Colorado technical University

UNIT 2 – Individual Project Write 800-1,000 words Suppose that there are two products: clothing and soda. Both Brazil and the United States produce each product. Brazil can produce 100,000 units of clothing per year and 50,000 cans of soda. The United States can produce 65,000 units of clothing per year and 250,000 cans of soda. Assume the costs remain constant. For this example, assume that the production possibility frontier (PPF) is a straight line for each country because no other data po...

Marketing and advertising plan for a bank

Marketing and advertising plan for a bank

The current target market of our bank is a mix of those who make larger deposits and take out bigger loans which in turn will help the ongoing profitability of the bank. This group of consumers may cost more to attract and retain (additional customer service needs, exclusive deals given, etc.) but the reward of a bank with higher value seems worth it. The second group is those who don’t put all their eggs in one basket. They have their savings spread out through multiple banks, however if one ...

The Accounting Cycle and the Operating Cycle 1. When are expenses usually recognized: when incurred 2. The matching principle requires that __________: Expenses incurred be matched with revenues earned 3. Which of the following is not a step in the accounting cycle: Forecasting sales 4. An operating cycle __________: is determined by receiving payment from sale of goods or provision of services 5. Under accrual-basis accounting, revenues are always recognized when __________: earned 6. Whic...

1. What is an adjusting entry: An adjusting entry is also known as an accounting journal entry. The difference is that they are able to convert the company’s accounting records to the accrual basis of accounting. These conversions are usually made on the last day of the accounting period which can be quarterly, monthly and/ or yearly. 2. Why is an adjusting entry important: An adjusting entry is important because it can help make sure that the account noted on the balance sheet is current at...

Closing Entries: What are the reasons for Closing Entries? • A business uses a “Closing Entry” at the “close” of every budgetary year. • Meanwhile this business records all of its revenue, expenses as well as their dividends into separate accounts.

Merchandising Purchases and Sales 1. Which of the following is incorrect about inventory: Inventory is purchased for business use 2. What is the difference between a sales return and a sales allowance: A sales return involves an adjustment to Inventory, but a sales allowance does not 3. A sale on August 5 with terms of 2/10, n/30 is due to be collected by __________: September 5 4. An invoice in the amount of $600.00 for merchandise purchased is shown with a 4/10, n/30 discount. With the 4% di...

Introduction to the Adjusting Process, Cash-Basis Accounting, Accrual-Based Accounting, and Adjusting Entries 1. Which of the following are true about end-of-period adjustments? (Choose 2): There are five types of adjusting entries: prepaid expenses, depreciation expenses; unearned revenues; accrued expenses; and accrued revenues, Involves matching expenses to revenues 2. In accrual basis accounting, revenues are recorded when __________: earned 3. In accrual basis accounting, expenses are recor...