Author Question: Accounting programs use the general rules of accounting for recording: a. assets, liabilities, ... (Read 103 times)

roselinechinyere27m · **on:** Aug 3, 2018

Accounting programs use the general rules of accounting for recording:

a. assets, liabilities, equity, sick/vacation days, and benefits.
b. assets, liabilities, petty cash receipts, revenues, and expenses.
c. assets, liabilities, equity, revenues, and expenses.
d. assets, liabilities, salaries, revenues, and expenses.

Question 2

Jack Parsons is preparing for a settlement conference with Greenway Chemicals, the company accused of poisoning his clients. The settlement figure involves many different factors, such as medical expenses, pain and suffering, lost wages, punitive damages, and legal fees and costs. Although he had already worked out a bottom-line figure with his clients before going into the conference, he needs a way to be able to quickly calculate the figures as the conference progresses and alternative amounts are discussed. What technology would help Jack have these calculations and figures at his fingertips?

What will be an ideal response?

lkanara2 · **Reply #1 on:** Aug 3, 2018

Answer to Question 1

c

Answer to Question 2

Jack should create a spreadsheet with columns for each factor or variable in the ultimate settlement. The spreadsheet would specify a formula with variables for the different disputed figures. As the settlement is negotiated, Jack can make changes to these variables and instantly view the total figure. The spreadsheet can also have separate rows, or even worksheets to display alternative hypothetical settlements simultaneously.