GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Recording payments made on account, preparing balance sheets, and preparing a quarterly income tax report are classified as which type of activity?
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Accounting
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Banking
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Budgeting
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Finance
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Explanation:
Detailed explanation-1: -The balance sheet reports assets, liabilities, and equity, while the income statement reports revenues and expenses that net to a profit or loss.
Detailed explanation-2: -Post general journal transactions to the general ledger The accounts are then aggregated to a general ledger at the end of the accounting period. The general ledger acts as a collection of all accounts and is used to prepare the balance sheet and the profit and loss statement.
Detailed explanation-3: -Pick a Reporting Period. Generate a Trial Balance Report. Calculate Your Revenue. Determine Cost of Goods Sold. Calculate the Gross Margin. Include Operating Expenses. Calculate Your Income. More items
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