first year of trading (from Self-assessment question 3.1): * The prepaid expenses consisted of rates (300) and...
-
Using the Customers table in the BSN database that accompanies this book and following the directions in this chapter, create the form in Figure 9-1. Make sure that you reformat the default positions...
-
Problem#03: Compute the area bounded by the curves - f(x) = x + 1 and g(x) = 3 x where -1 x 1
-
You have just received an order from an Internet retailer for some equipment you need for a business presentation. Unfortunately, some of the equipment is damaged. Write a letter to the retailer in...
-
Explain the concept of owners withdrawals and expenses and give an example of each. What are the differences between these two accounts in terms of (1) Type of account, (2) Normal balance, (3) The...
-
Examine the financial statements shown in Chapter 1. What three things must be included in the title? Where are dollar signs used? Why are some numbers indented? Do indentations represent debits and...
-
Consider the sample space = {3, 2, 1, 1, 2, 3} and the algebra F = {,{3, 2},{1, 1},{2, 3},{3, 2, 1, 1},{3, 2, 2, 3},{1, 1, 2, 3}, }. For each of the following random variables, determine whether it...
-
A Contractors Ltd was formed on 1 January 2012 and the following purchases and sales of machinery were made during the first 3 years of operations. Each machine was estimated to last 10 years and to...
-
Read the following and answer the questions below. On 31 December 2011 the bank column of C. Tenchs cash book showed a debit balance of 1,500. The monthly bank statement written up to 31 December...
-
Discuss three ways Netflix might defend its current customer relationships against new entrants.
-
From the following trial balance of Kingfire, extracted after one year of operations, prepare an income statement for the year ending 30 June 2012, together with a statement of financial position as...
-
(a) A machine was bought on credit for 15,000 from the XY Manufacturing Co Ltd, on 1 October 2011. The estimated useful economic life of the machine was seven years and the estimated scrap value...
-
Assume that the solid has constant density k. Find the moments of inertia for a cube with side length L if one vertex is located at the origin and three edges lie along the coordinate axes.
-
Discrete sample spaces: suppose there are N cable cars in San Francisco, numbered sequentially from 1 to N. You see a cable car at random; it is numbered 203. You wish to estimate N. (See Goodman,...
-
The direct write-off method is permitted: a. When the percentage of uncollectible accounts is determined to be unrelated to sales volume. b. Only in circumstances where the total reported accounts...
-
Selzer Products Co. began operations on January 1, 2020, and completed a number of transactions during 2020 and 2021 that involved credit sales, accounts receivable collections, and bad debts. Assume...
-
Peru Industries began operations on January 1, 2020. The company plans to use the allowance method for uncollectible accounts. During the next two years, the company completed a number of...
-
Flounder Company reported the following information for 2019: October November December Budgeted sales $300,000 $334,000 $378,000 Budgeted purchases $120,000 $127,000 $144,500 All sales are on...
-
Concord Co. decides at the beginning of 2025 to adopt the FIFO method of inventory valuation. Concord had used the LIFO method for financial reporting since its inception on January 1, 2023, and had...
-
An experimental rocket sled accelerates from 12.0 m/s to 280 m/s in 4.70 seconds. How far did it travel in this time?
Study smarter with the SolutionInn App